How Live Onsite Auctions Work

VALUE ASSESSMENT

Your dedicated auction broker will arrange to meet you on site at the property and list the accommodation and take several photos of the interior and exterior. The broker will then prepare a comprehensive value assessment proposal.

EXCLUSIVE MANDATE

Once we have agreed on the confidential reserve price (which is one that you are happy with and an auction figure that we believe is attainable - and also one that is not disclosed to the public) we will complete our exclusive mandate with you which is normally for a period of 60 days after the auction, in order for us to finalise any ongoing negotiations. Of course, if we achieve the reserve price or higher on auction day, the mandate ends immediately – as we have done our job! And we will accept all written pre-auction offers and present them to the seller.

BIDDER’S PACK

Your auction broker will carry out extensive due diligence on your property, both online and offline - in order to assemble an all-inclusive Bidder’s Pack. The pack will contain (inter alia) legal description of property, land size, locality, copies of rates bills, floorplans, building plans, zoning certificate etc and any other paperwork appropriate to the property auction.

MARKETING

Our marketing campaign starts around 6 weeks before the auction, with our preferred printing house preparing the layouts and printing of the roadside and onsite boards. We also send out email and sms blasts to thousands of investors on our database informing them of the upcoming auction event, ensuring your property is given maximum exposure to the target audience and beyond. Again - during the marketing period we will accept all written pre-auction offers and present them to the seller.

AUCTION DAY

Empire Auctions utilises both live onsite and timed online auctions - to give the seller the best possible exposure of his/her property. Live onsite auctions allow bidders to better identify with the property if they are standing in the actual bricks and mortar, whereas timed online auctions allow remote bidders more time to place offers, especially if they are in a different time zone.

Should a buyer not be able to attend a live onsite auction, we are also able to provide a streaming bid facility, providing accessibility in a live-time scenario and thus maximising the number of bidders at the event.

How Timed Online Auctions Work

COMPARATIVE MARKET ANALYSIS

Your dedicated broker will arrange to meet you on site at the property and list the accommodation and take several photos of the interior and exterior. The broker will then prepare a comparative market analysis (CMA) of similar properties that have been recently sold in your area.

EXCLUSIVE MANDATE

Once the broker and you (as the seller) have agreed on a required selling price (which is a confidential selling figure that we believe is attainable - and also one that is not advertised) the broker will complete an exclusive mandate with you which details inter alia the set percentage of commission payable in the event of a succesful sale.

ONLINE INFO SHEET

Your broker will carry out due diligence on your property, both online and offline - in order to assemble a Property Info Sheet. The sheet will contain legal description of property, land size, locality, rates, levies and other information by a potential purchaser to make a buying decision. This will be forwarded to our buyer database and available to visitors as a download on our site.

MARKETING

Our marketing campaign starts as soon as your property has been loaded up to our website. This may be done by the broker or our administration department. We also send out email and sms blasts to thousands of investors on our database informing them of the upcoming auction event, ensuring your property is given maximum exposure to the target audience and beyond. Your broker will have their own buyer database and will also forward a link to their buyers informing them of the new listing.

MONTHLY TIMED AUCTION

Empire Auctions schedules monthly auctions, with lead-in times of up to 14 days before the auction countdown begins, giving potential buyers time to carry out a walk-through and due diligence. Each property is open for bidding for a period of 12 days after the countdown begins and all online bids are recorded on our system and visible for all site visitors. At the end of the countdown period, the highest bidder will sign our Offer To Purchase (OTP) and this will be put forward to the seller for confirmation.