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Last month, City Sales described the auction process, and this month they describe the other options available for selling your apartment. The most popular other options are selling with a price or ‘by negotiation’ or Sale by Tender, which is less common.
Sale by private treaty (often including an asking price) is one of the more common methods employed to sell a property. It sets clear expectations to buyers, as to how much they will need to invest to become the new owner. Vendors should understand that generally a buyer will make an offer below the advertised price and that negotiations stem from there.
By negotiation is also common, but with no indication of seller expectation, can often be dismissed by potential buyers. In City Sales’ experience, properties offered for sale by negotiation tend to stay on the market for longer.
A deadline sale or deadline private treaty is very similar to the tender process but less formal and allows more flexibility, particularly for the vendor. A property is offered for sale with no fixed price over several weeks and prospective purchasers are required to submit their offers at any point by a specified deadline date and time.
It is completely dependent on your circumstances as to which option is right for you. It must be one of the first discussions you have with your agent. Expectations and any personal considerations must be taken into account. If there was a single best way to sell an apartment then there would be only one way that City Sales sold them. But this is not the case.
City Sales work for the vendor which means understanding your goals and developing a strategy to achieve them, so for more information on Auckland property management, real estate agents Auckland and rental property management please go to http://www.citysales.co.nz .