There is no right or wrong approach when it comes to selling your property. However if you truly want to test the market value of your home, and get a speedier sale, then an auction might be the solution for you.
Generally speaking auctions have become a popular mode for selling a home in Australia’s capital cities during boom times when clearance rates are solid like they are now. Expect to pay a little more for the marketing supporting an auction campaign, however it will pay off by creating a sense of urgency among buyers that forces them to act fast, reducing the time a property is on the market. On a practical level, if you are running a busy home, a short but comprehensive marketing campaign means less disruption to family life. Set inspection times for potential buyers are arranged at the outset, with ‘open for inspections’ limited due to the short nature of the campaign.
This mode of sale also provides sellers with a chance to test the market more conclusively as a reserve price is never disclosed. A reserve price is set and the property cannot be sold below this price without the owner’s approval.
A property sold under the hammer at auction is a conclusive transaction where contracts are signed immediately – and a deposit is paid by the winning bidder. The contract cannot be rescinded by the buyer, which safeguards the owner against loss of contract and sale.
Private treaty is the way many homes are sold in Australia with the negotiations centred on an established asking price. The downside, however, is a property may often take longer to sell via private treaty in a buyers’ market.
Your choice of agent is most important when deciding on the method of sale, establishing the right price and generating buyer interest. You require a property professional such as a Raine & Horne agent who will proactively sell your property. To find a Raine & Horne agent in your neighbourhood, check out our brand new website today at rh.com.au