Auctions have been around for thousands of years. It’s a tried and tested sales method. Auctions really work! Traditionally, property auctions are held either in rooms or on site. Regardless of the venue though, the process is generally the same the world over.
So what has changed?
PropFi® is simply an online venue from which licensed real estate agents can conduct property auctions in ‘virtually’ the same way.
In New Zealand, the Auctioneers Act 2013 made it possible for real estate agents and salespeople licensed under the Real Estate Agents Act 2008 to sell property by auction.
An auction conducted by a licensed real estate agent on PropFi® is legally defined as an auction under NZ legislation. Like traditional property auctions, buyers and sellers also have the same legal rights and obligations.
By taking auctions online, real estate agents can offer the same benefits to their vendors, while making auctions accessible to the greatest number of bidders. Buyers can now bid for property safely, discreetly and conveniently - from anywhere they choose.
More importantly, PropFi’s collaboration with key leaders in the technology, real estate, legal and finance sectors has ensured that PropFi® is 100% compliant with standard real estate best practices and is user friendly.