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How long to start advertising sale?

Discussion in 'The Buying & Selling Process' started by Burramys, 2nd Apr, 2016.

  1. Burramys

    Burramys Well-Known Member

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    The possibility of sale of an IP has been discussed with the PM-REA since late February. This was confirmed in mid-March, exclusive sale, auction on 30 April. The tenant left on 23 March. Easter meant that there was a delay getting the display furniture in the IP, done on 30 March. Today I expected an OFI, but the REA said that they have not been able to take pictures, which is why the IP is not on any online advertising today. I'm advised that advertising will start next week.

    Is this too long to start advertising and holding OFIs, or will it not matter much?
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Usually 3 weeks is perfect for auctions, you want to hit the market while its hot. Any shorter and not enough people will know; any longer and they'll lose interest.

    Based on the dates you've described, it sounds like its on track. Make sure they do a post tenant clean and catch up on any maintenance work that's needed and you'll be fine :)
     
  3. Xenia

    Xenia Adelaide Property Manager Business Member

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    If auction is on 30th April, ideally a bit more campaign time would have been ideal. But it is what it is. Can you push the auction out to end of May?
     
  4. Burramys

    Burramys Well-Known Member

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    Thanks for that advice. There's OFIs twice a week from 6 April, eight including auction day. As the display furniture arrived on 30 March, extending into May more than a week would incur extra costs. I'll leave it as is and hope that the REA knows the market. We shall see.
     
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  5. Big Will

    Big Will Well-Known Member

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    I am assuming this is more personal cost to yourself not the REA charging you more.
     
  6. Burramys

    Burramys Well-Known Member

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    There's no costs except those normally associated with selling. The display people did a good job for a good price. If the hire was longer I'm not sure that the money would be well spent. The furniture is in place for six weeks, time enough. I just wish the REA could spell simple words and use correct English in their marketing: there are 12 basic mistakes in their proofs. Laughable.
     
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