 Good evening and welcome to episode 339 of the Private Property Podcast. I'm your host, Uzaman Dunwan, Kumailaw. So my new edition of the Private Property Podcast, if you're joining us for the first time, welcome to the family. You are tuned into the only daily property talk show in South Africa, helping you make better property decisions. And it doesn't matter where you are on your property journey, whether you're looking to buy, to sell, to build, or you're a tenant, this is where you come to get all your property matters attended to. And all our regular viewers on Facebook and Instagram as well as on YouTube, welcome back. You know how we do it. Every single weekday, you and I have an appointment at 7pm. We're always in conversation with a property expert who helps us tackle all things relating to property. And of course, there are also a host of great shows that you can tune into across Private Property's social media pages every single weekday at 8pm. As it is a Monday, we're going to be kickstarting it with the Palm Shoppers show with Chad at 8 o'clock this evening. And of course, that also comes to your screens every single Friday, where he takes us through incredible properties that you can find on www.privateproperty.co.za. So if you ever want to get a taste of some of what you're missing out on, especially some of the more high-end properties, that show certainly gives us a lot of inspiration. And of course, one of those things that makes you work a little bit harder, so you can afford some of those properties. And every Tuesdays and Thursdays, award-winning farmer Umbali Nwokor brings you the farming podcast, tackling all things agriculture. So if you still have, if you have a keen interest in agriculture from how our food is made down to even how we can use tech in agri-business, then that is a show that you want to tune into. And for a weekly dose of inspiration from people who've walked that first-time home-buying journey and have gone on to grow their property portfolios from strength to strength, Estie Klaassen brings you the first-time home buyers show every single Wednesdays, also at 8pm. Those, of course, are the great shows that you can look forward to every single weekdays at 8pm. Do, of course, remember to continue engaging with us on social media on our Facebook page, Instagram, also Twitter, and Instagram, and LinkedIn. And of course, we're also on TikTok. You can follow myself at Zaman Dunwar underscore, okay, on Instagram, as well as on Twitter, all these talking or things relating to property. Now, talking about our social media pages, as you'd know, on our Facebook page, and I'm already seeing some of the great love that we're getting with many people present and watching from some of the top fan gang members, Cindy Stemint is watching, Michelle Beaumara is saying your top fan is in the house, Pam. We also see you, Liseja Chawna, saying that that's my sweet spot, majority of my portfolio, from various auction houses. And that's exactly what we're going to be talking about this evening. So I'm keen to hear from you, Liseja, some of your experience, as you navigate auctions that you share with us, some of your tips and tricks, I know not everybody understands auctions. And that's precisely what we're going to be dealing with this evening. But of course, before we get to our conversation, as you'd know, we're running a great competition on our Facebook page, where we're giving away 500 grand cash every single evening. This was, of course, for our one million followers campaign that we've extended, because we also wanted to get 10,000 comments on the pinned post. And now we're setting the bold ambition of having 20,000 comments. And all you have to do to set a chance of looking away with the cash prize is to comment on that particular post. And should we call your name, and while of course you're watching the private property podcast with myself, you have to be watching us live to claim your prize. I think the money is sitting at, let me see what my colleague is going to bring up. I think it's sitting at 1,500 grand in the money bag, if I remember correctly. And later on, we'll see who gets to walk away with the money in the money bag. So if you know you've entered, make sure that you stay tuned so that you can walk away with that 1,500 grand this evening. Well, this evening's conversation, as Liseja has already pointed to, is about auctions. We're going to be looking at the auction markets and how they offer buyers and sellers a simple transaction process. Tell us to get a bit of sense of where the auction market is currently in South Africa, some of the best practices that we're seeing within the auction market. And of course, how you at home can better navigate auctions and auction houses this evening. I'm joined by John Jack, who's the CEO of Caleti Incorporate. John, good evening and thank you so much for joining us. Thank you. So John, I think a really great starting point would be the state of auctioning or the auction market in South Africa right now. One of the things that I've certainly picked up, and I was saying to you briefly off air, is that when I look at the different auction houses that I'm subscribed to, I'm seeing more and more stock going on the market via the auction routes, which wasn't something I used to see of normal houses and townhouses. More often than not, they didn't have that much stock in that department. What would you say have been some of the trends that we've seen and essentially just the stage of the auction market as we have it at the moment? Well, it's quite interesting. I mean, auction was dominated at one stage by auction alliance. They were very much the biggest. And