Tenders have reduced in popularity over the past decade. A Tender works best when your property is so unique that potential customers are confused about its value. One customer may think a unique home is worth much more than other customers.
If your property fits easily into a more narrow price band, a tender may not be your best option. You should look at auction or private treaty.
On the tender closing date you have three days in which to negotiate with all tenders received. A 10% deposit is submitted with each tender and a tender can be conditional or unconditional.
Some benefits of the tender method of sale are:
- Your property obtains "special project" status
- Your property gains prominence through high profile marketing, including extensive website exposure
- The tender deadline creates a finite selling time, and therefore urgency in the mind of customers
- No price marketing attracts a wider range of customers
- You can accept conditional offers
- You have up to three days to decide which offer to accept
- Tender is a more private method of sale than an auction
Price Protection:
When you list for tender with Barfoot & Thompson we have a system that is designed to protect you from under-selling. Every customer that inspects your property can be registered as an interested party. Their name and the agent they were introduced by is placed on your electronic property file held within Barfoot & Thompson's intranet. Before your tender date all interested parties will be contacted and encouraged to submit a tender. Legislation prevents tenders from being sold prior to the tender date.
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