Every property is different, but when it comes to selling, there\u2019s only three ways to do it: auction, private treaty or sale by expression of interest.<\/strong><\/p>\n Understanding the options \u2013 which each have advantages and disadvantages, depending on market and area trends \u2013 then choosing the best method of sale is crucial for all vendors.<\/p>\n There are three ways to sell \u2013 auction, private treaty or sale by expression of interest. Picture: Getty Images<\/p>\n<\/div>\n Most people are familiar with auctions, which have become increasingly popular across the country, and are often depicted on reality TV.<\/p>\n An auction is a private sale held at a specific place, time and date, after a marketing campaign over several weeks. A licensed real estate<\/a> agent conducts the auction and sells once a reserve price is reached. Auctions are governed by strict rules and regulations, which differ in each state and territory.<\/p>\n An auction is a private sale held at a specific place, time and date after a marketing campaign. Picture: Getty Images<\/p>\n<\/div>\n Private treaty (or private sale) sees a property listed<\/a> for sale through a licensed real estate agent<\/a>, with an asking price attached.<\/p>\n The property is marketed, and potential buyers make offers to the agent, who presents them to the seller, who decides whether to accept or not.<\/p>\n Typically, negotiations go back and forth until an agreement about price and terms is reached. Multiple offers are often managed by the agent, with all discussions done in private.<\/p>\n Private treaty sees a property listed for sale through a licensed real estate agent, with an asking price attached.<\/p>\n<\/div>\n Sale by EoI sees vendors invite buyers to submit an offer<\/a> to purchase their property, by a specified time and date. Each potential purchaser puts forward their best and final offer in writing.<\/p>\n Generally, a property will be on the market for four to six weeks, to enable the vendor to market the property and ensure ample time is given for buyers to look through the home, finalise their finance and decide on a price. Potential buyers then put in submissions.<\/p>\n The vendor reviews the submissions and chooses the EoI that interests them the most.<\/p>\n Sale by EoI sees vendors invite buyers to submit an offer to purchase their property, by a specified time and date.<\/p>\n<\/div>\n But which sale method is best? LJ Hooker\u2019s national auction manager David Holmes says in almost all situations, an auction is the way to go.<\/p>\n He says an auction date creates a sense of urgency, preventing buyers from delaying their decision. It also brings all interested buyers together at the one time, creating a competitive environment.<\/p>\n \u201cAn auction says \u2018act by this time\u2019 and that works in the sellers\u2019 favour,\u201d Holmes says.<\/p>\n Auctions attract more prospective buyers, because they\u2019re not put off by an asking price, he adds.<\/p>\n If you\u2019re selling in Sydney, an auction is the way to go.<\/strong><\/em><\/p>\n \u201cBuyers can look through the property and have a chance to make an emotional connection with it. Whereas they might see a price on a private sale and think \u2018oh, it\u2019s out of my range\u2019 and not even look at it.\u201d<\/p>\n He says an auction is powerful because it\u2019s transparent. \u201cIt\u2019s the purest way to know what the property is worth in the market. If bidding stops, you\u2019ve got a clear indication of where it sits,\u201d he says.<\/p>\n Having an auction doesn\u2019t prevent a private sale, if the right price is offered before auction, or being sold after auction, if it\u2019s passed in, Holmes says.<\/p>\n
\n <\/p><\/div>\n Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"![\"how](\"https:\/\/i0.wp.com\/www.realestate.com.au\/blog\/wp-content\/uploads\/2017\/08\/23164450\/how-to-sell-your-property_2000x1500-1024x768.jpg?resize=1024%2C768&ssl=1\")
<\/p>\nAuction<\/h2>\n
![\"preparing](\"https:\/\/i0.wp.com\/www.realestate.com.au\/blog\/wp-content\/uploads\/2017\/08\/23164454\/preparing-for-auction_2000x1500-1024x768.jpg?resize=1024%2C768&ssl=1\")
<\/p>\nPrivate treaty<\/h2>\n
![\"\"](\"https:\/\/i0.wp.com\/www.realestate.com.au\/blog\/wp-content\/uploads\/2016\/11\/12162346\/For-sale-sign-2000x1500-1024x768.jpg?resize=1024%2C768&ssl=1\")
<\/p>\nSale by expression of interest (EoI)<\/h2>\n
![\"Agent](\"https:\/\/i0.wp.com\/www.realestate.com.au\/blog\/wp-content\/uploads\/2016\/09\/23154407\/agent-2000x15001-1024x768.jpg?resize=1024%2C768&ssl=1\")
<\/p>\nWhich is best?<\/h2>\n