Selling a property on auction:

High Street Auctions provides its clients with a transparent and easy to understand process for selling property on auction.

The auction process is a dynamic and exciting one that offers many benefits for you, the seller, such as:

• Expert advice on the assessment and sale of your property
• The benefit of the High Street Auctions database of property buyers and extensive marketing platforms
• A quick sales cycle of approximately 4-6 weeks
• A sale agreement in which the seller's terms of sale and the minimum selling price is protected
• A well-managed process where the prospective buyers have conducted their due diligence prior to the auction event
• The buyer pays the auctioneer's fee, not the seller
• A healthy and competitive environment at the auction event where the best possible price on the day can be achieved on the property
• There is no ceiling on the value that can be achieved on auction

The auction process to follow when selling a property:

1. Enquiry
   The first step to take when you are interested in selling a property is to call High Street Auctions on 011 684 2707 or make an enquiry here. One of our experienced Sales Executives will contact you shortly to discuss your property in more detail and answer any questions relating to the auction process.
2. Discussion
   One of our property specialists will confirm a time to meet with you to understand your needs and conduct a thorough due diligence and assessment on the property. At this stage it would be helpful to acquire information on the property such as building plans, lease agreements, municipal accounts, etc. The information required would obviously be a function of the type of property under discussion (retail, industrial, residential, commercial, hospitality or undeveloped land).
3. Appointment
   Once we have completed the due diligence and assessment process one of our Sales Executives will take you through the findings and provide the necessary advice related to the sale of the property.At this stage a formal proposal will be discussed for your consideration including the mandate options, marketing strategies and costs and conditions of sale of the property.Once this process has been concluded successfully we would enter into an agreement and conclude a mandate for High Street Auctions to market and promote the property for sale at a predetermined auction date.
4. Marketing
   The ability of High Street Auctions to reach and attract the right profile of buyer to the auction event will impact on the success of the transaction and on the value achieved for the property. A key driver of success is the company's marketing capability.Over time we have established the ideal marketing mix for reaching the target market. The following marketing strategies improve the results for the benefit of the seller:
   • Brand marketing: High Street Auctions invests in developing its brand and company in the media in order to build confidence for its auction platform in the market. Our clients benefit directly from this activity in terms of attracting quality sellers and buyers to the auction platform and High Street Auctions events.
   • Matching of buyers and properties via our referral system: We are able to capture new buyers into our national buyer's system on a daily basis. These are matched with the properties being serviced by the Sales Executives and a support team.
   • Online Presence: Through our well marketed website, www.highstreetauctions.com, which showcases our auction stock within South Africa, we provide the viewer with a comfortable, easy to navigate experience. In addition to this dedicated emailers called "From The Podium" are customised and sent to our extensive database.
   • Signage boards: These will be prominently be placed outside your property and surrounding areas, which have proven to positively influence the perception of value that buyers will have of your property, as well as to drive the call-to-action to bring all potential buyers to the auction event.
   • Print Advertising: Brand and featured property adverts are placed regularly in appropriate publications to maintain top-of-mind awareness and future auctions.
   • Public Relations: Our dedicated PR team ensures that our brand is the voice of the property Auction Industry in the media and as experts who are knowledgeable of market conditions and trends. This in turn ensures that our brand name is consistently established in the minds of the buyers and sellers. Whilst discretion and sensitivity to your needs are of paramount importance to us, a customised public relations campaign can build upon a newsworthy, unique selling feature of your property.
   • Property catalogue: Will showcase your property in an online and printed format.
   • Property Viewing: Our specialist Sales Executives manage information flow with interested buyers including the process of visiting and viewing the property. This process is essential in terms of evaluating levels of interest, concerns and capabilities of the buyer. Managed professionally this increases the probability of success of the auction.
5. Processing
   High Street Auctions compile detailed and comprehensive "Investor Packs" that are made available to interested buyers upon request to assist in informing their purchasing decisions. This process is carefully managed by the relevant Sales Executives who interact directly with prospective buyers and provide them with the necessary information, answers to questions and advice about the properties. This process is also tracked and recorded so that valuable feedback can be provided back to the seller throughout the process.
6. The Auction Event
   High Street Auctions host the auction events at Bryanston country club where sellers and buyers are treated to excellent organisation and fine catering. Buyers attending the auction are generally pre-registered or they register on the day with the necessary FICA documents and a registration deposit. The High Street Auctions team of experts are also present on the day to assist sellers and buyers with proceedings and answer any questions that the buyers may have. The rules of auction and the auction process are then managed by a professional auctioneer. Our Auctioneer is considered to be the best in the country and the events are as entertaining as they are exciting. Once the auction has concluded all the highest bidders are taken to the signing room where the conditions of sale are signed and the necessary deposits paid. Several payment facilities are made available on-site.
7. After the Auction Event
   After the sale agreements have been signed by all parties and the deposits paid into the High Street Trust account, the highest bids are submitted to the sellers for confirmation. Once the offers have been accepted, copies of the agreements and all supporting documentation are delivered to the transferring attorneys who attend to the registration of transfer of the properties.

Buying a property on auction:
High Street Auctions provides its clients with a transparent and easy to understand process for buying property on auction. We also ensure that prospective buyers are supported, throughout the property evaluation and buying process, by experienced property specialists.

Several advantages available to prospective buyers include:

• Most of the information related to properties for sale or the processes involved with buying property is available on our website which is accessible on a 24/7 basis.
• We provide buyers with direct access to our team of Sales Executives that can assist buyers by providing them with all the information and advice related to a particular property and assist them, personally, through the registration and auction process.
• The investor packs that are compiled on properties are comprehensive and with the specialist advice available through the professionals at the company would provide the buyer with clarity and confidence in what they are buying.
• The auction company would have secured exclusive mandates on the properties so, subject to confirmation by the seller, the highest bidder gets the property without any further negotiation.
• Many great deals on properties are available at High Street Auctions especially as buyers get to benefit of a true supply and demand transaction environment.

In order to buy a property on auction the following general terms apply:

• Pre-registration by filling in our registration form, sending through your FICA documents (Copy of ID book, proof of residence and letter of authority to sign on behalf of a juristic entity), and paying your registration fee.
• Upon successfully purchasing a property on auction a deposit of 16.5% deposit is payable.
• The buyer is generally responsible for paying the auctioneer's commission upon successfully purchasing a property on auction in addition to the final highest bid or "hammer price".
• If the buyer is unable to attend the auction event they may bid via telephone proxy.
• All terms and conditions related to buying a property on auction are available on the website

High Street Auctions is renowned for hosting memorable auction events that are well catered and very entertaining. Buyers benefit from conducting business in a well-controlled and expertly managed environment.

For any enquiries related to buying a property please call us on 011 684 2707 or make an enquiry through our website. One of our specialist Sales Executives will contact you to discuss your requirements in more detail and answer any questions relating to the auction process.

Download our Conditions of Sale