What is BidX1?
BidX1 is a global digital marketplace for real estate, across all asset classes focusing on using technology to enhance the experience of buying and selling property. The company has developed an innovative, bespoke, in-house platform allowing users to trade property through its digital platform securely, efficiently & confidently, through the process of bidding. BidX1 currently operates in the UK, Ireland, South Africa, Cyprus and Spain and plans further expansion in other markets in 2020, such as Portugal, Greece and Italy.
BidX1’s model has been extremely successful, becoming an award winning proptech company. BidX1’s specialist commercial and residential teams have sold over 4,000 assets since the company was established in Ireland in 2011, raising more than €1.5bn globally, with almost €700m sold through the digital platform in the past three years.
The BidX1 method of transacting property offers full transparency, efficiency, accountability and accessibility.
All property documentation is available on the BidX1 portal before the sale; all potential purchasers are registered and approved by the BidX1 team; and all bids are displayed in real-time on the day of the sale, as well as the final price once the sale is completed.
Advanced reporting mechanisms provide instantly available real-time information on individual property performance, emerging trends and market behavior.
In addition to that, the security provided by the registration process provides a foundation of trust for both buyers and sellers. All parties complete the same registration process and if successful, will be legally bound to complete the sale.
The digital platform is accessible online on any device from any location around the world, offering the opportunity to register and bid wherever the buyer is.
How it works
The property catalogue is released four to six weeks before each sale. During this period, potential buyers have the opportunity to view the properties and study all relevant documentation available on the site.
If a potential buyer is interested in bidding on a property, they must register, providing proof of identification and proof of address, as well as a deposit based on the reserve price of each property that will be retained only if a bidder is the successful purchaser on the day of the sale. The reserve price, which is the lowest price that the property can be sold for, is listed publicly on the BidX1 platform.
On the day of the sale, every bid placed on a property is logged and displayed in real-time and can be viewed publicly on the website, while bidders are identified only by a number and so remain anonymous.
Successful buyers will generally need to complete their purchase (transfer the full amount to the vendor’s solicitor) within four weeks. However, the exact closing date for each property will be stated in the Contract for Sale, which is available in the legal documents for each property.
Information for the 1st Cyprus digital sale
The first sale in Cyprus, comprised of a mix of residential and commercial properties, will take place on the 23rd of October 2019, bidding opens at 8am.
BidX1’s Cyprus team consists of market leading specialist commercial and residential experts with in-depth knowledge and expertise of the Cypriot property market, available to answer any questions and arrange for property viewings.