There are many ways of selling your property, and the most common in inner-city areas are private treaty or auction.
Private Treaty: When selling by private treaty there are three options, including exclusive, sole and open. Exclusive authorizes one agent with the listing, and provides more of an incentive for the agent to work hard to secure a sale. Sole is similar, however, the vendor is allowed to sell the property privately if the buyer did not come through an open home and the vendor does not have to pay commission. Open gives the property to a number of agents and the commission goes to the first agent who sells the property, which is advisably the worst option as there is no control.
Auction: A predetermined date for the auction is determined, with a standard of four to six weeks for the campaign. Buyers have to complete their due diligence prior to the auction date, as when you purchase at an auction you must be cash unconditional, as the contract is condition-less. The benefit of an auction is removing a price from the property and allowing the market to determine where you property sits and putting the buyers into competition to maximise price.
The best way to determine which method is the best in selling your property, is to discuss the various methods with your agent or better still contact me and I will provide professional advice based on your needs.
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