Sellers guide to tenders
What is a tender?
A real estate tender is method of selling a property through the process of private and confidential offers made by a set deadline.
Are there properties that particularly suit sale by tender?
While any property can be sold by tender, it is particularly suitable for:
- Properties where a number of parties must be consulted e.g. Properties owned by a family trust or deceased estate.
- Properties where potential customers would expect to have to do due diligence before submitting an offer e.g. Properties with strong development potential.
- Properties where one certain group of buyers may have a stronger reason to secure the property than the general market.
Some of the reasons to choose a tender are:
- Sense of Urgency: The tender deadline sets a finite selling period and creates a sense of urgency amongst potential customers.
- Buyer Competition: A tender creates the conditions for customer competition - which can lead to a premium price.
- Confidentiality: The result of a tender is private and confidential.
- Time to Consider: You have a five working day irrevocable period in which to decide which offer to accept. This can be important if there are a number of parties involved in the decision.
- Flexibility: A tender allows you the client to be more flexible with the terms and conditions of the sale e.g. You choose the possession date.
- No Price Limitations: By marketing without a price you are never limited by an asking price that is too high or too low, so you can attract a wider range of potential customers.
- Feedback: Your salesperson will provide regular market feedback to assist you in establishing the selling range of your property.
- Preferential Online Ranking: Properties for sale by tender or auction, along with those meeting our “promotion” criteria, appear ahead of others in our website search results.
An appropriate marketing programme to ensure all potential customers in your target market know about your property before the Tender deadline.
Selling before the tender date
Please contact your salesperson to discuss further.