What are the different selling methods in Western Australia

When you've made the decision that you want to sell your home, you have a few different selling methods to consider before listing.

It's important to weigh up these options carefully so that you choose the best option for your situation.

Private treaty

In Western Australia, the most common way to sell your home is via the private treaty method.

This method is based on advertising the property at an asking price and then negotiating with the buyer, through the agent, to secure the sale after some old-fashioned haggling.

Once an agreement on the price and conditions has been reached, the transaction can proceed to settlement.

Auction

Although not as common in WA, auctions can be a good way to flush out the more serious buyers after a shorter marketing period and they can also be more convenient for the seller.

A successful bidder, having reached or surpassed the reserve price, must be able to provide a 10 per cent deposit at the fall of the hammer.

Tender process

A third option for selling your property is to invite offers by a specified date.

This is historically known as a tender process but also goes by other descriptions such as Expressions of Interest, Set Date Sale or End Date Sale.

Expressions of Interest might sometimes indicate a price range whereas Set Date and End Date sales usually don't disclose price.

With these particular methods a property will generally be on the market for four-to-six weeks to allow potential purchasers to view it. If they are keen to buy, the agent will ask them to submit either a formal written offer or written expression of interest.

Before listing the property, you should discuss with your agent your desired conditions of sale, including;

• price
• settlement date
• whether you will entertain finance conditions
• and inclusions and exclusions of the sale.

After submissions close your agent will discuss all offers with you. If you choose not to proceed with any of them you can place the property back on the market.

We recommend asking your agent prior to listing which method they would suggest and for what reasons.

For each method it might be useful to request evidence showing how each has performed in your desired area.