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Your choice of marketing methods...
Following is an outline of the three most common methods of marketing property for sale. Property marketing has become quite sophisticated in recent years, so your choices are almost endless. You may select one of the methods below or even a combination of all three.
Auction
A public auction is generally a 5 week strong marketing campaign where all interested parties gather at the conclusion of the campaign to bid publicly for the property’s purchase (offers can be made and accepted prior to the auction date if the seller desires). Now this can be the best or worst way to market your property for sale. If you have a property with broad market appeal, then it can be ideal. If you are searching for a specific type of purchaser, or have varied needs yourself – such as an extended settlement, then it may be too limiting for you.
Many agents will suggest an auction campaign, regardless of the property or owner’s needs as they are relatively easy to manage and provide a result in a specific time frame. We will discuss the auction process with you in greater detail so you can decide if it’s the best path to follow.
Private treaty
A private treaty sale offers plenty of flexibility. You can advertise with or without a price, use a price range, plus you have no limitations concerning time. It may take a week, or months – depending on your requirements. Similarly, there is often no sense of urgency for buyers. Again this is a very effective method of marketing for the right property, under the right set of circumstances. Once we discuss your needs in more detail, we can explain the real benefits if this method is more suitable for your property and circumstances.
The mistake sometimes made with private treaty is thinking that this allows you to “save” money on advertising and property marketing. This can have the very real and opposite
effect of costing you both time and money. At John Flood & Co. we have a saying…”It’s hard to sell a secret.” Poor or no marketing investment can see a sluggish buyer response to your property. This can cause a timeframe “blow out” and a “what’s wrong with it” buyer view if your property “hangs around” too long on the market.
Expressions of interest
Expressions of interest or tender marketing asks the buyer to put forward their highest and best offer – almost like a “closed door” auction. Sometimes there is a deadline for
submissions, sometimes not. Tender arrangements are reasonably common for development sites and commercial purchases, however not so with residential sales. The result can be
tremendous as buyers may offer a higher price in exchange for amended terms of sale, such as a delayed settlement, or lesser deposit. Everyone has different needs and this method identifies exactly that. As it’s not a common marketing method for residential property, it can frighten potential purchasers – so again this method is suitable for some properties but not others.
It depends on your most likely buyer profile and your specific needs.
Remember, the name of the game is to make it easy for purchasers to buy. Every marketing method has its place. Your agent will explain the most suitable method to your individual situation.
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