The aim of the agent is to obtain your asking price in the shortest possible time. To do so you have the option of selling your property through private treaty, auction or tender.
Private Treaty - Private treaty simply means you set a price and market the house accordingly until it's sold.
Auction - With an auction, you set a reserve price, the minimum you are willing to accept, and buyers bid against one another at a set time and place. Once bidding passes your reserve you know you have an unconditional sale with a full deposit paid and exchange of contracts taking place on the day. Your agent will advise the best time of day and whether the auction should take place on or off-site. Some of the advantages of selling your property at auction include competitive, open bidding, a definite sale occurs, assuming the reserve price is reached, a set date of sale encourages potential buyers to act quickly and it identifies most likely buyer to negotiate with, if not sold on fall of the hammer.
Sale by Tender or Expression of Interest - This method of marketing creates a high profile for your property and establishes a competitive environment without having to list a price. You also set the terms, conditions and deadline. Prospective buyers become emotionally involved before they consider a price and have only one opportunity to put forward their most competitive bid. You have the opportunity to accept, decline or continue negotiations with any interested party. It's your choice. You're in control. Increased enquiries and inspections are often generated by this sales strategy. All tender details remain undisclosed and absolutely confidential.