METHODS OF SALE
When placing your property on the market it is important to choose the most appropriate method of sale. We will discuss the process and benefits of each method with you specifically for your property and your needs to ensure we choose the method for the most successful outcome.
A public auction is generally a comprehensive 3-4 week marketing campaign where all interested parties gather at the conclusion of the campaign to bid publicly for the property’s purchase, although offers can be made and accepted prior to the auction date if the seller desires.
Auctions create competition by fully publicising the property and allowing interested parties to openly compete (bid) against each other. This often results in a much higher price being obtained over and beyond the reserve fixed by the vendor.
A private sale offers plenty of flexibility, as you have no limitations concerning time. It may take a week
or months depending on your requirements. Some buyers can find the lack of pressure and perception of being less competitive than an auction attractive, however, this same flexibility can at times create a lack of urgency with buyers.
Under the right circumstances, this can prove to be a very effective method of marketing for some properties.
EXPRERSSIONS OF INTEREST
Expressions of Interest essentially asks buyers to put forward their highest offer, almost like a “closed door” auction. The result can be exceptional as many buyers offer a higher price in exchange for amended terms of sale such as a delayed settlement or a smaller deposit.
As it is not a common marketing method for residential property, it does normally concern/confuse potential buyers. However, it may be appropriate where discretion is necessary, so again this method is suitable in some circumstances, but not others.
The off market approach is where we introduce your property to our current qualified and motivated buyers.
We will recommend your property to a considerable number of potential buyers and we will try
to find the right buyer prior to any marketing campaign taking place. This usually takes place over a 1-3 week period.
This method creates the opportunity to sell your property promptly, however if no buyer is found during the introduction phase, the property could possibly be on the market for a few weeks longer than it would have been if your property had started with a marketing campaign.
Once we have a received the go ahead to act as your agent in selling your property we begin working on the campaign.
We will instruct your legal representative to prepare essential documentation. Any suggestions for styling and improvements are co-ordinated on your behalf and our dedicated sales coordinator will organise supplier appointments for photography, floor plans and video if required.
If your property is tenanted we will notify them and the property manager that the property
will be advertised for sale.
Suppliers visit the property for styling, photography, video and floor plans, advertisements are prepared for discussion and approval. Boards including pointer/directional boards and
forthcoming auction board are arranged.
Our sales consultants familiarise themselves with your property and then contact their database, advocates and qualified purchasers for an initial preview inspection.
DURING THE CAMPAIGN
The campaign is launched live online and the photo board is installed before the first open for inspection on Saturday. After the first open for inspection the property will be open on Thursdays and Saturdays. We will discuss with you the buyers interest and feedback as well as providing reports detailing the level of interest, feedback and performance of the campaign.
On receipt of the Contract of Sale and Section 32 (Vendors’ Statement) we contact interested parties providing them with an electronic copy.
Having carefully monitored the reaction of prospective buyers, we will be in an excellent position to review the progress and provide you with advice.
The final days of your campaign are of critical importance. This particularly applies if you are selling by Auction or Expression of Interest where prospective purchasers are gathered up in the momentum of the process, with anticipation building towards the day of sale.
In the few days leading up to the Auction day, we will meet with you to review the campaign, examine buyer interest and set strategies for the big day.
Presentation is of the utmost importance when introducing your property to the market. Our dedicated sales coordinator creates all of the brochures, signage and advertisements pertaining to your property.
We work with Melbourne’s top real estate photographers, videographers, print media and web specialists to ensure we present the best image of your property.