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Advice about how house auctions and other methods work

If you've had little experience selling real estate, having a 'menu' of selling methods to choose from can be confusing:

  • auctions
  • tenders
  • deadline treaties
  • priced
  • negotiable
  • POA (price on application)

House auctions vary by location

In some locations (and for some companies) there is a strong push towards auctioning houses while others rarely auction.

We recommend you consider all the options available, and consider any risks and/or benefits for each option.

The location, the property type, value or the market are factors that may impact on your decision on whether to auction or not.

Before you choose a sales method

Real estate agents are obliged to explain the different sales options to you.

Before you decide which method of sale to use, you should have received a copy of the appraisal for your property, also known as the Comparative Market Analysis (CMA).

Visit NZ's independent real estate advisor for free advice.

An agent is legally obliged to provide you with a written appraisal of your property and a recommendation about the method of sale should be included.

People seem to either love or hate auctions, or steer away from no price marketing with the need to have a price, and yet others are happy to just take advice from their agent and wait to see what offers are received.

First, do research

The Real Estate Authority is the New Zealand government body established to inform and protect the real estate consumer.

Of all websites available, this organisation has the best descriptions of each method of sale written in a consumer friendly way.

The Real Estate Institute of New Zealand (REINZ) has developed Best Practice Guides for real estate agents. REINZ expects that agents will provide you with a copy of these guides so make sure you are given them.

Auctions, tenders or pricing?

The fate of your sale, regardless of the method you use, depends entirely on the competence of your agent.

Don't make any assumptions about this - do your due diligence.

What's best for you?

Your method of sale and your agent selection are closely intertwined and will go hand in hand.

If you choose your real estate agent diligently, they should be able to advise you on what method and strategy will likely be most successful at generating the optimum sale price for you.

Centralised real estate package

Obtaining NZ real estate information, that is particular to your property type, location, situation or price range is hard to find.

Agent Finder, established in 2009, is not only designed to help establish the best agent to sell your house by vetting. (It is a free and independent service of all real estate agency brands).

It is a personalised bespoke service, that provides you with consumer advice and resources, including all the different methods of sale.


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