Hero Image

Ways to Sell Your Property

What is an Auction?

Auction:

Selling by auction is the preferred option for many, as generally your property is not only on the market for a shorter time but most often has the highest sale price.

The major benefit of auction is that no-price is disclosed.  This allows the market to assess the value of your property.  From the time the first bid is received, the price goes up as opposed to offering your property at a price and receiving lower offers.

An intensive, high profile auction marketing programme attracts genuinely interested, cash-in-hand buyers.  These buyers are focused on the maximum price they will pay, not how low their offer should be.  Buyers gather at the same place at the same time to bid competitively for your property.  Combined with the excitement of the big day it is this natural level of competition that helps establish the highest possible price on the day.

Some of the reasons for selling by auction include:

  • Builds urgency and a purchase deadline amongst buyers.
  • Creates a competitive transparent purchasing environment.
  • Finds a true “cash” buyer with no conditions.
  • No Cooling-off period applies if sold under the hammer on auction day.
  • Provides complete control for the seller – you set the terms of sale.
  • Option of accepting offers prior to auction day.
  • Removes risk of under or over pricing.
  • Focus is on the property and not the price.


What is a Tender?

Tender: 

The major benefit of a Tender is that no price is disclosed which allows the market to assess the value of your property.  Buyers will make an offer in writing and sign a full contract on terms they are happy to purchase the property at.  Each Buyer will have their terms and conditions, sale price and settlement date where they would be happy to purchase the property at.

All Buyers will deliver their REIQ contracts in a sealed envelope for the Seller to open after the specified time has expired on the Tender date.

After the close off date, you have the option to accept, decline or negotiate any offers.  Due to this level of flexibility some prospective sellers consider tender a viable option.

Some of the reasons for selling by tender include:

  • Deadline creates competition and urgency.
  • Buyers become emotionally engaged in the property before they consider price.
  • A cooling-off period of five days applies.
  • You have the option to accept, decline or negotiate any offers.
  • All tender details remain undisclosed and absolutely confidential.
  • All buyers are eligible.
  • Removes risk of under or over pricing.

What is a Sole & Exclusive agency?

Sole Agency & Exclusive Agency:

Employing one agent to co-ordinate the sale of your property.  This may be done by Sole Agency or Exclusive Agency.  In effect, it limits the number of people you have to deal with in selling your property, while at the same time allowing an increase in the number of qualified Buyers.

A Sole Agency is where the Seller employs one agent to sell the property and has the opportunity to sell the same property themselves without paying a commission to the agent.  An Exclusive Agency is when, the agent has the sole and exclusive rights to sell the property.

Some of the reasons for selling by negotiation include:

  • All buyers are eligible.
  • Sell the property with a price showing a price area the buyers need to be at to have interest in the property.
  • A cooling-off period of five days applies.
  • You have the option to accept, decline or negotiate any offers.
  • An offer can come at any time.

What is a Multilist?

Multilist Or Open Listing: 

Multilisting sometimes referred to as Open Listing is when a Seller lists their property with two or more agents.  With the property covered with for sale signs, sellers risk appearing desperate and making the property look cheap.

The question is, if you market your home this way, will you get the best possible price? Put simply, No.  And will you look desperate with all the for sale signs cluttering your front garden? Most definitely.

“By listing my property with more agents, I’ll get maximum exposure for my property won’t I?”   While the logic appears simple, in reality it’s wrong!

If your property is listed by several agencies and you have no preferences to which agent sells it, they don’t have loyalty to you as heir client.  Further still there are also the security issues involved, who has a key to your home?  A Buyer could go from agent to agent looking for the worst negotiator to buy your property.  The Buyer could also think that if the Seller doesn’t care which agent sells the property, maybe they don’t care about the price/offer either.

Some of the reasons for selling by negotiation include:

  • All buyers are eligible.
  • Safety, who has a set off keys to your property.
  • Which agent is giving you the correct/if any feed back.
  • Will you get the best price or is the agent securing a sale before the other agents get an offer.
  • A cooling-off period of five days applies
  • If the agent pays for advertising they then have a vested interest in your property.
  • The sellers look desperate with two or more for sale signs on the property.