Which Way To Sell
It is important to note that there is no single best way to sell your property.
Each property and owner is different and each situation should be considered individually. Having said that, Rod Martiska experience confirms that 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 skillful negotiation.
You should choose the method best suited to your property, its location and the types of buyers likely to be attracted to it. Ask Rod Martiska to compare the success of each method in your area. There is likely to be a trend for one of them and you may achieve greater success by choosing it.
In brief here is how the two methods work.
Private Treaty
Your property goes onto the market with a predetermined asking price agreed and based on market analysis. In most cases and markets, this price, or a 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. In some cases you may wish to utilise Rod Martiska's buyers database only and rely on negotiations, in other more competitive markets you may require a more targeted promotional strategy.
Rod Martiska may still recommend inspections through "open homes" and will discuss the options for your marketing strategy to spotlight your property in the marketplace.
Potential buyers will either accept the pre-determined price or not, more likely, start by making a lower offer. Rod Martiska will handle the negotiations which will be aimed at raising the offer 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 seems appropriate. It is also attractive to those serious buyers who feel they are more likely to succeed with this method than bidding publicly in the competitive atmosphere of an auction where they could also risk spending more than they'd intended.
Some considerations about this method include:
* the predetermined price will generally turn out to be the maximum paid or the basis of lower offers.
* the open-ened time frame can result in the property being on the market for a longer time increasing costs. Note, if your property is on the market for a long time and has several price reductions, it may give buyers the idea there is something about it that makes it hard to sell, which is why a good promotional campaign can be very important.
Auction
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 preceded 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. The nature of the marketing campaign means that you are given regular feedback from buyers in the market. This makes you well informed on auction day and assists 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. You can, however, decide to negotiate with the highest bidder(s).
Auctions offer 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 deposit then and there 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 auction day that is aimed at letting the market determine the highest price for your home.
Some considerations about this method include:
*the removal of a stated price opens your home to a much broader range of buyers, however some buyers may not feel comfortable with the competitive bidding involved in auction.
The right method of sale for you will become apparent once you are armed with a better understanding of the marketplace, where your property sits in it and after discussing all the relevant issues with Rod Martiska
