RE/MAX Property auctions launched
One of Malta’s leading real estate organisation RE/MAX Malta, held its first auction at the Hilton (Malta) where a total of 14 properties were sold under the hammer.
This new and innovative service will be offered to all RE/MAX Malta customers seeking to sell their property at a fair and realistic market price. The launch of the property auctions was introduced by Kevin Buttigieg, CEO of Re/Max Malta.
Speaking at the launch, Mr Buttigieg said, “As leaders in the industry we have been monitoring the market for many years and we feel that the time is opportune to launch this new service for the benefit of our clients. Before launching property auctions we wanted to ensure that we have the best personnel and resources on board to run this business outfit efficiently and in a professional manner. For this reason we recruited Jeremy Borg Grech, a qualified property consultant with years of experience in property auctions. Furthermore, with close to 300 agents working in 23 different RE/MAX offices, we feel that we have the right resources to offer a reliable and superior service to all our clients.”
Mr Buttigieg added, “In this first auction we have a total of 14 properties ranging from apartments, character homes, going concerns to luxury villas. The company is planning four property auctions a year together with individual auctions for new developments and commercial property projects. All auctions will be carried out by Obelisk Auctioneer, which is our preferred partner in this endeavour.
Properties being auctioned will have a reserved price where the auctioneer will start the bidding on auction day and will also be the lowest price which the property will be sold. The price of each property is carefully established by RE/MAX Auctions Malta and the owner in order to reflect a realistic market value. Prior to listing a property for auction, RE/MAX consultants will ensure that all documents such as building permits, property ownership and ground rents are in order. Once everything is in order, the owner will sign a listing agreement for sale by auction and agree on the reserved price.”
Clients who wish to sell their property at auction will be assisted professionally before they proceed to sell the property. This personal assistance will include staging and professional photography, which would launch the marketing programme via web, print leaflet as well as social media campaigns. Moreover, auction services will extend to open property tours, individual property viewings and notarial assistance among others. The latter will include basic notarial searches as required for an unconditional promise of sale which will be signed by the successful bidder/buyer immediately upon termination of the auction.
Interested bidders will be required to register for participating in an auction, by paying a 10 per cent deposit. This percentage will be based on the lowest guide price of the property (LOT) which the bidder will be interested in bidding for. Bidders who are successful in sealing the final price, will be reassured that they can immediately proceed to sign a promise of sale, based on an unconditional agreement that is backed by the required basic notarial searches. Other bidders may bid for another lot of their preference or re-claim the 10 per cent bank draft deposited with the Notary Public at the Auction Venue.