No auction: The auction process normally extends over several weeks. We did not want to draw it out for that long a period. Also, to obtain higher than the bargain basement reserve price, an auction requires a minimum of two keen would-be purchasers yet there's no guarantee that there will be competing bidders. Because auctions seem to be devised to get the vendors to reveal the lowest possible price they would accept, we felt this method of sale wasn't in our best interests.
No open homes: Keen to keep away tyre-kickers, nosey neighbours and people with too much time on their hands, we eschewed open homes. Instead, the agent showed qualified purchasers through by appointment only.
No advertising expenses: Anyone in the market for a new home is almost certain to search on a handful of key real estate websites. There is no longer any need for the vendor to pay real estate agencies lump sums for glossy brochures and advertising.
No sign: I would not have minded a sign outside the property (since often the primary members of your target market are already roaming the neighbourhood) but our agent seemed to think it was unnecessary in the age of the internet.
No national real estate chain: Instead of going with a big chain, we chose a boutique real estate agency that specialised in residential sales in our particular area. It was a potentially risky move but we felt that it paid off. Importantly, the real estate agent here held the same philosophy as us about how best to approach the sale.
Included an asking price from the outset: The one drawback in setting a realistic price is that you're not able to take advantage of that (perhaps mythical, definitely elusive) purchaser who is prepared to make an insanely exorbitant offer because he or she is unfamiliar with the local market. But specifying a figure helps prospective purchasers in their search and sends the signal that the vendors are serious in their intent to sell. It's probably a good idea.
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