If you are looking to sell your property, there has never been a better time than now. Selling a home means accepting that a lot of things are out of your control. It’s impossible to predict how long a house may be on the market and what the final sales price will be. Letting go and living with the uncertainty is complex and can create anxiety in many people.
So how do you overcome this, when you start to get the idea of selling your real estate agent is the best resource. In addition, they are the best person to advise you about what method you should use to achieve the best results based on their knowledge of the location and current marketplace.
There are many ways to sell your home that are as follows.
Auction is where the vendor offers their property for sale without an asking price. Instead, interested parties come together and make offers by bidding for the property. The reserve price is essential here, which will be set out in the terms and conditions in the contract before the auction. The reserve is the minimum price that the auctioneer can sell the property for. This number is divulged to the auctioneer just before the auction starts. The benefit of selling at auction is that it provides a limited time frame creating urgency; the vendor only needs to sell if bidding meets or exceeds the expected reserve and the sale is unconditional; there is no cooling-off period.
The second method of sale is through private treaty. This is where the seller sets the price or range they are willing to accept for the property. Purchasing through a private treaty means that you can negotiate a sale price in private via the agent and the seller.
Again, this is an excellent method to gather feedback from the market optimise the sales campaign and adjust the price based on the offers. Often buyers feel more comfortable with this method as all bids must be presented to the Owner, and then they can make the final call on what price and conditions they will accept. Again an experienced agent will guide during the campaign. There is a cooling-off period of 5 days when purchasing under private treaty.
Expressions of interest or EOI removes the price and invites buyers to submit their highest and best offer in writing. The window of opportunity for submissions is set for either 4-6 weeks. Then, the vendor set an acceptable price that they are willing to accept. Once this level has been met or surpassed in the timeframe allocated. This method creates competitive bidding, especially if there are a few bidders. EOI often works best when it’s hard to gauge the market value and potential interest. For this reason, it is a popular way to sell high-end and unique properties.
Again, it’s essential to use an experienced agent who can advise you when you decide to sell. Call our Sales Team now for more information 02 6685 7500.