Reasons to consider ‘expressions of interest’ when selling your home?

Tuesday 16 Jun 2020

Top 5 Reasons to consider Expressions of Interest as a selling methodology

In this post I wanted to share some points to consider when deciding on the most appropriate methodology to use when selling your property. There are a numbers of options and to you need to be fully aware of these so you can make an informed decision. This post covers the top 5 reasons to consider a sales by 'Expressions of Interest'

1 Combines key features of both an auction and a private treaty sale: You have a definitive date when tender bids need to be submitted, creating competition and a sense of urrgency to the sale, however the seller then has time to consider each bid and make a decision to accept a bid or not.

2 Potential to secure a price above seller expectations: Bidders only have one chance to submit a bid and are encouraged to put their best foot forward. Additionally, as the property is marketed without a price and the bids are confidential, potential bidders can't base their bid on what others are offering.

3 Seller retains control of the selling process: whilst the seller does not have to accpet the highest tender offer, knowing this figure can also open the door to futire negotiations

4 Helps determine True Market Value: for sellers who don’t have a clear idea of what the property is worth, this tender bidding process can help indicate a true market value. This is useful for unique properties that don’t fit into the market in a neat compartment or there is not many comparable sales.

5 Optimise marketing efforts: due to the 4-6 week timeframe an intense campaign can be put in place to put the property directly on buyers’ radars to make them aware of the home’s existence before the closing date. This specific closing date also means that sales and marketing campaigns don’t last for long periods of time, which saves both time and money.

 

Always putting you first.

Team First National Broadbeach

Written by Paul Arnell - Principal

https://youtu.be/r3d3AS6E6kE