Can you recommend a lawyer as I do not have one?
We do not recommend specific lawyers but we do suggest you go to this list of lawyers from the NZ Law Society.
Do I need a solicitor when buying and selling through Proppy?
Regardless of whether you are a buyer or seller, we strongly recommend that you use a solicitor. While you won't need one initially, you will require one to complete the sale. You can choose your own solicitor, and if you don't have one, we suggest you search for one here.
What does 'Buy Me Now' mean?
This is a unique proposition by Proppy. The owner sets the price, which is fixed and there is no room to negotiate. The terms and conditions of the sale are similarly fixed and non-negotiable. Like an online auction, a 'Buy me now' offer is unconditional and legally binding. This method works best for investors and people who want to sell in a hurry and for buyers who don't want to negotiate, think the property is a great price and are happy with the terms.
What fees do Proppy charge?
Proppy charges sellers 1.5% + GST* of the value of the property when the property sells. The seller also pays for all marketing costs, to which no margin has been added. There is no charge for the buyer to purchase property through Proppy.*Note there is a minimum commission of $9000 + GST for residential sales and $5000 + GST for land.
What is a negotiation?
A negotiation selling method is when properties are advertised with a fixed price, a price band or with a price and the words ‘by negotiation'. Buyers are invited to make an offer on the property based on the prices advertised. From there the buyer and seller negotiate on an agreeable price.
What is an online auction?
An online auction is a method of selling to the person who bids the highest, the person who is prepared to pay the most! It is an open process whereby keen buyers bid against each other. Once the reserve price is reached, the property is then on the market and will be sold to the highest bidder.
How do I upload photos?
Click or drag'n'drop to upload your photos. If you click on the 'click' button you will then need to find the pictures that you want to upload and then click open or double click on the photo(s) selected. Make sure your photos are high enough resolution. If the photos have been taken professionally you will be fine, if you've taken them yourself you will need to double check the specs, ideally they need to be 300 pixel wide, 300 DPI and about 3-4mB in size.
How do I join?
Why should I register with Proppy?
If you want to buy or sell property through the site you will need to register.
What's the difference between registering and joining?
Joining allows you to search for properties and add them to your watchlist. Registering allows you to actually buy and sell properties online.
What is an online tender?
This is the secretive selling method whereby someone selling their property asks for written offers to be presented by a certain date. Any prospective buyers need to submit their 'best' online written offer to a digital lock box for the owner to then review and consider. It is a very confidential process and there is no reserve price. When selling by tender the prospective buyer needs to complete, sign and submit their sale and purchase agreement when they present their written offer. Because you are signing a legal document it is a good idea to get your lawyer to check it before you submit your offer.
What is Proppy?
Proppy is an online real estate marketplace. We are licensed under the Real Estate Agents Act 2008 and essentially do the same job as a real estate agent - however it is a whole lot smarter, and will save you a whole lot of time and money.We've basically stripped back the real estate process and taken it all online which means you can buy and sell property from the deck chair, on the sofa, in your slippers, 24/7 - wherever you have access to the internet.Everything is at your fingertips, from professional valuations and building reports, to floor plans and photos to actually bidding and buying now! It's totally transparent and means you are in control - not the agent. Genius.
What is a digital lock box?
This is unique Proppy technology which locks away offers until the close/deadline of a tender. The Proppy digital lock box can't be opened during the tender process which creates a fair and trusted process.
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.
How do I register?
Registering is easy, whether you're a buyer or seller. When you register, we verify your identity. Your address and passport or driver's license is all we need. If you're a non NZ resident you will need a NZ solicitor to verify your identity.If you're a seller, you will also need to sign a listing agreement. You can do this digitally which will become useful when you need to sign other documents online.
Can I save searches?
Yes, you can save searches, by adding properties to your Watchlist after you have joined Proppy. You can keep saving properties that take your fancy or delete any that you are no longer interested in.
How do I change my contact details?
Go to your MyProppy dashboard, click on edit My Account and then change and reset your contact details.
Do you hold my credit card or debit card details?
The debit or credit card details you provide to make a purchase will not be stored by Proppy. This information will be handled by Payment Express (our payment provider).
How do I change my password?
Go to your MyProppy dashboard, click on edit My Account and then change and reset your password.
What happens if I do not sell?
If your property is on the market for longer than expected and has not sold, we will help you to review your options and will conduct a full marketing review of your property. We'll look at all page views, previous viewings and feedback and we'll also tailor a package of 'extras' to help boost your viewings. We may also re-evaluate the local market, including what is selling in your area, the number of sales, time to sell and sale prices, so you have the most current information. Proppy will do everything we can to help you to sell your property. We are here for you.
How do I become an authorised Proppy user?
When you join Proppy.
How do I add properties to my Watchlist?
Just click on the heart icon. It will automatically save the property to your Watchlist, which you'll find on your MyProppy dashboard. This is where you can view all your Watchlist properties.
Can I watch an online auction without registering?
Yes, of course. Anyone can watch an online auction, but in order to bid at the online auction you must register and sign a Proppy buyer's agreement. By registering you are under no obligation to bid.
Why can't I login?
You may not have entered your correct login details? Don't forget your username and password are case sensitive. If you have forgotten your password don't fear, just click on 'I've forgotten my password' and your password will be automatically reset via email.
Why can't I see my dashboard?
Because you haven't logged in or haven't joined Proppy, To Join you need to enter your email address and password and then you will be able to access your MyProppy dashboard.
Can I autobid on a property?
