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The Selling Options
WHAT ARE THE SELLING OPTIONS?
As a SELLER there are many different ways to sell a property.
Some agents have even re-packaged some familiar terms…
…to make them sound unique or special.
As the owner, you have two options for marketing your property:
Marketing with a price OR
Marketing without a price.
All of the methods below are some sort of a variation of 2 main ways to sell (above) and are called many things from any of the following list;
Coming Soon/ market launch date
Call for details
POA (Price on application)
FIXED or SET DATE SALE
Will be sold!
From $ price
Expressions of interest
…it is a big enough list to CONFUSE anyone!
Marketing with a price:- This is known as Private Treaty. This is the most common method of sale and involves setting an asking price, “from” price or price range. Once the most appropriate method has been decided the property is exposed to the market and Buyers are invited to submit offers to purchase. This is most often the best option where there is significant sales evidence to justify a price and/or demand is not extremely high.
Marketing without a price:- Marketing without a price allows potential buyers to focus on the property, rather than the price and determine where they see value, without being provided with price guidance.
There are three common methods of marketing without a price:
Tender or Expressions of Interest (with a closing date)
Expressions of interest (without a closing date)
1) Auction involves an extensive marketing campaign over a three to four week time-frame.
Interested parties may submit offers prior to the Auction day and the Seller reserves the right to accept the offer and end the Auction campaign.
In the event that this does not occur, potential Buyers bid in competition, under the conditions of Auction, to secure the property.
This method is used extensively in estate sales, mortgagee sales, where high demand is evident and/or the value is difficult to determine.
2) Tender or Expressions of Interest (with a closing date) also involves an extensive marketing campaign over a three to four week period.
Similar to Auction no price guidance is given and the Seller reserves the right to accept an offer prior to the closing date.
In the event that this does not occur, all offers are presented on the closing date and the Seller may deal with each offer as they would in Private Treaty.
This method is used where high demand is evident and/or value is difficult to determine.
3) Expressions of Interest (without a closing date) is normally utilised to provide the Seller with price feedback from Buyers prior to applying a price and proceeding by Private Treaty.
This method is most often used where either the value is difficult to determine or the Sellers are optimistic about the value of their property in comparison to sales evidence.
WHICH METHOD IS BEST?
All methods of sale have some merits…
ANSWER: It depends on…What is important to you?
All have SOME factors which repel some buyers
Or have the potential to affect the final selling price
ALSO, I believe more in the ART than the science. In other words, it depends on who your agent is. A great campaign strategy in the wrong hands is still a poorly executed campaign.
ALSO PLEASE REMEMBER:
Evolution Realty and Ian Barnes are across ALL MAJOR METHODS OF SALE
There is not a one size fits all
We structure based on what is best for you and YOUR PROPERTY
You can have WHATEVER method of sale you feel MOST comfortable with
ULTIMATELY- the method of sale…
Needs to reflect what YOU as as seller…
& are comfortable with and what suits your needs best.
I suggest a detailed analysis and discussion…
By your Agent is necessary and potentially profitable…
BEFORE listing your property for sale.
REMEMBER:- The adverse consequences of getting it wrong…
Can be very costly
Time, money and stress
For more information on the above:
Please feel free to call me.
ask me to meet in person or discuss…
Please drop me a line if you require any real estate assistance. (Email, SMS, call or drop in). Thank you.
P.S. I am ready, willing and able to assist with your real estate needs when you are ready!
P.P.S. If you don’t already have a copy of my book “How to sell your home for top dollar in any market” grab it HERE