Regarding the sale of property (the property here refer to the sale of immoveable property), you can sell your property in an auction or you can sell your property by private treaty. In an auction, your property is sold to the highest bidder while in a private treaty, it is sold after many private negotiations. In an auction, there is this concept of reserve price. This is the price that the seller of the property instructs the auctioneer to sell. The auctioneer will encourage the bidding to continue until no higher bid is received. This method will allow the owner to achieve the highest and the best price for his property.