1. Is a mandate required in order to take my property to auction? And if so, for how long?

An exclusive Auction Inc. mandate is required in order to auction your property. The term of the mandate is usually for 60 days – this allocated time gives Auction Inc. opportunity to market the property for auction effectively, and if required, allows for the property to be sold privately.

2. What advertising mediums will be used to market my property?

Depending on the budget allocated any mixture of the following:

• Advertising billboards outside the property
• (+/-) 40 strategically-placed street poster advertisements
• National press advertisements
• Local press advertisements
• Auction Inc. Website
• Affiliate websites – including but not limited to Private Property; IOL; Property24
• SMS notifications
• Email correspondence
• Network Marketing – “ Spreading the Word”
• Current Social Media – we will Tweet and sale book event your auction.

3. What is the duration of the advertising campaign?

Residential Campaign – the property is advertised for 2 weeks in the local press

Commercial Campaign – the property is advertised for 3 weeks in local and national press

4. What is the cost of the marketing campaign?

Residential Campaign – Average cost is between R6, 000 and R12, 000 (your private client advisor will provide you with an advertising budget)

Commercial Campaign – Average cost is between R10, 000 and R20, 000 (your private client advisor will provide you with an advertising budget)

5. What is the difference between an on-site auction and a multi-property auction?

An on-site auction is held onsite at your property at a predetermined time and date. The on-site auction is specific to buyers interested in the purchase of that particular property.

A multi-property auction is held at one of our exclusive venues where numerous property lots are auctioned. The multi-property extends itself to a broad spectrum of buyers who may be looking at your specific property or at the purchase of various properties available at the auction.

6. What is the situation regarding viewing of my property? How do prospective buyers get to view it?

• Viewing session – A viewing session/s is arranged in advance with the seller, usually lasting 1-2 hours. This may be advertised in the newspaper advert.
• View by appointment – a time and date is arranged at the seller’s convenience for the agent to show the buyer the property.

7. What happens in the event that my property is sold at a lower price than the original mandated price?

In this case, the property will be sold subject to confirmation by you the seller. You will normally have about 7 days to decide on whether to accept an offer lower than mandated price.

8. What happens in the event that my property achieves a higher price than the original mandated price?

In the event that the ‘knockdown’ price is greater than the mandated price, you, as the seller, will benefit and be entitled to the any surplus achieved.

9. What happens in the event that the property is sold at the mandated price?

In this case the mandate is legally binding and you will have to sign the offer to purchase (OTP).

10. What is the process once the offer to purchase (OTP) has been signed?

Your transfering attorney will atttedn to the transfer of the property and ensure all terms are complied with

11. What happens if guarantees are not lodged by the buyer?

The buyer is in breach and will have to forfeit his 15% deposit. The seller will then have claim on the 3.6% deposit.