Malaysia's first hybrid auction services were launched by the firm Ng Chan Mau and Co. Property hunters around the world can take part in the bidding at its office located in Kuala Lumpur. The auction will be live over the internet.
“Our idea is to encourage and provide a platform for interested buyers who may not want to be present physically at the auctions,” said Low Chee Hian, its Business Director.
A total of 25 bidders were present both online and in person at the first hybrid auction conducted by Ng Chan Mau and Co. This was after the company posted ads online, including on social media networks. One winner who participated online was 65-years-old and successfully acquired a real estate.
“We also hope to fetch more value for properties and bring more awareness through digital marketing, so buyers don’t have to come to the venue here,” noted Low.
The firm expects to gather an extra 5-10% for listed properties and when more bidders join, it will help sellers receive more of their assets.
Eventually, Low says that the process will shift completely to online bidding and that this process will take some time. In particular, Low is advising newbies to take a demo test prior to joining in the live bidding to get a better feel for the process to work out any kinks and avoid problems in the future.
Reminders are sent to those who have registered online before the live auction several times before the event. The reminders are scheduled a day before the auction, then an hour prior, and then 15 minutes before the beginning of the event. On top of that, the firm's personnel will call five minutes beforehand.
“We have automated voice reminders, three text messages as well as calls by our staff to remind them and get them ready for the auction,” adds Low.
Potential biggers register on the company's website. There, they can choose properties with e-bidding options and complete the registration. They can also make a deposit three work days before the event. To log into the system prior to the auction times, registered potential biggers receive a secure PIN code.