Photo by: Bloomberg
A new online commercial property trading portal has been launched, with anchor Fountainhead Properties offering up 27 commercial properties through Quoin Online.
Quoin Online is a specialised Web-based property transactional business system that enables property buyers and sellers to transact on property anywhere worldwide.
The platform would provide and administer an online transactional tool for Fountainhead and provide the tools for the prospective buyers and brokers to register online and acquire the “sales packs”, draft sales agreement and a comprehensive package of essential information online, Quoin Online director Wayne van der Vent said.
The property market had effectively used the Internet as a marketing and communication channel; however, with 80% of all property enquiries now made online and the ever-increasing uptake of online trading platforms, the industry needed to “take it to online sales”.
“Quoin's software system has been used and perfected over the last seven years in the auto business industry where it has, to date, concluded more than 100 000 successful transactions,” noted Van der Vent.
The process would see buyers submit an online nonbinding expression of interest and a marked up version of the sales agreement, with the seller then compiling a list of preferred buyers and the final binding offers open for acceptance.
The “bidding methodology" enabled buyers, who would have full access to the required information to make an informed decision, to revise their offers against each other as they are able to view both the number and conditions with the requisite anonymity.
“[This also] allows the seller to maximise the pricing without having to enter into convoluted pricing debates and counter offers,” he pointed out.