Real Estate is a profession entrusted with the primary wealth of the community, a responsibility we take very seriously. You have the right to expect and get the highest possible price for your property and the entire selling process to be a positive experience – to us, that’s what “great service” is all about. This is why we design every one of our campaigns from the ground up - tailoring them to suit the vendor, the property and the market in which we are operating. A key element of this approach is the method of sale, which can become a powerful driver in engaging buyers and creating competition.
With its potential to create competition, theatre and outstanding prices. Choosing to auction a property increases awareness and builds a sense of urgency with a short, three or four week campaign culminating with a firm call to action to anyone who may have an interest. An auction requires viewings and inspections and is best suited to vendors happy to have their property widely advertised and accessible during the campaign. As a vendor you have the right to sell prior to auction should an attractive offer be received. At auction, the property is sold to the highest bidder once the vendor’s reserve price has been reached. If the property fails to sell at auction, it is generally then placed up for private sale.
This method of sale gives buyers an immediate certainty as to what price will buy a particular property. Generally the asking price forms part of the marketing push and is highlighted in any marketing material. This process requires considerable research and consideration in relation to comparable sales, to ensure the asking price is able to satisfy the vendor’s expectations and yet still meet the market’s assessment of the property’s value. Private Treaty sales can be a convenient and less forthright option for the vendor.
EXPRESSIONS OF INTEREST
This method of sale brings together elements of the auction and the private treaty sale. It offers the discretion and privacy of a private campaign, whilst still drawing on the urgency and competition associated with an auction. An Expression Of Interest campaign will typically run for a period of five weeks, with a specified closing date for the submission of private offers. Whilst similar in some ways to a sale by tender, this method allows for negotiation with numerous parties throughout, and even the possibility of a sale prior to the closing date. In a cautious market where buyers may be reluctant to bid at auction, or in the case of a vendor or property who desire greater control and discretion, this method of sale is particularly well suited.
BOARD ROOM AUCTIONS
Boardroom auctions can be a lucrative and powerful culmination to any style of campaign. For the most part these auctions are somewhat impromptu and emerge when two or more parties who have made acceptable offers are given the opportunity to compete in a private auction forum to secure the property. These are generally considered a highly successful development in any campaign – with the vendor already in receipt of a worthwhile offer, which has the potential of growing even further in the competitive auction environment. These forums are generally held at the Dukes Estate Agents offices, with all competing parties or their representatives participating either on site or via telephone to ensure a swift and certain outcome is achieved by the close of proceedings.