Yes. You will be able to enter the maximum amount you are prepared to pay to buy the property and our system will bid on your behalf, until you have reached your limit. The system will only bid $500 over the next highest bid until there is a winner of the online auction. It does not go automatically to your maximum level set, but only to the next highest bid level.
Why can't I bid on a property?
You may not have registered with Proppy yet. We need to verify your identity before you can bid for property. So don't leave it till the last minute to register!
How do I create a listing?
See 'How it works' for sellers. Simply join Proppy and then click on 'List a Property'.
Can I sell multiple properties at one time?
Yes, you can. In your dashboard, just click on 'add a listing' and you can add as many properties as you like. Please note you will be required to sign a new Proppy agency agreement for each property that you wish to sell. Please also note that you will also be charged 1.5% + GST commission for each property that is sold through Proppy.
What happens when I win an online auction or my offer is accepted?
If you have won an online auction or your offer has been accepted, you will be notified by email that you have been successful. The email will confirm the price and you will be asked to sign a sale and purchase agreement online. An email will also provide Proppy's Trust account details so you can transfer the required 10% deposit online. Your solicitor will instruct you on how and when you will need to settle the remaining balance. Your MyProppy dashboard will also be updated with these details. One you have a completed sale and purchase agreement in your inbox you will then be able to crack open the champagne!
How do I get my money once my property has sold?
Money from your property sale is held in a Trust account maintained by Guardian Trust. This is a safe and secure, audited account. Your solicitor will deal with disbursing the funds, on the settlement date, into your nominated bank account.
What are the main advantages for registering with Proppy?
There are so many reasons to register but the main one is that registered Proppy users will have access to all the property's information, allowing you to make better informed decisions.
What are the payment options when purchasing a property?
You will be required to deposit money into a Trust account, maintained by NZ Real Estate Trust, either by cheque or bank transfer. Proppy does not handle any part of the financial transaction, but we will provide the account details when we send you email confirmation that your bid, tender, offer or 'Buy Me Now' has been successful. Your solicitor will also advise you.If you would like further information on the NZ Real Estate Trust click here
Can I remove a property from Proppy if I change my mind about selling?
Yes, you can. But if you have signed an agreement, Proppy will be your sole agency for 90 days from the commencement of the agreement. If you have signed an agreement and then within 90 days you sell your property with another agency, or to a person who was introduced through Proppy, you will be required to pay Proppy's 1.5% +GST commission. We recommend you take legal advice and read thoroughly the terms and conditions of Proppy's agency agreement. REAA also has very good guides on agency agreements which you can read here.
How do I ensure that my listing gets maximum visibility?
Sign up for our premium marketing package. This will ensure that your property goes to the top of all searches and gets maximum visibility. There are also added extras which may be of interest. For example, home staging. We suggest you go to ‘Proppy selling tips'. Here you find useful tips and hints on everything you need to know about how to prepare your property for sale and to achieve the best sale price.
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.
What type of browser can I use?
What type of computer do I need?
Your computer must have a 486/66-MHz processor or higher (a Pentium processor is recommended), 16Mb of RAM, a mouse and a modem or Internet connection. Your computer must also have one of the following operating system versions or above: Windows 98, 2000 with SP 2, NT 4.0 with SP 4 or XP for a PC, or Mac OS 8.1 for a Macintosh.
Why is Proppy better than using a real estate agency for a seller?
Proppy saves you a truckload of money - Our commissions are only 1.5%* + GST - substantially lower than the normal agencies saving you plenty of money. No more auctioneer's fees which would normally be added to your run-of-the-mill real estate agency fee. There are NO hidden costs with Proppy. Proppy saves you time - You can fill out our easy listing agreement online in the comfort of your own home, any time of day or night. You are in control. Proppy organises building & valuation reports which are made available to the buyer - less tradies through your property.Proppy is a secure and reliable platform - we verify all buyers and sellers on Proppy before they can buy or sell property online. Proppy is an easy to access, easy to use platform that has robust security systems.Proppy is online - it's the way of the future. People are busy in this world we live in. They want to interact online. No more stuffy and uncomfortable auction rooms and no more agent pressure! Being online should open up a larger buyers pool within New Zealand and internationally.You are in control - You know your home better than anyone. You determine the price you would like to achieve and then Proppy will help you achieve this. *T&C'S Apply
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.
What happens if Proppy goes down/offline during an online auction?
Our up time is 99%. In the unlikely event that Proppy goes offline during an online auction the online auction time will be rescheduled and all parties will be notified.
What is a settlement date?
The Sale and Purchase agreement stipulates the settlement date. This is the date when the buyer pays the balance of the money owing for the sale price of the property. This is usually done through the buyer's lawyer. Typically, this date is also the when the buyer takes possession of the property, gets the keys and can move in!
What is a buyer's deposit and how is it paid?
A deposit is normally paid by the buyer, either when the offer is made or when the sale goes unconditional. This is normally 10%. This deposit is paid into a trust account, run by Guardian Trust. Proppy's 1.5% + GST commission is paid out of this deposit, when the agreement becomes unconditional. However, the funds must have been in the trust account for 10 working days before the money can be paid out.
What chattels do I need to include in my listing?
Anything that you are not taking with you when you move needs to be listed as a chattel. So you will need to list all chattels that will be included in the sale. Proppy will provide you with a standard, such as fixed floor coverings, white ware and curtains. Please give as much information about the chattels as you can. If you know the name and brand of your chattels, please add this information as some buyers like to know this detail.
Why is Proppy's marketing better than an agent?
These days everything is online - people let their fingers do the searching! Proppy uses extensive and proven online advertising channels and makes good use of social networking to get the best exposure for your property. Gone are the days when people use print advertising to search for properties.
