Methods Of Sale

As a seller, it is vital you know the differences between the different methods of sale.

Private Treaty:

• This is a method of negotiation where the Buyer and Seller negotiate privately to a mutually agreeable outcome.
• This is the most common method of buying and selling property in Queensland.
• As the Seller, you want one good agent committed 100% rather than three or four who will 'keep you in mind'.

Auction:

• This method facilitates prospective Buyers to bid against one another at a date and time set by you, the client.
• The main advantage of an auction is that a firm price is not necessarily set. If there is sufficient interest in a property, an auction provides an opportunity to exceed your price expectations.
• At an auction, the property is sold to the highest bidder above the reserve price. If the highest bid does not exceed the reserve price, the property will be passed-in by the auctioneer.
• You may have heard an auctioneer claim "the property is on the market" meaning the current bid has exceeded the reserve price.
• Property sold at auction is considered 'cash unconditional' at the fall of the hammer.
• The current average number of days on the market for auction properties is 39; also 77% will sell within 45 days.

Tender:

• This process allows prospective Buyers to submit their offer in writing no later than a predetermined closing date.
• Once the tender period closes, all written offers received are presented to the seller who will consider each on its individual merits.