What is BidX1 and how does it work?
Javier de Pablo: BIDX1 is an online asset sales platform. What we do is publish assets for a period of 4-5 weeks, we advertise them, people can visit them … The big difference is that we, from the first day we publish an asset, we publish all the relative information at the same – legal information and the sale process – and after 4-5 weeks, in a public auction process in which everything is seen through our website, people bid until they buy it. Once you buy it, a deposit process and then we go to the notary.
What kind of audience are you targeting?
Javier de Pablo: Towards any type of public. We sell everything from 2,000 euro parking spaces to, for example, an office building for 5.5 million euros or a shopping center for more than 5 million euros. In addition to any type of property, homes of any size, industrial buildings or any type of product, for end-use or investment.
Daniela Marchesano: Yes, for second homes, that is, we have a very wide range of buyers and products.
Since you arrived in 2019, how has your method evolved?
Javier de Pablo: What happened to us since 2019 is that the process has been very well accepted by the market. Buyers have understood the process very well and when we come up with a very attractive pricing situation, buyers love it.
One thing that we have been very positively surprised by is that people, because it is such a transparent, fast and efficient process, love it. Many times they have told us that it has been the cleanest and most transparent sale they have made in their life because as we put all the information ahead, people see it.
Regarding the evolution, from the business point of view, we started very based on residential and now we sell any type of assets.
We also have a process that we call ‘digital sale’ in which the place of being the auction process is a part of the web in which you directly want an asset and buy it, it is a very interesting model.
Since we started in Madrid, Daniela and I, who were three people, until now we are 25 people with people in Madrid and Barcelona.
Daniela Marchesano: Above all, behind the entire digital world that we are discussing, there are Real Estate professionals. During this time very good professionals have been incorporated to advise people throughout the process and also to advise them regarding real estate assets.
How is Spain receiving such an innovative and different method, both at the sector level, as a private client?
Javier de Pablo: They have received it phenomenally. Both sellers and buyers have understood this very well. There is also one thing that we realized and that is that Spain -BIDX1 is of Irish origin- is a country that was much more digitized even than we ourselves thought.
Almost 70% of the operations of the entire process are done through mobile phones and people, to see the information and analyze everything is very agile. The process, from the buyer’s point of view, from the 70-year-old woman who buys a flat for 100,000 euros to the investor who buys a premises for 2 million euros, when it is explained and you have that human team behind, people understand it and he loves it.
We have people from 80 years old who to buy a property from us had a Hotmail account, which they did not have until they bought with us. When you explain things to people and they see that it is a very clear and transparent process, it works very well.
Daniela Marchesano: Also during these years we have improved the process. We have implemented new sales systems such as digital sales, we have also launched a new website, the registration process is much simpler, we have our application, etc. In other words, progress has been made from the point of view of forms of sale and technologically, and much has been improved. It is becoming easier, all the documents are uploaded very quickly, when it comes to the payment process it is also very simple to make the deposit to be able to participate in the sale day or reserve an asset … that is, it is very simple .
Where is BidX1 going both as a group and nationally?
Javier de Pablo: As a group, we are evolving in the sense that we recently announced the new addition of two investors to the company, Oliver Wyman and DoValue. We will continue with international expansion, soon in Greece, Portugal and Italy next year. In addition, we are optimizing the technological tools and the web, which has recently been changed and is now a very friendly web for people to feel comfortable.
In Spain we have new projects starting next year.
Daniela Marchesano: Next year we will continue to have the auctions that we have, currently one per month, we will continue to sell daily with our digital sales process. We currently have an extensive catalog of commercial properties and we are growing a lot in this part of the business.
In Catalonia there are very attractive properties to invest in and they are generating a lot of attraction in the market.
We have launched the parking project where these properties are sold and reserved digitally, with 360 visits without the intervention of the team.
Javier de Pablo: Apart from the auction days that we have, we also sometimes hold specific auctions for assets. We recently sold a ship for almost a million euros with a good price increase for the seller and with a lot of interest. It is working very well. In any area of Spain, investors like interesting and liquid assets very much. Especially the professional investor, who registers us almost ‘without realizing it’ because the web is increasingly simple and easy to use.
We provide a lot of transparency and clarity in everything.