BidX1 CFO reveals the rationale behind the Pam Golding Properties JV
Property to become a global market within 30 years, mobile phone property auctions are skyrocketing.
Speaking at Pam Golding Properties’ annual residential property overview hosted by CEO Dr Andrew Golding, BidX1 CFO Mike Murphy took to the podium to discuss the JV partnership between the two organisations.
BidX1 is a digital property company and the second biggest auction company in Ireland and the UK. Pam Golding Properties announced that the purpose of their JV with BidX1 is to “bring greater innovation and transparency to the auction property transaction process in South Africa, offering clients and customers a cutting-edge digital platform developed by property experts.”
“The reason we felt Andrew was the ideal partner was that we’re also a warm-body company. We’re a trusted advisor, improving auctions using people, engaging a digital platform to do that.”
BidX1 currently sells 400 properties per day in the UK – amounting to a property sold every five minutes.
“It’s all about professional people working in a digital framework. Everyone is invited! In Q2 of this year, we had 1 500 bidders in 23 countries placing bids on properties sold in Ireland.”
He adds that 50% of all the company’s transactions take place on a mobile phone, so they are fully mobile enabled.
“Property is going to become a global market over the next 10 to 30 years. We want to become a European platform, and we’re launching in Cypress and Portugal next year.”
Andrew explained the rationale behind the BidX1 deal:
“The auction solution will give South African buyers access to international properties via the platform, but this is primarily about the South African property market, in respect of firstly the commercial property sector, where we see significant opportunity. Secondly, in terms of bank properties – repossession and distressed properties, usually in an offline auction environment. And thirdly from a Pam Golding Business perspective, we’ve always wanted an auction capability and have had a couple of failed attempts. Our agents across the country who have properties suitable for auction now have capability through this initiative.”