How much money will I save using Proppy?
There is no question, you will save when you sell your property through Proppy! The actual amount you save will depend on the sale price of the property, but on average you can expect to save between 1.5 - 2.5%. On a $750,000 sale price, that is a saving of about $13,000!
Can I participate in an online auction using my phone?
Yes of course. If you are on a compatible phone you will be able to participate in an online auction. It would be wise to fully charge your phone before the auction starts and to check that you are in an area that has strong and dependable cellular reception.
Are my details safe using Proppy?
Yes, we take every possible measure to keep Proppy safe and secure. Your details are encrypted in the Proppy system and are safe. Proppy uses encryption, firewalls, and the latest protection software by security firms to ensure your information is highly secure. All money will be handled by our supplier Payment Express and not through Proppy which means another level of security for you.
Why does Proppy recommend valuations?
Because we want to give the vendor the very best independent advice on the value of their property. It helps them set their property price with confidence and then lets the market do its thing! As an owner you may think your residential property is worth more than the valuer, (by the way we think that's fine). The report gives you an independent view (not a real estate agent's opinion) and you can decide to take the value into your decision making or not. It is a good idea to review the valuation in conjunction with the Comparative Market Appraisal and even the CV. At Proppy, we are all about giving you the information for you to make an informed decision. While a valuation might not be a mandatory requirement, we think it is a really smart move, and we are all about smart marketing. Plus - banks and similar lending companies often require it before a buyer can obtain a mortgage.
Why does Proppy recommend Building Maintenance Reports when selling?
Providing building maintenance reports provides sellers and buyers with an unbiased and accurate view of the property's structure. We want you to fully understand the current condition of your property so you have the confidence to be completely transparent with your buyers about its current state. We work with the best builders in your area to complete this essential home assessment. We endeavour to always use the independent body called BOINZ (Building Officials Institute of New Zealand) if they are available. You don't have to lift a finger; we will arrange for them to come to your property to complete the review. Their reports comply with New Zealand standards 4306:2005 and will list any areas that require attention. You can choose to make the improvements or disclose the remedial work to potential buyers. The choice is yours. By being upfront about the condition of your property you might just open the pool of potential buyers up, as many buyers are put off by being unsure as to the underlying condition of a property.
What if I bid and the property is not what I was expecting?
The responsibility lies with you to complete your due diligence before you bid for a property online, just as you would if you were bidding in person at an auction room. You will have every opportunity to visit the property and review all the relevant documents (CMA, building inspection, LIM etc), before you make a decision to buy a property at auction. We would also advise you to seek legal advice before entering into a legal agreement.
How do I know your valuation is accurate and reliable?
Our independent valuations are done by Corelogic. CoreLogic is a leading property information, analytics and services provider in the United States, Australia and New Zealand. Corelogic's Valuation Ordering Service is New Zealand's first panel of preferred valuers and is helping to make valuation ordering more convenient and transparent, providing truly independent reports back to lenders and their customers.
What penalties would a seller be charged if they conduct, exchange,or conclude a sale directly with the buyer?
The seller (client) will be charged 1.5% + GST of the sale price for selling or exchanging the property outside of the Proppy sole agency within 6 months of signing.Terms and conditions are clearly spelt out in within the Proppy listing agreement that the seller signs. We also recommend you read the REAA guides which can be found on our Key documents page.
How will I know that the house I am bidding on is in a desirable area investment wise?
You will need to do your due diligence on the property and area before you make a decision to bid at an auction. On the property listing we provide a wealth of information to help you make an informed decision. If you are worried about the area, we recommend you visit the property day and night to get a good feel for the area and speak to neighbours about the area. You can also get information on crime at http://www.police.govt.nz/about-us/publications/statistics
Can I visit the property prior to bidding?
Yes, under each listing there is an open home calendar. This will let you know the dates and times when the seller is holding open homes, so you can visit the property before bidding or placing an offer. If the open home dates and times don't suit, you can contact the seller through Proppy, to arrange, at the seller's discretion, to view the property at a more convenient time.
Can I change the reserve price after signing a listing agreement?
Yes, as a seller you can go into your dashboard at anytime and change the reserve price leading up to the online auction start time. Once the online auction has started, you will be able to reduce the reserve price during the online auction, but you will not be able to increase the reserve price during the online auction.
Does a lawyer monitor the online auction on behalf of Proppy as a safeguard?
Proppy has its own internal auction platform that is tried and trusted. The online auction engine is an extremely reputable solution. Lawyers have reviewed our Proppy platform to ensure we are compliant, and rest assured we have a robust solution for you to confidently complete transactions on.
What guarantees do I have that my purchase will not have weathertightness (leaky) issues?
Like all investments you need to do your own due diligence before buying a property. A good building report should identify if the property is a leaker (weathertightness issues). However, the old maxim 'buyer beware' still applies, just as it would when you are buying a property in person.If you have any concerns at all of weathertightness issues, it would be extremely prudent to get another expert to view and review the home.
Can I adjust my selling price / reserve price at any time?
Yes, as a seller you can go into your dashboard at any time and change the reserve price leading up to the online auction start time. You won't be able to change the reserve higher once the online auction has started, however you can reduce the reserve if you feel you may have been too optimistic once it has started.
What are chattels and fixtures?
