From left: Mc du Toit, Dr Andrew Golding and Stephen McCarthy. Photo: Supplied

DURBAN - BidX1, the pioneering, UK-based digital auction house which has now launched in South Africa and is set to disrupt the local, traditional property auction space.

Founder and Chief Executive Stephen McCarthy, who was recently in South Africa paving the way for the launch of BidX1 South Africa, said that this will be a game-changer for the local property auction industry.

"The process is so simple, enabling anyone to buy or sell property on auction in a secure and transparent manner, and at a market-related price," said McCarthy. 

According to McCarthy, it makes perfect sense that digital appeals to the auction market, significantly enhancing the buying and selling experience. “Digital disruption has taken the world by storm, no less so here in South Africa, where the property industry lends itself to on-line auction bidding. Globally, we are already seeing that approximately 42 percent of our transactions are being conducted via handheld devices, and over vast geographical areas, which is incredible.

“Coupled with this, many of our transactions are concluded by repeat buyers and sellers, enabling us to build up a massive database. A key contributor to our success is that we have developed our own bespoke technology, designed by property experts and adapted after each auction.

“There is an appetite for such change from consumers who have seen technology enhance so many other areas of their lives. This process is convenient, accessible and efficient, and is backed by a global company whose innovation and track record speaks volumes.”

In launching in South Africa - where BidX1 is in association with Pam Golding Properties - leading auctioneer has been appointed Chief Executive, Auctions & Sales of BidX1 South Africa.

McCarthy said, "Du Toit understands the local, traditional market very well, and with his experience and skill-set, has already transitioned into digital with ease". 

BidX1SA will offer on auction a full spectrum of properties from residential to commercial, retail, industrial and agricultural property and investment portfolios.

Their first auction will be held on Wednesday, April 10 (2019), with an exciting array of properties. The catalogue of properties will be launched in early March 2019.

"For sellers, through ground-breaking technology, they now have access to previously unseen levels of speed, transparency and worldwide exposure, while buyers and investors have the ultimate convenience of being able to bid and transact in minutes, from wherever they are globally," said du Toit. 

You can bid from the comfort of your home, on holiday, in-between meetings, even in the middle of the night, depending on your location and time zone.

The platform provides trust for both buyers and sellers, with legal documents available for inspection online prior to auction and properties able to be viewed on site as required.

They also know that the successful buyer will instantly enter into a legally binding contract once the lot is sold, as BidX1SA immediately exchanges contracts on their behalf.

BUSINESS REPORT ONLINE