ASK THE EXPERT
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Checking off these points will go a long way towards sorting the pretenders from the professionals for corporates choosing a specialist real estate auction company partner :
1 . Is the auction company registered and in good standing with the South African Institute of Auctioneers ( SAIA ), which is the professional statutory body that represents the auction industry in SA . SAIA has a website https :// www . auctioneering . co . za / and queries about the status of any company can be emailed as well .
2 . Does the auction company have a track record ? Has it been in business for more than a minute , and does it hold any records or industry awards ? Longevity in business and industry records over several years indicate continuous top-tier performance . High Street Auction has been in the industry for 15 + years , has hosted 200 + auctions , taken 5000 + properties to market , and has created billions of ZAR in value for clients .
3 . Specialist real estate auction companies should be able to deliver results across all nine provinces . Ask about sales results nationwide , and choose the company that delivers not only in one province , but across the country . High Street Auction has a record of success across all provinces , and has even done cross-border transactions . The recordsetting portfolio disposal of 15 Shoprite Holdings centres was done across five provinces .
4 . Make sure they have a strong online presence and that they leverage the digital world in favour of their clients . If they ’ re not online , they ’ re nowhere , and that means your property won ’ t be either .
5 . Specialist real estate auction companies have to be digitally savvy and educated . This means a strong social media presence across all channels with tailored content according to platform , streamed auctions and app-based bidding capabilities , to name a few examples .
6 . Ask about marketing campaign accolades . Have they received any industry recognition or awards for campaigns , can they produce previous marketing campaigns to demonstrate how they ’ d showcase your property ? Also find out exactly how much would be spent on marketing your asset , because without the right marketing , there ’ d be little chance of the sale succeeding .
7 . Compare the various companies ’ commission rates , rebates and costs , and don ’ t go for the company that offers the biggest discount on fees . If you think it ’ s a good idea to go cheap rather than spend a bit more on commissioning a professional , you ’ ll have a heart attack at how much it ’ ll cost to get a professional company to sort out your financial and legal mess after the budget route bombs .
8 . On that subject , professionals will always be statutorily compliant with all the requisite bodies – both the companies and their auctioneers . They ’ ll have FFCs and comply with all regulatory requirements to conduct the business of auctions . Ask to see their terms and conditions of sale .
9 . Watch recordings of companies ’ previous auctions online , and compare their stock , performance and buyer response before making your final decision .
High Street Auctions holds numerous South African auction records including the highest commercial real estate auction price ever achieved – R205 million for the Kyalami Race Track – and the highest residential real estate auction price of R96m for a villa in Clifton . The company was also awarded the NAA / USA Today Global Marketing Campaign of the Year Award in 2021 .