Apollo Auctions - Frequently Asked Questions
Find below a list of Frequently Asked Questions (FAQ’s) about private property auctioneers. If you cannot find your answer, please let us know.
- Is property auctioneers also estate agents?Yes. Property auctioneers need to have the same qualifications as estate agents and must also be registered by the PPRA.
- Is auctioneering companies accredited with any governing bodies?Yes. Auctioneers belongs to a body called SAIA (South African Institute of Auctioneers). If you are looking for an auctioneering company, it's good to get someone that is part of SAIA.
- How much is the marketing costs for a property auction?It depends on where the property is located and what type of property it is. A quotation for the marketing fee gets worked out, and the seller has to pay 50% upfront. If the property doesn't sell, the other 50% is not payable. If the property is sold, the other 50% must be paid on transfer of the property.
- Who pays the commission?The commission gets paid by the buyer.
- Does an online or virtual auction work in South Africa?No we don't believe that it works. We found that people are reluctant to deposit any money online. Also the excitement of the auction itself, is being taken away.
- How do you get people to attend a property auction?For each property we do a focused marketing campaign through various channels to attract willing and able buyers. We also have a large database of potential buyers that visit our auctions on a regular basis.
- What happens if my reserve price is not met on the day of the auction?If the property is not sold on auction, we don't take the property out of the market. We keep on marketing the property until sold.
- Why will a property not sell on auction?It depends on various factors, like the market, the defects on the property and the reserve price from the seller. We work on market related prices and if the seller wants more, the chances of selling is low.