{"id":7356,"date":"2017-12-04T00:00:28","date_gmt":"2017-12-04T00:00:28","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/auction-vs-private-sale-which-is-right-for-you\/"},"modified":"2017-12-04T00:00:28","modified_gmt":"2017-12-04T00:00:28","slug":"auction-vs-private-sale-which-is-right-for-you","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/auction-vs-private-sale-which-is-right-for-you\/","title":{"rendered":"Auction vs private sale, which is right for you?"},"content":{"rendered":"

<\/p>\n

\n

It\u2019s the big question every seller faces: go to auction or have a private sale?<\/strong><\/p>\n

Both methods have pros and cons and according to one expert, the decision about which one to choose should take into account a variety of factors, such as the location of the property, its type and style and the level of interest and timing.<\/p>\n

\"Auction.<\/p>\n

Private sale or go to auction? Both methods have pros and cons. Picture: Getty<\/p>\n<\/div>\n

Arch Staver, sales director at Nelson Alexander, says there\u2019s no simple answer as to which method is best.<\/p>\n

\u201cIt\u2019s always on a case-by-case basis and very much depends on the property,\u201d he says.<\/p>\n

Staver says a good agent will help vendors make the call that will get the best result. He explains the different sale methods and what vendors need to weigh up.<\/p>\n

Going for auction<\/h2>\n

An auction is a sale held at a certain place, time and date, after a marketing campaign. A licensed real estate<\/a> agent runs the auction and sells once a reserve price is reached.<\/p>\n

Auctions are governed by strict rules and regulations, which are different in each state and territory.<\/p>\n

Staver says auctions are a popular method of sale, especially in Melbourne, and have many benefits.<\/p>\n

He says they\u2019re particularly suited to properties that are in high demand or unique in some way. They create competition and are a transparent process for all parties.<\/p>\n

\u201cAuctions can be emotional, so they inspire urgency and competition. That competitive nature can get bidders really determined and fired up. All of this tends to drive the price up,\u201d Staver says.<\/p>\n

At auction, vendors also have the protection of a reserve price \u2013 the lowest amount they\u2019re willing to sell for. There\u2019s also the possibility of selling for more than the reserve.<\/p>\n

Staver says because an auction happens in the open, vendors can be confident they \u201cgot the best they could\u201d for the property.<\/p>\n

The biggest negative is that public nature of auctions, Staver says.<\/p>\n

\u201cSome people simply aren\u2019t comfortable with having an auction, with people coming through their homes and having an auction out the front that\u2019s open to the public,\u201d he says.<\/p>\n

In this case, it\u2019s possible to have a private auction, with only invited bidders, Staver explains.<\/p>\n

Market insights: Get up to date information for when you sell your property.\u00a0<\/strong><\/p>\n

Listing a private sale<\/h2>\n

A private sale is when a property is listed<\/a> for sale through an agent, with an asking price attached. The property is marketed and potential buyers make offers<\/a> to the agent, who presents them to the seller, who decides whether to accept or not.<\/p>\n

Staver says a private sale can be less stressful for some sellers. He says private sales are ideal for properties in areas experiencing less demand and where comparable sales data can ensure the vendor the price they set is right.<\/p>\n

\"rural<\/p>\n

Your home needs to be in demand in some way for an auction to be successful. Picture: Getty<\/p>\n<\/div>\n

The whole point of the auction is to inspire competition between buyers, so there\u2019s no point going to auction if the demand just isn\u2019t there, Staver says.<\/p>\n

\u201cThis method of selling also offers great privacy, if that\u2019s a concern. Not everyone is comfortable with having the sale price of their property be public knowledge,\u201d he says.<\/p>\n

The private sale process can also be less costly than an auction. With a private sale, there is also a cooling off period, which gives the buyer time to change their mind.<\/p>\n

Staver says the decision about which method to go with should be made by the vendor and agent, in collaboration.<\/p>\n

