Methods Of Sale

Ask you agent the most suitable method of sale for your particular property in this particular market. Many sellers have been disappointed before by a method of sale. Be careful – the market is always changing and what didn’t work last time, might be the best way to sell in this particular market. Let your agent know your concerns and ask questions.

Private Sale ‘By Negotiation’

This method of sale brings together elements of the auction and the private sale. It offers discretion without labelling your home’s value with a fixed purchase price.  Buyer competition will determine the value of your property, hence marketing it without a price encourages numerous buyers to participate in viewing and the purchase is based on emotion.

There will still be a high level of transparency around the range that the property needs to be negotiated in but the price will not be capped.

Feedback in today’s market is that buyers like a guide as to what price range the property value sits. Selling by negotiation allows this, inviting qualified buyers to call your agent and to inspect your property and therefore usually attracting offers quickly. My average days on market for the first half of 2015 is 13 days.

Auction

Auctions need to be supported by a compelling marketing campaign. There are great benefits to selling this way in that they build a sense of urgency for the buyers to make a decision. Built around a four week campaign there is a very firm ‘call to action’ and often offers will be made prior to the auction day.

With national advertising and multiple opportunities for buyers to view the property there is often competition very quickly. You have the right to sell prior to auction should an attractive offer be received and made unconditional prior to the proposed auction date.

If the result isn’t achieved on auction day, then it immediately becomes available for private sale without undermining its reputation and credibility in the market place.

Private Sale with a price

This method of sale gives buyers an immediate certainty. This process requires you to be very sure that your price expectation will be met by the market’s assessment of the property value. Property values are determined by comparable recent sales and the knowledge buyers have of the competition properties. Have a good discussion with your agent about recent sales that compare and set your price accordingly. Buyers do like to know how much a property is selling for, however they are very quick to have a negative judgement on an overpriced property. The result of an overpriced property is that it lingers on the market and the price can suffer accordingly.