Method of Sale:
Choosing the right method of sale is one of the most important aspects of a successful property sale. Each method of sale has its own merits but the goal is always the same: to achieve the highest sale price in the shortest possible time.
The two most popular methods of sale in Sydney are private treaty and auction. Understanding which sales method is best for your property can help set your sale on the right tracks.
Selling by Private Treaty
Private treaty has been used for years to great success in Australia. Selling by private treaty involves publicly listing and advertising a property at a set price, which is usually reflective of the current market value.
Prospective buyers make offers on the property and the vendor accepts, negotiates or declines the offers. A strong marketing campaign with multiple home opens, advertising and professional photography usually complements a private sales treaty; it’s important to show your property in its best light to potential buyers.
Reasons why some vendors choose to sell by private treaty:
- There is no pressure to accept an offer that doesn’t meet the vendor’s needs.
- The vendor receives multiple offers and then chooses the best one.
- Vendors have control over the length of time a property is listed for sale.
Selling By Auction
Auctions are becoming increasingly popular in Sydney. When used to the right effect auctions can achieve a great result in a short timeframe.
The sense of excitement and competition between buyers on auction day often means they outbid each other in order to secure the property and this can drive the price up to its highest possible market value.
However, auctions are not for every home sale as they are particularly effective in competitive markets where there is a lot of buyer interest.
Reasons why some sellers choose Auctions:
- There is no price ceiling at auctions, which allows potential buyers to offer more than expected in some cases.
- You are in control of the reserve price so you only accept offers that are suitable to you.
- If your property is sold on auction day, the sale immediately becomes unconditional, which means a smoother road to settlement
Choosing the right method of sale for your property can be daunting as there are many points to consider. Always make sure you consult our experience team, who can recommend the method that will work best in your local property market.