when auction alliance shut its doors, it actually spawned a number of different auction houses. Some of the guys went to all-course, some of the guys sort of roll auctions, then you have high streets. And so there were several different auction houses. There were several robes at one stage, four cam high street. And you had a number of different of these businesses starting and some were more successful than others. And it's kind of been dominated in that space by single freestanding auction houses. And I'd say pretty much in the last two years, probably sort of the COVID kind of era, there's been a lot of move to online auction, which has made it far more, it's lowered the sort of barrier to entry for anyone else to join the industry. And so you've seen a lot of new auction houses spawned. And a lot of that move is onto sort of simulcast or online bidding. So you'll either have an online bidding app where you'll have a simulcast app where you basically tune into the auction and you actually listen to the auctioneer live, people phone in, they go in by the app, by the website, or they could be actually on site, they could actually be bidding live. And I think what's happened is you used to have these huge auctions, huge ballroom auction, the live auctioneer, all the rest of it. I think that's got a bit smaller where people are now bidding from their own offices or home or whatever. So that's probably the biggest move I've seen. And you know, when we talk about the online auctions, John, and I actually wanted to chat a little bit about that because I attended my first auction a couple of months ago. And I think the experience alone was, you think you've experienced an auction by virtue of watching a few clips, or perhaps even watching a few movies, it's a completely different ballgame once you're actually attending one, especially when you have a vested interest in the property. I mean, I went and in some ways it was probably a bit of a rookie mistake, you know, attending your first auction and wanting that property as opposed to, you know, first kind of attending and getting a sense of how an auction would typically work. And then, of course, as you're saying, COVID comes in and we're seeing more and more online auctions. When we look at online auctions, perhaps just take our views through some of what we should be looking out for because I think we know they're not going anywhere. I think a lot of the auction houses have quite liked the ability to host auctions online and sometimes it's a combination of both on-site and online. What are some of the key things that we need to be aware of or certainly be careful about when we're attending online auctions? I think, and you mentioned now as a buyer, it can be quite daunting to go and attend an auction. You don't know, it happens very quickly. There's a lot of pressure in the room. Other buyers are there. You can either get carried away or you can get sucked out by it. You don't, but so I think a big thing to do is to get educated. And I think that's a big role that we want to play in now is to try and actually educate people as to the auction space a little bit more. I think there's a lot happening there that you don't actually understand. My partner in this business is a seasoned auctioneer. He's been in the industry for 30 years, bought everything, cars, residential properties, commercial properties. He's been in that space. He was an auctioneer and so he understands exactly what the auctioneer is saying when they start consulting the seller, when it's confirmed or it's sold subject to confirmation, all of those things mean something to the more seasoned buyer. But if you're sitting there, you think the price is going up, the auctioneer starts running ahead on a price, so you just bid again. You don't know whether it has been bid. You're not quite sure whether you should be. You want to lose the property and that's I suppose half of the magic of an auction, but at the same time, half of the problem with an auction. It should be, in my opinion, more transparent and the buyers should be more educated. So you want to try and aim to educate the buyers as much as possible. And that's precisely what we do here on the Private Property Podcast. Every single evening where we simply do want to make sure that your viewers at home get a better sense of what they're getting themselves into, not just when it comes to auctions, but of course various issues in our property journey. Because more often than not, we tend to not know what we don't know. And by the time you're in the thick of things and signing stuff you may not understand. It's one of those things that we often like highlighting that do not sign something that you don't understand, whether it's an offer to purchase or even at an auction. I mean, when you look at the terms and conditions from an auction house, there are so many things that you can easily miss and potentially not understand. So getting a really good grasp of things before signing on the dotted line becomes so important. And of course, that's exactly what we're talking about this evening, auction market and how they offer buyers and sellers a simple transaction process. I'm speaking to John Jack, who's the CEO at Galetti Incorporate. I want us to take a quick break to see who the potential winner of that 1,500 rounds is that is in the money bag. And when we come back, we'll be looking at why both buyers and sellers would potentially go the auction route. I know that many of us are used to the very standard way of a property being sold or bought. And often people tend to think that auctions are only for the sheriff's auction, so for repossessed properties. But as you've