Landmark partnership with South Africa’s leading property group
Ireland, South Africa, 18 October 2018 | BidX1, the innovative digital property company transforming the institutional and retail property transaction process across the UK and Ireland, today announces a strategic joint venture partnership with Pam Golding Properties, South Africa’s leading property group.
A key step in internationalising BidX1’s auction platform, this landmark partnership will bring greater innovation, transparency and efficiency to the auction property transaction 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.
BidX1 has developed an innovative, transparent and secure digital auction platform, which allows users convenience and immediacy in buying and selling property online, from anywhere in the world, on any digital device. Having raised over €1.3bn through the sale of more than 8,000 assets – €750m through traditional auctions and €550m via their bespoke digital platform – BidX1 is now the second largest auction house in the UK and Ireland.
The digital platform has transformed the property auction sales process, providing a foundation of convenience, security and efficiency that benefits both buyers and sellers and has proven successful across the full range of property types, from city centre apartments to commercial investment portfolios.
Stephen McCarthy, Founder & Managing Director at BidX1, commented “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.
“Having raised €750million through traditional auctions, our digital offering has always been backed by extensive real estate experience - 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. We’re very pleased to be working with their world-class agents and staff.”
David Murphy, Chief Operating Officer and Director of BidX1 South Africa, added “We’re excited to be combining our cutting-edge technology with Pam Golding Properties’ market-leading expertise to deliver an experience which will bring property auctions in South Africa into the digital age. BidX1 endeavours to offer the South African property market unprecedented levels of transparency, speed and worldwide exposure.
“We believe that greater transparency throughout the sale process provides a foundation of trust for both buyers and sellers. Transparency is the cornerstone of our business; from past results to real-time bids, everything is logged and displayed on our website. We believe digitisation and innovation will be the primary drivers of advancement in the South African property auction process.”
Dr Andrew Golding, Chief Executive of the Pam Golding Property Group, commented “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, an innovative global property company in the auction space. 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, sellers and buyers with increased opportunities in this space.”
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