The Tenants Path – A Pictorial Guide:
Discovery, Exploration, Understanding & Sign-Up.
SEARCH, DUE DILIGENCE & REGISTRATION
Identification & nomination of lot(s).
Viewings & review of documentation, Complete KYC.
PRE-AUCTION & AUCTION PERIOD
Complete personal profile & place offers.
LEGALS & COMPLETION
AuctionsGlobal issue signed Tenancy Agreements to both parties.
HouseUp coordinates transfer of cheques & keys
MOVE IN !!
What does signing up allow me to do?
To gain full access to our website and fully view available properties (lots) you need to register and enter the required details. As a signed-up user, you will be able to create your own watchlist.
How do I go about finding my perfect property?
As a user you can interrogate the system by searching for your desired lot using our intuitive filters. When you have identified a lot that matches what you are looking for, you can add this to your watch list. We will then automatically keep you up to date with any developments relating to your selected lots.
What laws exist in respect of an auction and how, as a participant, do they affect me?
All bids at auction are binding in law. At the conclusion of the auction the bidder, who has placed a qualifying winning bid, i.e., it has matched or surpassed any reserve price placed by the landlord on the lot, or who has placed a bid that the landlord has decided to accept, has entered in to a legally enforceable contract with the landlord and is obliged to complete tenancy.
Do you recommend undertaking due diligence prior to bidding?
Yes, lots offered for rent at auction, are offered as-seen, without contingency. You need to be certain that you are happy to proceed prior to submitting a bid. We recommend that you undertake research in relation to any lot you intend bidding for. In addition, you should familiarise yourself with our auctioneer terms and the tenancy conditions, to which you will have to agree to be bound as part of the registration process and prior to being granted authorised bidder status. You should consider seeking professional advice where appropriate, prior to bidding.
What due diligence steps might a prospective bidder typically undertake?
The landlord provides a wealth of information which is displayed within the lot page to assist you in determining whether you wish to submit a bid and if so, for how much. We present the information in all good faith; however, we do not guarantee its accuracy, rather, it is up to you to determine such. Prospective bidders might want to:
- Physically view the lot or appoint a representative to do so on your behalf.
- Undertake some market research to determine the current market rental value of the lot.
- Review all the documentation made available within the lot page and undertake any additional research as necessary.
I’m keen to participate, how do I go about registering and gaining authorised bidder status?
To be eligible to bid on our online platform you must first register with us and be approved as an authorised bidder. To register click on the lot you wish to bid for, then click on registration and complete as requested. There are a number of requirements including:
- Providing personal details including name, proof of identity, email, contact telephone numbers and address. If other persons including legal entities are participating, you will need to contact our administration team and provide them with the additional information.
- Agreeing to both our auctioneer terms and the specific tenancy conditions relating to the lot.
How do I go about promoting myself to a prospective landlord?
For many landlords money is not the only determining factor. They want a tenant who is “The Right Sort”. Be that: Single, Couple, Male, Female, Age, Pets, Works from Home, etc.
We provide a you the opportunity to answer optional personal questions where you can get descriptive to get selected. We collate the answers to create a Personal Profile to be submitted to the landlord for their review.
Apart from talking about yourself you must, indicate in the boxes provided, the monthly rent (pre-auction offer) that you are happy to pay and the number of cheques you will present in order for your Personal Profile to be collated.
It’s not uncommon for a landlord to select a tenant from their Personal Profile, cancel the auction and get the contracts issued.
Don’t miss out!
What options does the landlord have during the pre-auction period?
The pre-auction period runs from when the property is publicly available to view on our website until three (3) hours prior to the published start of the auction period.
As per the Terms agreed between ourselves, the landlord has the option within this period, to select any registered prospective tenant based upon the Personal Profile that they, the tenant, have submitted. Should a landlord do so, the auction will be cancelled, the tenancy agreement will be signed and distributed and HouseUp, our sister company, will assist the landlord ensuring a smooth commencement to the tenancy.
What is the relationship between AuctionsGlobal and HouseUp?
AuctionsGlobal is an auction house licenced by the Dubai authorities. Under licence number 961354 it is entitled to conduct auctions for the sale and rental of real estate.
HouseUp (houseuprealestate.com) is a real estate brokerage licenced by the Dubai authorities. Under licence number 1079467 it is entitled to act as an intermediary in relation to both the selling and buying and the letting and renting of real estate.
Both companies enjoy common ownership, together they provide our clients with a perfect coordinated solution.
Do I have to register before I can bid?
Registration to bid is compulsory for all bidders at all of our auctions. You can complete your registration online. You can make your application via our website; click on the lot you intend to bid for, then click on registration and submit all details as requested.
When should I register?
Each lot is offered in its own unique time limited auction period. We recommend that you submit your first application three days prior to the opening of the auction period for the first lot you intend to bid for. Remember we do not accept any responsibility for failure to administer late or erroneous applications.
What happens if I cannot complete the online registration process?
As an alternate you will need to supply certified copies of the required bidder details. Reach out to our team for further assistance.
What elements make up acceptable ID documentation?
- Passport and;
- Emirate’s ID and;
- Visa and;
- If not UAE resident, Driver’s licence
Should the registration application be being made by a legal entity or multiple individuals please contact our office.
