Agency types
Auction
Auction campaigns tend to be very successful as they are designed to capture the maximum amount of attention within a set timeframe and the sale result is unconditional. The open environment on auction day ensures each buyer performs at their highest level. You know exactly what other people are bidding, and at the end of the day, you know what you pay is true market value.
Buying under the hammer – purchasing on auction day under the hammer is unconditional and on the terms set out by the vendor. Buyers can view these terms and conditions and if they have variations they wish to make such as an adjusted deposit price, or a different settlement date as to what is on the conditions of sale, these must be made formally in writing and signed by the buyer and vendor before the auction takes place.
Buying pre-auction – any pre-auction offers must be unconditional. As mentioned above, variations can be made to the conditions of sale if they are formally in writing and signed by both parties.
Facts:
the best possible price can be obtained through open buyer competition
- the time frame and sense of urgency gives the buyers a focus and an incentive to perform
- price will not be an objection and therefore we can establish a buyer’s need to own your property
- no buyer will be in a position to compare your property with another on a price basis alone
- you, the vendor, have control right throughout the campaign and can dictate the terms and conditions including settlement date
- the sale is unconditional.
Sale by Tenders Close
Tender campaigns are very similar to Auction campaigns. Both are within a set timeframe, are private and confidential and can determine your property’s true market value.
A tender campaign retains confidentially between purchasers and allows the vendor to deal with the preferred party, should they wish. It sets a specific timeframe within which a formal offer must be made. Unlike Auction campaigns, offers may include conditions or trades as part of the purchase price. However, it does require the purchaser to submit on the vendor’s pre-determined terms and conditions. One of the main attractions is there is no price marketing so you are never limited by an asking price that maybe to high or low.
Facts:
- the time frame and sense of urgency gives the buyers a focus and incentive to perform
- price will not be an objection and therefore we can establish a buyer’s need to own your property
- no buyer will be in a position to compare your property with another on a price basis alone
- allows you, the vendor, to deal in a confidential manner with your preferred purchaser
- allows purchasers to complete their due diligence of your home as they are able to submit conditional offers.
Sale by Expressions of Interest (EOI)
Expressions of interest also capture the maximum amount of attention within a set timeframe, however the difference between a Tender campaign and an EOI campaign is that offers submitted can be based on the purchaser’s terms and conditions - not the vendors. Again the advantage is there is no price marketing so there are no limits for buyers to make an offer.
Facts:
- Requires parties to register their interest in the home within a specified period of time
- unearths buyers who are interested in commencing negotiations for the purchase of the home
- invites the purchaser to submit expressions of interest on their terms and not vendor terms
Sole Agency
A specified salesperson from Bayleys is committed to the marketing of your property. All advertising will display their name and the company’s logo and name, so buyers can recognize the listing agent easily. Like with all listing methods, the agent will provide you with weekly vendor reports with information from the open homes, website hits and other advertising enquiries.
At Bayleys take pride in our ability to factor in the many variables of selling a home. We generate fresh marketing ideas to create and concentrate demand by getting the right messages through to prospective buyers.
Facts:
- Can advertise a sale price
- No set sale date
- Invites the purchaser to submit offers on their terms
