Homepage 360PR newsroom

Auction vs. Private Treaty - which is best for you?

Announcement posted by 360PR 18 Sep 2017

Now we are well and truly in spring season, the property market is really starting to warm up, refreshing the property search. In such a competitive market place, it can be difficult to weigh up what is the best selling method to produce the best results and secure the highest sale price for your property.

Justin Ferguson, Founder and Principal of Ferguson Property Agents, says, “Firstly, it’s very important that you speak with an experienced property agent who has extensive knowledge of past sales in your local area and surrounding suburbs, looking at which methods work best for different types of properties, locations, needs and desired outcomes.

“There are many pros and cons to the different methods of selling a property, you need to make an informed decision on the best fit for you. While private treaties can be less intimidating for buyers, auctions will ensure a quick and definite sale,” adds Justin.

Justin shares the pros and cons of these two popular methods to sell your home to help you make a more informed decision.

Auction Pros:
Flexibility: As the property owner, you have the ability to choose the date of sale, settlement date and make sure all the terms to suit you.
More Security: Provides protection of a reserve so your property won’t sell unless bidding reaches a pre-agreed level.
Win-win: Both buyers and seller can work towards getting a result on auction day, which means the vendor can get a premium through spirited competition.
Spoilt For Choice: The option to sell your home one of three potential ways: prior to auction, auction day or through negotiation.

Auction Cons:
Higher Cost: In terms of a marketing budget and other unprecedented costs.
Personal Preference: Some buyers simply may not like the auction process and could be deterred from viewing your property.

Private Treaty Pros:
No Rush: Provide more time to consider offers from multiple buyers. This is suited to sellers who don’t have the urgency to sell.
Privacy: The ability to withhold certain information from the general public.

Private Treaty Cons:
Uncertainty: Subject to a cooling-off period where the buyer could change their mind during this time.
Lengthy: No specified end date means it may take much longer to sell your property compared to selling via auction, which may not suit everyone.

For more information about Ferguson Property Agents: www.fergusonproperty.com.au