Sellers guide to tenders
Find out the benefits of selling by tender, and if it's the right option for your property.
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.
Why choose to sell by tender?
- 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.
Are there particular properties that 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, for example, 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, for example, properties with strong development potential.