Find out why HUM & FEA are Hope Island's leading real estate agency.
Methods of sale
Private Sale (Selling it Yourself)
The main advantage to this method of sale is that the seller will "save" on paying an agent commission. Unfortunately the buyer knows this too and will often reduce their offer by the commission you are saving to try to buy the property more cheaply.
You will need to pay a solicitor to prepare Contract documentation which must be executed correctly if the sale is to reach a happy conclusion. If you are in a Body Corporate you must present the buyer with Disclosure statements prior to them signing a contract, otherwise they may not be obliged to settle. Remember, Real Estate Agents have been trained not only in negotiation skills to obtain the best possible price for your property but also in the correct procedures with Contract documentation.
Open Listing (Listing with more than One Agency)
All the agents are seemingly working for you and will be suggesting your property to prospective purchasers, however the reality is that no one takes control of the listing and not all agents know the property to sell it
- Low success rate - The Council of Auctioneers and Agents survey shows that the Open Listing has a 19% chance of selling within 90 days
- No committment from Agents - Agents take no responsibility as they know they have a remote chance of selling the property
- No competition between buyers ;
- Competition between Agents can result in a lost sale or a contract accepted for less than another contract -lack of loyalty
- Agents do not monitor other agent’s activities on a property and there may be many offers submitted, but not coordinated
Exclusive Agency (Marketing with a Fixed Selling Price)
The Agent will concentrate solely on your property andis contracted to work for you for a maximum 90 days.
There is a real committment from your appointed Agent who is working on your behalf and will solely be responsible for negotiating and managing a successful sale. They will provide planned marketing, personalised service & security, with only one sign on your property and real competition from qualified buyers.
Historically, the Council of Auctioneers and Agents survey shows that the Exclusive/Sole Agency method of sale is far more successful than the Open Listing, but still at a relatively low 61% of selling within 90 days.
Selling without a Price (Auction)
Selling by auction is an exclusive agency agreement whereby the seller has 3 opportunities to sell their property. The opportunity to sell their property before auction, on the day of auction, or in the event the property is passed in, after auction. The seller will have enough buyer feedback within the first 3 weeks to accurately determine where the market prices their property.
Bidders are genuine qualified buyers, pushing the price up, not down.
Concentrated marketing program
The property is marketed through our concentrated marketing program, detailing all activities that will be occurring daily, and generating maximum buyer enquiry to compete for your property.
Specific time frame and subsequent sense of urgency
Definite sale date. Selling by private treaty will often take too long; buyers may procrastinate and want terms such as long settlements or finance clauses. Auctions are quick, efficient and add urgency! Buyers have a definite time frame, usually 4 weeks, in which they must act.
An unconditional cash contract
No cooling off period. The auction contract is on your terms. The sellers have absolute control of selling terms and conditions, you can stipulate settlement times, deposit amounts etc. When the hammer falls you know your property is SOLD.
Assessing market response before annoucing reserve price
You set the reserve price based on informed feedback from potential purchasers.
Highest success rate
The Council of Auctioneers and Agents survey shows that the Auction method of sale is far more successful than any other method with a 92% chance of selling in 90 days.
Our Fee For Auctions
Is exactly the same as a private treaty sale..
Selling without a Price (Tender)
Ideal method of selling for commercial properties.
The main difference between Auction and Tender is the type of bidding which occurs. With an Auction, the bidding is competitive and public, the ‘winner’ signing the Contract after the Auction is finished. A Tender on the other hand is a private affair with Buyers submitting signed conditional or cash Contracts to the Agent in a sealed envelope by a certain time & date. The Agent is not required to disclose the number of offers to other Buyers, what they are, or the number of Buyers bidding for the property. With a Tender, the amount of the bid is usually in direct proportion to the Buyers’ budget or desire to own the property, usually with a large gap between the top bid and other bids. All Tenders are presented to the Seller who then decides which Contract, if any, they are interested in accepting. Further negotiations may sometimes be necessary with the chosen Contract.