Which selling option is best for me?

Auction

Most people are familiar with auctions, which have become increasingly popular across the country, and are often depicted on reality TV.

An auction is a private sale held at a specific place, time and date, after a marketing campaign over several weeks.

A licensed real estate agent conducts the auction and sells once a reserve price is reached.

Auctions are governed by strict rules and regulations, which differ in each state and territory.

Private treaty

Private treaty (or private sale) sees a property listed for sale through a licensed real estate agent, with an asking price attached.

The property is marketed, and potential buyers make offers to the agent, who presents them to the seller, who decides whether to accept or not.

Typically, negotiations go back and forth until an agreement about price and terms is reached.

Multiple offers are often managed by the agent, with all discussions done in private.

Sale by expression of interest (Eoi)

Sale by Eoi sees vendors invite buyers to submit an offer to purchase their property, by a specified time and date.

Each potential purchaser puts forward their best and final offer in writing.

Generally, a property will be on the market for four to six weeks, to enable the vendor to market the property and ensure ample time is given for buyers to look through the home, finalise their finance and decide on a price.

Potential buyers then put in submissions.

The vendor reviews the submissions and chooses the Eoi that interests them.