The Best Sales Method for Your Property
The sales method you use when selling your property can have a crucial impact on the result. Here are highlights of the three main selling methods so that you can decide which one will work best for your property.
On average, a sales campaign for Australian property is between 21-30 days, with the highest level of interest seen in the first 1-2 weeks. With Australian real estate currently in high demand, it is important to do proper research and consider how you will receive the best return on your investment. With guidance from your knowledgeable real estate agent, it is up to you and your agent to have a strong strategy in place before you put your property on the market.
All three main sale methods have their pros and cons, so it is important to do your due diligence and understand what option best suits your property.
Sale By Auction
Sale by auction is a great option that creates excitement with potential buyers to drive up competition. After extensive marketing, the atmosphere that a group of interested buyers create when gathered on a specific day and encouraged by an auctioneer to place higher bids is not only electrifying but is a great way to increase the property’s final sale price. This method of sale is very popular in cities like Sydney and Melbourne.
Sale by auction typically follows five steps – Appoint an agent, market and advertise, show the house, auction day, and final result. Each step is crucial in the success of the property’s end price You must choose a real estate agent with incredible knowledge and expertise as it is their responsibility to deliver you the best result. A great agent will also ensure that every other step is completed to deliver the most premium experience for potential buyers.
2. Sale By Tender
Typically, this method is reserved for unique and high-end properties with no clear price. The point of difference for sale by tender is that each offer made by a potential buyer is examined after a specific due date. With all the offers placed before them, the vendor can then decide if they will accept, negotiate, or decline the offers.
Agents encourage potential buyers to place their highest bid from the beginning as you will not know what price other bidders have placed. This selling method acts much like a sale by auction, as it heavily relies on creating competition between potential buyers who are all encourage to place their highest bid first.
It is crucial to have a strong marketing campaign for a sale by tender to be successful. If the campaign does not generate enough hype, you will pay much more on extra marketing materials and time as a purchase may need to go through a long negotiation process.
3. Sale By Private Treaty
Sale by private treaty is the most common in sales method in the Australian Market. This method is where the property will go to market with an asking price. Interested buyers must then submit their offers or start a negotiation.
This method is ideal for those who not like the fuss that comes with an auction, you will also have more control over how to negotiate with potential buyers, and you can save money as you will avoid the costs associated with auctions. This method of sale is very popular and the most used method in Queensland.
For more information and advice on the best sales method for your property, reach out to us today!
