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Choosing the ‘BEST’ way to sell your property?

At Best Real Estate we are absolutely committed to achieving you the ‘BEST’ price, so selecting the right marketing method for you is crucial.

 We market properties for sale in three different ways-

  • Auction
  • Private Treaty
  • Express Sale

The main differences are in the length of marketing time, and how offers or bids are made. We will advise you of the most effective choice for your property, your needs and the current real estate market. Their simple definitions and features & benefits of each are listed below-

Auction-
An Auction sale is one where no asking price is set and potential buyers are invited to compete for the property by bidding at a specified time and place where the property is to be auctioned. Auctions are all about creating an atmosphere that promotes competition between buyers.

It is this competition that will assist you in achieving the best possible price. All buyers have a chance to bid and exchange contracts on the fall of the hammer. The sale is definite, and the buyers cannot change their mind.

The benefits of Auction are-

  • Deadline – set marketing time
  • No price limitation
  • Firm sale on Auction day- No Cooling-off Period
  • No negotiation directly with buyers
  • No re-negotiation of the agreed price during Cooling off Period (e.g. Poor Building or Pest inspection or low Bank Valuation)
  • Extensive marketing to attract more buyers
  • Competition created between buyers
  • Potential to achieve above market value

Private Treaty Sale-
Private Treaty is the most common method of sale in Australia today. Private Treaty sale is one where an asking price is set at the commencement of the marketing of a property, which usually allows for potential buyers to enter into negotiations with the seller.

  • Set ‘Advertised Price’
  • Buyers will expect to negotiate from the ‘Advertised Price’
  • No time deadline
  • Potential to achieve the ‘Advertised Price’ or below
  • Standard Marketing
  • Verbal offers with a ‘Cooling off Period’
  • Price maybe re-negotiated during ‘Cooling off Period’ (e.g. Poor Building or Pest inspection or low Bank Valuation)

Express Sale-
This is an exclusive and innovation marketing method, and only available through – Best Real Estate.

For a 21-day period, your property is presented to the market for the first time and is offered for sale. Potential buyers inspect the property and submit offers for your consideration. It is a mix of Private Treaty and Auction sale and was created to generate competition between buyers and to effectively market a property within a short period of time.

For a seller who maybe unsure about auctions, but still want to maximise the value of their property, this Marketing option is perfect! It is a gentler approach for both seller and buyer and with the 21-day deadline that creates competition between buyers, this marketing option ensures you achieve the BEST price for your property.

In a strong market it is sometimes challenging to establish the correct value for a property. With ‘Express Sale’ there is a ‘Buyer Price Guide’ this attracts buyers in the lower and higher range and welcomes Buyers to make an offer on your property. All offers are kept confidential which creates even more competition and must be submitted on a signed contract, Section 66W Certificate (that waives the Cooling-off Period) and 10% deposit.

On acceptance of an offer presented to you, once you sign your contract and exchange the sale is final and your property is sold!

  • Deadline- 21 Days
  • Buyer ‘Price Guide’
  • Competition between buyers
  • More time to market your property to potential buyers
  • Extensive marketing to attract maximum numbers of buyers
  • All offers on signed contracts Section 66W Certificate (that waives the Cooling-off Period) and 10% deposit
  • Potential to achieve a higher price than market value

Before recommending a marketing method that best suits you, our sales specialists will consider these elements-

  • Your property
  • Your price expectation
  • The condition of your property
  • The current real estate market
  • Your time deadline

Meanwhile, here’s a more detailed look at how each of the marketing options work, and answers to the questions we get asked most often...

Selling at Auction 
 An auction is a public sale where buyers bid against each other to purchase a property. If you’re satisfied with the highest bid and has met the reserve price that has been set, a sale occurs on the fall of the hammer, you exchange contracts straight away and the sale becomes ‘unconditional’- SOLD.

Best advice for selling at auction

Can I accept an offer before the auction?                 
Yes, and if there is sufficient time, the property can be withdrawn from auction and contracts exchanged. If sold prior to auction the buyer must sign a contract, pay 10% deposit and provide a Section 66W Certificate signed by their solicitor or conveyancer.
                                                                                                                                               
Will buyers get building or pest inspections?                                                
If there are obvious problems, or their solicitor or conveyancer advises it, they will arrange inspections.

