What are the different methods of sale and which one is right for me?
When you are looking to sell, there are five main methods of sale for you to choose from, each with their own pros and cons. Certain properties and locations will lend themselves to certain methods of sale. Drawing from your agents professional experience, we will guide you towards the method which best aligns with your home.
Our recommendation will be based upon important factors such as the location, property type, recent local sales, buyer activity, supply and demand, your personal circumstances and the current market conditions.
Whichever method we collectively decide on, our team will tailor the right strategy, actively promote your home using effective marketing for that method, attract the ideal audience and encourage strong competition to achieve a successful result.
1. Auction Campaign
Auction campaigns allow us to market with a deadline, creating a sense of urgency and competition amongst the buyers requiring them to make a decision in a set time frame. Auctions require an intensive marketing campaign to create maximum buyer interest. Auction campaigns are usually conducted over a 4 week period.
Auctions are advantageous if you find it difficult to price your property or if your property is unique and ultra-desirable.
An auction campaign will allow four weeks of inspections and prior offers will give you market feedback to assist you in setting your reserve price.
Sales at auction are always unconditional with no cooling off period.
2. Private Treaty Campaign
A private treaty campaign allows us to advertise your property for sale with an advertised price. Private treaty campaigns attract those who shy away from deadlines and heated competitive environments.
If selling by private treaty, it is important to set a realistic sale price supported by comparable sales to generate competitive buyer activity early in the sales campaign.
The buyers who inspect early have usually been watching the market for some time for the right property and they will make firm offers quickly if the property is priced reasonably. If the property is priced significantly above the recent comparable sales prices most genuine active buyers will dismiss it totally and not bother inspecting, or negotiate very hard around price giving you a false undervaluing of the property.
Private treaty can be advantageous for getting a good sale price on a property where there may not be many interested parties, or on properties that are generic in nature. Another feature is it can lead to a quick sale, with many priced at the right level selling after the first weekend of inspections.
3. Open Negotiation
This is a new method of sale that combines elements of the auction process. This can’t be carried out by any agent, it requires a special certification (which we have).
4. EOI
This is when you list your home without setting a public price and invite confidential offers from potential buyers until one is reached that you’re satisfied with. Expression of interest campaigns usually have a deadline for offers to be submitted for consideration by the seller.
This method is usually used for luxury home and development site sales. It is a good method to use on unique and desirable properties where the price is hard to calculate.
5. Off Market
This is as it sounds, selling the property to a database of buyers without putting it “on the market”, or more specifically not advertising it publicly.
This method is popular if you don’t want the world or someone in particular to know that you are trying to sell your home.
Very common for celebrities and family law matters, it is the least effective method when it comes to securing a high sale price, as there is a high chance that the perfect buyer won’t see it.
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