Utilising First National Commercial Broome’s extensive commercial experience, in addition to property promotion, we can advise you on:
- A property's state of market presentation
- Alterations which would improve saleability and lease ability
- Optimum timing for the sale
- Independent building assessment for potential purchasers and lessees
- Preparation of sales contracts and lease agreements
- Certifications and classifications relating to other uses
- A register of inclusions
- The most effective method of sale i.e. auction, private treaty or expressions of interest
Methods of marketing:
- Private treaty
- Public Auction
- Expressions of Interest or Sale by Tender
Private treaty normally has a disclosed asking price. The main advantage of this option is that the seller normally incurs minimal marketing costs compared with auctions or expressions of interest campaigns.
Whilst sale by private treaty is very common, it may be difficult to arrive at an accurate market value. Ultimately you could risk not achieving the price you want for the property or the best price.
Public Auction is similar to expressions of interest as it has the advantage for the seller being under no obligation to disclose the reserve price prior to the auction. The seller is able to set an auction date generally four weeks from the date the property is listed, enabling prospective buyers and their advisers to complete their inspections and investigations in time, thus allowing them to prepare themselves to bid on a competitive uncontrolled basis.
Both auction and expressions of interest have the advantage of being able to openly test the market (with a wide and active advertising campaign) in a way that no other system can achieve as quickly and effectively. An auction sale will usually be a cash unconditional contract with a settlement date agreed to with the seller.
Expressions of Interest or Sale by Tender
Sale by expression of interest and tenders are gaining popularity in Australia although it is readily accepted and widely practiced in some overseas countries.
This marketing method is similar to public auction as sellers offering properties are under no obligation to disclose the price. Another advantage to the seller is the ability to set a final date by which prospective purchasers have to complete their investigations and make an offer.
There is also some leeway to renegotiate particular terms or conditions prior to accepting offers. This is invaluable where difficult or sensitive conditions have to be met, or are an issue for negotiation.