How much deposit does the buyer pay?                                                                         
The deposit is usually 10% of the agreed sale price, payable when the buyer sign the contracts and immediately prior to the exchange of contracts. It is quite common to accept a reduced deposit of 5% that must be arranged by the buyer prior to the auction commencing.

Can anyone bid on my property?                                                                                                     
No, prospective buyers must register with us prior to the auction, or on the day itself. They will be given a bidder’s registration number, which they must show when bidding.  
                                                                                                       
Can I set a minimum price that l can accept?
Yes, this is called the ‘Reserve Price’ and when the bidding reaches that point, your property is said to be ‘On the market’

What happens if it doesn’t reach my reserve?
You have 3 choices-

  • Accept the highest bid
  • Negotiate with the highest bidder to see if there is an acceptable deal
  • Ask that the property be withdrawn from sale, or ‘Passed In’

And if you are at all concerned, remember that we’ll be there to help you during the whole sale process.

And, if all goes well and I get the price l want?
The highest bidder will have to pay a deposit and exchange contracts straight away.

Will the buyer have a Cooling-Off Period?                                                                       
No, there is no Cooling-Off Period at auctions. Also the price cannot be re-negotiated because of a poor building or pest inspection or low bank valuation.                                                    

What does exchanging contracts mean?                                                            
It’s when the seller and the buyer sign two copies of the contracts and swap or ‘exchange’ them for yours. At this point the sale is confirmed (or becomes ‘unconditional’).   
                                                         
When and what is Settlement?                                                                
Settlement is the completion of the sale, when documents and money are settled between parties (seller and buyer). The buyer takes possession of the property – usually (but not always), 6 weeks after the exchange of contracts.

 Best Auction tips

  • If you are a first-time seller, go to a number of auctions and get used to the process
  • Keep an eye on local property prices and market values
  • Work with us on the contract and take advice from your solicitor or conveyancer.
  • Decide what is sold with the property, called ‘the inclusions’ and what is not sold, ‘the exclusions’.
  • If you have a loan or mortgage, contact your loan provider well in advance, to ensure you know payout figures
  • If it’s a strata unit, inform the Strata Management of your intending sale, and property inspection schedule 
  • If the property is leased, alert the tenant and check the Tenancy Agreement
  • Set a realistic ‘Reserve Price’ this will create strong completion between buyers and will ensure the bidding is strong and you achieve the best price on auction day

Selling with Private Treaty Sale
Private Treaty sale is one where an asking price is set at the commencement of the marketing of a property, which usually allows for potential buyers to enter into negotiations with the seller. Buyers are free to offer what they’re prepared to pay – with the understanding that you are also free to accept the highest offer (or best settlement terms).

Much will depend on your deadline – if you’re in no rush you can afford to hold out for the best price – When you’re selling by Private Treaty, you may find the following information and tips handy.

Best advice for selling with Private Treaty

How do I set the Advertised Price?
Good properties usually sell within two or three weeks – if they are correctly priced. This is where we can give you an advantage right from the start. Using our unique experience and knowledge of the real estate market, we can help you set a price that will not only attract buyers but deliver you the best possible return in the shortest time.

When should I accept an offer?
Quite simply, when it’s a good one– when it’s the price you want or the maximum you can reasonably expect in the current real estate market. Our sales specialists will help you here. It’s worth remembering that the best offers usually come within the first few weeks, if your property is priced properly, and they usually come from buyers who know the market and are cashed-up and ready to buy.

Shouldn’t I wait until as many people as possible have been through?
Many sellers refuse early offers because they come too soon and they think that they should wait for a higher offer – meanwhile they carry on paying their mortgages, rates and so on. However those offers are often seldom repeated and they could end up taking a lower offer further down the track. At Best Real Estate we encourage buyers to make their offers early in the sale process– so if we do get an early offer then this is the time to act. The price we get you will be the highest on the day. Then the choice is yours.

How do buyers make offers?                                                  
They will do it though us, and we will then discuss it with you. You can ask them to sign a contract and pay an initial deposit; this does not secure the property for them, but it’s a sign that they’re serious. Also, it doesn’t guarantee that the property will be taken off the market or that you will not consider alternative offers from other potential buyers.

