Auc­tions now a part of Mo­nop­oly

Business Day - Home Front - - HOMEFRONT -

PLAY THE GAME Mo­nop­oly, where each player moves around the board buy­ing dis­tricts to build a metropo­lis, is peren­ni­ally pop­u­lar, but the most re­cent ver­sion has a new twist — if you land on an un­known district you have the op­tion to put it up for auc­tion.

“The game has honed in clev­erly on salient points ex­pe­ri­enced in most prop­erty trans­ac­tions and it is a great train­ing ground for new­com­ers to the in­dus­try,” says Rael Le­vitt, CEO of Auc­tion Al­liance. Le­vitt says he be­gan dab­bling in the prop­erty game more than 20 years ago, learn­ing by ex­pe­ri­ence as he ac­cu­mu­lated, traded and up­graded in­vest­ments.

He found the new Mo­nop­oly ver­sion dur­ing a US trip and for him it con­firmed the le­git­i­macy of the auc­tion in­dus­try as a grow­ing plat­form for buy­ers and sell­ers to meet and trade. Like the call to action on South African auc­tion floors as bid­ders gather in a room with a fi­nite bid­ding time­frame, each auc­tion in the game lasts up to 50 sec­onds, with the player who de­cided to auc­tion beginning the bid­ding. Once you hear a sound and a red light flashes you have five sec­onds to close the auc­tion. Who­ever has the high­est bid by the time the light goes off is the suc­cess­ful bid­der.

Should you wish to de­velop your site you press the build but­ton on the trad­ing unit and the num­ber shown when it stops is how many floors or blocks you are per­mit­ted to de­velop. There are even two costly sta­di­ums up for grabs and each player must de­cide on the op­por­tu­nity costs of the sta­dium ver­sus a more pricey sky­scraper, but which can gen­er­ate rev­enue quicker.

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