News: Hybrid Property Auction Fairs Online The Way Forward

Jan 4, 2018

 
Ng Chan Mau and Co has launched Malaysia’s first hybrid auction services, wherein property hunters from elsewhere in the world can take part in the live bidding at its office in Kuala Lumpur via the internet.

“Our idea is to encourage and provide a platform for interested buyers who may not want to be present physically at the auctions,” said its Business Director Low Chee Hian.

During the inaugural hybrid auction that was conducted recently, the firm attracted a total of about 25 bidders either online or physically present at its office along Jalan Yap Kwan Seng. This is after the company posted ads in the web, including social media networks. A 65-year-old bidder from Sabah even participated online and successfully acquired a real estate.

“We also hope to fetch more value for properties and bring more awareness through digital marketing, so buyers don’t have to come to the venue here,” noted Low.

With the hybrid auction system, the firm hopes to fetch an extra five percent to 10 percent for the listed properties. Moreover, the presence of more bidders will help sellers receive a fair market value for their assets.

Queried if people are prepared to shift completely to online bidding, he thinks the transition will take some time. In particular, Low is advising newbies to take a demo test prior to taking part in a live bidding to get a feel of how it works and to avoid problems.

To ensure that people who have registered online are tuned in during the live auction, the company sends several reminders before the actual event.

“We have automated voice reminders, three text messages as well as calls by our staff to remind them and get them ready for the auction,” Low added.

Potential bidders will be reminded one day before the auction, an hour prior and 15 minutes before the event. The firm’s personnel will also call them via phone five minutes beforehand.

To take part in an auction, potential bidders need to register in the company’s website, choose properties with e-bidding option, complete the registration and make a deposit three working days before the event. They also need to log into the system prior to the auction time using a secure PIN code.

Ng Chan Mau and Co’s next auction will be held on 27 January 2018.

 
This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my
 

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Edmend Chua
Senior Negotiator
REN: 03530
WorldLand Realtors Sdn. Bhd.
edmend.chua@hotmail.com
(+60) 12-6892783