Auctions are public sales where buyers bid competitively, often resulting in a quick sale and potentially a higher price if demand is strong. They follow a set campaign period and culminate on auction day, with contracts exchanged immediately once the reserve is met.

In contrast, a private treaty sale involves setting an asking price and negotiating privately with interested buyers. This method offers more flexibility and time for both parties but may lead to longer selling periods. Both methods have their pros and cons, and the best approach often depends on market conditions, property type, and seller preference.