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Selling Tips
The Shore Partners Edge
Market Appraisal
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Methods of Sale
The majority of residential property is sold using one of these methods:
- Auction
- Exclusive Agency
- Expressions of Interest
Each method has its advantages. Depending upon the property and market conditions, one may be more suitable than the other. At Shore Partners we will advise you on the most appropriate and effective method of selling your home.
Auction
One of the main advantages of an auction is that a price does not need to be set in advance. Moreover, submitting your property for auction demonstrates a commitment to sell, and creates a sense of urgency in the minds of buyers.
Auctions are highly effective in generating interest, allowing the highest possible price to be achieved.
The successful purchaser is irrevocably committed on the fall of the hammer. Once the contracts have been exchanged the purchaser cannot, under normal circumstances, rescind the contract.
Exclusive Agency
Your property is placed in the hands of an agent exclusively for a fixed term. The property will be marketed at a predetermined asking price, though this price and the final terms of the contract of sale may change as a result of negotiations.
There are several factors to consider when selling your property by Exclusive Agency. Firstly, the price you put on your home normally sets the maximum price you will achieve. Secondly, because of the open-ended time frame, purchasers feel less urgency to act. Finally, a sale is not unconditional until the formal exchange of contracts.
Expressions of Interest
Although not as widely used for residential property sales, selling by Expressions of Interest can be highly effective if the property is unusual or has a variety of possible uses.
Each prospective purchaser must complete an Expression of Interest form and submit it to the vendor's agent by the closing date. The vendor may choose whichever Expression of Interest he or she prefers and it is common for further negotiations to take place between a "shortlist" of prospective purchasers before the sale is finalised.
To read more about entering into an Agency Agreement to sell your home please click on or download the following Agency Agreement Information Sheet.
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