Glossary

  1. Indicative price
  2. Reserve Price
  3. Market Price
  4. Pre-Auction Bid
  5. Bidder preference
  6. Process flow
  7. Terms and Condition
  8. Real Estate bidding
  9. Listing Agreement
  10. Purchase Agreement
  11. COS
  12. ABO - Auction By Owner
  13. Property Listing
  14. Paddle
  15. Earnest Deposit

Indicative Price
This is the price fixed by the marketing team and is less than the reserve price. The bid is considered winning only when the bid value is in accordance with the Reserve Price. In condition when it’s not, a negotiation is done with the owner. In case when owner accepts the negotiated value, property gets sold to the buyer. Otherwise the bid is considered ineffective.

Reserve price
This is the lowest price at which a seller agrees to sell the property or service to a buyer.

Market Price
This is the price at which a property is presented in the market and represents the most reasonable deal.

Pre-auction bid
This is the offer made on a property, when it gets sold even before the auction starts.

Bidder preference
This is the list of choices a buyer has, which may include stats like location, property type, price and more.

Process Flow
Steps in the process that initiates from listing a property for sale until the same gets sold.

Terms and Conditions
These are the terms and conditions that are followed at SriShan Bid (any real estate bidding company) while buying or selling a property.

Real Estate Bidding
Real Estate Bidding, a relatively new method in Malaysian market, is a property auction carried out in an open manner. This helps both buyers and sellers get the real value for the property getting auctioned.

Listing Agreement
This is an agreement made between the Auction Company and seller of property. This agreement gives auctioneer the right to sell the said property in market.

Purchase Agreement
This is a legal agreement that describes the details of a property getting sold. It may include terms of sale, price and more.

COS: Condition of Sale
This is a written or print version of the terms proposed by a vendor when planning to auction or sell the property in market.

ABO: Auction By owner
This involves direct participation of the owner in an open bidding auction to sell the property at the reserve price or above this.

Property Listing
This represents an agreement made between the bidding company and owner who are willing to sell the property. This is usually done in return of a fixed commission paid to the company.

Paddle
This is a small wooden board that has imprinted on it registration number of the bidder. The bidder needs this to participate in any auction event.

Earnest Deposit
This is the amount deposited to participate in any auction and is 2% of the indicative cost of the same.

Presentation Slide Download

Key Executive

Our Managing Director, Mr. Shanmughananthan, is a Universiti Malaya accredited auctioneer with 10 years of Real Estate experience behind him.

He is a man who is restless in the quest of knowledge in tomorrow’s technology and is the mastermind behind Srishanbid.com. He graduated with a bachelor’s degree in Accountancy from Universiti Putra Malaysia in 1999 and embarked onto a career as a real estate agent and went on to become a successful auctioneer.

It is here that he realized that the real estate auction in Malaysia is terribly misinterpreted by the public, with the addition of numerous loop holes for syndicates who put their manipulation skills at play. Fired up by the will to educate and help the public, he then initiated a research into taking the real estate bidding arena to the next level.

After a five year long research, Srishanbid.com was established in 2010. Since then, Srishanbid.com, with the leadership of Mr. Shanmughananthan, has successfully organized many Real Estate Open Bids event.