Auction your property FREE of any real estate agent commission or consultant's fees

New real estate auction service. Freenzi consultants are looking for sellers who want the best outcome in selling their property.

Freenzi – FREE service to sellers. NZ wide, and Internet-based (online) auction. Bid from anywhere in the world.                                             

Disclaimer, Disclosure and Limitations of service

• Freenzi Real Estate Auctions is a division of Freenzi International Limited. Freenzi are registered auctioneers and members of the Auctioneers Associations of NZ (AANZ).
  • Auctioneers' Registration number - AR0437
• Freenzi is not a licensed real estate agency under the Real Estate Agents Act 2008, and is not a member of the Real Estate Institute of New Zealand (REINZ).
• Freenzi works within the exemption in the Real Estate Agents Act 2008 stated below. This exemption permits registered auctioneers to promote and sell real estate at auction, without needing to be licensed real estate agents.
  
  • Part 1 Section 8 - Exemption for Registered Auctioneers.
    “A person who is registered as an auctioneer under the Auctioneers Act 2013 may sell or offer to sell (marketing) any land (real estate) by auction.”
    Note: Section 8: amended, on 18 December 2013, by section 28(3) of the Auctioneers' Act 2013 (2013 No 148).
• Freenzi does not receive deposits, or deal with any of the proceeds or funds from the sale and purchase of a property sold at auction.
• Freenzi does not
  • Present itself as Licensed Real Estate Agents or carry our many services associated with Real Estate Agents
  • Undertake On-site, or Auction room Real Estate auctions.
  • Provide a property management service.
  • Sell businesses, or manage commercial leases
  • Offer general 'For Sale', 'Price by Negotiation', 'Tender', 'No Price Marketing', 'Deadline sale', or any other form of sale, except sale by auction.
  • Participate in any negotiations between a buyer and seller regarding price, or the Terms and Conditions of a sale during the auction promotion period, or at the completion of an auction.

Service explanation for sellers and buyers

Go to the Buyers and Sellers page for more information

Professional auction marketing plans

Rateable Valuations (RV) are stated on our listings, not the seller's reserve price.

Our listings display the Rateable Value, or RV of each property. This information is publicly available through local councils. RV's are generally re-assessed every 3 years.

The RV is not necessarily the true value of a property, as it may not take into consideration any improvements the sellers have undertaken that did not require a Building Consent. Freenzi does not indicate in any way the RV on any property matches the market value.

In different regions, properties can sell over, or under the stated RV. This can even apply within a suburb. Market fluctuations as experienced recently in some suburbs in Auckland, can see properties sell well below RV's.

Ascertaining market value

Seller's solicitor prepares any required legal declarations and documents for the auction

Freenzi enter a marketing and auction agreement with the seller. Freenzi's role is limited to preparing the properties marketing information as mentioned above in the marketing packages. For every auction, the seller's solicitor prepares the legal documents.

• Auction Terms and Conditions
• Contract for Sale and Purchase.
• Any other legal support information

These are to be made available to Freenzi prior to commencing marketing for the listed property. These legal documents will be available on the www.freenzi.co.nz online listing for registered buyers to access during the marketing period. The seller also agrees to disclose to Freenzi all known matters that may affect a buyer's decision to bid for and purchase the property. Freenzi do not prepare this information

As part of the above requirement the seller's solicitor is to,

• Arrange and provide to Freenzi Real Estate Auctions all necessary legal documentation for the marketing and auction of the property on behalf of the seller.
  1. This is to include any legal support documents.
     • For example, a signed Unit Title Declaration.
• Arrange an Auction Sale and Purchase Agreement and Auction Terms and Conditions for registered buyers to view, which the seller(s) and successful buyer will sign if the property sells at auction. This will include three special conditions on the property reports provided by the seller to the buyer under ‘Subject to’

1. 1. The purchasers or buyers obtaining suitable finance from their lender, and the lender acceptance of any registered valuation the seller may provide
   2. The buyer's or purchaser's solicitor's approval of any building report's the sellers may obtain and present to the buyer.
   3. The purchaser’s solicitors approval of the L.I.M. report

Notes to the above: The seller’s solicitor may choose their own wording for the above 3 special conditions. The seller agrees for any reports used in the promotion to be used by, and re-addressed to the buyer.

Bid values are hidden. The total number of bids is shown. This helps achieve a better outcome.

• Hiding the bid values encourages buyers to offer their best price with their bids. They have a few days to watch the progress.
  • Buyers can increase their bid value with subsequent bids before the end of the auction.
  • If a buyer bids under a previous bid, they will receive a message to increase their bid until the auction accept their bid.
  • This encourages buyers to offer their best bid by the end of the auction.
• When it is analyzed, standard real estate agency auctions only achieve one bid increment above the second highest bidder, and not necessarily the best possible price.
  • Example: A standard real estate on-site, or in-room auction, has a $500,000 reserve. The auctioneer uses $5,000 bid increment increases.
    
    • If A could bid to $500,000, B could bid to $520,000, and C was prepared to bid to $550,000, then C would buy the property for $525,000, and not $550,000.
    • The seller receives $25,000 less through a standard real estate agency auction, than they potentially could have obtained.
      • That is one bid increment above the 2nd to highest bidder, not the highest potentail price.
      • Freenzi has addressed this issue with the Freenzi way of selling real estate
• Strong interest in a public auction still does not guarantee the best price, due to the information stated above.

Could you be interested in marketing and auctioning your property through Freenzi?

Are you interested in Freenzi marketing your property to auction, and saving you the thousands of dollars in Commissions that Real Estate Agencies may charge? 

Simply fill out the Contact form on to the Contact Us page, or phone us directly on 03 312 0497, or 0800 No Fees (0800 66 3337) to talk to a Freenzi consultant.