Methods of Sale

Selling by Auction

Auction has fast become one of the preferred methods of selling property. It is designed to attract genuinely interested, cash in hand buyers and the property is sold to the buyer with the highest bid after the seller’s reserve price is reached. It creates a transparent arena where buyers can see their competition, so encourages them to focus on the maximum price they will pay and not the minimum amount they will offer. As a seller, you set the terms and conditions of sale and the reserve price you set is confidential to you, your agent and the auctioneer. You can still accept pre-auction offers if you wish and targeted auction marketing allows for a spotlight on your property. Click here for our Auction Resources (link to auction resources page).

Selling by Fixed Price or Deadline Sale

Many property sales in New Zealand are by advertised price. With a fixed price sale, a buyer can make a conditional or unconditional offer at any time. If it is selling by deadline sale, offers must be in by the set date and time. Prospective buyers make offers based on their perception of the market value of the property and sellers can then negotiate with them on price and conditions.

Selling by No Price

In a changing market, this method is often used for 1-2 weeks to gain buyer feedback on where the value of the property sits with prospective purchasers, so as not to lose potential buyers due to too high or low of a price. It can also be a strategy to test the market before going to auction.

Selling by Tender

When a property is being sold by tender, buyers make confidential written offers to the agent before a deadline.
Buyers’ offers may be conditional, and you can also attach conditions to the sale, for example stating the settlement date or listing the details of the chattels that come with the house. You usually have up to 5 working days to decide which offer, if any, you will accept. If you accept an offer, you’ll sign the tender document. You don’t need to accept the highest offer. You can accept any or none of the offers, and you can negotiate through your agent with anyone who submits an offer.