The best way to sell your property – Which method is right for you?

sell-property

What’s the best way to sell a house or unit?

Ultimately, it depends. There are a number of factors to consider before deciding on the sales method that’s right for you.

In this blog, we cover four of the main property-selling methods and provide guidance on making a decision that suits your situation.

The four methods of selling a property in Perth

Private sale

How it works:

With a private sale, you set the asking price for your property. This may be firm or within a negotiable range. You or your real estate agent then run a campaign to promote your property and wait for offers to be made on it.

From here, a number of things could happen:

  • You may receive a great offer that you accept straight away;
  • You may receive a reasonable offer that you or your agent decide to try and negotiate to a higher one; or
  • You may receive no acceptable offers and decide to change your strategy.

Private sale is the most common method for selling properties in WA.

Who it suits:

This method is suited to sellers who want to maintain a high degree of control throughout the sales process. There are no sales deadlines, you set the price, and you don’t need to spend money on auctioneer costs.

Auction

How it works:

When auctioning your property, you or your agent will need to run a campaign to promote your property in the lead-up to the day of the auction. This generates engagement and buzz from potential buyers.

On the day itself, interested parties are invited to compete for your property by placing bids. The highest bidder (above the pre-established minimum or “reserve” price, which is known to only you and your agent) wins the auction and purchases your property, provided they can supply a 10% deposit when the hammer falls.

While auctions are not particularly common in WA, they are very common on the East Coast.

Who it suits:

Auctions can be a great way to weed out unserious offers, create a sense of urgency and drive competition between buyers. This makes them a good approach if you’re confident there is interest in your property and want to avoid an extended offer and negotiation process.

End-date sale

How it works:

Also known as a tender process, an end-date sale invites interested parties to submit a written offer for your property before an established closing date. On this date, you’ll evaluate all offers with your agent and decide which to accept, if any.

Generally speaking, no sale price is included in the listing, so buyers will submit an offer based on their perception of the property’s value.

Before you begin this process, it’s important to discuss your preferences for conditions of sale with your agent. These will include things like price, settlement date, inclusions and exclusions of the sale (e.g. will any furniture be included), and whether you’ll take conditional offers.

Who it suits:

Tendering for offers puts the ball in the buyer’s court. The success of this approach will largely depend on the level of interest in your property. If prospective buyers can see that lots of people are viewing the home, they will be more inclined to make a competitive offer. If interest isn’t apparent, they may lowball. The latter eventuality will likely result in no sale, which can then damage your property’s credibility if you choose to re-list in the future.

Off-market sale

How it works:

Off-market sales are private and forgo listing the property on the open market. This method of selling is not particularly common, but the higher level of privacy can make it attractive in certain circumstances.

Who it suits:

You might choose to do this if you have a buyer in mind, such as a family member, or if the property is high profile and you only want to invite offers from particular buyers.

Choosing the right sales method

Over the course of this blog, we’ve outlined the applications of various sales methods and the kinds of sellers they suit.

That being said, generalisations can only go so far. If you’re thinking of selling, your circumstances may not fall neatly into any one category we’ve described.

That’s when talking to an expert can be useful.

At Access Property Management, our team is here to help. If you have a question about selling your property, simply get in contact and we’ll be in touch shortly to provide assistance.

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Shirley Smith

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Our property management story

We are and have always been a family-run Perth property management company. Founded by Shirley Smith in 1995, the idea for Access Property Management was conceived when Shirley realised there was a high level of demand for dedicated property management agencies, a need not being met by the existing real estate market. The agency is now headed by Shirley’s daughter, Stacy Whiting, who joined the business in 1996, and her husband, Mark Whiting, who has been at the agency for over 19+ years. This longevity focus extends to Access Property Management’s dedicated team of qualified property managers, with most staff working at the agency for 12 years or more.

ORIGINAL FOCUS

Shirley’s original objective was to provide a closer link between property owners and high quality tenants provided by relocation companies and the corporate/executive sector. Over time we extended our services to better cater for the needs of all property investors and quality tenants, who were seeking a higher level of service, focus and experience.

29+ YEARS EXPERIENCE

For over 29 years, our family-owned property management business has impacted the real estate industry in Perth Metro, and based on our results, we’ve established a strong reputation for integrity, distinction and innovation in real estate and management services.

Meet our team of dedicated property specialists.

“I rented a property through Natalie at APM. She was attentive, proactive and professional – everything you could want in a property manager (as a tenant and as a home owner, as I am myself also). I highly recommend APM, their professional staff and convenient services.”

Daniel – Mt Pleasant – Facebook

I would like to personally thank Kelly for her professionalism and pleasant manner when we were applying for a rental. My son Jarrod (18yrs) & daughter Nicole (22yrs) had been applying for rentals all of January with no success & I was disappointed that some of the agencies hadn’t even followed up on their good references to allow for a fair assessment of their application. As Kelly would know we were successful in this application but had to decline as we were also successful in purchasing a property in that same week. Kelly was very understanding and a pleasure to deal with. I will highly recommend your agency .

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