Buyers and sellers continue to favour online auctions
Over the years, Park Village Auctions has earned a reputation for pioneering numerous technological innovations. One of which was the introduction of real-time online bidding.
As South Africa consumers adopt online shopping as a norm, the idea of purchasing an asset online – such as a residential or commercial property – no longer seems outlandish. PVA says that for this reason, online auctions have become a favourite among both local and international buyers.
“Online auctions allow bidders around the world to safely bid against bidders on the floor in real-time with the click of a mouse,” explains Roy Lazarus of PVA. “This platform has dramatically improved the results we can offer our clients.
“The beauty of this solution is that we can host an auction anywhere and that all the participants need is a computer with an internet connection.”
Park Village Auctions has invested in developing their own technology to dispose of assets over the past three decades.
Their latest live auction platform boasts simplified bidder registration with a secure payment gateway for registration deposits. It’s worth noting that PVA does not retain any banking details during the registration process.
The process for participating in an online auction is straight forward and convenient. Roy explains: “Bidders pay an upfront deposit, which enables them to register and bid. A live streaming webcast allows bidders to view the proceedings as they unfold.
“The live bidding panel provides buyers with a video feed, chat facility, current bids, and most importantly, the ability to bid. The bidding panel is a one-button approach with the necessary protection to avoid bidding against yourself.”
As the sale of each lot concludes, all bidders receive an instant notification stating the successful bidder and then the system moves on to the next lot. At the end of each auction, buyers are contacted by PVA to arrange payment finalisation of their purchases.
Roy offers the following advice to anyone interested in participating in future online auctions, “Online bidding has numerous benefits, but bidders need to be fully aware of the process.
“Bidders should view the items they wish to bid on before the auction, either online or in person, and know to ask the auctioneer as many questions as possible to assist in guiding their decision. No question will ever go unanswered or seen as trivial.”
Park Village Auctions is widely regarded as one of the auction industry’s premier auction companies. Established in 1983, PVA remains one of the county’s last true auction houses, acting as an independent conduit to recover and dispose of assets.