\u201cUltimately, it\u2019s a personal decision and you have to do what you feel comfortable with.\u201d<\/p>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s the big question every seller faces: go to auction or have a private sale? Both … Auction vs private sale, which is right for you?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7357,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[695,4811,1403,516,205,62,12908,543,127,617,3058,1004,3021,41,818,84,385,61,17],"class_list":["post-7356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-agent","tag-an-agent","tag-buy","tag-estate-agen","tag-estate-agent","tag-for-sale","tag-home","tag-home-buying-guide","tag-homes","tag-house","tag-location","tag-marketing","tag-private-sale","tag-property","tag-real","tag-real-estate","tag-real-estate-agent","tag-seller","tag-vendor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/auction_bid_getty_a-1024x768.jpg?fit=1024%2C768&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":11404,"url":"https:\/\/amazingproperty.com.ng\/blog\/should-you-go-to-auction-or-private-sale\/","url_meta":{"origin":7356,"position":0},"title":"Should you go to auction or private sale?","author":"Amazing Property","date":"November 21, 2022","format":false,"excerpt":"When selling a property, you have to make a lot of decisions, but one of the most important ones is about the method of sale; auction or private sale? Often depicted on reality TV, auctions are a competitive, public process that can help drive up the selling price, while private\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"private sale","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2021\/04\/38d2ec7c300773a2a3d789dcef016832-scaled.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2021\/04\/38d2ec7c300773a2a3d789dcef016832-scaled.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2021\/04\/38d2ec7c300773a2a3d789dcef016832-scaled.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2021\/04\/38d2ec7c300773a2a3d789dcef016832-scaled.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2021\/04\/38d2ec7c300773a2a3d789dcef016832-scaled.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":5863,"url":"https:\/\/amazingproperty.com.ng\/blog\/which-selling-option-is-best-for-me\/","url_meta":{"origin":7356,"position":1},"title":"Which selling option is best for me?","author":"Amazing Property","date":"August 24, 2017","format":false,"excerpt":"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. Understanding the options \u2013 which each have advantages and disadvantages, depending on market and area trends \u2013 then choosing the best method of sale\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"how-to-sell-your-property_2000x1500-1024×768.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/how-to-sell-your-property_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/how-to-sell-your-property_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/how-to-sell-your-property_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/how-to-sell-your-property_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":2342,"url":"https:\/\/amazingproperty.com.ng\/blog\/sell-house-privately\/","url_meta":{"origin":7356,"position":2},"title":"How to: Sell your house privately","author":"Amazing Property","date":"March 25, 2017","format":false,"excerpt":"\u00a0 Lots of homes in Australia are sold via private treaty. If reality TV is to be believed, just about every house sold in Australia goes to auction \u2013 but the truth is, the majority of residential sales use private treaty. Distinct from the dramatic auctions often portrayed on television,\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/Couple-and-agent-2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/Couple-and-agent-2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/Couple-and-agent-2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/Couple-and-agent-2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10487,"url":"https:\/\/amazingproperty.com.ng\/blog\/selling-and-buying-homes-at-online-auctions\/","url_meta":{"origin":7356,"position":3},"title":"Online auctions : Selling and buying homes at online auctions","author":"Amazing Property","date":"August 19, 2020","format":false,"excerpt":"In what feels like the blink of eye, buying and selling property via online auctions has gone from future possibility to very real reality. The COVID-19 crisis has prompted the entire real estate industry to expedite longer term plans to offer such services entirely online and with parts of Australia\u2026","rel":"","context":"In "RealEstate"","block_context":{"text":"RealEstate","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/realestate\/"},"img":{"alt_text":"Online auctions","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/08\/Real-estate-blog-in-Nigeria.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":9980,"url":"https:\/\/amazingproperty.com.ng\/blog\/how-to-buy-property-through-private-sale\/","url_meta":{"origin":7356,"position":4},"title":"How to buy property through private sale","author":"Amazing Property","date":"March 26, 2020","format":false,"excerpt":"\u00a0 Amid the COVID-19 pandemic more agents and vendors will opt for private sales as bans on gatherings have taken effect around the country. Prime Minister Scott Morrison announced on Tuesday that all in-room auctions and group open homes would cease from midnight Wednesday, leading the industry to take the\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"property","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/03\/sandy-bay-streets-45.jpg?fit=549%2C365&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/03\/sandy-bay-streets-45.jpg?fit=549%2C365&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/03\/sandy-bay-streets-45.jpg?fit=549%2C365&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11023,"url":"https:\/\/amazingproperty.com.ng\/blog\/choosing-a-real-estate-agent-to-sell-your-house\/","url_meta":{"origin":7356,"position":5},"title":"Choosing a real estate agent to sell your house","author":"Amazing Property","date":"December 10, 2020","format":false,"excerpt":"Did you know that choosing a real estate agent to sell your house matters a lot ? Having the right real estate agent can make the difference between selling your home for a great price or just making your reserve. Research and local knowledge are crucial to getting the best\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=7356"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7356\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/7357"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=7356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=7356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=7356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}