28/05/2024
EOI = Expressions of Interest
When going through the process of selling, those seeking privacy, or a premium price often get stuck. EOI with a deadline provides a solution, in terms of offering a level of privacy which auction and private sales does not.
Especially for properties that don’t fit into a box, EOI enables a clean, fair, and highly competitive process, with the added security of a deadline date buyers must act by.
At present a lot of on market & off-market properties are being presented, but many are not selling. Vendors may have been quoted an unrealistic price, in which case they’ve gone through the whole process ending up back where they started. Off-market properties can unintentionally send the message they’re not serious, just dipping their toes in the water and testing the temperature of the market.
EOI with a deadline sends the message that you mean business, AND it gives buyers and vendors a level of comfort in terms of having a deadline to make plans one way or another.
It’s not a tender or Dutch auction. There’s no going back and forth. Rather it’s an extremely even-handed process and every buyer can put in their absolute best offer. It also provides flexibility with an executed contract, containing that offer but with the buyer’s own terms of settlement, based on their individual needs.
At the deadline, you either sell to the person who submitted the best offer or finesse the deal to close it.
Over the years 90% of my EOI’s sell at the deadline, because everyone knows they have one chance to be competitive and present their maximum offer.
SO don’t sell until you are Ready. Make sure it’s the right time. And once you are ready to hit “go”, know there is more than one option in terms of how you market to promote and maximize price.
With EOI you can be confident you’ve tested thoroughly, and the market has given you a firm statement on price. As a buyer you’ll be content you’ve competed on an even playing field, and as a vendor you’ve received the best possible price in the market at the deadline.
To learn more about how a EOI marketing campaign may assist you in selling your property please call or message Scott. 0409 216 465
