Our prime objective is to achieve the best possible outcome for you in accordance with your requirements. We now outline the three main methods of sale and their characteristics.
Private Treaty
In a private treaty situation, the property is submitted to the market place at a set price.
The agent is then required to elicit offers from prospective purchasers, which are within the realms of acceptability.
Can be a chosen method of sale where the vendor doesn’t have a limited time frame
Negotiations usually consist of discussing prices and receiving offers which are below the asking price.
If the asking price isn’t set at the right level to be competitive in the market place, it may discourage buyers who could potentially pay market value or above. It also reduces the level of competition which is vital for pushing the price upward.
Expression of Interest
The Expression of Interest system is basically an informal version of a ‘public tender’ with more flexibility. Usually suited to properties where there might only be a limited number of potential buyers particularly high value properties
A buying process for the highly confident and knowledgeable buyer who is well- researched and informed.
The lack of transparency can be confusing to the less experienced buyer and may discourage them from making their highest and best offer.
This system essentially establishes if there is adequate buyer’s interest to send the property to Public Auction.
Public Auction
There is a defined timeline that impresses a sense of urgency in the otherwise procrastinating buyer, that they cannot delay their participation in the buying process otherwise they will miss out.
It clearly defines the number of seriously interested parties and they must engage and do their due diligence prior to the auction date.
It involves a priceless marketing strategy where a ‘price guide’ or ‘quoting price’ is offered based on a combination of vendor expectation, recent comparable sales and buyer feedback.
A transparent way of negotiating for all parties involved.
A sale is affected immediately ’under the hammer’ and not subject to a ‘cooling off period’.