In residential real estate transactions, private treaty is the most common way to sell your property. Under private treaty, the owner of the property will state their asking price and will negotiate with prospective buyers to reach a sale.
A Peard Real Estate Sales Associate can help you understand the process of selling by private treaty, where your property sits in the current market, how best to market your particular property and can negotiate on your behalf to help ensure you achieve the best outcome.
The most successful auction campaigns in Western Australia often achieve sales figures over the property owners' expectations. This is because auctions typically generate a high level of interest and competition, above and beyond other traditional selling methods.
Your Peard Real Estate Sales Associate has the knowledge, expertise and sales evidence to advise what your property is worth, but the market conditions at the time of selling will ultimately determine the selling price. An auction is an effective way to achieve a premium price as it creates a sense of urgency, motivating purchasers to action based on a given deadline.
Why sell by auction?
You, the seller, set the terms and conditions of the sale for an auction. You may be seeking a short or longer settlement period, whatever it may be, buyers understand and must purchase according to what you have put in place.
A sale at auction is an immediate, absolute and unconditional sale unless you decided to relax the conditions on the day of the auction to attract a larger pool of buyers.
Genuine buyers will have viewed the home within the first 2-3 weeks of marketing. As there is no price, they will make their own assumption based on discussions and recent sales evidence. All interested parties place a sense of urgency upon themselves to act, hence creating a reason to take prompt action.
- Competitive buying environment:
Competing buyers create the opportunity to achieve a premium price from a premium buyer. Your property is worth what the market is prepared to pay for it on the day, so why put a ceiling on it?
Not one, but three chances to sell:
- Before auction - interested parties may approach the Sales Associate prior to auction day and express interest in purchasing the property.
- On auction day - should the bidding achieve a price acceptable to you, the property will be sold under the hammer on auction day.
- After auction - should buyers bids not meet the reserve price or your expectations on the day of auction, your sales associate will still work diligently to negotiate with the highest bidder and all other interested parties directly following the auction.
Here at Peard Real Estate, we have a team of qualified auctioneers with years of experience in selling your home by auction. So, whether you choose the traditional method of sale or auction, you will be in safe hands.
Also sometimes referred to as a 'set date sale' or an 'end date sale', selling by tender refers to the process by which prospective buyers have until the certain, specified date to submit a formal written offer or written expression of interest on a property, to the selling agent.
After the specified date, unless sold prior, as a seller you will be presented with all formal offers and you may choose to accept one. If no offer is acceptable to you, the property will generally be put back on the market and you are not obliged to move forward with any of the other tender offers presented.
As with the auction method, you may reserve the right to accept an offer placed on their property before the stipulated date.
Selling by tender process is a great way to understand where you property sits in the market, as prospective buyers may not have a chance to negotiate the price and thus their first offer should reflect the highest they are prepared to go.