When you enter into a residential Sale and Purchase Agreement it is important to understand exactly what is included in the settlement. Both chattels and fixtures will form part of the agreement. A chattel is not considered a fixed asset, i.e. it could easily be removed. Standard chattels that are listed in an agreement include the oven, any fixed floor coverings like carpet, blinds, curtains, drapes and light fittings. Other common items listed as a chattel include a dishwasher, waste disposal system, the TV aerial, a range hood, burglar alarm, the alarm monitoring contract, wall heaters, heated towel rail and garage door openers. If chattels form part of the agreement then it is expected that they actually work, and are not subject to a financial contract.A fixture is physically affixed to the property being sold and not easily removed. Things like a garage, a carport, a gazebo in the garden or a garden shed, a swimming pool or a spa set into the ground are classified as fixtures. If a vendor wishes to remove a fixture before settlement, then it must be expressly stated in the agreement. Listing items incorrectly or removing items listed in the agreement could delay settlement. If you are selling and have decided to not take a particular item with you, and you are unsure of its classification, list it as a chattel. If in any doubt, talk to one of our team online.
What are the benefits of Selling through Proppy?
There are many benefits to selling through Proppy.1) The convenience, you can list a property in the comfort of your home, 24/7, or where ever you maybe.2) The commissions at 1.5% + GST are much lower than our competitors.3) Transparency - The marketing packages all include Valuations and Builders reports to help with disclosure and pricing your property. These are only guides and therefore you can put a price that you think your property is worth. You are in control. With a builder's report coming from BOINZ accredited building surveyors there is no need to have the inconvenience of many builders coming through your property - there should only be one site visit.4) Online - It's the way of the future, people are used to online auctions. We believe that selling online can give you access to a greater buying pool. For example - buyers don't need to be in the city or town you live in to make the online auction room and times. They can bid or make an offer from anywhere on any device.5) The paperwork is completed by Proppy. No need to have an agent filling out paper based Sale & Purchase documents. Proppy pays for these documents and fills them out correctly so no mistakes will be made. This saves you time and money.
How long does the online auction last?
The online auction runs for 24 hours. If there is a bid in the last three minutes the online auction will auto extend by a further three minutes until there are no more further bids.
How will my home be valued?
Along with your Proppy CMA (Comparative Market Analysis), your home will be valued by Corelogic & the valuation will be organised by Proppy. CoreLogic is a leading property information, analytics and services provider in the United States, Australia and New Zealand. CoreLogic NZ coordinates an arms-length panel valuation service utilised by the bulk of major financial service providers in New Zealand, including the big banks. By using this service, banks and lenders are confident there is no bias when they have a property valued by registered valuer, for mortgage lending purposes.Proppy has engaged CoreLogic NZ to provide the same service, although not for lending purposes. Proppy's aim is to provide its clients with an independent valuation solution, which can give them a greater degree of certainty when marketing their property.As this is a service for the seller, it is not currently accepted by banks as a valuation for the purposes of issuing a loan to a purchaser. Also, it may not be provided to anyone aside from the seller without their express, written permission. If it is provided to any other party, it is simply for greater transparency in the real estate transaction process, and should not be charged for or intimated as suitable for bank purposes.Proppy is the first, and only, real estate company offering this service to its clients through CoreLogic's panel, and in doing so will likely exceed industry standards in disclosure and client-oriented behaviours. Proppy is well positioned with the use of this service to enhance the selling experience of their sellers.
Why is Proppy using Building Officials Institute of New Zealand?
We made the decision to have all our building inspections requested through BOINZ because we think they offer the most comprehensive service and are the most trusted providers in the industry. They provide a range of different BOINZ suppliers, a little like a valuation panel. See the list http://www.boinz.org.nz/Site/accreditation/Find-an-Accredited-Building-Surveyor/All-Accredited-Building-Surveyors.aspxTrust is the cornerstone of Proppy. If you are selling with us you can get a builders maintenance report from your own builder or building inspector, but you will also always receive one from our BOINZ partner. If a BOINZ approved builder isn't available to complete a report we will do our best to get the next best thing.
Why is Proppy using Corelogic?
Proppy sources independent valuations on every home or property through Corelogic, largely because of their bank panel arrangements. CoreLogic offers a range of valuation services, which ensures independent valuations can be ordered from a preferred, nationwide panel of bank-approved valuers. This service reduces risk for lenders and also delivers value for both buyers and sellers.
What can a seller do if they don't like the reports or disagrees with them?
A seller can have a right to reply to the report under the listing and address anything that is in the report. While the official report will be listed on Proppy the seller is welcome to add another report from another supplier. Sellers also have the option of choosing whether to disclose the valuation/s to buyers. At Proppy we believe in the following mantra please click here
I have a friend returning from the UK, can I negotiate on their behalf e.g. visit the property and advise them from NZ?
Yes, you are able to help your friend and advise them if you feel comfortable doing this. However, it is your friend's decision if they decide to bid or make an offer on a property.
Does Proppy comply with the rules of Professional Conduct and Client Care?
We provide absolute transparency and independence when providing professional conduct and care. By providing more information to owners and buyers than a standard agency, we believe we surpass the REAA guidelines. Proppy believes more information is best, and particularly so when this information is delivered consistently. This is a standard that our clients know and can rely on. While we are an online service, our legal advisers have ensured that every feature of our service is fully compliant with the Property Act in all respects. An example of this compliance, is knowing that all our clients receive the appropriate guidelines from the REAA and that these have been read and understood. We believe that this is a better solution, than the current situation where these guidelines can sit in offices or on kitchen benches, without any mechanism to verify that they have been read and clearly understood.
Are digital signatures legal and safe?
