There are a number of different marketing strategies that can be used to sell a effectively property, including;
Sale by Private Treaty
This method of sale usually involves quoting a price at the commencement of the program. An allowance is usually included for price negotiation. It allows interested parties to make enquiries and negotiate terms and conditions.
In addition to quoting a single price, other price marketing strategies have been to advertise, say “offers over” a specific price or to give a price range.
Whichever strategy is implemented, there is no fixed time limit and negotiations and legal discussions may be prolonged. It is however a more subtle approach and can be a preferred method of sale. For example if you require a delayed settlement to insure you have time to find another property then this can be arranged at the time of negotiation.
Sale by Soft Marketing
This form of marketing works well on a small number of properties, especially under developed properties. High prices can be achieved but in some instances because the property is not offered to the public in a competitive atmosphere, some purchasers do not have the opportunity of paying their maximum price and they can be quite coy in the negotiating stages.
The marketing can be varied from property to property but generally speaking the marketing is through our exclusive client database and network which is large enough to attract a fair price with minimal advertising and promotion.
Sale by Expressions of Interest
Sale by expressions of interest is an interesting way of negotiating a sale, the agent has to be extremely competent and skilled. The advertising campaign is similar to an auction, the difference is that there is no public auction, just individual negotiating with interested parties. Essentially it is a “dutch” auction where a time limit is given for purchasers to submit their best offer.
Sale by Public Auction
Sale by public auction is one of the most popular and successful methods of sale. In a competitive atmosphere the auction system encourages free market forces to bid in full view of all in attendants which ensures the best price achievable at the fall of the hammer.
Due to an undisclosed reserve price and an intensive marketing program focusing on one date, a sense of urgency and excitement is created and purchasers have to organise various checks on the property and make financial arrangements if they are serious about bidding.
Properties sold at auction are not conditional on matters such as cooling off periods, subject to clauses or finance approvals.
With a successful auction the vendors achieve an unconditional contract with a settlement date usually 42 days later.
It is common that in the event of a property not being sold at the auction, it is sold to purchasers who have inspected the property during the auction programme.
GOING, GOING, GONE!