picked up already, that isn't the case. There are different types of auctions. So we'll be looking at the benefits for both buyers and sellers for going the auction route. Let's see who this evening's lucky winner is. Be live, Summer. And that lucky winner is Rehabilitsui Odette Mashishi. That is Rehabilitsui Odette Mashishi potentially walking away with that 1,500 rounds. And I do hope she's watching. I mean, it's quite a bit of money. I think that's a great way to start off your Monday. So Rehabilitsui Odette Mashishi, if you are watching, do drop us a text down here below. And that 1,500 rounds is all yours. As you can see, a number of my guests that I've had before in many of you who are regular viewers know that we've had John Jack before. We used to have that quick break in between and we have the interview before the interview, you know, the interview within the interview during the show. I think a lot of my guests still think that when we announce the lucky winner, we have enough time for our mini interview within the interview. But they always come to learn that you don't quite have enough time. And that's because you at home want all the action. You don't want us to have our own little alone time in between the show. And I think we're probably going to just get right back into it this evening. And we're going to see if we're going to have, you know, the prize money being claimed there by Rehabilitsui Odette Mashishi. Going on to our Facebook page, I see some of the love so many of you at home watching. We see that I think one of the Prudence Monat saying she's watching Adel's Everton is also watching Farhan Siddiqui, one of our top fan gang members is also watching this evening. And I see Klozo Rahwabe saying that yes they would. And that's with reference to whether they'd buy a property on auction. I want to find out from your home if you've ever bought a property on auction. And if you have, share with us what your experience was. You know, what are some of the things that you learned and picked up along the way when you were, you know, buying your property on auction that you'd like to share with the rest of us. Now, John, I think when we then look at, you know, the auction market and it offering buyers and sellers a simpler process, perhaps it's going to our viewers what we mean by a simpler process. Maybe I should take you back one step. So what actually happens, what are you doing when you're buying a property on auction? So first of all, what you'll do is you'll actually register to bid. So you need to go and register for the auction. And when you register to bid, there are a lot of T's and C's that you need to take, you know, that you need to take account of. The first is, if you're the final bidder and you're knocked down on that final bid, that means that effectively you've bought the property. What happens next is you pay 10% of the, you know, 10% auctioneer's fee, okay, which goes up front is paid as the, as the deposit. All right. And then from there, a normal transfer process takes place. So it gets paid to, you know, condensing attorneys. So it's not paid through app. It's not paid online. And that's often a question. Is my money safe, transacting online? It's not transacted online. It's not a payment portal that is paid to transferring attorneys. So there's a, when you bid, you might bid a million Rand for the property. You need to take into account that you'll pay 100,000 Rand on top of that million Rand as the auctioneer's fee that gets paid to the condensing attorneys. And after that, you then sign into agreed paperwork, which is the deed of sale. And so it goes through a normal transfer process. So you're registered to bid up front. The auctioneer will generally ask for depending on the size of auction anywhere between five and 30,000 Rand deposit. 30,000 Rand is for these larger commercial auctions, you know, typically the selling price of the property is north of 10 million Rand. And 5,000 Rand for sort of smaller auctions where either the lot size is smaller, you know, smaller properties or whatever else it might be. So you register to a bid, go through the T's and C's, make sure you understand the T's and C's because you are binding yourself to a contract at that point if you're the final bidder. Then what happens is the auctioneer opens for bids. So that property actually now opens for bid, the auction goes live and they ask for an opening bid. That opening bid might be, let's call it 2 million Rand for the property. Okay. And they want to try and ultimately achieve the best price. And so then it becomes competitive. So maybe there's not an opening bid for 2 million Rand, the auctioneer will say, well, kind of let's start this auction at 1.5 million. And so he calls for 1.5 million and someone bids at 1.5 million, he confirms he'd like to take it to 1.6 million, confirming the increments as he goes up. So the increments are either smaller if it's a smaller property, so an increments of 50,000 upwards or larger if it's a larger property. So 50 million Rand property would probably go up an increments of 1 million Rand. And so that just speeds the auction up to, you know, to its ultimate pricing level. So they might call from 1.5 to 1.6 and as 1.6 to 1.650, 1.7, 1.750. And so the different bidders bid and raise their paddles either online, they just click bid, or they'd actually be live, they'd say, I'm bidding on the phone, so I bid to this price. And the auctioneer keeps it moving around. So he tries to achieve the best bid. Where I think there's been a lot of sort of gray areas, is the auctioneer bidding against me? Am I just bidding against myself? So I bid for 1.5 million and the auctioneer