We have partnered with a NZ firm called Secure Signing. http://www.securedsigning.com/company/overview. Through their secure technology we have a robust method for signing documents, ensuring a signature has come from a trusted person. Under the current real estate model this isn't the case and anyone can sign a document without proof or verification on the day. Digital signatures cannot be altered or adapted, they are clean and provide conveyancing lawyers with a fully audited history of a document's signatures. Being legally binding, they also provide Proppy with the unique situation of being the first fully digital real estate offering in New Zealand and possibly the world. The question we ask you is - why wouldn't you use Proppy technology to eliminate mistakes and ambiguity around possibly your biggest purchase in your life?
How can I get my lawyer to check the agreements before they are signed?
This is something unique to Proppy. We strongly advise that people get the very best advice throughout the sale and purchase process. Therefore, as any good agency we advise our customers to seek legal advice. However, Proppy have built the site so that it can allow solicitors to automatically know when legal documents have been created, and when they have been altered. All Proppy needs is a solicitor's email address and agreement from clients. Solicitors also can come into our site if they are registered and see documents and check them in their own time. Hopefully saving a buyer more money in the process and more importantly feel very secure that they have a higher level of legal opinion in what they are doing. (Solicitors should also enjoy the time savings this brings).
Do I need to set a price when selling my house by online tender?
There is a preferred price, but this is only used for searching purposes, it has nothing to do with the trade.
What is a DP Number?
A DP is a Deposited Plan or sometimes known as a title plan. These are plans recording land transfer subdivisions that have been deposited by the Registrar General of Lands. They are identified by a number and a DP prefix such as ‘DP 12345'. Most modern land transfers are identified by their position on a specific deposited plan, eg Lot 123 DP 4567. This is the plan deposited when the title was created. This could be a simple plan of the property's boundaries, area and dimensions, a detailed survey plan or a combination of both.
What is a CT number?
A CT is a ‘Certificate of Title'. A certificate of title records the legal owners of land and all dealings with the land, like transfers of ownership and mortgages, leases etc, registered under the Land Transfer Act 1952. All certificates of title were converted into ‘computer registers' between 1999 and 2002 (Landonline titles conversion), although the terms ‘certificate of title' and ‘title' are still commonly used. These may also be referred to as ‘documents' or ‘instruments'.
What is the Overseas Investment Act (OIA)?
Ordinary suburban property is not likely to be affected by the OIA. The act applies to;
- Land in excess of 5 hectares (approx. 12 ½ acres)
- Waterfront land of more than 2000m2 (approx. ½ acre)
- Land on certain off-shore islands
- Land adjacent to certain reserves of high ecological or cultural sensitivity
- Business valued at more than $100,000,000
What happens if the online auction does not meet the reserve?
In the scenario that an auction does not meet the seller's reserve price, as long as there is one or more bidders in the online auction, and you are the highest bidder, you will be directed to an online private negotiation with the seller of the property for two hours. The seller and potential buyer will negotiate until they agree a price. Once agreed Proppy will take care of the online contract paperwork with the parties. It is important to note that the seller should always watch their auction just in case this scenario occurs - you wouldn't want to miss out on a sale!.
Proppy advises you to seek legal and tax advice when dealing with GST related questions in a property transaction.
What is an auto-bid?
Autobids allow you to set your maximum price. When you're outbid Proppy increases your bid in increments of $500 until your maximum bid has been exceeded. Sit back and relax while Proppy keeps you in the lead whenever you are outbid.
Can I sign a document on a phone?
Yes, you can sign documents on a phone. However, to be able to read them clearly and see the signatures we suggest that you look at them on your PC or laptop.
What are Taxable Supplies?
Goods and services supplied in New Zealand in the course of conducting a taxable activity. Suppliers charge GST by adding it to the price of their goods and services.
Are you a licensed real estate agent?
Yes, absolutely. Vaunt NZ Limited, trading as Proppy, is licensed under the REAA. We received our approval on January 11 2016. Proppy has a company licence, which is run by an agent licensee and we have additional salesperson licences. If you would like to view Proppy's company licence, please click here.
How much will this cost me, what are all the fees payable? Are there any hidden costs?
Our fees are 1.5% + GST commission & some minimums may apply. If you are selling there are three marketing packages to choose from. They vary in price dependant on the size and location of your property. When you complete a listing agreement these marketing costs are calculated for you. With Proppy there are no hidden costs. We pride ourselves in transparency.
Who runs the online auction? What is the process for online auction?
Proppy concludes the online auction. Once the property has met the sellers reserve the property is on the market. After the completed online auction both the winning buyer and the seller will sign digitally (online) the legally binding sale & purchase agreement. Instead of being in a stuffy online auction room while paying for parking you can do this from the comfort of your home - genius!
Online Auction Rules
- You must refresh your screen to see active and current bids
- It is suggested that you hold your online auction at least 5 weeks after signing a listing agreement. This will allow adequate marketing of your property. If you need to bring your online auction forward, please contact Proppy and they can do this for you
- Open homes should be scheduled to start at least 7 days after your listing has been published to allow for marketing of your home
- Auction is set to start 24 hours before the chosen finish time. For example, if an online auction is set for 8pm it will finish at 8pm 24 hours later
- Proppy online auctions will not allow seller (vendor) bids. However, the seller sets the starting (opening) bid for their property
- Bids - can be set at any number you wish. If you use the auto-bid functionality, bids will increase in increments of $500 until you reach your auto-bid limit
- If you win an online auction you will be notified by email and are asked to sign the sale and purchase agreement online. Once the buyer has completed the sale and purchase agreement the seller will be asked to sign the sale and purchase online and the transaction is completed. Final copies of the documents are emailed to all parties
- Please note that if you are bidding on an online auction you have signed the Proppy buyer's agreement and are legally bound by the terms
- If the online auction is advertised as 'unless sold prior' Proppy will accept unconditional pre-online auction offers. If a pre-online auction online offer is made then Proppy will notify the seller (vendor) that there has been an unconditional offer made and if the seller agrees Proppy will bring forward the online auction. If the online auction is brought forward then all interested parties will be notified of the new date, and the unconditional offer will be the first bid of the online auction.
