When it comes to selling your property, choosing the right sales method can make a big difference to whether or not your achieve your real estate goals. There are two main methods of sale in Australia – auctions and private sales – each of which has its own pros and cons.
But depending on the type of atmosphere and buzz you want to generate, there could be some value in taking the time to research both types and figuring out what one works best for you. Speaking with professionals in your local real estate market, looking into recent property figures for the region and taking a closer look at the benefits of each is the best way to figure out how you should sell your Gold Coast real estate.
Selling By Private sale:
The traditional way of selling your home, a private sale is a fairly straightforward way of getting your property onto the market. Putting the control squarely in your hands, private sales offer the most involvement with the process of selling the real estate.
Private sales work with the vendor setting a sale price they want to achieve and fielding offers from interested parties, eventually settling for one that satisfies their needs. At no point will these buyers be aware of each others bid, providing a more calculated approach to the sale. Furthermore, this also puts control back in the hands of the seller – allowing them to dictate the speed of the bids and sale.
Giving sellers more time to weigh up their options and look at the offers from all angles is another benefit of private sales. With the opportunity to discuss the best options with their real estate agent or other guidance figure, the vendor may feel more comfortable with proceedings.
Usually, there is less money involved with marketing for a private sale as well. While private sales can take a while to come to fruition, it's the slow burning spread of your property through the market that will work in your favour. Hosting open inspections and encouraging people to check out your property is the best way to help boost your sales opportunities.
Selling By An Auction:
On the other hand, auction sales are becoming an increasingly popular method for selling real estate in Queensland. One of the benefits this method has over private sales is the broader appeal of an auction, with a lot more going into marketing and building excitement around the upcoming event.
This works to help boost the number of people coming and bidding, which works to help push up the price. In fact, auctions are a great way for sellers to earn more for their property than originally envisioned. The competitive atmosphere fostered by people getting involved and outbidding each other is good news for the vendor – especially if there are multiple parties really vying for the property.
Furthermore, there's also a safety measure in place for auctions in the form of a reserve price. If the bidding doesn't reach the minimum price set by the vendor, the real estate won't be sold. This can help avoid sellers being ripped off by a lower than anticipated price.
Auctions are a fast-paced sales method, with the expectation that buyers are willing and able to sign the contract as soon as the auction is concluded. If you're looking to sell your home as quickly as possible, putting it up for auction and generating a big buzz is a great way to achieve this goal.
Article written by Andrew Bell and originally published on rwsp.net.au.