Methods of Sale

Online Auction

An online auction is a method of selling to the person who bids the highest, the person who is prepared to pay the most! It is an open process whereby keen buyers bid against each other. Once the reserve price is reached, the highest bidder becomes the successful buyer.

Online Auction Rules​
  • You must refresh your screen to see active and current bids
  • It is suggested that you hold your online auction at least 5 weeks after signing a listing agreement. This will allow adequate marketing of your property. If you need to bring your online auction forward, please contact Proppy and they can do this for you
  • Open homes should be scheduled to start at least 7 days after your listing has been published to allow for marketing of your home
  • Auction is set to start 24 hours before the chosen finish time. For example, if an online auction is set for 8pm it will finish at 8pm 24 hours later
  • Proppy online auctions will not allow seller (vendor) bids. However, the seller sets the starting (opening) bid for their property
  • Bids – can be set at any number you wish. If you use the auto-bid functionality, bids will increase in increments of $500 until you reach your auto-bid limit
  • If you win an online auction you will be notified by email and are asked to sign the sale and purchase agreement online. Once the buyer has completed the sale and purchase agreement the seller will be asked to sign the sale and purchase online and the transaction is completed. Final copies of the documents are emailed to all parties
  • Please note that if you are bidding on an online auction you have signed the Proppy buyer’s agreement and are legally bound by the terms
If an online auction does not hit the reserve:
  • Proppy will email the seller and let them know that their reserve hasn't been met and will invite them to negotiate online with the highest bidder
  • Proppy will email the highest bidder and invite him/her to the price negotiation screen online
  • Online negotiation will be open for 2 hours only. It is recommended that sellers are online while the online auction is taking place
  • If either party (seller or buyer) cannot start within the 2-hour window after the online auction has finished, the online negotiation is void and the listing goes to a standard offline negotiation state through Proppy
  • When the buyer makes an offer, the sellers window will automatically update with the price and the seller will be able to accept or withdraw the offer by clicking on the appropriate button. If the seller clicks the accept button, then the deal is made. The system will then create the digital sale and purchase agreement for both the buyer and seller to sign online
  • If the seller is not happy with the offer, they can keep making a counter offer by typing in an alternative sale price
  • If either the buyer or seller clicks the withdraw button, the online negotiation finishes. The online communication is then stopped and neither party can make any more offers. The listing now enters normal negotiation state, where all buyers can make offers on the property through Proppy. The seller now has a chance to change their asking price 
  • If there are no bids, or the 2 hour, window doesn’t result in an agreement the online auction is terminated. The online auction turns directly into an offline negotiation state. The seller will be contacted by Proppy on next steps on how they would like to proceed - you are in control

Negotiation (Private Treaty) 

A negotiation selling method is when properties are advertised with a fixed price, a price band or with a price and the words ‘by negotiation’. Buyers are invited to make an offer on the property based on the prices advertised. From there the buyer and seller negotiate on an agreeable price.

Buy Me Now

This is a unique proposition by Proppy. The owner sets the price, which is fixed and there is no room to negotiate. The terms and conditions of the sale are similarly fixed and non-negotiable.  Like an online auction, a 'Buy it now' offer is unconditional and legally binding. This method works best for investors and people who want to sell in a hurry and for buyers who don't want to negotiate, they think the property is a great price and are happy with the terms.

Online Tender - Coming Soon!

This is the secretive selling method whereby a vendor asks for written offers to be presented by a certain date. Any prospective buyers need to submit their “best” written offer to a digital lock box for the owner to then review and consider.  It is a very confidential process and there is no reserve price. When selling by tender the prospective buyer needs to complete, sign and submit their sale and purchase agreement when they present their written offer. As you are signing a legal document, it is a good idea to get your lawyer to check it before you submit your offer.