If an online auction does not hit the reserve:
- Proppy will email the seller and let them know that their reserve hasn't been met and will invite them to negotiate online with the highest bidder
- Proppy will email the highest bidder and invite him/her to the price negotiation screen online
- Online negotiation will be open for 2 hours only. It is recommended that sellers are online while the online auction is taking place
- If either party (seller or buyer) cannot start within the 2-hour window after the online auction has finished, the online negotiation is void and the listing goes to a standard offline negotiation state through Proppy
- When the buyer makes an offer, the sellers window will automatically update with the price and the seller will be able to accept or withdraw the offer by clicking on the appropriate button. If the seller clicks the accept button, then the deal is made. The system will then create the digital sale and purchase agreement for both the buyer and seller to sign online
- If the seller is not happy with the offer, they can keep making a counter offer by typing in an alternative sale price
- If either the buyer or seller clicks the withdraw button, the online negotiation finishes. The online communication is then stopped and neither party can make any more offers. The listing now enters normal negotiation state, where all buyers can make offers on the property through Proppy. The seller now has a chance to change their asking price
- If there are no bids, or the 2 hour, window doesn't result in an agreement the online auction is terminated. The online auction turns directly into an offline negotiation state. The seller will be contacted by Proppy on next steps on how they would like to proceed - you are in control
What are the payment options for marketing?
You can pay for your marketing packages two ways through our website
- Directly through our payment express screen for payment by credit card or;
- Directly through our payment express screen for payment by bank account.
Is fixed cost commission an option?
Our commission rates are fixed at 1.5% + GST!* 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 GSTWe charge just 1.5% + GST across the sale price. Much simpler to understand.Therefore, if you sell your property for $650,000. The Proppy commission would be $9750 + GST.This is Calculated simply by $650,000 * 1.5% = $9,750*Note there is a minimum commission of $9000 + GST for residential sales and $5000 + GST for land.
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.
What happens if there is no interest in my property and it does not sell – what are the fees involved with this scenario?
In the unlikely event that this happens, you only pay for the marketing of your property. You do not pay commission in this scenario.
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.
Can I also list my property with another Real Estate Agent at the same time?
No, when you sign the Proppy listing agreement it is a sole agency agreement for 90 days.Therefore, you cannot list with another agent. If you have signed our Proppy listing agreement and a sale is completed by using another agency, you could be liable for double commissions.
How do I pay my deposit?
If you are successful, Proppy will email you all the payment instructions. Deposit instructions are also on the Sale & Purchase contract that you sign. Vaunt NZ Limited trading as Proppy has elected to use New Zealand Real Estate Trust. This means your money will be held in an independent bank account under the custody of Public Trust. Public Trust is a crown owned entity.Your deposit may only be paid by:
- Internet banking - Direct Credit or
- Cheque payable to: Public Trust o/a NZ Real Estate Trust
Can I edit my property listing after it has been published online?
Yes, you can request changes to your online listing but they must be actioned by a Proppy representative. Once your listing has been published, signage and brochures, and advertising are ordered. Therefore, it is important to get the details correct so you don't have to pay for marketing changes. Please note that Proppy does not add any mark up to marketing prices.
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.
Where is my deposit held?
When the seller finishes listing your property with Proppy you will be asked to pay for the chosen marketing package - this allows us to get the advertising and reports underway.Upon execution of the sale and purchase agreement by both parties, you will be asked to pay a 10% deposit. A deposit - is 10 per cent of the purchase price - normally paid by the buyer, either when the offer is made or when it goes unconditional. Proppy will take their commission from this deposit when the agreement becomes unconditional. However, the money has to have been in the agency's trust account for 10 working days before they can take their commission.
How do I know that my account (money) is not going to be scammed by an internet hacker?
We take all necessary precautions to keep your details safe. We take cyber security very seriously at Proppy. Proppy uses encryption, firewalls, and the latest protection software by security firms to ensure your information is highly secure. All money will be handled by our supplier Payment Express and not through Proppy which means another level of security for you.
How many photographs can I upload? Is there a size limit to the file size that can be uploaded? What is the preferred file type for the photographs to be uploaded?
You can upload 15 Photographs to your listing. We recommend images that are less than 750KB of size. We support PNG and JPG files.
Can you please explain the legal engagement model and how does my lawyer know when his services are required? Who contacts my lawyer and at what stage of the process does my lawyer need to be engaged?
The process in which the seller's lawyer is engaged is totally up to the seller of the property. However, we strongly advise that you get your lawyer involved in the process as soon as possible.Proppy will draft the Sale & Purchase documents for your review. We recommend that you forward the draft on to your lawyer for their legal review as this is a legal document and once signed, will be legally binding. If you would like Proppy to forward this to your lawyer on your behalf, please let us know by emailing email@example.comAfter both parties (the buyer and seller) have signed the legally binding documents. please ensure that you forward this on to your lawyer. If you would like Proppy to forward the completed and signed Sale and Purchase agreement on to your lawyer on your behalf, please let us know by sending an email to firstname.lastname@example.org .
Who takes all the photographs to upload onto the online website? If I am not able to take pictures can Proppy do this service for me and is there any additional cost?
