Selling by negotiation
A property being sold by negotiation can be marketed with or without a price.
A fixed price is a great way to sell a property whose value is likely to be known and unchanged by the market, like an apartment or a townhouse. This method of sale is very reliant on pricing the property accurately – too high and you’ll alienate the buyers you need to attract, too low and you’ll forgo the opportunity to get a better sale price. To get an accurate valuation for your property, call us on 965 3656.
If a property’s sale price is likely to be determined by its buyers, the value of the property is estimated by the real estate agent and agreed with the seller but the property is then marketed without a price. This attracts a wider range of buyers and puts the property in the best position to generate a higher sale price.
Selling by auction
An auction is a great way of galvanising buyers into action. The property is marketed without a price and before the bidding starts on the day of the auction, the auctioneer will tell the public the terms and conditions of the sale and whether the seller reserves the right to bid personally or through an agent. All bids are unconditional, bidders cannot change their minds after a bid and the seller cannot place a bid in excess of their reserve price. The property can be sold when the bidding exceeds the reserve price but if the property doesn’t reach its reserve price, it will be passed in. At this point the highest bidder usually has the first right to purchase the property at the reserve price or to negotiate a price with the seller.
Selling by tender
A tender is an effective method of sale for some properties but they typically suit a more practised buyer. The property is marketed without a price and the tender is given a particular closing date and time. The offers are submitted to the real estate agent in sealed envelopes and are only opened in the presence of the seller after the tender has closed.
To understand the best method of sale for your property and to find out if your property has increased in value, give us a call: 965 3656.