Property auctions are becoming increasingly popular amongst South Africans. This rise in popularity is spurred on by market forces and a shift in buyer preferences, as more consumers and sellers enjoy the convenience and speed of property auctions.
While these types of auctions offer a unique approach to selling your property, there are a plethora of misconceptions around the process of selling your home on auction. To shed light on the selling experience, we sat down with Lee-Anne, an experienced property auctioneer at Apollo Auctions, who shared her insights in a video addressing some of the most frequently asked questions and common misconceptions.
Here’s what she had to say about some of the most frequently asked questions and common misconceptions.
Are Property Auctioneers Qualified Estate Agents?
“Yes, property auctioneers are qualified estate agents and must be registered with the Property Practitioners Regulatory Authority (PPRA). They need to have both NQF 4 and NQF 5 qualifications to sell properties via auction.”
Will You Lose Money When Selling Your Property at Auction?
“No, selling at auction doesn’t mean you’ll get less for your property. Property auctioneers work with market-related prices and use a reserve price set by the seller, ensuring the property doesn’t sell for less than its value. If a higher offer is received, the seller benefits. However, if only lower offers come in, they are subject to the seller’s approval.”
Are There Any Hidden Costs When Selling Your Property on Auction?
“The process is transparent, with only a small marketing fee required from the seller. The amount varies depending on the property’s location and auction type and is agreed upon with the seller beforehand.”
Does the Seller Pay Commission?
“No, the seller doesn’t pay any commission. This is covered by the buyer.”
The Benefits of Selling Your Property with Apollo Auctions
There’s a reason there are so many “on auction” signs around Johannesburg right now. Property auctions are gradually shedding their reputation as a last resort for distressed sellers needing a quick sale. While speed is only one of the reasons buyers and sellers are turning to property auctions rather than going the traditional route, there are plenty more reasons:
Speed of Sale
We've mentioned it before, but it’s worth repeating: properties sold at auction move faster than those in traditional markets. Unlike traditional property sales, which can take several months or even longer to finalise, auctions have set dates on when the sale will occur.
Intensive Marketing
Property auctioneers, such as Apollo Auctions, are great marketers. With a set timeline, marketing efforts are more targeted and designed to attract the right buyers. This makes the chances of selling your property quicker and a lot higher.
Only Serious Buyers
Prospective buyers attending property auctions are serious buyers. Unlike traditional property sales, which have casual browsers and non-committal buyers, individuals attending auctions are well-prepared, have secured their financing, and are ready to buy.
No Negotiations
Auctions create a sense of urgency, encouraging buyers to make immediate decisions. This ensures the auction process eliminates the need for lengthy negotiations, with the property immediately falling to the highest bidder.
Choosing The Right Property Auctioneer
When it comes to property auctions in South Africa, Apollo Auctions stands out as a leader in the industry. Few things are more stressful for a seller than having their property linger on the market for months—or worse, selling below its true market value. That's why it's crucial to choose an experienced property auctioneer with the right credentials and a robust marketing strategy.
Apollo Auctions aims to alleviate the challenges of selling property by simplifying the auction process and making it as easy and stress-free as possible. With years of experience and a proven track record, the team at Apollo Auctions employs a unique and focused marketing strategy tailored to each property, ensuring maximum exposure to serious buyers.
Navigating the world of property auctions can be daunting and exciting, but with the right information and support, it can offer endless rewards. From understanding the qualifications of property auctioneers to recognising the benefits of selling your property at auction, Lee-Anne’s insights have helped clarify common misconceptions around selling property at auctions.
Don’t miss out on incredible auction opportunities. Browse all the latest auctions from Apollo Auctions on Auction Calendar.
