Selling your home is one of the most important decisions you can make. At Ray White, we understand that you want knowledge and expertise. You also want a choice about how you sell your property. Do you market through an exclusive agency? Do you have a price, or advertise without one? Do you sell by auction or private treaty? Do you open home for inspections?
At Ray White we draw on over 100 years of experience to deliver selling solutions for your individual situation.
Methods of Sale
When it comes to selling property, emotions rule! Establishing exactly what you want from the very beginning will assist you to choose the best method of sale for you. So what do you really want?
There are three things that remain consistent when it comes to deciding to sell. They are:
Ranking these three things in order of importance will help you and us establish the best marketing campaign and method of sale for your situation.
Ray White’s experience confirms the two most successful and popular methods of sale are private treaty (for sale) and auction. In fact, both can and do yield excellent results when accompanied by the right marketing campaign and skilful negotiaion by us.
Your property goes onto the market with a predetermined asking price agreed between yourself and your agent and based on market analysis. In most cases and markets, this price, or guide to it, is publicly stated. In some others it is not.
There is no official sale date. Your marketing strategy may vary in the use of some or all of the tools at your disposal, depending on your individual situation, budget and time frame. You may wish to utilise our buyer database only and rely on the negotiation skills of the agent.
We do recommend inspections through regular ‘open homes’ and will discuss the options for your marketing strategy to spotlight you in the marketplace.
Potential buyers will either accept the predetermined price or, more likely, start by making a lower offer. We will handle the negotiations, which will be aimed at raising the offered amount to your predetermined price or, possibly, higher if more than one buyer is interested.
This method of sale is effective in the long term and targets buyers who want to visit properties in a specific price range. It allows you, the seller, to assess market interest in a calm atmosphere and make any adjustments to your campaign and sale price that seem appropriate.
It is attractive to those buyers who feel they are more likely to succeed in getting the property at a better price rather than bidding in the competitive atmosphere of an auction, where they could also risk spending more than they’d intended.
Some considerations of this method include:
Auctions are highly focused marketing campaigns designed to expose your property to the maximum number of buyers, maximise your sale price and minimise the number of days your property is on the market.
Your property is put up for sale on a specified date and this is followed by a high impact marketing campaign and selected ‘open days’ all of which indicate your commitment to selling.
The contract of sale is on your terms and the conditions of the sale are predetermined to suit your situation. The nature of the marketing campaign means that we will be able to give you regular feedback from buyers in the market, which will assist you in setting the reserve price.
The impending auction date can create a sense of urgency and ‘call to action’ amongst buyers. You are not obliged to accept an offer that does not reach your reserve price at auction. You can, however, decide to negotiate with the highest bidder/s post auction.
Auction offers extra opportunities for the sale of your home because an offer can be made before, at, or after the auction. Once a sale is made, either by accepting an offer in writing before auction day, or at the fall of the hammer on the day itself, the buyer must pay a 10% deposit then and at the same time execute the contract.
This method of sale puts a clear time frame on your campaign and creates a competitive atmosphere on the auction day that is aimed at letting the market determine the highest price for your home.
Some consideration of this method include:
Why conduct an open home?
As more and more people are purchasing property without stepping into a real estate office, opening your home for inspection is a must.
Open homes are often the first opportunity your agent has to directly sell your property to potential buyers, gauge the level of interest in your property and to negotiate with potential buyers. Remember, the easier you make it for buyers to see your home and the more time they view it, the more likely they are to buy it!
The general consensus among agents is that half an hour is the optimum time to conduct an open home. This ensures that you are likely to have more than one group of buyers there at a time. This promotes competition and action as viewers realise that others could also be interested in the property.
The most common arrangement for urban homes is to open once every weekend prior to auction or once every weekend for those selling through an exclusive agency. Even if only two groups of people attend your open home, that is two more groups than you would have if you left your agent sitting in the office waiting for someone to walk-in and enquire about your property.
For those whose primary concern is simply to maintain privacy, open homes may not be the best policy; but for those who want to achieve the highest possible price in the shortest possible time, open homes are a must.
For a few tips on how to make your home as welcoming and enticing as it can be during open home please talk to your agent.