Whichever way you decide to proceed, remember you should market the property correctly. You must tell the purchasers that your home is out there in the market place. Quality signage, professional photography and excellent internet advertising are the minimum marketing tools required to give your property the edge over others in the area.

AUCTION

In a competitive atmosphere the auction system in the Inner West offers excellent results for vendors. The major benefits are:

•  Four weeks is allowed prior to the auction date for the marketing campaign, allowing prospective purchaser's ample opportunity to make their enquires

•  Definite marketing strategies are designed to ensure the best possible result for your property at that time.

•  An auction programme creates a sense of urgency in the purchaser's mind.

•  Qualified purchasers compete against each other instead of the vendor.

•  You are protected by your reserve price

•  Auction encourages genuine purchasers who are in a position to sign a contract and pay 10% deposit - forgoing their "cooling off" period.

PRIVATE TREATY

This method of sale usually involves quoting a price at the commencement of marketing, normally with a certain allowance for negotiation. It is often used in a subdued market and can still provide excellent results. It usually offers the purchasers extra time to make their enquiries and negotiate the terms and conditions of the contract, therefore often taking more time to carry out a satisfactory exchange of contracts. Although Private Treaty is a more subtle approach, quality marketing of the property is still highly recommended.