STOCKDALE & LEGGO

How To Sell Your Property
For The Best Possible Price

One of the key components in achieving the maximum sale price possible in any real estate transaction is often a direct result of the decided method of sale. Our agents have the ability to predict and implement a plan that will lead to a successful result.

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It is for this reason that we very carefully consider many factors that will have an effect on the eventual sale price.

There are 3 main methods of sale that are listed and explained below. Auction, Private Sale, and Expressions of Interest.

Each have their pros and cons, and before you make a decision on which method of sale to adopt for your property, an agent will help you determine this based on current market conditions, the time of year, and the type of property going to market. Each property is unique, and will yield a different approach to the method of sale chosen, a method designed to achieve the best possible outcome for you.

AUCTION

An auction campaign is a method of sale which creates a sense of urgency, and drives the competition to assist your agent in achieving the maximum price possible.

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PRIVATE SALE

When a property is offered for Private Sale or Private Treaty, the vendor is required to set a price at the beginning of the campaign.

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FIXED DATE SALE

Fixed Date Sale has increasingly become a popular method of sale combining many of the advantages of private sale with the urgency of an auction.

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AUCTION

An auction campaign is a method of sale which creates a sense of urgency, and drives the competition to assist your agent in achieving the maximum price possible. While you may choose to advertise the property with an asking price range, the reserve will not be finalised until the few days leading up to the auction. By doing this, it allows you to listen to the buyer feedback, assess any comparable sales which have transacted in the area, and take on board the recommendations of your agent.

An auction is most commonly held at the property at a time and date specified in the marketing campaign. In some instances, an auction will be conducted privately depending on the type of property and the current market, and this is an auction that is only open to registered bidders.

During the auction, your auctioneer may place bids on your behalf by stating that they are making a “vendor bid”. This is frequently used to get an auction started, and can be used during the auction to help kickstart the bidding process. Once the reserve has been reached, your auctioneer will inform bidders that the property is on the market and is now able to be sold.

From this point, the auctioneer will do everything possible to keep driving the bids as high as possible until they make their third and final call, then the property will be sold under the hammer!

A property with an auction campaign can be sold prior to the auction should an offer be submitted, and accepted by you prior to the day.

When a property is sold by auction, the contract of sale will most likely have no conditions – therefore there is no cooling off period where a buyer can change their mind and withdraw from the sale without penalty. This means, if a buyer wants to get a building or pest inspection done, this needs to have been organised independently, and conducted prior to the auction.

If a property is put to auction and passed in, a negotiation will take place with the highest bidder, or you may choose to continue a marketing campaign by way of Private Sale.

There are strict rules and regulations that govern an auction and an auctioneer, and at Stockdale & Leggo, we ensure all our Auctioneers are given the training and skills they need to ensure you receive the best result possible.

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PRIVATE SALE

When a property is offered for Private Sale or Private Treaty, the vendor is required to set a price at the beginning of the campaign. Your property will then be placed on the market with no end date to the campaign. Private Sale can be advertised with or without a price. An indicative price range however, is required in the Statement of Information by law, that has been based on comparable sales in the area.

Buyers are able to negotiate with the sales agent who will act on your behalf to obtain the maximum price, and best terms to suit your needs. The contract may have conditions such as finance or building / pest inspections, and a timeframe is placed on these conditions. Private Sale or Private Treaty is a flexible method of sale for both parties and provides you, the vendor, with a high level of control over the process.

Potential buyers cannot see the competition and other interested parties, which allows the agent to work with you and the buyer in achieving the best possible outcome for all parties, without the restrictions of a time constraint that traditionally comes with an auction sale.

The price range that will be set for your property will be based on comparable sales in the area. We would always suggest listening to your agent on a recommended price prior to listing your property, so that you are happy with the suggested price range before taking your property to market. The agent will look to set the price in your best interest, and take into account current market conditions to achieve the best possible result.

Should you not wish the sale campaign to continue for an undetermined period of time, you can look to offer the home for sale by Tender or Expression of Interest.

Note there is a cooling off period that applies in Victoria of three (3) days for all residential and rural properties (less than 20 hectares).

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FIXED DATE SALE

Fixed Date Sale has increasingly become a popular method of sale combining many of the advantages of private sale with the urgency of an auction.

When a property is sold by a set date, an end time and date is advertised in the campaign driving buyers to submit their best offer for the property prior to the closing date set by the campaign.

This method invites buyers to submit their best and final offer in writing by a set time and date. These offers will include the price, settlement period, and any terms or conditions they have for your consideration and decision.

Generally your property is marketed for 4-6 weeks allowing enough time in the campaign to generate interest, arrange multiple inspections, and to also allow the prospective buyer time to organise a building and pest inspection and finance. This method of sale can create a sense of urgency on the buyer’s side to act and present their best offers to an agent without delay.

Should these offers fall short of what you hope to achieve and the property not be sold, the property can be opened up again for expressions of interest by a set date, or a private sale campaign may be entered into.

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