Your Selling Options
There are four options to select from when considering selling if you decide to use an agent, you might choose the fifth option - private sale.
It’s not a case of one size fits all, your particular circumstances will determine which option works for you best.
THE OPTIONS
Private Sale
You organise the advertising, photography, signage, information handouts, internet promotion, contract preparation, qualify potential purchasers, follow -up interested parties, negotiate any offers and follow-up the contract through the legal channels. You (or the purchaser) save the commission that would normally be paid to your agent on the conclusion of an unconditional sale.
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Private Treaty
The traditional way of selling a home. You appoint an agent (sole agency) or several agents (general agency), determine a marketing plan incorporating the advertising, signage, internet promotion, open home/inspection programme and wait for action.
Generally a price is required on the home; if the property is under- priced it will sell quickly and a premium price may not be achieved. If you set too high a price you won’t get any action!
Negotiations tend to be in a downward direction so you do need to build in a buffer. In our experience, a ‘Price By Negotiation’ is a real turn off for prospective buyers. If you don’t want to advertise a price then an Auction or Tender are much better options.
This form of selling places no timeframe on a buyer and does not allow for the competitive nature of buyers to work for you.
Perhaps the biggest issue with this method of sale is that all attention is simply focused on the price. This suits some properties and for others the old ‘you can’t judge a book by its cover’ principle means that you want to get buyers into a home before the price issue is raised.
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Tender
The home is marketed without a price and a date is set at which time all offers will be considered simultaneously.
This method retains confidentiality between purchasers and allows the vendor to deal with the preferred party, should they wish. It sets a specific timeframe within which a formal offer must be made and offers may include conditions or trades as part of the purchase price. It suits properties that require ‘in-depth’ investigation and due diligence.
In our experience purchasers resist this method of sale as it lacks transparency and we often find purchasers saying "let us know what happens, we may be interested later”.
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Auctions
Auctions are a form of accelerated marketing that increase the visibility of your home. Auction highlight and emphasise special features that attract both more buyers and a wider range of buyers to your property.
An auction is a method of sale through the process of public negotiaton whereby the property is advertised with a date on which the auction will be held along with its location. Potential purchasers are invited to bid for the property.
This concept follows the golden rule of selling:
Product before Price.
This not only attracts more buyers but avoids several problems that often occur with priced properties:
1 The risk of pricing too low or pricing too high.
2 Mispriced properties attract the wrong buyers and miss out on the right ones.
3 If buyers react negatively to a price, it can have a negative effect on how they view the property and cause them to reject it even if it would otherwise fit their needs and wants.
The auction strategy succeeds specifically because:
1 With increased marketing, the visibility and profile of your home is increased in the market attracting more buyers.
2 Selling without a price eliminates price objections and focuses attention on your home and its attributes, increasing the interest of buyers.
3 Feedback from current buyers is the most accurate and timely source of market value. This gives you, the vendor an objective basis on which to evaluate offers and to set a successful reserve price.
4 Buyer motivation and incentive to take action is increased with the limited time available.
5 No buyer will be in a position to compare your property with one that is priced.
6 You, the vendor, have control right through the selling campaign and can nominate the terms and conditions.
7 Open buyer competition ensures you achieve the best possible price.
8 The sale is unconditional.
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Set Sale
Set sale is a date by which the vendor is accepting offers on their property. Offers are
made on a confidential basis by private treaty.
The buyers must make an offer for the property in the usual way but they must understand that they are in a multiple offer situation.
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