Ready, set, sold: how Century 21 Auctions works
Category General News
You've seen an auction on TV: an auctioneer with their rapid-fire speech, pointing fingers, raised paddles, and a round of applause to the winning bid. With the launch of Century 21 Auctions, you can now experience it yourself. You can buy or sell your property on auction, live or online. We cover the value this new service brings to the auction block and how it works so you can get the full benefit on your real estate journey.
Your top choice in property auctions
Plenty of online auction houses have entered this space in South Africa. However, Century 21 Auctions is your best option when searching for "upcoming property auctions," says Jaacov Dadon, Founder and CEO of Century 21 Auctions.
"The auction process provides a quick and easy sale with no suspensive terms. Century 21 Auctions can sell your property in 30 days with no cost, no commission, and no stress.
"When you sign up for this auction, you'll work with auction specialists with more than 50 years of combined auction experience. We have the perfect balance of knowledge, qualifications, and skills.
"What makes us unique from other property auctioneers is that with Century 21's network and property practitioners all around the country, we have experienced area specialists. They are very knowledgeable about properties in their market territory, market values, buyers, sellers, expectations, etc.
"One of our main benefits is that Century 21 Auctions does not charge the seller any marketing fees for our online timed auctions. In comparison, other auction companies charge sellers marketing fees for all properties that are placed on auction. This is groundbreaking in the auction industry, and it was the number one obstacle that we, as auctioneers, faced in South Africa.
"In addition, we serve an international market, with a footprint of hundreds of branches all over the world! This doesn't only differentiate us from other real estate businesses, but also from most of the auctioneers in South Africa."
An effortless way to auction
Jumping into an auction can be challenging for newbies. However, Dadon says while there is a lot of new information to process, the team is ready to assist. They have compiled a training manual that is available to all the property practitioners at Century 21 South Africa. When you're feeling overwhelmed, confused, or have a question, you are welcome to reach out to these trained professionals.
If you're using the Century 21 Auctions app, you'll find it a user-friendly experience whether you're buying or selling. Plus, the integration with Century 21 South Africa's advanced Moon system ensures a seamless transfer of listings.
The Century 21 Auctions process
How does Century 21 Auctions work? Dadon lays out the steps you can expect:
- Once a property is identified for auction, the property practitioner will contact one of the Century 21 Auctions team members. In the event of the timed auction property or the live multi-property platform, the referring property practitioner needs to complete a short checklist and send it to anita.botha@century21.co.za and auctions@century21.co.za.
- The property will be reviewed. If all the parties agree to a reasonable reserve price and Century 21 Auctions qualified the property for the auction platform with all signed supporting documentation, the property will then be loaded on either the timed online auction platform or multi-property auction platform.
- All buyers bidding on any property will have to register with FICA documentation, a signed registration form confirming they understand the auction terms and conditions, and pay a R30 000 registration fee.
- The bidding will then commence, and the property will be sold on the fall of the hammer. In the event that Century 21 Auctions does not reach the reserve price, the offer will be subject to the acceptance from the seller within five business days from the auction. On signature of the sale agreement, the buyers will pay a 10% (plus VAT) commission and a 5% seller's deposit. Total deposit of 16.5% of the purchase price.
Only on the live multi-property auctions will the seller be required to pay the advertising fees. These costs will be allocated to the extensive marketing campaigns for these prestige auctions.
Any bidder for the live multi-property auction would also be required to register with the correct FICA documentation, signed registration forms, and a registration fee of R50 000.
Getting started on Century 21 Auctions
According to Dadon, the Century 21 Auctions team are available to assist with the process, selection of properties, and mandate negotiations. Their specialists will work together with Century 21 South Africa's property practitioners to prepare sellers and to approach their clients. They will work with sellers step-by-step to prepare their selected listing for the auction platform.
How to kick-start your auction journey
- Contact Anita or Reneilwe from the auction team. Email anita.botha@century21.co.za or auctions@century21.co.za. You can also call (+27) 079 811 2088.
- Read through the training manual.
- Download app.
- Visit the Century 21 Auctions website for more information.
Author: Century 21 South Africa
