Putting Your Property Up For Sale
Method of Sale
There are a number of ways you can choose to sell your property with the most commonly used methods being auction or private treaty. Both of these methods have advantages and disadvantages. After meeting with you and appraising your property, we will advise on the best method of selling your property based on the type and location of the property, nature of the market and your preferred time frame. Below is a summary of both methods.
The Advantages of Auction
Auction is well recognised as being an effective way of creating wide public interest, achieving maximum publicity and reaching a large number of prospective purchasers.
The following points summarise the benefits of selling your home by auction:
Properties marketed using the auction process often achieve prices well in excess of the owner’s expectations.
There is no upper limit for bids at an auction and competitive bidding in an auction atmosphere often enables vendors to achieve a sale price in excess of their reserve or what was thought to be a fair market price.
You control the process
Vendors choose where and when they want to sell the property, the terms and conditions of sale and the price that they are willing to accept.
A short but comprehensive marketing campaign means less disruption to family life. Set inspection times for potential buyers are arranged at the outset to offer convenience to you. Due to the short campaign, the number of ‘open for inspections’ is also limited.
Auction campaigns are tailored to enable the property to achieve maximum exposure in the marketplace. Concentrated marketing of the property over a relatively short period attracts a higher level of interest and genuine buyers.
The market determines the price
Auction is a great method for determining the right value of a property by eliminating the price and letting the market determine what it is really worth.
Auction works to a plan
The marketing strategy is carefully thought out, documented and specially tailored to the property and a firm date is set for the potential sale.
Specified auction date
Auction creates a sense of urgency. Prospective purchasers must complete their enquiries within a certain time period. There is a definite time limit by which the buying decision must be made.
There is a reserve price set and the property cannot be sold below this price without the approval of the owner. The reserve need not be set until just prior to the auction.
The owner’s reserve is not disclosed during the auction.
Auction is conclusive and contracts are signed immediately.
When a buyer purchases a property at an auction the contract is signed immediately and the buyer must pay a deposit. The contract cannot be rescinded by the purchaser, which safeguards against loss of contract and sale.
Selling by private treaty also offers a number of benefits:
- You set the price at which the property is to be offered
- Offers from purchasers can be considered at leisure
- You can determine the pace of the sale process
- The pace of negotiations can be controlled
- Buyers may feel more comfortable that there is a cooling-off period
- Private treaty can sometimes be a less stressful experience
- Marketing costs might be lower
Prospective purchasers who are not prepared to bid at auction prefer the private treaty sales process.
Regardless of the method of sale you select you can be rest assured that Raine & Horne Chatswood/Willoughby, with its successful agents and vast experience in the field, will satisfy your every real estate need.