SELLING A PROPERTY IN AUSTRALIA
There are 3 traditional to sell a property in Australia:
At Kincade International Realty (KIR), our sellers will decide which method of sale will be best suited for their property. Our agents will present these 3 methods and discuss the merits of each sale process. It is important to understand the 3 ways to sell a property, so our buyers can therefore make can make an informed decision.
1. Selling a property Private Sale
A Private sale / Private Treaty happens when a property is listed for sale with an asking price. Interested buyers can then make an offer to the listing agent, who in-turn presents the offer to the seller. The agent will negotiate with prospective buyers to achieve the best price and conditions for the seller.
Our listing agents have a fiduciary responsibility to the seller. If a buyer is not represented by a buyer’s agent, the listing agent can only present the offer, they do NOT represent the buyer or negotiate on the buyer’s behalf.
A Private Treaty / Private Sale gives more control to the seller, they can take time to consider offers and negotiate until they are happy to accept an offer.
2. Selling a property by Expression of Interest / Tender
This method of sale is similar to an Auction. It is a closed silent auction. Buyers are invited to submit their best offers and final offers by or on a specific date and time. After the closing date, the seller and their KIR agent will review the submitted tenders and accept, reject or negotiate with buyers to achieve an outcome both the buyer and seller is happy with.
3. Selling a property by auction
A real estate auction is a public sale of a property where prospective buyers gather to publicly bid on a property. If the property reaches the reserve price set by the seller, or if the seller is happy with the price, when the gavel falls, the property will be sold to the highest bidder. Contracts are signed, a deposit will be paid, and as there is no cooling off period the buyer is legally obliged to buy the property.
An auction is held on a particular date and at a specific time, this creates a level of urgency. By grouping all interested buyers together at one time it can also have the effect of creating a competitive environment, and as we have seen right across our network, it can help ensure the highest possible price is achieved.
Our goal at KIR is to sell your property for the best price and conditions for the seller.