Selling your property can be a challenging decision, but once you've made up your mind, you face even more choices, including how to sell your property. In Perth, Western Australia, it's essential to explore the various sales methods to ensure a successful and stress-free transaction.
Auction vs. Private Treaty: Which is Right for You?
According to REIWA's latest quarterly data, properties sold by auction in Perth have a shorter average selling time than the average for private treaty sales. This shorter time on the market translates to fewer home opens, inspections by appointment, and reduced stress for sellers.
Private Treaty Sales
Private treaty is the most common method used by buyers in Western Australia. In this approach, your property is listed on the market for an indefinite period, typically until it sells. The campaign includes ongoing advertising and regular home opens.
Auctions: A Faster Selling Option
Auctions are another viable option for selling your property. Typically, an agent conducts a four-week marketing campaign leading up to the auction day. While auctions are more popular on the East Coast, they offer several benefits:
The short, intensive marketing campaign makes your property stand out.
The auction date sets a deadline for buyers, encouraging quick action.
You gain insight into the market's willingness to pay for your property.
There are three opportunities to sell: before the auction, on auction day, or after.
Properties sold by auction often have shorter time frames than those sold via private treaty.
Sale by Date: Combining the Best of Both Worlds
The method known as "Sale by Date" combines auction and private treaty advantages. In this approach, the property is advertised with a specific deadline for sale and typically undergoes a month-long marketing campaign.
Unlike auctions, the sale by date method doesn't advertise a fixed price. Interested buyers must contact the agent, and the deadline compels them to act swiftly. This method reduces the pressure associated with auction day.
Sale by date is particularly useful when determining a property's market value is challenging. It also provides valuable feedback from potential buyers. This approach eases the burden on buyers, as they can make offers subject to finance or sale.
This marketing method generates significant interest and responses, with properties spending less time on the market than those relying solely on the private treaty method. If a property doesn't sell by the specified date, it transitions to a private treaty sale, often achieving a sale within a reasonable timeframe due to the initial interest generated.
If you're contemplating selling your property, consult your local real estate agent to determine the best sales method for your unique situation. Don't leave the decision to chance—choose the approach that aligns with your goals and market conditions to secure a successful sale in Perth, Western Australia.
Once your property is sold, Adaptive Settlements are your trusted settlement agent. With our extensive experience and commitment to excellence, we'll ensure a smooth and stress-free property transaction process.
Contact Adaptive Settlements today and let us help you achieve your real estate goals.
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