What will buyers expect to negotiate on?
Apart from the asking price, buyers may be also want to negotiate the settlement period and the amount of deposit required – or offer to divide the deposit into two payments rather than one lump sum. Again, we can take care of these negotiations for you.

Can buyers get gazumped?
Yes, and that’s largely up to you. It’s not illegal but it can be unpleasant for all concerned. Our best advice is to be realistic in your expectations and keep us involved in all negotiations.

When are buyers provided with a contract?
Buyers can ask for a contract if they’re interested in your property. But they cannot exchange contracts until you accept their offer, they pay a deposit, and you both sign copies of the contract of sale.

When do we exchange contracts?
As soon as you’ve both signed the contracts, they are exchanged.

Is there a Cooling-Off Period?
Yes, the standard period is five business days from the date of the exchange of contracts. But it can be waived if the buyer is agreeable.

What is the penalty if they do not proceed with the purchase during the Cooling-Off Period?
They will forfeit 0.25% of the purchase price.

Can the buyer get an extension of the Cooling-Off-Period?
It may be possible, if you agree to it, and is common practice as the buyer is usually delayed waiting for their bank to provided them with final loan approval in writing.

When and what is settlement?
Settlement is the completion of the sale, when documents and money are settled between both parties (seller and buyer). After any outstanding costs are paid, you receive your final amount from the sale and the buyer takes possession of the property – usually (but not always) six weeks after the exchange of contracts.

Selling with a Express Sale-
This is an exclusive and innovation marketing method, and only available through – Best Real Estate.

For a 21-day period, your property is presented to the market for the first time and is offered for sale. Potential buyers inspect the property and submit offers for your consideration. It is a mix of Private Treaty and Auction sale and was created to generate competition between Buyers and to effectively market a property within a short period of time.

For a seller who maybe unsure about auctions, but still want to maximise the value of their property, this Marketing option is perfect! It is a gentler approach for both seller and buyer and with the 21-day deadline that creates competition between buyers, this marketing option ensures you achieve the BEST price for your property.

In a strong market it is sometimes challenging to establish the correct value for a property. With ‘Express Sale’ there is a ‘Buyer Price Guide’ this attracts buyers in the lower and higher range and welcomes Buyers to make an on offer. All offers are kept confidential which creates even more competition and must be submitted on a signed contract, Section 66W Certificate (that waives the Cooling-off Period) and 10% deposit.

Best advice for selling with an Express Sale

When do buyers view your property?
They can view your property at an Open-for- Inspection or with an independent buyer inspection with one of our sales specialists.

How do buyers make offers?
If buyers are interested, they are invited to submit an offer in writing- on a signed contract with a 66W Certificate (that waives the Cooling-Off-Period) and pay 10% deposit. Their offers will remain confidential which also creates competition between buyers.

What can buyers negotiate on?
With Express Sale, the idea is to avoid any complicated negotiations, so  you can give a simple ‘yes’ or ‘no’ to buyers offers. However, you are free to include any terms and conditions you wish to be considered in your contract of sale. They can also increase their offers at any time prior to the deadline.

What happens if l accept a buyer’s offer?
On acceptance of an offer presented to you, once you sign your contract and exchange the sale is final and your property is sold!

When should I sign a contract?
All offers received from buyers must be submitted in writing- on a signed contract with a 66W Certificate (that waives the Cooling-Off-Period) and pay 10% deposit. On your acceptance of their offer you sign the contracts straightaway and contracts are then exchanged.

When does the exchange of contracts take place?
After you sign your copy of the contract, the exchange can take place.

Does the buyer have a Cooling-Off-Period?
All offers from buyers must be submitted in writing- on a signed contract with a 66W Certificate (that waives the Cooling-Off-Period) and pay 10% deposit. There is no Cooling-Off-Period.

When and what is settlement?
Settlement is the completion of the sale, when documents and money are settled between both parties (seller and buyer). After any outstanding costs are paid, you receive your final amount from the sale and the buyer takes possession of the property – usually (but not always) six weeks after the exchange of contracts.

What tips can you give me to be the successful seller?
Given the short deadline, it’s important to cover absolutely everything as far as the contract and your property presentation is concerned. We encourage buyers to present their best offer (highest price) straight away. You have the right to refuse any – or all offers – if they are not acceptable.