Widespread in the UK and the United States, private online real estate auctions arrived in Italy with Kaaja, a digital real estate service company and the first auctioneer Italian company.
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How they differ from foreclosure auctions
The type of auction in question has nothing to do with judicial auctions where the properties sold are almost always of little value and in any case subject to foreclosures and executions. On the contrary, Kaaja's auctions resemble those of Christie's or Sotheby's, which auction fine and valuable works of art.
The properties offered by Kaaja are objects selected, guaranteed, certified and above all free from constraints, giving security to the buyer.
What are the benefits
For sellers, estate agents or individuals, the benefits are not insignificant. Among the main ones:
thanks to effective targeted digital marketing strategies, the property is advertised by Kaaja both on the dedicated proprietary site and through the best portals and the largest digital media;
thanks to the most advanced technologies, the buying and selling process is simpler as many aspects can be managed online - from the document collection of the property to the signing of the preliminary agreement between the parties - always with the support of a team active seven days a week;
sellers maximize profits by selling the goods at the best possible market price and with faster times than traditional sales, given that the entire process is completed in a few weeks;
through the auction the bids received are numerically higher than in a traditional sale; the system allows to highlight the perception that the market has of the property in question, avoiding off-market valuations which, not infrequently, leave the property unsold for a long time, forcing a continuous lowering of the price until the right value is reached;
using Kaaja's platform and processes, the seller is relieved of a whole series of tasks, with the guarantee of obtaining the best possible economic results.
How the private real estate auction works
Considering the actual value of the property and after a meticulous evaluation of the property, the so-called minimum reserve price is set, ie the minimum amount that the owner of the property wants to achieve.
The property is then put up for auction with a base price from which the participants can raise. The offers - collected exclusively online - are public and visible even if anonymously for potential buyers and must be guaranteed by a deposit.
When the auction closes, the property is assigned to the highest bidder who must pay a deposit of 10% on the price of the property. Always digitally, the successful bidder signs the purchase proposal. If the offer is lower than the reserve price, the seller can accept or reject the offer.
Finally, Kaaja offers the possibility for all buyers to win the property before the auction starts, using the "buy it now" option at the amount indicated on the Kaaja website. In this way, the buyer interested in the property, and who wants to win it at all costs, does not risk subsequent counter-offers.
The management of visits
Also from this point of view, the watchwords are simplicity and speed. Each ad on the site has a calendar and, on the days indicated, you can always visit the property both in person and remotely through a video call with the agent.
All always in the utmost transparency
Each advert published, in addition to the description, photos and video of the property, is equipped with all the documentation relating to the property. Such as: the deed of origin, the cadastral certificate, the search and the APE (Energy performance certificate). This translates into greater confidence on the part of the buyer which allows him to make an offer faster and with more peace of mind, since in fact it prevents him from coming across nasty surprises once at the notary for the deed. Furthermore, the first company in Italy, Kaaja notarizes all the information of each property for sale on the blockchain, creating a true traceable and non-falsifiable digital identity.