The firm, with more than R1 billion in sales, employs 28 staff in Durban, Johannesburg, Cape Town and Port Elizabeth. In2Assets staff and directors include lawyers, auctioneers, marketing specialists and property valuators.
Law firm Strauss Daly Attorneys is a strategic partner in the company. In2Assets has held more than 50 auctions since it opened for business two years ago and has secured more than R1 billion in sales revenue. The branch in PE will cover the whole Eastern Cape as far north as Umtata and will be headed up by Brad Dowlman, a dynamic property broker from the Eastern Cape.
Vian Tee, an attorney from Strauss Daly Attorneys in PE will oversee operations.
In2Assets specialises in commercial, industrial and agricultural property. National Managing Director Hein Hattingh said the group was excited about expanding into the Eastern Cape.
“This is a vibrant market and we are eager to operate here. Our commercial auctions are must-do events on the business calendar and are conducted by our well-known auctioneer, Andrew Miller.
“Each auction is preceded by a thorough market analysis, an official valuation and extensive marketing for each property.”
Hattingh said internationally more people were adopting auctions as a competitive and transparent method of selling property. “Auctions offer a quick, clean sale that is open, transparent and conclusive. We get good buyers because we put a lot of effort into marketing and our processes are meticulous and trust worthy.”
Buyers pack out most monthly auctions hosted by In2Assests around the country. They bid on a range of properties including single residential units, entire residential blocks, office complexes, retail centres, factories and warehouses.
It is not unusual for prequalified bidders to pay upwards of R100 million for a single property on auction. Rainer Stenzhorn, who handles national marketing and sales at In2Assets, said the company’s commercial property auctions were attracting growing interest from investors.
“We attract serious buyers with money and a keen eye for good, fresh property stock.”
In order to bid, buyers have to lodge a R50 000 refundable deposit and are pre-screened.
The inaugural Eastern Cape auction will be held in PE at the Beach Hotel on the 30 the October.
The plan is to have multiple auctions in PE every two months.
The Port Elizabeth offices will be based in a brand new office complex at 35 Pickering Street, Newtown Park. Hattingh said the company hoped to open another branch in George to serve the southern Cape and Garden Route area.
“Key players have already been identified for this area and we are hoping to conclude discussions in this regard soon,” Hattingh said. After the dissolution of Auction Alliance, Hattingh, an attorney, started the new enterprise with marketing specialist Stenzhorn, Miller and a core of the KZN team, including Rowena Moodley, all of whom were largely responsible for the success of their old company in the preceding 12 years.
For their new venture they secured buy in from Strauss Daly, which has offices throughout Southern Africa. All the In2Assets branches fall directly under the financial and administrative control of head office in Durban.