What is a Real Estate Auction
A real estate auction is an innovative and effective method of selling real estate. It is an intense, accelerated real estate marketing process that involves the public sale of any property, including both distressed and those that are non-distressed, through open cry, competitive bidding.
Why use Hammer and Tongues Africa Holdings
If you are selling or buying a property of any kind, be it commercial or residential, low or high density, in addition to private treaty sales, Hammer and Tongues Africa Holdings offers a unique one stop solution via our famous monthly public auction sale. This auction event is held on the last Friday of selected months at Harare’s Raylton Club, hence the properties on our portfolio have maximum exposure to the market.
The real estate auction is a win-win proposition for everyone involved. For example it makes the route of getting payment from the defaulter of a bank versus the traditional legal route shorter and it becomes less costly for both parties. Our proposal is that the legal costs would be minimized, there will be no costs for the office of the sheriff, there will be no added valuation, advertising and auctioneers cost. Furthermore, the process is very quick hence saving on interest accruals. At times the seller ends up with change in their pocket as Hammer and Tongues Africa Holdings sell at the best market value all the time.
Further Benefits to the Seller from Public Auction
- Buyers come prepared to buy. This event is regularly attended by a huge crowd of potential buyers.
- Quick disposal reduces long-term carrying costs, including local authority rates, levies & maintenance.
- Assurance that property will be sold at true market value.
- Exposes the property to a large number of pre-qualified prospects. Hammer and Tongues Africa Holdings has a huge database of prospective buyers.
- Accelerates the sale.
- Creates competition among buyers—auction price can exceed the price of a negotiated sale
- Requires potential buyers to pre-qualify for financing – buyers come in with letters from the bank.
- All buyers are required to pay a $10000 deposit to qualify for the bidding process and this ensures that only serious buyers with the capacity to pay participate.
- The seller knows exactly when the property will sell.
- Eliminates numerous and unscheduled showings – convenience to the seller if in occupation and lesser costs to the sales Agent.
- Takes the seller and the bank out of the negotiation process hence giving the defaulter a sense that they have a fair level ground to stand on and decreases aggression or resistance to the recoveries process.
- Ensures an aggressive marketing program that increases interest and visibility – Hammer and Tongues Africa Holdings has its own in-house marketing team that produces quality adverts and catalogues.
- For all property auctions and sales via private treaty Hammer and Tongues Africa Holdings conducts an extensive advertising and marketing campaign covering broad channels that include print and electronic media. Sponsored adverts are also featured on Facebook to maximise reach to potential customers
All auction sales are conducted in a systematic, transparent and professional manner to the satisfaction and best advantage of all stakeholders.
Our Valued Experience
Hammer and Tongues Africa Holdings have a long standing reputation for the efficient valuation and successful disposal of all types of immovable assets for a wide variety of stakeholders. These include the Sheriff of the High Court of Zimbabwe, banking institutions, lawyers, Executors and Administrators, Chartered Accountants, Liquidators, Insurers, Pension Funds, individuals, and both privately and publicly listed companies.
Hammer and Tongues Africa Holdings has been conducting successful public auction disposals on behalf of companies and individuals. So successful have our public auction events been, that we now have instances where financial institutions have directly requested the Sheriff of the High Court of Zimbabwe to appoint Hammer and Tongues Africa Holdings as auctioneers and sole disposal agent. For example, three large financial institutions CBZ Bank Zimbabwe Limited, Standard Chartered Bank Limited and MBCA Bank Limited have directly nominated with the Sheriff of the High Court of Zimbabwe that all their distressed assets are sold only by Hammer and Tongues Africa Holdings.
Hammer and Tongues Africa Holdings is proud to note that because of its successful heritage in property sales, the company was favoured with the sole mandate for the disposal of all immovable assets for the following banks which were placed under final liquidation in the last couple of years;
- Trust Bank Corporation Limited – SOLD ON BEHALF OF KPMG
- Interfin Bank Limited – SOLD ON BEHALF OF BDO
- Afrasia Bank Limited – SOLD ON BEHALF OF GRANT THORNTON ZIMBABWE
- Royal Bank Limited – SOLD ON BEHALF OF TUDOR HOUSE CONSULTANTS
- Allied Bank Limited – SOLD ON BEHALF OF TUDOR HOUSE CONSULTANTS
Other key recent liquidations sale mandates for immovable assets have included Gulliver Consolidated Limited, Apex Holdings, J.W. Jaggers Wholesalers, Zimglass Industries and UTC to name but a few.
All this is testimony of the market’s confidence in Hammer and Tongues Africa Holdings’ brand strength, ability and market leadership in conducting successful private public property auction events.