Methods of Sale – Ross Hunt
A marketing program is set over a specific time frame – normally 4 to 5 weeks during which time the property is aggressively advertised and potential bidders recorded.
During the marketing period any interest is communicated to you and should an offer be received that you decide to accept, the property may be sold prior to auction. This would only occur after a full consultation with ourselves and you the vendor.
An auction sale ensures an unconditional sale with no ‘cooling off’ as far as the purchaser is concerned. A full 10% deposit is paid by the purchaser with settlement to suit you the vendor.
Without a specific asking price the auction system allows the property to find its own level in the market. Under competitive conditions, expectations for vendors may well be exceeded.
In many cases, an auction is the best way to sell a property, and our recommendation is always noted at the end of our property appraisel if this is the case.
For Sale by Negotiation/Private Sale
A well proven method of sale where a vendor may feel more comfortable with an asking price and is prepared to negotiate from that level.
A price range is given and prospective purchases then negotiate normally within these limits. In some cases more than one offer is received, expectations may well be exceeded.
With private sale, there is a ‘cooling off’ period of 3 clear business days after a purchaser signs a contract, unless prior legal advice has been sought prior to signing the contract by the purchaser.
While we encourage ‘unconditional’ sales, there is always the possibility that a purchaser may wish to include specific conditions for the sale. These can include finance clauses, building inspections etc.
Private sales are normally open ended, with no specific time frame a property may be on the market. We believe that in general a 30-60 day time frame to sell is the most appropriate to achieve the best result, although in the current market we are selling many properties within a week of being placed on the market.
Upon receiving your instructions, we immediately commence planning and coordinating your marketing campaign which would include arranging the appropriate sign board, writing and placing the agreed media advertising, ordering of photographs, sketches and floor plan and preparation of brochures, window displays (as arranged within your marketing budget) and placement on the internet.
Internet is the number one source of enquiry at present and includes four different sites
The Melbourne Age is still a means of advertising. The Age can vary from modest small ads to large ones, however we tailor each ad to suit the property.
Two Chinese publications – which are very reasonably priced and reach a large number of people. These are a superb avenue for our marketing.
For Sale or Auction Boards – statistics have indicated that 30% of sales come from ‘Boards’. We use the following:
Basic “For Sale” Board
Sale Board with descriptive text
Sale Board with descriptive text and photos
Local Paper – usually the Leader Progress Press or similar
While the above represents the typical private sale approach, we can adapt the program to suit the client’s needs. In many cases, the internet and brochures are sufficient, minimizing the costs.
These do not apply where convenience is an issue or for some reason they are not possible. However, our recommendation is to open a property for inspection at specific times, normally on a Thursday and a Saturday for 30 minutes duration.
During these times, we take the name, phone number of all persons attending the inspection. In many cases personal ID is also required as a security precaution.
With tenancy situations, we liaise with the managing agent and tenant to ensure the inspection and access times are convenient for all parties.
Where properties are vacant we take care to leave the property exactly how it was before the inspection
Private appointments supplement open days and are often used for second and subsequent inspections where appropriate. Sometimes these are conducted after hours. In all cases, tenants and vendors are contacted where appropriate so that plenty of notice is given and inconvenience minimized.
You will be kept fully informed of buyer reaction regularly after open inspections and appointments and recommendations made to you accordingly.
Here we make recommendations as to any work necessary to enhance the value of the property being sold. As we are also owners corporation managers, we have excellent avenues for trades people to carry out work at negotiable prices.