There are 3 common methods of sale in the Australian real estate market:
Private Treaty Sale
Sale by Tender
There are a variety of reasons why one sale method is preferred over the other, such as the property location, the market, timing and the expected selling price or the difficulty in confidently estimating the true value of a property.
#1 Private Treaty Sale
Private treaty sale is to publicly list the property on sale and advertise at a set price, usually reflective of the current market value. Prospective purchasers will make offers on the property and you can either accept, negotiate or decline them. A strong marketing campaign with professional photographs, inspections, online and print marketing will benefit the selling process.
An increasingly popular method of sale is listing a property for auction. When a property has listed for auction, it means that the property is being marketed without a set price and allowing the purchasers the opportunity to bid up the price, with no upper limits. This could allow your property to achieve a price beyond expectations. The auction day is a day full of excitement and competition between purchasers in order to outbid each other to secure the property. A fantastic way to achieve great results when proper techniques and strategies are in place.
However, auctions are not suitable for every sale or market.
#3 Selling by Tender
Selling by tender basically works like a silent auction. Vendors receive secret offers from prospective purchasers. No listed price will be presented to these purchasers nor do they know what other purchasers are offering.
The bidding closes on a specified end date and the offers must be presented to the vendors. Vendors then can choose and accept the best offer or decline any of the offer, as they are not obligated to accept any of the tenders.
There are advantages and disadvantages of each method. Wiseberry believes more in the integrity of the person using a particular method rather than the method itself.
Your Wiseberry agent can help you determine the right method for your property; the one that will help you get the highest price. Irrespective of the method used, the advantage of selling with Wiseberry is that you will:
Retain control of the sale process
Receive proper feedback about your property value
Remain objective, having a third party involved
Call your nearest Wiseberry office to find out more before making your next decision!