Proppy recommends professional photography to sell your property but it is totally up to you. You are in control.If you choose the SMART package you will be required to take the photos yourself, and upload them. Proppy will use these photos to promote the property on marketing channels such as Trademe and Real Estate.co.nz.If you choose a SMARTER, or the SMARTEST package you will get professional photos from our partners Open 2 View. Proppy will upload them on your behalf on the Proppy site. Proppy will also arrange for them to be posted on our expert marketing channels - Trademe, Realestate.co.nz and Open2view.
Who writes all the literature, brochures and marketing documentation for selling my house? Does Proppy help with writing process? Does additional fees apply?
You write your own descriptions on your property. Again you control what goes online, brochures and signage. However, Proppy can support or help you.Proppy will review your literature and will give advice if we think some things can be tweaked, but again you are in total control. We believe you will actually enjoy it! Our research is telling us that people do.A tip would be to look and read other advertisements in local papers, online channels and property press. There are some fantastic adverts that you can tweak or change to add your flavour. Enjoy the process and relax, you know your property better than anyone.
What documentation do I need to provide?
To verify yourself, you will be required to have a New Zealand driver's licence, New Zealand passport, or be verified by a New Zealand lawyer. We make no apology that we are stringent on verification. It is in everyone's interests.
When do I have to pay the Fees, at what stage of the process?
When the seller finishes listing your property with Proppy you will be asked to pay for the chosen marketing package - this allows us to get the advertising and reports underway.Upon execution of the sale and purchase agreement by both parties, you will be asked to pay a 10% deposit.
What security do you have in place to protect my personal data?
Essential information is encrypted, and is sitting behind strong firewalls. All sensitive information is only used on a one-off basis, and is not kept online by Proppy.
Do you take foreign currency?
No, all property transactions must be in New Zealand Dollars ($NZD).It is very easy to transfer foreign currency into New Zealand Dollars (as long as you met all NZ property law regulations). Once again we strongly recommend legal advice if unsure.
How long do I need to wait before having an online auction on my property?
You can set your online auction at a time and date that suits you. We recommend you set your online auction 5 weeks after listing with Proppy.We do this to give you property enough marketing exposure allowing you to attract as many buyers as possible. It is in your interest as a seller to have a high level of excitement about your property and therefore give people enough time to see your signboard, read your brochures and browse your listing before the online auction.
What help and support is available if I get stuck part way through the process?
We provide online support and you can always email us at email@example.com. Before you ask for help please check out our FAQs search page.
I have more than one property I would like to list, is this possible?
Yes, absolutely. We think our online system is very useful for people with multiple listings. You will be required to sign a new listing agreement for every property.
Can I contact Proppy by telephone?
You can contact Proppy on 0800PROPPY (776 779). You can also email Proppy on firstname.lastname@example.org
How will I be kept informed of progress with my listing?
Your listing will have analytics attached to it and this can be viewed from the 'My Proppy' page. Please click on 'View my listing' and then look under the heading Analtyics. This is updated real time.Views: The number of people that view your listingProppy User Views: The number of Proppy members that view your listingRegistered Buyer Views: The number of registered Proppy buyers. These people have signed a Proppy buyers agreement and are ready to bid.Users Watching: This is the number of people who have placed your listing in their watchlist.Stopped Watching: This is the number of people that removed your listing from their watchlist.
How will I know if my winning bid has been exceeded by someone else?
Proppy will tell you that you have been outbid by email and live on the Proppy listing that you are trying to buy. Please ensure you refresh your website page regularly to get the most up to date bids.
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.
How will I know if the property sellers reserve price has been met?
You will be notified on screen if the reserve has been met. This will be displayed on the listing page where bidding takes place so you will not miss this. It will clearly show you if the property is now placed on the market and will be sold.
How will I know if my bid has been successful when the online auction has commenced?
You bid price will be updated on the listing detail screen. It will show you the current bid on the left of the bidding screen and you can also see confirmed bids by clicking on 'view bidding history'.
How do I register if I find a property that I am interested in buying?
Registration is easy and it is a 2 step process. First you join up with Proppy and then you need to pass our verification check to be able to buy a property. You can verify yourself at any time by clicking on the link on the 'My Proppy' page. Please be aware you should verify yourself early. You don't want to miss out on your dream property.
What are the timelines around receiving notification?
Notification will be automatic and will be immediate. However, the delivery of email notifications can depend on your location and speed of your internet service. We suggest that you refresh your screen to make sure you are kept up to date with notifications.
I have not received an email from Proppy?
It is possible that the email has gone into your junk folder so please check here first. If you still can't find an email from us, please go to your My Proppy page or use our online support chat function to get in contact with us.
What is the calculation of commission?
Proppy charges a commission of 1.5% + GST.* Commissions are calculated at 1.5% multiplied by the Sale Price + GST.An example would be: If your property sells for $600,000. The calculations therefore would be $600,000 * 1.5% = $9000 + GST.If you have any questions related to our very simple structure, please don't hesitate to ask our helpful Proppy staff.*Note there is a minimum commission of $9000 + GST for residential sales and $5000 + GST for land.
How do I place a bid?
Once you have registered and electronically signed a Proppy buyers agreement you will be able to bid on a property. Click on the property you are interested in and enter the amount you want to bid into the bid field. Once you've placed a bid you will have entered into a legally binding contract, so Proppy will always ask you to confirm your bid.
Can I cancel my sole agency agreement with Proppy?
Every seller that signs up with Proppy has a cooling off period. This allows sellers to cancel a sole agency agreement before 5pm on the next working day after signing the listing agreement.
Why is Proppy better than a normal real estate agency for a buyer?
