Richardson and Wrench

OWNER’S GUIDE TO SELLING RESIDENTIAL PROPERTY 0.5 Methods of Sale 5.1 Private Treaty When you sell your property by private treaty, you set a price or a price range and the property is listed for sale at a set price or price range. Pricing strategy can be crucial and can play a major factor in determining the level of activity and interest in the first few weeks of marketing. The pricing range method has been very successful due to the nature of widening the pricing strategy to attract more interest from prospective buyers. I liken it to fishing with a net to catching multiple fish instead of fishing with one line to catch one fish. The process of a sale by private treaty offers the following benefits: • Time to consider offers from prospective buyers. • The ability to extend and prolong the sale if required, depending on your circumstances. • Prospective buyers making blind offers not knowing what other prospective buyers may be offering, allowing for a possible disparity in price offered between the two highest offers. Points of consideration: • Incorrectly setting the price may result in insufficient interest from prospective buyers, or if the price is set too low you may attract the incorrect buyer segment. • Buyers will demand the cooling period until the sale deemed to be sold at the sales contracts are unconditionally exchanged.