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Methods of sale

Shaun can discuss with you the best method of sale for your property and your time frame.  Much depends on the current market, the type of property; whether it is very unique or likely to be much sort after and the location. Shaun will be able to tell about recent sales with similar properties and explain what worked well.

Tender

  • A tender process is likely to:
    • Encourage conditional and unconditional buyers to consider buying your property
    • Provide opportunity to maximise the sale price, as your price is unknown
    • Create a sense of urgency among buyers as the tender closing date nears
    • Allow you to negotiate with a potential buyer after the tender has closed
    • Allow you privacy, as you do not have to disclose the price level of tenders
    • Allow you to retain complete control over offers
    • Reduce any time pressure, because tenders usually remain open for a number of days for you to consider offers
  • However it may also:
    • Allow bidders to remain in a closed non-competitive bidding situation
    • Allow for conditions to be attached to the purchase
    • Deter those buyers looking for an indication of price
    • Stop a buyer from purchasing your property prior to tender close date if they want to.

Auction

  • An auction is likely to:
    • Attract genuine, motivated buyers
    • Establish current market value
    • Provide an opportunity for you to receive the maximum sale price
    • Allow you to dictate the terms of sale
    • Allow you to secure a cash sale that is completely unconditional
    • Foster competition between buyers that may push the price up
    • Eliminate perceived negatives and objections to an asking price
    • Create a sense of urgency among prospective buyers before the auction day
    • Allow you to accept an offer prior to the auction
  • However it may also
    • Tend to make conditional buyers feel excluded
    • Deter those buyers looking for an indication of price

By negotiation

A sale by negotiation is a proven and advanced system of marketing with established negotiation guidelines.

  • Selling by negotiation is likely to:
    • Maximise the sale price by not fixing an upper limit
    • Allow a margin for a premium without overpricing your property
    • Draw a greater range of buyers to consider your property
    • Enable conditional and unconditional buyers to consider buying your property
    • Prevent buyers from attacking your selling price
    • Avoid confusion as just one person is responsible for handling the negotiations, and that person deals directly with the vendor
  • However it may also:
    • Remove a sense of urgency because there is no fixed sale date

Price

  • A fixed price is likely to:
    • Enable conditional and unconditional buyers to consider buying your property.
    • Make it easier for a buyer to negotiate a sale
    • Attract only those buyers in your price range
  • However it may also:
    • Force you to set your maximum price before testing the market
    • Remove a sense of urgency because there is no fixed sale date
    • You may risk setting the price too high and frighten off potential buyers
    • You could price your property too low and risk underselling it

Expressions of interest

  • Expressions of interest by a certain time is likely to:
    • Encourage conditional and unconditional buyers to consider buying your property
    • Provide opportunity to maximise the sale price, as your price is unknown
    • Create a sense of urgency among buyers as the Expression of interest time approaches
    • Allow you to negotiate with a potential buyer before, during and after the advertised time
    • Allow you to accept an offer prior to the advertised time
    • Draw a larger number of buyers to view and consider your property
  • However it may also:
    • Allow bidders to remain in a closed non-competitive bidding situation
    • Allow for conditions to be attached to the purchase
    • Deter those buyers looking for an indication of price
    • Attract buyers who are in a lower or the wrong price bracket required