Auction

  • Set date forces buyer to make a decision

  • Offers on the day are cash/unconditional

  • Owner sets the terms of sale (settlement date etc)

  • No price that buyers can object to and try to beat down

  • Buyer competition forces price upwards

  • Attracts buyers over a wider price range

  • Buyers decide on suitability of property rather than price

  • Company focused on achieving best price

  • Property compared to others on its features rather than asking price

  • Short intensive marketing with high impact

  • Has further marketing opportunities if not sold on day

  • Structured plan in place rather than waiting for buyer


Tender

  • Sets a specific time frame—buyers must decide

  • Ideal if property needs "investigation" by buyers

  • Prices offered remain private

  • Owners can choose which buyer to work with

  • Offers may contain buyer "conditions"

  • May encourage lower offers

  • No buyer competition as in auctions 


Exclusive/

General

Exclusive

  • Pricing listed

  • More widespread marketing

  • Salesperson takes full responsibility

  • Buyers set out to pay less than asking price

  • No control over conditions contained in sales contract

  • Pricing limits the amount home seller will achieve

  • If priced too high buyers will offer on other properties

  • Property can become "stale" and price reductions may be necessary

General

  • No person has full responsibility for the sale

  • Marketing will be limited

  • No pressure on real estate company to sell

  • New buyers will be attracted to other properties with stronger marketing

  • No communication between agencies may result in the property being undersold