says, 1.6 million, are we bid at 1.6 million? Yes, I have a bid at 1.6 million, back to you at 1.7 million. So you bid at 1.7 million, but there was no one else that you were bidding against, you know? And so there was a lot of issues around that type of thing in auction. Now, what you need to understand is that an auctioneer can continue to bid to the reserve price of the property. So the seller will give you a reserve price and the auctioneer can continue to bid and move the room up to the reserve price because ultimately he needs to continue moving the pricing level up because if it doesn't meet the reserve price, the property is not going to sell. So let's say it gets knocked down at 1.9 million, the reserve price is 2 million and then there's no sale. It will be sold subject to confirmation of the seller. Then you'll go back to the seller and say, look, our best price is 1.9 million and then you'll try and negotiate out the final terms. And so that's actually what's happening in an auction room. There's a lot of, you know, a lot of, and they'll be taking advice from the seller, we're taking advice from the seller, we're waiting for confirmation from the seller. That's actually asking the seller to reduce their reserve price. And so, you know, you need to be aware of these things in auction. The nice thing about bidding online is that it's very transparent. You actually know where it's been bid. So you can say, the bid is now at 1.9 million, the bid is now at 1.95 million and you could actually set a maximum bid. So you say, right, I'll bid to 2.1 million, that's what I'm prepared to pay for the property and it will go up in the minimum increments. So if the increments are set at 50 million, if it's bid at 1.75, you'll immediately bid at 1.8. And if it gets bid at 1.85, you'll immediately bid at 1.9. And so it keeps going up in increments to get to your maximum bid as it were. So that's just a little bit of the process of what happens. Then it gets knocked down to you. Ultimately, you go to paperwork and then it goes to the conveyance and transfers. That's the auction process in a nutshell. So I hope I'm at it clear for everyone. But it's quite nice to see it online because it actually helps stop the noise. It gets very noisy in the auction room and a lot of tension. And so it's actually an easier first part as it were. And it can be quite intimidating, I think, when you're in an auction room. John, one of the things that you mentioned that I want us to chat about is around the terms and conditions and making sure that you understand the terms and conditions as a buyer of the auction house. A lot of the auction houses even put them up, obviously, on their website. The auctioneer will typically go through them before the auction starts. And they'll even go through the OTP and some of the key things that you should be aware of. What would you say are some of the terms and conditions that people typically miss or don't quite understand, especially, of course, those who are less seasoned who sometimes end up bidding and being the highest and successful bidder, but didn't unfortunately understand or miss some of these terms and conditions? Yeah, I think maybe you need to understand is that a big thing possibly for first time bidders is that what you bid, let's say a million rand, you will need to pay 10% deposits over and above that. So when you bid at one million rand, you're actually paying 1.1 million rand for that property. So there's a 10% deposit on top of what you just finally bid at. So that's just very important to understand because you don't want to get to a level you 1 million rand for this property. Fantastic. And then you've got to pay 1.1. That additional 100,000 rand is payable immediately after the auction. And so you need to have that ready. And then also you'll go to contracts of actual final sale contract, you'll go to that immediately after the auction as well. So the auctioneer will then contact you and you'll go through that paperwork. But at the time that the hammer falls and you're the final bidder, you are in contract. You've agreed to those terms in contracts already. So you're legally bound. And so those are, that seems scary, but you're also legally bound when you sign an agreement to sale. The difference with an auction is that there's unsuspensive. So it moves unsuspendably. You can choose to finance that property afterwards, but it becomes unsuspensive immediately. It's not subject to finance. Finance will be approved. So you need to kind of move quickly. So generally you can find good deals on an auction, but you need to be able to move quickly. So it's not always first-time buyers in the room, especially if it's an in-demand property. But any questions and comments this evening, as we look at the auction market and how it offers buyers and sellers a simple transaction process of in-conversation with John Jack, who's the CEO at the Latee Corporate. We've got a comment here coming through from Farana Siddiqui saying I went on an auction that I got a listing from my local sheriff's office. So just being in the audience, I realized that the price is almost $50,000 to $60,000 to $80,000 rather cheaper than the actual property price. It was a good experience. And I think if anything, that speaks to also just the importance of first attending a few auctions before you actually looking to buy something, because you're also able to get a sense of how an auction ran. And you've done the same earlier that the atmosphere in the room, you could easily get taken away from it. And I think when you're not used to it, it could also easily be very intimidating. And so I absolutely do recommend first just attending a