Are you considering selling your property, but don’t know which method of sale to go with? Don’t worry, it’s a problem that many home owners come across.
In this quick guide, we’re going to take you through the main sale methods, so you can decide which is the best for you. Read on to find out more.
An auction is a form of sale that’s held at a specific place, date and time after several weeks of targeted marketing. The auction will be hosted by a licensed real estate agent, with strict rules and regulations in place. Depending on which state you’re from, these are likely to be different.
By definition, auctions create a sense of urgency, which can be a great way to get above market value offers for your home. The room will be filled with buyers all specifically interested in your home, so the competition can also have a positive impact on the final sale price.
Benefits of Auctions:
- You’ll attract more buyers who aren’t worried about the asking price
- You’ll be protected by a reserve price
- There isn’t a ceiling price, meaning you have the chance of getting a much higher offer than expected
- Auction contracts are unconditional, with set settlement dates
This involves you setting the price tag for your property. Your real estate agent will then work with each and every interested party to source a potential buyer who is willing to either agree to the price you’ve set or give the closest possible offer to it.
Although you get to set the asking price yourself, it’s important you take guidance from your real estate agent. They’re the ones with the industry experience and will be able to rely on local demographics, market trends and previous sales prices of properties in your area to ensure you price yourself well.
Benefits of Private Treaties:
- It’s a popular, tried and tested method
- You’ll generate offers on or close to your desired price
- The fixed price makes it easier for buyers
- You can adjust the price at any time on the basis of how well your marketing campaign performs
Expression of Interest (EOI)
This is where you invite buyers to provide offers on your property, with a deadline for them making the final purchase. Each potential buyer will make their offers in writing ready for your review.
It’s best practice for your property to be left on the market for roughly 4-6 weeks to ensure maximum exposure. This will give interested parties enough time to book viewings, work out their financial situations and put forward offers.
With an Expression of Interest, you’ll get all the benefits of a Private Treaty sale without the stress.
Benefits of Expressions of Interest
- It displays confidence both in your property and the success of its sale
- You’re able to remain discreet with the price your property is selling for
- You’ll build sales competition amongst prospective buyers
- The tender closing date will create a sense of urgency
To find out what is the best method to sell your home, contact your local Ruralco Property office today.