Remax Malta held its first auction at the Hilton Malta, which saw 14 properties being sold under the hammer.
This new service will be offered to all Remax Malta customers seeking to sell their property at a fair and realistic market price. The launch of the property auctions was presided over by Remax Malta CEO Kevin Buttigieg.
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. 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 Remax offices we feel we have the right resources to offer a reliable and superior service.”
For its first auction, Remax has 14 properties on offer, ranging from apartments and character homes 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.
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 at which the property will be sold. The price of each property has been carefully established by Remax Auctions Malta and the owner to reflect a realistic market value. Prior to listing a property for auction, Remax consultants will ensure that all documents such as building permits, property ownership and ground rents are in order. The owner will then 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 by Remax Malta property auctions before they proceed to sell the property. This will include staging and professional photography which would launch the marketing programme via web, print leaflets as well as a social media campaign. Moreover, auction services will extend to open property tours, individual property viewings and notarial assistance. 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 participation in an auction by paying a 10 per cent deposit. This percentage will be based on the lowest guide price of the property 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 backed by the required basic notarial searches. Other bidders may bid for another lot of their preference or reclaim the 10 per cent bank draft deposited with the notary public at the auction venue.
More information can be obtained by calling 9952 4111 or by e-mailing auctions@remax-malta.com.