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Choosing your method of sale

Choosing your method of sale

A lot of homeowners are oblivious to the numerous modes of property sale that are at their disposal. In most instances, homeowners simply set a fixed price for their property and simply list it for sale. However, there are more options that you can utilise for a quick sale. In addition, these options can enable you to effectively attain the best price for your house. We provide you with the alternatives and aid you in choosing your method of sale.

1. Auction

One of the biggest issues that home buyers are faced with is the ever increasing cost of property. This situation is economically brought about by a deficit in supply and demand. As such, one of the best ways you can achieve a premium price in a highly competitive market is by selling through an auction. Auction is also an excellent opportunity to get more for your property than what you would have originally anticipated.

Auctions create an environment that encourages interest for multiple buyers. Another added bonus is that with enough interest, as well as, a realistic price set, then your house should sell by the end of the auction.

Why sell at auction?

Firstly, auctions are an excellent opportunity for you to achieve a quick sale. It also eliminates the possibility of a buyer bailing on you. In addition, demand from multiple buyers can help quickly drive the price up.

How much does selling at auction cost?

The first cost you have to make provisions for is for the auctioneer. Usually, you should expect to pay your auctioneer approximately 2.5% of the price you get foe the property. In addition, you may need to cater for advertising costs. Lastly, you need to pay a solicitor to handle the legal aspects of the entire exercise. It is always advisable to acquire the services of a competent and highly reputable solicitor.

2. Fixed price

Another sale option is to list your house at a definite price. When you price your house correctly it can subsequently lead to multiple buyers expressing interest. The resulting effect is that you will achieve a premium sale price. However, be wary not to over or under price your house. Incorrect pricing can put off buyers hence limiting the market for your house.

3. Tender

A tender process works quite similarly to the auction system. However, there is actually no public auction day. The submission of offers is accepted within a stipulated timeframe. Furthermore, this system presents an occasion for you to create a competitive atmosphere. In addition, prospective buyers only have one chance to make a winning impression. As such buyers endeavour to put forward their most competitive offer.

In conclusion, it is worth nothing you exercise due diligence and carefully consider how to sell your property. Moreover, you should appreciate your present circumstances and pick a solution that thoroughly satisfies them. A real estate agent or agency can be handy in helping you decide the best options for your property.

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Teddy Chibanguza

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