Online auctions to speed up real estate sales in Dubai

UAE-based Asteco Property Management today announced a new partnership with international real estate auction-marketing company, LFC International Real Estate Brokerage.

As online auctions continue to gain traction globally as an accepted method to buy and sell real estate, the new partnership between the both companies aims to enhance traditional real estate sales and marketing tactics.

Elaine Jones, CEO, Asteco Property Management commented that furnishing the oversea financiers with a safe, secure and transparent online auction procedure will encourage and make more popular the investing in local properties.

LFC is a member of the US-based LFC Group of Companies, which has been auction-marketing in retails of lands, residential and commercial properties worldwide for over 35 years.

For the last seven years, the company has conducted real estate auctions exclusively online and has successfully auction-marketed thousands of properties, with sales in excess of $5 billion, according to Bill Lange, CEO & President of LFC.

Normally, the process of selling a property starts by submitting an agreement by its owner, then setting the bid minimum and the bid deadline, usually within 30 days after the property’s page file appears on the auction web site FRE.com

The interested buyers can view the property’s images and place their bids. Once the auction closes, the highest bidder is contacted, a solicitor is instructed to carry out all legalities, contracts are exchanged, funds released and the sale is completed.

E. Jones is optimistic that in our digital world, transparent online auctions may play an integral part in the virtual property market, along with OR codes and smart phones “apps”.