How best to sell Land and Property

Feilding Star, Volume VII, Issue 138, 1 May 1886, Page 3

How best to sell Land and Property

Our attention has been drawn to an amusing article, under the above heading, appearing in a Property Register in this city. The writer condemns sales by public auction as being more expansive than sales by private contract. Well, we have had a great deal of practical experience as to both these systems, and our opinion upon the question is possibly of more value than that of a person, such as the writer of the article, who has not had •lick experience. When a seller desires to part with his property, whether it be a town acre, a building allotment, a family residence, a farm, or a cottage, he is naturally anxious to get the best possible price. If he goes to a land agent, and instructs him to dispose of the property by private treaty, he must of necessity fix an amount at which he is prepared to fell. Very often ha does not know the real value, and has to rely upon the land agent's estimate ; and this estimate must of necessity be somewhat below, the real market value, if the agent desires to make sure of a purchaser. After the seller has fixed the reserve price, it is naturally communicated to all enquirers, and, under no circumstances, does the seller succeed in disposing of his property for a larger sum than his reserve. As a rule he has to take less. How different k the case if he tries his property by auction. The whole community is Acquainted by advertisement of the iaot that a property is to be submitted for public competition on a particular day, and general curiosity is aroused ; a large crowd assembles; amongst them there is sure to be half a dozen who specially desire to purchase the property. When the last bid has been made, the vendor finds — if he has been. reasonable in his reserve — that lie has 1 quitted his property at a far higher price than he had thought possible. How often does one hear people say, about some private sale that has been effected, "Dear me, what a pity! I did not know that property was for sale at that price ; I would have given £100 more for it." As a mere matter of ordinary prudence, it would often pay those having property to sell, and who are not sure at its real value, to try the market at public auction, even if they bought it in. The amount to be spent in advertising is always fixed by the client, who need not spend more than one pound sterling in that way; ami if no Sffl is made, no commission is chnvp;t >d. | '" K- Mac Donald and CJo.'e Giu-io.