How long does it take before I can place a bid?
Your ability to bid depends on you bidder registration process. We will notify you via email once all forms have been completed and all checks have been done. We recommend that you start the registration process at least 3 business days before the start of the auction period to allow sufficient due diligence checks to be performed.
I registered and bid with you sometimes ago, do I need to go through the ID process again?
Please contact a member of our Project Rental Team who will be able to verify whether it is necessary for you to re-submit new id information. Typically, the authorities insist that individual’s details are updated every six months.
What actually happens during the auction period?
Our secure online marketplace allows authorised bidders to participate in our auctions real-time from anywhere in the world. Lots are offered within their own unique auction period.
At the close of the auction period if the lot was offered at Open Market Price (without reserve), then on the fall of the virtual auctioneer’s hammer a binding contract is created between the landlord and the winning bidder both parties are legally obliged to complete the contract, no further negotiation is allowed.
If the lot is offered with reserve and the reserve was reached, then the above- mentioned procedure is followed. If, however a winning bid is logged which falls short of that figure then the landlord must decide, within three hours of the close of the auction, whether to accept the low winning bid, re-auction the property or withdraw the property. Should they accept the bid then both parties are legally obliged to complete the contract.
How long does the auction period for a specific lot last?
Each lot is offered in its own unique Auction Period as published on the lot page. A countdown timer indicates how much time remains.
After the auction what happens prior to completion?
Actions taken by AuctionsGlobal,
- Populate and electronically sign the tenancy agreement on behalf of both the winning bidder and the landlord;
- Distribute copies of the tenancy agreement (including the specific tenancy conditions) to which both the tenant and landlord are bound by.
- HouseUp, our sister company will assist both landlord and tenant as necessary.
When can I start bidding?
You can login to the numbered lot page at any time during the published auction period using your online bidding authorisation pass code and place bids.
What does the bidding portal look like?
If you open the “Property Bidding Page” prior to the auction commencing you will notice the bid increment amounts will be inactive and display the message “Awaiting auctioneer to allow online bidding” once the auctioneer activates online bidding this message will disappear.
At the top of the “Lot Bidding Page,” you will notice either the property image and/or address
To place a bid online you will be required to tap the grey increment amounts, these can be tapped multiple times to reach the desired amount you wish to bid. The bid amount will be displayed with the “Bid Counter” which is located above the grey bid increment amounts, to submit your bid to the auctioneer, simply tap the green ”place bid” button.
Before an auction commences, please ensure your device is connected to a fast and stable internet connection and is up to date with the latest software and updates. All bids are in AED.
When bidding what is the difference between an Immediate Bid and a Maximum Bid?
As an Authorised Bidder for a given lot you can return to the bidding portal at any point during the auction period and enter an immediate bid. Provided that the bid you place at least matches the necessary minimum bid increment it will automatically become the new current high bid. However, assuming that you know the maximum figure you are prepared to bid for the lot, then the maximum bid facility exists to enable you to place both an immediate bid and a maximum bid. You can then ignore the bidding process over the remainder of the auction period secure in the knowledge that the system will automatically enter a new current high bid on your behalf, based upon the necessary minimum bid increment, up to the maximum bid figure that you have placed. If you utilise the maximum bid facility then the system will automatically alert you should another bidder place a new current high bid in excess of your maximum bid.
How are Minimum Bid Increments set and why?
Bid increments provide certainty to assist and encourage authorised bidders to bid. They can place not only a series of immediate bids but it encourages them to submit a maximum bid secure in the knowledge that their interests are protected. When a maximum bid is placed the bidder’s next bid, to achieve the highest bid price, will only be the current highest bid plus the lowest available bid increment. The available bid increments are:
To place a bid online you will be required to tap the grey increment amounts, these can be tapped multiple times to reach the desired amount you wish to bid.
What is an Instant Let Price?
Prior to the opening of the auction period, it is the price that the landlord is willing to accept for the lot today. Should such an offer be received which at least matches this figure then the auction will be cancelled immediately. The tenancy agreement will be populated, signed and distributed to all participating parties. The instant let price, if set, will be displayed on the lot page on the website.
What is a Guide Price?
This is the price we advertise and is just what it says it is; a guide. It provides prospective bidders with an indication of how much the landlord is likely to accept.
What is a Reserve Price?
This is the minimum price the landlord has indicated they are willing to let the lot for at auction and will be published on the lot page. This price will be published three hours prior to the opening of the auction period.
Can the landlord postpone the opening of the auction period?
Yes, under the terms agreed between AuctionsGlobal and the landlord they are within their rights to postpone the opening of the auction period up until three, (3), hours prior to the opening of the unique auction period for the lot. After this deadline has passed, they are legally bound to accept a qualifying winning bid submitted within the auction period.
Can the landlord withdraw the lot from the auction after the auction period has opened?
Under the terms agreed between AuctionsGlobal and the landlord they are within their rights to withdraw the lot from auction up until three (3) hours prior to the opening of the unique auction period for the lot. After this deadline has passed, they are legally bound to accept a qualifying winning bid submitted within the auction period.
Does it cost me anything to participate?
Both HouseUp and AuctionsGlobal do not charge tenant bidders a fee for participating in the auction; rather we generate our income from the landlords.