When you decide to sell your property, you’ll need to choose a sales method. Two common types of sales methods are private treaty or auction. Your real estate agent can advise what works best in your local area, for your property type and in the current market conditions.
They can also advise you on what your property may be worth and help you set an asking price (in the case of a private treaty sale) or establish a guide price (in the case of an auction).
A private treaty can enable you to have a longer sales campaign and more time to consider offers on your property from potential buyers. But there’s a risk that if your asking price is too high your property won’t sell, and if it’s too low you may miss out on maximising the price.
Auctions create competition between buyers that can drive the sale price up. However, they can be riskier as you never really know how interested buyers are, or how much they think your property is worth, until the auction day.