Choosing to sell your much-loved property is no easy decision. However, a lack of space or a desire to live in a different neighbourhood can make selling your own home necessary.
It’s essential to pick the right selling strategy – a task an experienced vendor advocate in Melbourne can help with. Here are some options available to you.
Sell by private treaty
Private treaty sales are favoured by vendors for a number of reasons. Interested buyers negotiate with the vendor’s agent privately, which allows the agent to negotiate with each buyer to the maximum that they are prepared to pay.
The ability to negotiate privately makes this selling approach favourable when there a few interested buyers, where there may be a big difference between what one buyer is prepared to pay compared to another. This is because the agent can enter discussions with each interested buyer and settle on a sale price with conditions most favourable to the vendor.
A property under private sale typically takes longer to sell than an auction or sale by fixed date, which can often be its downfall. Without urgency being put on buyers to make a decision in the early stages of the campaign, negotiations can be drawn out. If it is apparent that there is weak competition from interested buyers it may become difficult for the agent to negotiate the best price.
Get into the auction spirit
In Melbourne right now there are more vendors than ever before choosing the auction system to sell their home. That’s because we have seen such high demand from buyers competing for property in metropolitan areas that it can be difficult to know what a property should sell for unless it has really been tested in an open forum.
If you’re selling property in a high-demand area, going to auction could be an effective strategy. You’ll have to set a date for auction, which could heighten interest in your property over a short time frame. Of course, a good marketing strategy is needed to garner interest pre-auction.
The auction system certainly does not preclude you from still negotiating privately, but buyers will in most cases be less forthcoming with offers and feedback, which can be a stressful process for the seller.
Opt for a sale by fixed date
Perhaps you want the best of both worlds – the ability to negotiate privately, but with a sense of urgency.
Sale by fixed date could be a good approach if you want to run an intensive promotional campaign and set a deadline for sale.
09/24/2024 
