Method of Sale
It's Your Choice
You choose the method of sale with which you feel comfortable. Our marketing tools such as allhomes.com.au, realestate.com.au, domain.com.au, and the print marketing options are all priced individually so you choose what you're comfortable spending; no pressure the choice is yours.
This method of sale provides a price range, for example. $500,000-$575,000. This has the effect of attracting people at both ends of the range so may lead to higher numbers of potential buyers through the property. However, if a price is offered in the range and rejected by the owner, by law the property must be advertised at a new price range above the offered price.
This is when a set single advertised price is put on the property. If interest is high on the property and the open home is busy, many potential buyers feel they have a chance of missing out on the property and this often motivates them to make a full price offer on your terms.
However, buyers sometimes offer under the advertised price if the property appears to be overpriced or the property has been on the market for a long period of time.
Here, a minimum price is set and buyers are asked to make offers over the minimum price, for example, over $500,000. This has the effect of attracting people to make offers above the advertised price so may lead to a higher price being achieved. However if a price is offered over $500,000 and rejected by you, the property must be re-advertised at the new price. This method is normally recommended for new listings for the first two to three weeks of advertising.
There is generally no advertised asking price when a property is for sale by tender. Buyers are requested to place a confidential written offer, including a 10 per cent deposit, by a fixed date. Unlike a public auction, potential buyers are not aware of other bids. However, many buyers exclude properties that have no price indication. Some buyers may be wary that all bids are confidential and may not put their best foot forward. This method of sale can achieve an outstanding result on a unique property, with exceptional features that seldom comes on the market.
This method is similar to the tender process where you do not set a price on your property and the buyers will put offers forward. This may lead to a much lower or higher offer than you anticipated, and again, many buyers will exclude properties that have no price indication as they want a more direct pricing model up front. In our experience buyers do not put their best offer forward first in the negotiation period as they fear they may pay too much.
If you choose to go to auction, it will normally involve a three week campaign prior to the auction day.
On or just before the auction day, sellers set a reserve price at which (if reached) the property can be sold on the day. If the property does not sell at auction the home is then often offered for sale by a fixed price. Homes that are passed in at auction often sell in the weeks after the auction once a price has been advertised.
Properties that are truly unique, and properties with features and a location that seldom come on the market, can achieve outstanding results by auction.
Auctioning a property that has similar features to many other homes that are for sale in your suburb and surrounding area may not deliver the best result.