There are quite a few methods of sale when you sell property; auction, fixed price, negotiation, tender, the list goes on! This means that when you decide to sell choosing your method of sale is one of the first big questions you need to answer. Your trusted real estate agent will help you to navigate this decision but it is always good to have some knowledge and understanding behind you so you can make the most informed decision possible. Here is what you should consider when you start out…
Understand the methods of sale
First thing first, you should educate yourself about the methods of sale so you know the pros and cons of each. If you haven’t got anywhere to start, then click here to read some of our articles about them.
How much time do you have? Some people are in a rush to sell and get their cash liquid, but others are happy to hold on for a while and wait for a great price… Which are you? By determining how quickly or slowly you would like to sell you can work out which methods are better geared towards your needs.
How much are you willing to invest in advertising and marketing? Things like photography, online presence, newspaper advertising, videos, open homes and the rest all cost money. This means that you need to set a budget because each method of sale has a slightly different best practice when it comes to advertising. Things like the cost of an auctioneer should also be considered, too!
Type of property
What type of property do you have? Is it sprawling acreage with a four-bedroom family home just out of town or a 2-bedroom unit close to the center? Depending on the type of property, a different method of sale might suit better to another.
Last but definitely not least, what is the market doing? Are properties like yours in high demand? Are there very few buyers around for them? Determining how much demand there is for a property like yours can also give an indication as to which method of sale you should choose.
So be smart, do your research and trust your salesperson – they’re around to help you make this decision and more to come!