few auctions, especially if you're looking to build a property portfolio by buying properties on auction. I've got a great question here coming through from Munkatayako Achape saying what is the experience or qualifications and licenses that are required to be a property auctioneer? Yeah, so to be an auctioneer, it all falls under the State Agents Affairs Board. So you'd need a registered Fidelity Fund Certificate from the State Agents Affairs Board. Typically, the company that you might work for needs a Fidelity Fund Certificate themselves. And then Fidelity Fund Certificates are issued to the Agents. So you either have internal State Agents or full-status State Agents, or principal State Agents. So I would be the principal of this business. That requires an NQF5 qualification. Full-status Agents is an NQF4 real estate property practitioner is what it is. And you have sort of two years to go from intern to full-status. And recently the EAB have actually come in and said, because there are a lot of people just hovering in the intern space. So they're never going to write their exam. They don't complete their logbook, all of these things. So they have said, right, after two years, you'll be deregistered and that's that. You don't get another. So you must do it or you're out. So it's actually quite a big move from them. But probably quite a good one, because it actually forces everyone to actually go and get their full-status accreditation and protects the consumer at the same time. Now, John, earlier on in our conversation, I was saying how the reality of the property market in general, not just specifically to the auction market is that we're seeing quite a lot of stock in the market going literally on a daily basis. There are certain areas where you're seeing quite a number of properties going for sale. And what would you say are some of the reasons a seller would or should opt for the auction route, especially those who potentially never sold the property. I think many people who buy a property, we do so much work learning about the buying process and everything that it involves that there's very little that we put in when it comes to then selling when we're ready to sell. And it may be because you're looking to upgrade or perhaps downscale your life, but we very rarely spend as much time when it comes to the sell side of our property transactions. So for the sellers at home who are looking to put their property on the market, what are some of the benefits for them for going the auction route instead of the conventional route? It's actually a lovely model. So our business in its entirety has two different sides to it. So there's a corporate advisory side, which deals a lot in leasing. So we deal with larger corporates on restructuring their portfolios, leasing, et cetera, et cetera. And the other side is sales. Now in that sales side, we have private treaty, which is the normal one to one that would be your normal, any agency to put it in a residential context, the Pamgolden, CIFS, et cetera. That's a private treaty where it's held for sale, there's interest, and you negotiate up terms with the final party. And there's no horse trading. I don't say, well, I've received an offer from someone else at 1.1. So if you come in at 1.2, then you can't do that. That's all regulated. On the auction side, it's quite rapid. So it's fast. You know when the next auction is, the auctioneer's drum up as much interest as possible. So they advertise widely, and they call in a lot of people because of the way that they advertise. So it could be the next door neighbor, it could be people in the area that suddenly pick up the properties for sale, and so they attend the auction. And it has a good deadlining mechanism. The auction is on the 20th of September. That's it. You've got your chance to bid. If you're not that keen, then you can see if it sells on the auction. And then if it doesn't, you can transact afterwards. If you're very keen, you can try and bid pre-auction. So a lot of the time what happens is people say, listen, we will pay this amount. And if it suits the seller, they'll say, you know what, let's actually not go to auction. We'll just sell by private treaty before the auction. That happens quite a lot. And then at the auction, it's very transparent. So you know where the pricing level is set. But the critical thing is to have your bidders at the auction. Because if you don't have your bidders or they're not attending or they're not engaging, then you can get no one bidding. And then it looks like, oh, well, there's no interest in the property. And so the property doesn't ever move up toward its value. So then you can land upwards like a property that is tainted in that respect. So auction is excellent when the property is in huge demand. That's always a great one for auction. There's a natural market for its deafening and a sell. That allows a very clear and transparent and fast pricing mechanism. It's also great in an area, for example, where you have no idea where the demand is going to come from. So a random area doesn't have any dominant agency or brokerage in that area. You advertise extensively. People see the auction and so then they start getting in contact and say, we want to register for this property and they know that it's a certain date, so they have to perform. So it pulls people out of the woodwork. And then the only other mechanism that there is, or that I know of certainly is that a sealed bid process. A sealed bid is like a quiet auction. So it says, right, you 10 bidders are going to bid, but you're going to give us a sealed envelope with your price. And what happens is then everyone gives you a price and you'll