Guides · Stage 3
Auction, tender
or asking price?
How you take your home to market shapes who turns up, what kind of offers you get, and how much control you have. Here is how each method works, and how to choose between them.
The methods at a glance
| Method | Price shown? | Can offers have conditions? | Timing |
|---|---|---|---|
| Asking price | Yes | Yes | Open-ended |
| By negotiation | No | Yes | Open-ended |
| Deadline sale | No | Yes | Set end date |
| Tender | No | Yes | Set closing date |
| Auction | No | No, the sale is unconditional | Set auction day |
Asking price
The home is marketed at a stated price, with no time limit. Buyers can make offers at any time, with or without conditions, and you can accept, decline or negotiate.
Suits: homes where the value is clear and there are good recent sales to compare against. Watch for: a price set too high can put buyers off before they visit, and a price set too low can cap what you get.
By negotiation
No price is advertised. Buyers make offers based on their own view of the home's value, and you negotiate from there.
Suits: homes that are hard to price, such as unusual properties or those with few comparable sales. Watch for: some buyers skip listings with no price, so the marketing needs to work harder.
Deadline sale
The home is marketed for a set period with an advertised end date. Buyers know they need to put their best offer forward by that date, using the standard sale and purchase agreement.
Suits: creating a clear point of decision without the all-or-nothing pressure of an auction.
Tender
Buyers submit written offers on a special tender document before a closing date. Offers can include conditions, such as finance. You usually consider them after the tender closes and have a short period to decide. You don't have to accept the highest offer, and buyers can't see each other's offers.
Suits: homes where you want to compare full offers side by side, including conditions and settlement dates, not just price.
Auction
Buyers bid publicly on the day. You set a confidential reserve, the lowest price you'll accept, beforehand. If bidding passes the reserve, the home sells to the highest bidder and the sale is unconditional when the hammer falls. That means buyers must arrange finance and do their checks before the auction.
The auctioneer can make vendor bids on your behalf, but only below the reserve and only if they are clearly announced as vendor bids. You may also receive offers before the auction, which are usually unconditional.
Suits: homes likely to draw strong interest from several buyers. Watch for: buyers who need conditions may not take part, and if the reserve isn't reached the home is passed in and negotiation continues afterwards.
When more than one offer arrives
Under the asking price, negotiation and deadline methods, two or more written offers at once start a multi-offer process. Every buyer must be told they are in a multi-offer situation and should put forward their best offer, as they may not get another chance. You can negotiate with one buyer or with all of them, and you aren't required to accept any offer.
How I help you choose
There is no single best method. I'll recommend one based on your home, the likely buyers, current market conditions and your own timing. I'll also explain the trade-offs of the others so you can make the decision yourself. Whichever you choose, have your lawyer check the agreement before you sign.
Not sure which method suits your home?
I'll talk you through the options at your appraisal.