10/ Crucial Element 3
Crucial Element 3 Method
Auction
Deadline
An auction is a great option for homes that are highly desirable or difficult to price precisely.
A Deadline sale method is fundamentally the same as that of an auction, except it allows maximum flexibility for the vendor to accept the offer the vendor is most happy with.
The auction method leaves the outcome open, while also accelerating the sale process by placing a closing date on the marketing process. Compelling buyers to make a decision prior to the auction date, creates a heightened sense of urgency and excitement in the buyers’ minds, which ultimately helps propel us towards a premium price. However, an auction is not for all homes; rather it is invaluable for some. A marketing plan associated with the auction process calls for a slightly more elaborate campaign. The property needs to stand above its competition, and it is crucial to provide all information about the home in advance.
It also allows more control over choosing when to accept an offer. Offers can be submitted at any time from the first day on the market until the deadline, giving the vendor the right to accept an offer at any time. This method will: • Attract a high level of interest through the marketing. • Create urgency as there is a fixed time frame. • Invite interest on your terms without eliminating purchaser variations. • Ensure that interested parties are given all information required to make an offer (generally excluding LIM and building report.) • Not cap the price, averting the risk of forfeiting a premium price. • Allow you to be able to make decisions without pressure.