Unbiased information online - with Proppy you no longer have to fork out hundreds of dollars on building reports, valuations, LIM reports, etc. They are on the site for you to review and the best part is that they are free! To see these reports all you need to do is 'Join' Proppy. Please note that Proppy suggests that you also complete your own due-diligence. Convenience - you no longer have to take a day off work to attend an auction. Simply login from anywhere and start bidding or make an offer. Once you have purchased a property the agreement is signed online saving you time and money! No more agent pressure - you can bid or put in an offer, in the comfort of your own home - genius.Lower commissions for sellers may result in a lower price for you. Everyone wins.
Do you use the approved Auckland District Law Society and Real Estate Institute of New Zealand Incorporated approved Sale & Purchase agreements?
Yes, Proppy has carefully ensured we are using the most up to date agreements from REINZ and ADLS. This gives you, and your lawyer confidence, and the familiarity of using the correct and well known agreements. Therefore, there is no confusion for New Zealand lawyers conducting the conveyancing at the end of the sale process.Proppy does not change or alter the ADSL sale and purchase agreements. We add conditions and terms of sale details just like any real estate agency, thus ensuring you get a sale and purchase agreement to progress through to sale.
What is a buyers agreement?
In order to enable Transactions and Contractual Documentation to be entered into and completed through Proppy's Website it is necessary for a Customer to register, enter into this Agreement and be accepted by Proppy as a Buyer. The registration process enables a Customer to agree to the basis on which it will use Proppy's Website, to the process used for enabling the entry into and completion of Transactions and Contractual Documentation using Proppy's Website, and to make all necessary disclosures.
Why can't I see my signature on my iphone?
If you have signed a sale and purchase or listing agreement on your phone or ipad you may not be able to see the digital signatures. However, if you view the document on your laptop or PC you will be able to view these correctly.
Does Proppy accept pre-online auction offers?
If the online auction is advertised as 'unless sold prior' Proppy will accept unconditional pre-online auction offers. If a pre-online auction offer is made then Proppy will notify the seller (vendor) that there has been an unconditional offer made and if the seller agrees Proppy will bring forward the online auction. If the online auction is brought forward then all interested parties will be notified of the new date, and the unconditional offer will be the first bid of the online auction
What enforcement does Proppy have to stop buyers breaking agreements?
At Proppy we do take this very seriously. Buyers sign a legal agreement before being able to place bids and/or offers on Proppy. Buyers sign this agreement which is enforced under NZ Law, which allows Proppy to pursue buyers in the unlikely event we are required to.
What does it cost for Proppy to run an Open Home?
The cost for an Open Home package is $599+GST.
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 do I get for the open home package?
The cost for an open home package is $599+GST. This fee is simply a fee for the salespersons time and travel costs. The open home package* is for 6 open homes. Generally this would consist of three weekends of Saturday & Sunday open homes. You can negotiate this with your salesperson to ensure what works for you and your schedule. You may want to run them on just 3 Sunday afternoon's, and 3 Wednesday's for example or just 6 private appointments. Your licensed local area representative will work with you to work out a package that best suits your needs. Your representative will also do follow ups and will call everyone that has visited your home. Your dedicated Proppy salesperson is responsible for all negotiations and getting the best price possible for your home. *Please note that not all towns and cities have licensed Proppy area representatives (especially in remote rural areas) however, we are growing everyday. If there is not a local Proppy salesperson in your area and you don't want to run open homes, then please discuss this with Proppy we have a number of tips and guidelines to help you or your family member run them. Don't worry they can be fun and very easy.
What are the advantages of a deadline sale?
So why do some owners prefer deadline sales? Deadline sales are less restrictive in that the owner does not prescribe the terms and conditions to apply to the sale. It is not uncommon in tenders for vendors to limit the provisions contained in the standard ADLS tender document. In the deadline sale prospective purchasers are able to include whatever terms they wish on their offer for example settlement date, amount of deposit and conditions to be satisfied. TDeadline sales add an imperative to the process. They are saying put your best foot forward. You are not going to get the opportunity to go in low and hope to negotiate the vendor down. If you go in below your best price you could well be eliminated from the process at an early stage. The time deadline adds an element of urgency and encourages purchasers to minimise the conditions they require to improve the attractiveness of their offer. It can also encourage pre-deadline offers at the upper end of vendor's expectations as the prospective purchaser tries to beat the market. In a competitive market this can work well for a owner. After considering offers received, it is still open to the owner to negotiate with one or more of the offering parties.Talk to a local Proppy expert now about what method of sale is right for your home. Call 0800 776 779 now.
What is a deadline sale?
A deadline sale or deadline private treaty is similar to the tender process. A property is offered for sale with no fixed price. Prospective purchasers are required to submit their offers by a deadline date. Unlike the tender process, vendors usually reserve the right to accept an offer and sell prior to the deadline.When the deadline comes around all offers are considered together by the owner. The owner is not committed to selling but the expectation, without commitment, is that the best offer will either be accepted or that negotiations will take place between the person or persons making the best offer or offers.
Why do some listings on Proppy not require building maintenance reports?
Some properties may not have a building maintenance report attached to their listing page. For properties that have signed up to Proppy under a general listing (with more than one agency other than Proppy.co.nz) this might be the case. At Proppy we do recommend getting a building maintenance report even if you do sign under a general listing agreement. We believe that building maintenance reports normally speed the sale process up and make a house more appealing to a buyer as some of the leg work has been done. We always recommend that buyers do their own due diligence. If a building maintenance report isn't supplied we would recommend you adding a clause in your agreement that allows you to get a building report when making an offer.