GoIndustry DoveBid SA (Pty) Limited, which opened its doors locally in 2004, is a subsidiary of GoIndustry Plc, a listed company on the London Stock Exchange with 40 offices across 27 countries. Globally, Go-Dove (as it is known in its abbreviated form) has been involved in international online auctions since 2000 and is the world’s largest specialist plant and machinery valuation and disposal company. Its new South African-based online property auction division, with Faclier at the helm, is the company’s first worldwide venture into online property auctions.
The success behind the global enterprise has been Go-Dove’s proprietary auction software platform that has taken the company over 10 years to develop at a cost of US$10-million.
Says John Cowing, MD of GoIndustry DoveBid SA (Pty) Limited: “The time has now come to use this highly successful transactional platform to enable the property investment community to cross over into the online auction arena.
While a number of auction houses do offer a type of online facility, the process has been hindered to date largely by the need to use ‘third party’ service providers. Explains Cowing: “When you register for the auction, you are for the most part taken to a site outside of the auction house. Not only are transaction capabilities quite limited and you may only be able to submit a bid prior to the auction, but your security may also be compromised. The Go-Dove platform changes this scenario completely: not only is our site fully interactive while the auction is happening, it is also 100% secure as it is hosted entirely in-house, from the registration process to the live auction and the final signing of the sales contract.”
Another advantage of the new Go-Dove division in South Africa is that, while buyers will still be responsible for a 10% deposit on the fall of the hammer, the auctioneer’s commission will only be payable when the property transfers, and not on the day of the auction.
Explains Cowing: “This gives both the buyer and the seller the peace of mind that we will be with them through the entire life of the transaction and not just until the fall of the hammer.”
In addition, Go-Dove has also reduced the standard 10% auctioneer’s commission charged as the norm, to 8%.
Says Kim Faclier: “Just as online changed the face of banking across the globe, so too will it change property auctions. With Go-Dove’s online platform, you can host a multiple property auction event that includes properties from anywhere across the country or even the continent. Plus an auction that offers multiple properties from multiple areas means one single, nationwide advertising campaign, with costs shared by the various vendors.
“It also means that potential buyers can now include people from anywhere in the world, and they can transact from the comfort of their own environment, in a private setting, and not have to worry about getting to a particular venue on a particular day.”
A number of highly desirable investment Cape Town properties have already been signed up for Go-Dove’s first online property auction. These include a Victorian double-storey ambassadorial residence in Upper Wynberg with six ensuite bedrooms, as well as a fully functional, 4-star guesthouse in the Constantia winelands boasting 12 bedrooms and conference facilities.
Industrial property will also be on auction in August, including a 10 980m2 site in N’Dabeni with two interlinked industrial buildings, an office complex and excellent long term tenants in place, as well as a 10ha industrial site in Dundee, Kwazulu Natal.
