Selling a house is a multi-step process. While there’s a general process that needs to be followed, the journey is unique for everyone. The strategy, for example, will be different for someone who needs to sell a property fast vs. a downsizer.
The real estate market, the property’s location and your individual situation all determine how you’ll ultimately sell.
There are three ways to sell your property:
This is the high-energy ‘going once, going twice’ style of selling a house. Prospect buyers come together at a public auction, to put in bids. The property is sold to the highest offer. The auction is held on a specific date and led by an auctioneer. The bidding starts at a reserve price, which is the minimum amount you’re willing to accept for the sale. The contracts are signed and deposit is paid, with no cooling off period.
Healthy competition and urgency can increase sale price. A good strategy for fast sales. The guarantee of a reserve price.
Some prospects might prefer a private sale. The added cost of an auctioneer, alongside the real estate agent. No cooling off period can deter good buyers. The highest price is still market-conditional. Advertising costs are more expensive than private sale.
In the past two years, private sales were popular — given the demand of buyers and the pandemic restrictions on gatherings. In a private treaty, the seller and real estate agent decide what to list the property for. The agent will negotiate with prospective buyers to reach or surpass this price. This is the most common method of selling a property in Australia. It gives homeowners more control over the process and outcome.
Greater flexibility to set and adjust the price. Attract buyers within a certain price range. Agents have access to a database of active buyers. A low-stress process. The luxury of time, to consider options and negotiate. A standard cooling-off period.
The possibility of underestimating value, if it doesn’t go to auction. Buyers negotiate down, not bid upwards. Open the house for inspections. No set timeframe for the sale.
This format is the silent version of an auction. Expressions of Interest (EOI) are gathered by a set date, without disclosing the sale price. This means buyers submit their best offers in writing based on perceived property value, with the sale going to the highest price. With no negotiations, it’s a fast process.
To put their first and final offer forward, buyers will view the property and get their affairs in order (including finances) before making the offer. It blends the benefits of both auctions and private sales — letting prospects bid for the property, without the stress of a public format.
The property will usually be on the market for four to six weeks. If the seller isn’t satisfied with the offers, the property may be placed on the market as a private sale. EOIs can be repeated. EOIs are more suited to high-end or premium properties.
The intensity of an auction, without the public pressure. Generates competition and allows prospects to decide what to pay (likely higher in the current market). All bids are confidential. Accept or reject offers. Attracts only serious buyers.
Unable to predict the offers. Prospects might be conservative in their offers. Three-day cooling off period (could result in withdrawing the offer). If rejected, it can take time to repeat the process.
Whichever option you choose — auction, private or EOI — you need a good real estate agent by your side. Not just any agent or the one you know in town. One of the top three performing real estate agents in your area.
Agent Select helps you find these agents with our custom-designed sophisticated algorithm — then connect you to each of them before you choose which one you want to work with. Here, you can organise a property valuation and make an informed decision. Go through all of the questions you want to ask a real estate agent.
Rather than inundating you with dozens of calls from agents hungry for a commission, like other comparative websites, we give you the control.
Alongside your chosen agent, your Agent Select support representative will be alongside you, until the successful sale — at the highest possible price. Our service is free, independent, and Australia-wide.
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