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Auction or Set Date of Sale – which one is better for you?

By Craig Catley

If you're selling on the North Shore, you'll have a few options for how you can sell your house. You may be wondering whether an Auction or a Set Date of Sale is the best choice for you, and while there are benefits to both, there's no hard and fast rule to determine which will be better for your home. An experienced agent will help you make the right decision, but here's what you can expect for either option when you put your North Shore property on the market.

Pros of selling your North Shore property via Auction

The biggest benefit to auctioning your North Shore home is that you can set your reserve price and settlement date yourself. If you've got time specific goals, this is hugely beneficial. In an auction sale, your vendor has three opportunities to sell your property. In additional to selling during the auction itself, they are also able to sell before the auction as well as after, should the highest bid not meet your reserve.

Since potential buyers can't be put off by an asking price that's out of their budget, auctions tend to get more foot traffic. On the other hand, there is no upper limit so you could potentially get a higher price than anticipated. Auctions are also an exciting process, high-profile events that creates a sense of urgency, competitive bidding and a limited time frame can push the price up.

Auctions can be a great way to achieve a fast sale, but are more expensive to advertise.

Pros of selling by private treaty on the North Shore

A Set Date of Sale campaign is simply marketing your home for sale without a set price. This campaign has a set end date to encourage competition between your buyers – buyers respond well to a deadline when choosing to purchase their new home and this method gives them that 'line in the sand' to conduct their due diligence when trying to purchase your property.

With this method of sale, you can entice buyers by offering more privacy and a less pressured way to attempt to purchase your home, your home can also be sold at any point prior to the set date. Buyers can make conditional offers, unlike in Auction campaigns, enabling their due diligence to be conducted during or after the Set Date of Sale closes. All offers are also confidential, contrasting to an Auction campaign where the bidding is public. This can mean that an emotional buyer may offer substantially more than the other potential buyers due to the 'blind' nature of submitting offers in a competitive manner without a listed price for the property.

Set Date of Sale is a tried and tested method of selling real estate that has a great conversation rate. The ultimate benefit here is that it provides greater flexibility for negotiation, which can work in the favour of both buyer and seller.

An agent will be able to help you chose the best sales channel for you, as well as help you decide on a price. Get in touch with a member of our expert real estate team today.

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