say, okay, well, you two buyers are very close. We'd like you to run a due diligence. So for a more technical or a larger property, this is good because usually a due diligence is required. You run a month-long due diligence. And at the end, you ask for the best and final binding offer. So prior to that, it's a non-binding. It's just an indication of interest. And at the end, after the due diligence, you ask for a final binding, best and final terms. And then they bid and then you select whoever the best bid is. And then that deal goes to Legals and is closed out. So it's like a, it's the best of the private treaty and the auction world. We run all three of those. We really thought that auction was an additional mode to market for our buyers and sellers. So it's new for us. But the online space is massive. Some of the businesses in the UK boast 1.9 registered, 1.9 million registered bidders. So that's significant. That's, I think at the moment, and I've quoted this before, I think maybe only 5% of transactions happen in an online mechanism in South Africa. But I think that's going to go up, looking at the sort of global trend. Yeah. I actually hadn't heard of the seal bid process yet. So I've certainly learned something. I think it's an interesting way to bid, particularly the bigger properties as you've highlighted. Yeah. It's long-term leases. Because those are the kinds where you'd know that the leases are there. You also want to make sure that you properly vet perhaps part of the tenants that are there and tenants. So you probably even want to go through the nature of their lease agreements and see if you're happy with them. So I think that's also a big learning moment for me. So another great space for that is a sort of sale and lease back from a listed occupier. So a listed manufacturer, a listed, because when they go to market, they're going to sell in assets and it's a major asset. They actually have to issue a sales announcement. And then that has all sorts of different ramifications on there. Stock price and all the rest of it. So what they actually want to do is get to a point where it's a guaranteed deal. So prior to like announcing to the market, we're selling all these properties, you invite say 10 to 20 bidders. They all bid and then you get to a point where it's a guaranteed deal and then you release the same amount of announcement as opposed to like throwing a cat amongst the pigeons in the market. Well, why are they selling their assets? What price will they sell them for? There's too much subjectivity in there. People are open to their own opinions and as a result, they either buy and sell or sell the stock of the company based on what they think is going to happen. Why is this company selling all of its assets? So you get a better opportunity to just explain it calmly once there is a guaranteed deal. Yeah. Jack, John, before I let you go, any final tips for our viewers at home when it comes to the auction market, whether they're looking to buy properties on auction or looking to list their properties on auction? Despite downloading the Galetti Auction app, I would say follow everyone in auction. You want to follow all the main auctioneers, download their apps, register to bid, be in the game. You've got to be in it. You can't sit there on the sidelines. Go to auctions. Understand what's there. Understand what's bid and understand that market around it because you don't want to overpay, obviously. So get some knowledge of the market. Ask the questions pre-auction. All these companies are there to answer your questions. They're there to get a successful transaction for the seller. And so they're happy to answer your questions, share information, anything you want to know, just phone and ask. Don't feel like an auction is something that you rock up to on the day and bid cold. That doesn't happen. The seasoned guys know all about the property that they're bidding on. They've phoned us. They've asked questions. We've had to send them packs of information. They've gone to the property. They've put in a lot of effort prior to the auction so that when they're bid, they know exactly where they're going. So just don't rock up cold and throw money around. I think that's bad idea. And if anything, John, I think that's actually such a great note to leave it out. Do your research as much as possible when you are looking to buy a property in auction and even when you're looking to sell. Because I think you also, as a seller, want to have a good understanding of where you're going to first even price your property. Of course, the team will help you out. But you also want to be clear on what the right price and sweet spot is. And if you can see that there's a downward trend in some of the properties in your area or in the complex, you need to be aware of it in case you get offers that aren't quite what you were expecting. Well, John, we're going to leave it there this evening. It's always such a pleasure to have you on the show. Thank you so much for joining us. Cheers. And that is John Jack, who's the CEO at Galati Corporate, wrapping up the Monday edition of the private property podcast with myself. Unfortunately, we did not have Ria Betu or Deit Mashishi claiming that $1,500. So we are going to have a roll over to tomorrow evening. It's going to be sitting at $2,000. That's going to be the money in the money bag. Remember, if you know that you have entered the competition, you want to be watching us live so that you can claim your price. Well, I'm off. I'll be back on your screens tomorrow evening at 7 p.m. The Home Shoppers show with Chad is coming to your screens at 8 p.m. Until then, hope you're staying home and staying safe.