Proppy
The smarter way of buying and selling real estate

If I am winning the online auction and someone comes in with 2 seconds to go and makes a winning bid – what happens to the end time if active bidding is still taking place?

If someone bids higher than you, and the online auction is coming to an end, the online auction will extend by three minutes to give you time to consider your next bid. The online auction will continue to keep extending by three minutes when a bid is made in this time frame, until there is a clear outright winner.

If I wish to withdraw my property from the online listings – what is the process for this and are there any associated costs?

You can withdraw you listing by emailing Proppy to remove this from the website.

Is fixed cost commission an option?

Our commission rates are fixed at 1.5% + GST always!

Proppy does not have a tiered commission structure like many agencies e.g. 3-4% to $500,000, and then 2.5% thereafter, plus auction fees, plus administration charges, plus GST

We charge just 1.5% + GST across the sale price. Much simpler to understand.

Therefore, if you sell your property for $500,000. The Proppy commission would be $7500 + GST.

This is Calculated simply by $500,000 * 1.5% = $7,500

Is online secure enough to be doing online property transactions?

Online is more secure because of the security checks that Proppy have put in place. Online is the future and it can be trusted. In fact, there is a distinct lack of security around today’s current process. Anyone can bid at an auction without any security checks. We do all ours upfront and we make no apologies for being stringent. When documents are signed digitally, they are not only more secure and legally binding, they are a more efficient for conveyancing.

Is Proppy registered by the REAA?

Yes, absolutely.  Vaunt NZ Limited, trading as Proppy, is licensed under the REAA. We received our approval on 11.1.16. Proppy has a company licence, which is run by an agent licencee and we have additional salesperson licences. If you would like to view Proppy's company licence, please click here.

 

Is running your own open homes risky?

We believe property owners know their properties better than any real estate agents. While there is potential of some bias, we provide guidelines to all our vendors on how to conduct an open home and we know that prospective buyers inevitably tune out to any bias. Vendors are prohibited from disclosing false information or making misleading claims when they sign a Proppy listing agreement.  The potential legal ramifications of failing to abide by the terms of this agreement are clearly stated and understood by all vendors. 

Is there an automatic bidding feature as I don’t what to be tied to a website to keep making increased bids?

Yes, we have an auto-bid option.

This means you can set your highest bid, walk away and ensure you haven’t missed out on the online auction action over the 24 hours.

The auto-bid feature will automatically bid in increments of $500 until your auto-bid is reached. It will not continue higher than your auto-bid. If you get out-bid you will be notified by email. You will also be notified on screen once it has been refreshed.

If you have a larger auto bid set than the current bid, the auto bid option will only bid to $500 above the last highest bid.    

My property is already on the market. Can I use Proppy?

Yes, you can still use Proppy. However, we recommend that you seek legal advice before signing with us to make sure you don’t get double charged. You can choose to instruct us immediately and set the date for your marketing to start on the day your current agreement comes to an end.  Please carefully read the REAA guidelines on this subject and our listing agreement. 

Open Homes are not for me?

No problem at all. Just pay $599+GST and get a licensed Proppy representative to run them for you – too easy!

What agreements do I need to sign in the process? Do I need to meet you personally to sign the agreement?

You are required to sign the agency listing agreement with Proppy. This will be signed online using the services of secured signing. http://www.securedsigning.com/.  Secured Signing provides a comprehensive and compliant Software as a Service platform that utilizes the secure, personalised, X509 PKI Digital Signature technology and enables the customisation of a full range of eForm and eSignature capabilities.  

You also will be required to sign a legally binding Sale & Purchase contract at the end of the sale. This will also be signed online using Secured Signing.

Proppy does not require you to be physically present to sign the agreement, you can do it all online. We have made this easy so you can do this in your own time, with no pressure involved.

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