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The best way to describe the sale by tender process is as a sort of silent auction. A property will be put up for sale with a deadline for bids. Anyone interested has until that date to submit their best offer, without having seen anyone else’s bidding activity. The vendor will then assess all of the offers and make a decision. This type of process is often used when selling large scale residential or commercial development parcels where direct marketing to large development companies is required.
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388 offices across the Harcourts network, Australia wide
Over 100 staff members working within the Rata & Co Group
Rata & Co’s average days on market is 20.9
Rata & Co sold more than $500,000,000 worth of real estate last year
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Also widely known as a Public Tender or Expressions of Interest campaign, prospective parties have a date by which they must submit their interest in the property prior to the seller needing to declare their expectation of the sale price. This method of sale is effective in the event that there is a lack of comparable sales data available or challenging market conditions.
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Whilst very similar to an auction, we generally do not recommend this method of sale. Unlike an auction, a public tender does not benefit from the open competition created between buyers and buyers might make their offers subject to conditions similar to a private sale which exposes the seller to the potential failure of these.
Where this method is appropriate, we would embark on an aggressive marketing campaign to create a sense of urgency prior to the tender’s closing date.
Sales Last Year
of Days on Market
in the past 12 months