September 27 2024 16:20
Ari Ben, CEO of Auction Inc. and Mike Nkuna, chairman of Auction Inc.
SOUTH AFRICA
Auction Inc., a world-class auction house and the country’s leader in on-site auctions, will host an event next Tuesday, October 1, at Masingita House, Houghton Estate in Johannesburg. Its multi-property auction will include two superbly located tracts of prime development land, in Rosebank and Centurion respectively, high-end Morningside apartments, the Dinokeng Game Reserve near Rust De Winter, a family game farm in Swartruggens in the North West Province, and numerous other properties.
Auctions are one of the oldest means of sale, with the first reported to have taken place around 500 BC. Generals would auction the spoils of war while Babylonians would auction young women for marriage. While, thankfully, we have moved on from these barbaric practices, the industry has been using old-school methods and basic technology for numerous decades. Typically, an auctioneer stands with a gavel behind a lectern and ask for bids on a property. They then try to illicit higher bids by promoting the asset on auction and, ultimately use the gavel to bang the lectern to end bidding on an item prior to announcing the winning bid. A seller can implement a reserve price, which is the minimum amount they are willing to sell the item for.
While the sales method of auction has been the preferred method of asset disposal for many parties in the likes of Australia, China, the US and the UK, the industry has been an exotic addition to South Africa in the past few years. We tend to picture auctions as events where people in their “Sunday Best” gather in gardens and bid for fancy cars and homes but Auction Inc., founded in 2010, is bringing dynamism to auctioneering across the country. The group is showing how it can be used to enhance the value buyers and sellers gain from disposing of commercial and residential property. Of course, you can still use an auction to sell an unusual asset like a game reserve, racetrack or theme park.
Auction Inc.’s team of specialists boasts 60 years of experience in the field with a focus on best process and results.
Auction Inc. dealmaker, Yoni Dadon assisting at the auction
“Our brokers offer down-to-earth, personalised and transparent services, as we guide you through the auction process, from the beginning to the end. We ensure that motivated buyers’ and driven sellers’ needs are met across the process,” says CEO, Ari Ben.
Auction Inc was established by its chairman and business mogul, Mike Nkuna of Masingita Property Services and Eddie Winterstein, a man synonymous with auctioneering, having wielded the auction hammer for more than 40 years.
Auction Inc. found initial success in residential auctions and then spread into commercial properties. It has achieved several firsts, having introduced the leasing auction platform where people and companies can bid for leased space and, having hosted the first auction set in the metaverse.
Ben explains why numerous people should consider auctions as their port of call for commercial sales.
When you’re looking to buy a property the last thing you have time for is a seller just testing the market, he explains. Meanwhile, the traditional method of selling property often results in a back-and-forth negotiation with limited or no results.
But auctions present many arguments as to why they should be used. These include if you want to sell something quickly at the realistic highest possible price to somebody with a deep knowledge of the property’s market, and if you are seeking an easy process with guarantees.
Renowned auctioneer Joff van Reenen, managing the bidding process
Auction professionals make the selling process simple, and sellers don’t have to take the first offer that someone submits. Auction Inc.’s professionals work in a market of true price discovery. They take the guess work out of fair market value and can offer realistic, fact-based knowledge to the selling process.
An auctioneer is a marketing expert who provides quick and/or strategic term solutions to sell numerous different types of items.
Buyers who choose the auction method have equal opportunity and transparency.
In a marketplace that is often clouded with competing offers and contradicting terms, a well-marketed and well-conducted auction provides a marketplace in which all parties are treated equitably with the same opportunity to bid and on the same terms. Sellers can also set a minimum price and choose a desired auction date auction.
The group’s technology allows for online auctions and for people to bid at live auctions while not present in the room.
Auction Inc. markets properties through its online portals, photography, street pole sign advertising and other outdoor signage, and its extensive client database and industry leading newsletter.
“Old school values coupled with a drive for innovation have made us leaders in property auctions,” says Ben.
For more information, call Ari Ben on 083 414 9811 or email ari@auctioninc.co.za
Featured Properties
Rosebank Prime Development Land , contact Keith Nkosi M: 081 828 1817 E: keith@auctioninc.co.za
Centurion Versatile Development Land , contact Candice-Lee Cohen M: 072 615 9104 E: candice@auctioninc.co.za
Morningside Luxurious Apartment , contact Jenny Pillay M: 082 442 7256 E: jenny@auctioninc.co.za
Dinokeng Game Reserve , contact Pnina Spinner M: 073 029 4341 E: pnina@auctioninc.co.za
Swartruggens Asset Disposal , contact Michael Blumberg M: 072 291 8414 E: michael@auctioninc.co.za
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