Buying & Selling

Auction

The advantages to an auction are numerous. An auction is designed to attract genuinely interested, cash-in-hand buyers. Those buyers are focused only on establishing the maximum price they are prepared to pay, not how low their offer should be. You set the terms, conditions and deadline. 

You agree on an undisclosed minimum reserve price. There’s also the very real possibility of acquiring a higher price, especially if keen buyer interest promotes competition.

There is even the opportunity to accept offers prior to auction day.

Auction marketing motivates genuine buyers to act. It’s also the least disruptive and intrusive method to sell you property. Most marketing is carried out over a short time (on average less than 30 days)

Auction provides a structure to the listing process, and is regarded as the premium choice of marketing. Should an auction listing not sell during the auction programme, you will have increased your chances to sell the property as an exclusive (price by negotiation or fixed price) due to the enquiry and buyer activity generated. Here are some reasons why it works!

• The seller sets the terms, conditions and deadline.
• This auction-oriented target marketing puts the `spotlight' on the property, adding a competitive edge that strongly favours the seller.
• The property is neither overpriced nor undersold; its value is determined by the market and individual buyers.
• The `no price' aspect will attract more genuinely interested, cash-in-the-hand buyers.
• It allows sellers to plan ahead in the knowledge that a specific date has been set for the sale of their home. A cash buyer means the seller can proceed immediately with their goals. A sense of urgency is created by the set timeframe, bringing interested buyers to a point of decision.
• The level of market interest will help the seller gauge the reserve price, with the real possibility of achieving a premium price. The seller has the option and may decide to accept a cash offer prior to auction day. Those who attend the auction will be focused on establishing the maximum price they will pay, not how little the offer should be.
• The seller controls the terms of transaction and actively participates in the sale process. A successful purchase requires a payment of a deposit on the day, usually 10% of the purchase price. If the property is passed in, it will be exposed on the open market as an exclusive listing at a saleable price established from the market feedback received throughout the auction process.
  
  

Fixed Price

The property is marketed at a price that is acceptable to the seller. If priced at fair market value good interest will be shown in the property and it may make it easier for potential buyers to determine whether the property is within their reach. It is usual for the buyers to begin negotiating below the listed price.

No Price

No price is a method of listing exclusively where the number of buyers is increased because your maximum price is not stated. In a changing market this type of marketing maybe employed for 1 – 2 weeks to get buyer feedback so that you do not over price your property and lose valuable time on the market and possibly miss the buyer who is waiting. 

No price can also be a strategy to test the market before going to auction.

Tender

This method of marketing creates a high profile for your property and establishes a competitive environment without having to list a price. You also set the terms, conditions and deadline. Prospective buyers become emotionally involved before they consider price and have only one opportunity to put forward their most competitive bid. You have the opportunity to accept, decline or continue negotiations with any interested party. It’s your choice. You’re in control. Increased enquiries and inspections are often generated by this sales strategy. All tender details remain undisclosed and absolutely confidential.