Should I Sell My Inverloch Property By Auction Or Private Treaty?
Where Do Buyers Come From?
In the digital age, buyers become aware of a new listing very quickly; Sometimes within just hours of the listing. This means that a wave of all buyers that are ‘in-the-market’ can often hit within the first one to two weeks. However, statistics indicate that once a buyer ‘discards’ a property, they rarely reconsider it! This is why it can be an advantage to market a property without a price, or price it correctly at the start of a campaign. Otherwise, you run the risk of your property ‘stalling’; and being dismissed in the buyer’s mind. This can lead to a lengthy time on the market, and ultimately a lower sale price.
THE AUCTION METHOD IS RECOMMENDED FOR PROPERTIES:
- In a healthy market the aim is to achieve a premium price.
- When a set time frame is a prime requirement.
- Where the client is comfortable using market demand to help achieve the price.
- For any property in any market where the client is committed to sell.
- A premium price comes from competition between buyers. The more buyers, the more competition, the higher the price.
- With price removed, inquiries are often greater which increases the opportunity of producing the premium buyer.
THE PRIVATE TREATY METHOD IS RECOMMENDED FOR PROPERTIES:
- Where time of sale is not an issue.
- Where the client is most comfortable with a clear price.
- Where marketing budgets are very limited.
- Buyers usually spend 10-15% more than they intend.
- Many owners put 10-15% on top to avoid "underselling". However this can hinder inquiries.
- Overcoming the gap of 20-30% between the advertised price and the likely buyers' offer price, often needs the skill of an agent.
- Pricing the property too high can kill a buyers' interest. Pricing the property too low means the 'premium' price can't be achieved.
ACHIEVING THE PREMIUM PRICE
When two, three or even more people want to buy the same property - they are encouraged to
compete for it. This pushes up the price and ensures you are getting the best possible price on the
day. Our job is to create maximum competition among interested buyers. We will recommend the method we believe will achieve the best price, however ultimately, you
the vendor, have the power to choose the method which you feel most suits you. When selling a property, we have two primary methods of sale choices - Private Treaty or Auction.
BUYER ACTIVITY
MARKETING TIME
The most important time in any campaign is the first few weeks. Best not to waste them! Buyers are excited by 'fresh' new listings. New listings are always of interest to the existing buyer group.
In the digital age, buyers become aware of a new listing very quickly; Sometimes within just hours of the listing. This means that a wave of all buyers that are ‘in-the-market’ can often hit within the first one to two weeks.
However, statistics indicate that once a buyer ‘discards’ a property, they rarely reconsider it!
This is why it can be an advantage to market a property without a price, or price it correctly at the start of a campaign. Otherwise, you run the risk of your property ‘stalling’; and being dismissed in the buyer’s mind. This can lead to a lengthy time on the market, and ultimately a lower sale price.
GET INSTANT PROPERTY VALUE
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