Pam Golding Properties on Thursday announced a joint venture partnership with digital company BidX1 - the second largest auction house in Britain and Ireland UK and Ireland.
BidX1 has developed a bespoke digital platform where users can with convenience and immediacy buy and sell property online from anywhere in the world, on any device. It raised over €1.3billion through the sale of more than 8 000 assets – €750million through traditional auctions and €550million via their bespoke digital platform.
Says Dr Andrew Golding, chief executive of the Pam Golding Property group: “In line with our vision to provide our clients with a diverse range of property services which more effectively and efficiently enable and facilitate successful property transactions, we are excited to be partnering with BidX1. There is no doubt that this technological auction sales channel will add value to our service offering and our value proposition to the various markets in which we operate. This partnership will indeed add a new dimension to the South African auction property market and thereby provide our agents and sellers and buyers with increased opportunities in this space.”
Comments Stephen McCarthy, founder & CEO at BidX1: “Our focus is on using technology to enhance the experience of buying and selling property, making us a complementary partner for property agents and auction businesses who want to expand their market reach via our advanced digital platform for their clients and customers.
Stephen McCarthy, founder & CEO at BidX1. Picture: Supplied
“Having raised €750million through traditional auctions, our digital offering has always been backed by extensive real estate experience as first and foremost, we are property experts. This makes Pam Golding Properties, whose property acumen, experience and extensive reach is combined with strong entrepreneurial spirit - an ideal partner for us as we enter the South African market, and we’re very pleased to be working with their world-class agents and staff.”
Adds David Murphy, chief operating officer and director at BidX1 South Africa: “We are excited to be combining our cutting-edge technology with Pam Golding Properties’ market-leading expertise to deliver an experience which will take auctions in South Africa into the digital age. BidX1 aims to offer the South African property market previously unseen levels of transparency, speed and worldwide exposure.
David Murphy, chief operating officer and director at BidX1 South Africa. Picture: Supplied
“We believe that greater transparency throughout the sale process provides a foundation of trust for both buyers and sellers. From past results to real-time bids, everything is logged and displayed on our website; we've placed transparency at the core of our business. It is our belief that digitisation and innovation will be the primary drivers of improvement in the South African property auction transaction process.”