BidX1, UK and Ireland-based digital auction platform allowing users the convenience and immediacy of buying and selling property online from anywhere in the world, on any device has signed entered into joint venture agreement with Pam Golding Properties, South Africa’s leading property group to launch in South Africa.
The JV will help bring BidX1’s auction platform to the market with a promise of greater innovation, transparency and efficiency to the auction process in South Africa, offering clients and customers a pioneering digital platform developed by proven property experts. Completing approximately 10,000 transactions annually, Pam Golding Properties has a network of 2,000 agents working in over 300 offices in sub-Saharan Africa, as well as a number of international offices including the UK, Mauritius and Seychelles; while also facilitating sales in Spain, Portugal, Germany, France, Cyprus, Grenada, Malta and the USA.
“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,” said Stephen McCarthy, founder & CEO at BidX1.
“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.”
According to Dr Andrew Golding, chief executive of the Pam Golding Property group: “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.”
Having raised over €1.3billion through the sale of more than 8 000 assets the digital platform has transformed the property auction sales process, providing a foundation of convenience, security and efficiency that benefits both buyer and seller and has proven successful across the full range of property, from city centre apartments to commercial investment portfolios.
David Murphy, chief operating officer and director at BidX1 South Africa said the firm has placed transparency at the core of its business and believes that digitisation and innovation will be the primary drivers of improvement in the South African property auction transaction process.