Selling your home is a significant decision that involves careful planning and strategic execution. In Sydney's competitive property market, particularly in desirable locations like Mona Vale, choosing the best selling strategy can make a significant difference to your ultimate outcome and sales price. 

This blog will explore the main ways we sell a property, highlighting the pros and cons of each method, to help you choose the best approach for your home.

How Sydney property gets sold – and why

When selling a property in Sydney, there are four primary methods: off-market, public auction, silent bids and private treaty. Each method has its own advantages and disadvantages, and the choice depends on your specific circumstances and goals.

Off-Market Sales

Off-market sales are conducted without a marketing campaign. We will get in touch with our existing clients and buyer’s agents to let them know about a newly listed property, and negotiate directly with them to reach an agreement. An off-market sale is ideal for vendors who value privacy and have a specific buyer in mind. It's also beneficial if you want to test the market without committing to a full-scale campaign.

Pros

• Privacy: Off-market sales offer a discreet way to sell your home, avoiding the public exposure of traditional methods. There are no public viewings and no photos online. 
• Targeted Buyers: This approach allows you to target serious buyers who are genuinely interested in your property type and location, some of whom may have been looking for a while. 
  
  

Cons

• Limited exposure: Without public advertising, your property will not reach as broad an audience, potentially reducing the pool of interested buyers. 
• Potentially fewer offers: With fewer buyers, there might be less competition, which can lead to fewer offers. Having said that, recent comparative sales data will give buyers a good idea of the home’s value, and we negotiate hard and know the value of homes here, meaning we will still achieve an excellent result with an off-market property.

Public Auction

Public auctions are a fantastic choice for properties in high-demand areas like Mona Vale, where competition among buyers is expected. Auctions are a popular choice in Sydney's Northern Beaches due to the transparent and competitive nature of the process.

Pros

• High competition: Auctions can create a sense of urgency and competition among buyers, potentially driving up the sale price.
• Transparent process: The public nature of auctions ensures transparency, as all bids are visible to everyone involved.
• Set sales period: Assuming the property sells on the day, the active sales period is fairly short and has a set end date, which is great for sellers who wish to move on quickly. 
  
  

Cons

• No guarantee of sale: If the reserve price is not met, your property may not sell, although we then move onto private negotiations and generally sign a sales contract shortly afterwards. 
• Stressful for sellers: The auction process can be stressful, especially if there’s uncertainty about achieving the desired price. 

Expressions of interest

Expressions of interest are an excellent option if you prefer a more discreet and less pressured selling environment. This can be particularly effective for unique or high-value properties where buyers are willing to pay a premium.

Pros

• Buyer discretion: Buyers submit their best offers privately, which can sometimes lead to higher bids as they put forward their maximum price.
• Less pressure: The process is less stressful than a public auction for sellers and buyers.
  
  

Cons

• Uncertainty: Without open competition, it can be challenging to gauge the true market value of your property.
• Potential for lower offers: Some buyers may bid conservatively, fearing they might overpay.

Private Treaty

Private treaty is suitable for sellers who prefer a controlled and flexible selling process. This method allows you to take your time and find the best offer without the pressure of an auction deadline. Your property is marketed online and open to the public, which can pull in more buyers and thus increase competition. 

Pros

• Flexibility: This method allows us to negotiate directly with buyers, providing the flexibility to accept offers at any time and to talk to them in detail about the property. 
• Controlled process: You have more control over the terms and timing of the sale. 
  
  

Cons:

• Longer time frame: Private treaty sales can take longer than auctions, as they rely on finding the right buyer at the right price.
• Price haggling: There may be a longer period of negotiation over the price, which can be time-consuming and stressful, although our job as agents is to guide buyers towards a decision in good time. 

Why it’s important to choose a local agent

Choosing the right selling strategy is crucial for a successful home sale. Whether you opt for off-market, public auction, silent bids or private treaty, understanding the pros and cons of each method will help you make an informed decision, and our job is to help you decide on the best approach and then execute it. 

Do you have any questions about selling? 

If you’re planning to sell your Northern Beaches home this year, or would like to know more about how we work with our clients, reach out to LJ Hooker Mona Vale today. We look forward to helping you.