Quick guide: 3 ways to sell your property

Quick guide: 3 ways to sell your property


POSTED BY Ann Paterson ON 23 Jan 2020

Planning to sell your property? Here is Ann Paterson Real Estate’s guide to help you understand sales options.

In Australia, there are three main methods for selling your property: private sale, public auction and expression of interest. Each of these has its pros and cons that you will need to weigh up based on your situation and preference, including the market conditions. Doing your research and seeking advice from an experienced real estate agent is vital to help you decide which option is best for your circumstances.

1. Private Sale

What is it?
Also known as a private treaty, this is an agreement made between the seller and the buyer about the terms of the sale. The seller and buyer carry out private negotiations until they come to an agreement about the sale price and any other terms of the sale.

The main pro
The flexibility to negotiate the sale price and other terms of the sale.

The main con
You might miss out on the auction effect where buyers can push up the sale price by competing with each other.

2. Public Auction

What is it?
An auction is a popular method for selling property, especially in sought-after areas where multiple interested buyers place bids, competing with each, and the property is sold to the highest bidder. This can be done where bidders are able to see each other’s bids (open auction), or it can be done behind closed doors (closed auction). Before the auction, the seller sets the ‘reserve price’, which is the minimum price they will accept.

The main pro
The potential for buyers to push up the sale price by competing with each other.

The main con
You are locked into the sale conditions stated at the auction.

3. Expression of Interest (EOI)

What is it?
Also known as a sale by tender, the EOI method is similar to the private sale method, but with a slight twist geared towards unique, and usually high-value properties. The seller advertises for EOIs and sets a closing date for all EOIs to be submitted. The seller then considers all of the EOIs and decides which, if any, they want to accept.

The main pro
Good for large or high-end properties that will attract buyers who are ready to place higher offers.

The main con
EOI is only suitable in certain circumstances.

As a boutique property specialist, Ann Paterson Real Estate delivers an exceptional and unrivalled level of service, providing clear, accessible communication and strategic guidance to help you sell your home.