Why auction?
Speed: From first sight to completion can take as little as twenty four hours, but as a guide expect less than 20 working days.
Value: Prior to bidding for any property you determine the value of that specific property to you and that’s where you cap your bidding. If you’re unsuccessful with property (A) there is always properties (B), (C), (D) etc.
Transparency: A rental property auction is totally transparent. The Date, Time, Terms of Agreement and Reserve Price, if there is one, are published in advance. All bidders must go through the same registration process to be granted authorisation to participate. Submitted bids are displayed online, with a time and date stamp, in ascending order. A clock counts down the remaining time available for bids to be submitted. Bidders can be assured that they are engaged in a fair and open competition.
Certainty: Renting a property at auction offers the tenant an exceptional degree of certainty. A binding legal contract is formed on the fall of the virtual hammer. The landlord is committed and no further negotiation is allowed.
Why AuctionsGlobal?
Costs: It costs you nothing to participate.
Uniqueness: We are the only licenced auction house in Dubai focused on the traditional residential rental real estate marketplace.
Opportunity: Tenants who engage with us will be presented with both quantity and quality.
Efficiency: We eliminate the stress related to renting a property. From both a practicable and legal standpoint we know what we are about and we deliver.
Support: We have gathered together a fantastic number and range of complementary professional service providers, ready and able to provide you with assistance.
Team: We appreciate that this may be your auction debut so we are here to assist you every step of the way.
Getting started
Signing up: To gain full access to our website you need to click on the icon marked “SIGN-UP” and enter the required details. As a signed up user, you will not only be able to look, you will be able to participate to create your own unique space, your wish list zone, within our system.
Finding your perfect property: As a signed up user you can utilise the system by clicking on the icon marked “Search” and review the details of the various properties coming up for auction in the near future. There are filters available to enable you to refine your search to match any specific criteria. When you have identified a property that matches what you are looking for, click on the heart to add the Lot your wish list. We will automatically keep you up to date with any developments relating to any property you have placed in your wish list.
Due diligence: We recommend that you undertake research in relation to any property you intend bidding for. You should familiarise yourself with our Auctioneer Terms and the draft tenancy agreement, to which you will have to agree to be bound as part of the registration process and prior to being granted authorised bidder status and being able to submit bids. You should consider seeking professional advice where appropriate, prior to bidding.
The landlord provides a wealth of information which is displayed within the unique property 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 and your professional advisers to determine such.
Prospective bidders might want to physically view the lot or appoint a representative to do so on your behalf.
Pricing
Within each property page look out for Guide Price, Instant Let, Reserve Price and Open Market Price.
Guide price, this is the price we advertise which gives bidders a realistic idea of how much the landlord is willing to accept.
Instant let, this is a price set by the landlord which they are happy to accept today, pre-auction. If you make an offer which matches or exceeds this price the auction will be cancelled immediately, the tenancy agreement will be populated, signed and distributed.
Starting bid price, this is a minimum acceptable opening bid price as determined by the auctioneer in consultation with the landlord.
Reserve price, this is the minimum price that the landlord is willing to accept for their property at auction. This price will be published three hours prior to the opening of the auction period.
Open market price (without reserve), there is no minimum price set, the highest qualifying bid submitted within the auction period will be accepted.
It is your responsibility to determine the value, to you, of any property and therefore how much you are prepared to bid for it.
Registering to bid
Registration to bid is compulsory for all bidders. You can make your application via our website; Click on the lot you intend bidding for, then click on registration and submit all details as requested.
We recommend that you submit your application three days prior to the opening of the Auction Period for the property you intend to bid for.
Standing out from the crowd
It’s not always just about the money, a unique part of our registration process invites you to articulate why a prospective landlord should pick you as the tenant. So go no, get descriptive and get selected.
The auction period
Each property is offered for sale in its own unique Auction Period. A countdown timer indicates how much time remains.
Submitting bids
Within the auction period for a given lot you can login to the specific property page at any time using your email and password. Please note that this login is different to your general login used to save properties to your wish list.
After the auction
As per the terms agreed in advance by the landlord and all authorised participating bidders we will populate and electronically sign the Tenancy Agreement on behalf of both the landlord and you the tenant. We will distribute copies to both parties.
Remember auctions are fast. So in most cases you will be getting your hands on the keys in a matter of days.
If the property you were bidding on doesn’t let, then this will be because the reserve price was not met. So if you missed out because, for example, you didn’t bid in time or you didn’t match the reserve price, all is not necessarily lost. Please talk to a member of our team as you may still have a chance to rent the property.
Costs
We do not charge tenant bidders anything for placing bids nor if they place the winning bid.
