One such bargain was had by Arne Sjölund, currently based abroad, who was looking for an investment property in South Africa. “I came across a property on auction with a R1 No Reserve price on Privateproperty.co.za, and after looking at the description and the virtual and video tours, I decided to bid.
Mr. Sjölund immediately registered for the auction. “I didn’t have an issue being so far away, because all of the questions I had were already answered in the online Q&A section of the listing. Because of the time difference, I had entered my final bid and gone to sleep. Imagine my surprise when I woke up this morning and found out that my bid of just R310 000 was successful!”
On hearing that he had bought the property for at least R70 000 below current market value, Mr. Sjölund was extremely relieved. “I didn’t even know exactly where the property is,” he said. “I knew very little about the area, so I’m extremely pleased with the result.”
Privateproperty.co.za launched its online auction facility last year, in collaboration with Bidorbuy, to improve their service offering to both buyers and sellers of residential property. The facility combines the expertise of both websites to ensure a professional service and secure environment in which to transact.
Most properties listed for auction on Private Property have a reserve price, which ensures that no closing bid below the reserve will be successful, therefore safeguarding the seller of the property. Justinus Adriaanse, CEO of Private Property says, “We do aim to have at least one auction property per month with a R1 No Reserve, which should really boost interest in this new facility. We’re providing keen buyers and sellers an ideal platform to transact in a speedy, secure manner. The potential to pick up a real bargain online has never been greater.”
When asked what he’d say to the sceptics and hesitant adopters of the online marketplace, Mr Sjölund had this to say; “Private Property has been around for many years. I have used them before, and I trusted in their system completely. I was secure in the knowledge that my transaction was in safe hands.”Interested buyers should register on Privateproperty.co.za to receive weekly emails advising of the latest properties on auction. There is then a two week window in which to view the property online, and even make an appointment to see the property. Bidding is open for 1 day only, a Wednesday, and it is necessary to register on Bidorbuy in order to place bids.