Choose the property sale method to suit your needs

Auction

A public auction is generally a 3-4 week marketing campaign where all interested parties gather at the conclusion of the campaign to bid publicly for the property’s purchase (although offers can be made and accepted prior to the auction date)

Auctions create competition by fully publicising the property and allowing interested parties to openly compete (bid) against each other, this often results in a much higher price being obtained than the reserve fixed by the vendor.

Auctions are Stonnington property owner’s most common method of sale. By taking advantage of a defined timeframe for buyers to make a buying decision and regular strong demand in the Stonnington market auctions are the preferred method to achieve the best sale price when selling.

Private Sale

A private treaty offers plenty of flexibility, you can advertise with or without a price, plus you have no limitations concerning time. It may take a week, or months depending on your requirements. However, this same flexibility can at times create a lack of urgency for buyers.

This is an effective method of marketing for the appropriate property, under the right circumstances. The  mistake sometimes made with private treaty is thinking  that this allows you to “save” money on advertising and  marketing, this can at times have the opposite effect of  costing you both time and money.

It is hard to sell a secret.  An inappropriately small marketing budget can result in a slower buyer response which may cause prospective purchasers to ask “what’s wrong with the property?”

Expressions of interest (Tender)

Expressions of interest (tender) essentially asks buyers to put forward their highest offer, almost like a “closed door” auction.  Tender arrangements are reasonably common for development sites, however quite rare with residential sales.  The result can be tremendous as many buyers offer a higher price in exchange for amended terms of sale such as delayed settlement, or a smaller deposit.

Everyone has different needs, this method identifies exactly that.   As it is not a common marketing method for residential property, it can concern potential purchasers—so again this method is suitable for some properties but not others.  It depends upon your most likely buyer profile and your specific needs.  The idea is to make it easy for buyers to purchase your property.  Every sale method has its place.

For more information regarding sale process contact Mark Williams on (03) 9832 1122

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