Time is money, and property buyers are few and far between. You will therefore not want to waste any time when it comes to selling your property right now, especially if you are motivated to sell for financial or other reasons, according to agents from the Seeff Property Group.
One of the first things to do, is to not try and sell the property yourself, thinking you can save on sales commission. Unless you are experienced at selling a property and confident about the process, you will be wasting valuable time. You could end up having to cut your price by more than necessary to sell on top of having to pay commission to a selling agent.
You should also choose the best agent in your area. Do not simply choose on the basis of the highest price proposed. That can be misleading as the agent may simply want to secure the property listing. Rather ask for a list of sales by the agent and assess from there. Ensure you sign a sole mandate so that you get an agent who is focused on selling your property as fast as possible.
You should also be upfront with your estate agent, especially if you need to sell fast for financial reasons. That way, the agent can provide you with the best advice. Conversely, you should also then listen to your agent, especially insofar as the correct asking price is concerned. A credible agent will not risk their reputation by giving you the wrong advice.
Do not look to test the market. Prices are under pressure and there is simply no room for price speculation when time is of the essence. Rather start with the correct asking price for the current market. It is the task of your estate agent to negotiate to see whether they can get a better price for you when an offer comes through.
You should also ensure your property is in an immediately sellable condition. All maintenance and cleaning must be done before it is listed. Seeff’s agents say it is absolutely worth taking the time to clean and paint, and to neaten up the garden. If you want a fast sale, make sure the property and price are enticing.
Prepare the home for photography by cleaning and clearing all clutter. Stage the rooms so that it reflects the best of your property. Most homebuyers now look for properties online, and given that there are literally thousands of property listings, you will want your property to appear enticing both in terms of the price and appearance.
You will also need to be flexible and accommodating with viewings. Buyers often have limited time and may need to view the property out of normal working hours. Ensure it is meticulously tidy and clean during viewings so there can be nothing off putting to any potential buyers. The agent can give advice in this regard.
Get the necessary compliances done upfront so that any repairs are attended to, and the property is ready to sell and transfer to the new owner. The most important would be the water and electricity installations, gas and solar, as well as ensuring the swimming pool, electric fence and all installations are in full working condition.
Get all your documents ready upfront including approved plans of the property, and house rules and other documents pertaining to a sectional title or estate property. This includes personal identification of the property owner/s, proof of marital status, the Title Deed if the property is paid up, or the home loan information if there is a mortgage bond and so on.
Lastly, cut your asking price if necessary. While there is an anticipation that interest rate cuts will come through later this year which would boost buyer demand, there is no expectation that prices will climb to any notable degree this year. Prices remain under pressure, and if you want to sell fast, you may need to cut your price.
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Additional information to consider:
Cobus Odendaal, CEO of Lew Geffen Sotheby's International Realty in Johannesburg and Randburg, shared (Jan. 2023): "There are 11 key factors that influence your home valuation".
“It’s critical to price your home correctly right from the beginning because when buyers have as much choice as they currently do, they generally prioritise value for money and, if yours is over-priced, they’ll probably opt for a similar home at a better price".
“Additionally, if a buyer does make an offer, and the appraised value comes in significantly lower than the agreed-upon selling price, the bank could decline to provide the buyer a mortgage," he said.
Odendaal said that it’s understandable that sellers often find it difficult to be objective about the value of their properties because, unlike other investments, people have both a financial and emotional stake in their homes, especially if they have lived there for a long time and have upgraded the property.
However, at the end of the day, your home’s value is based on what buyers in the current market are willing pay, and this market value is also contingent on numerous key factors that will be taken into consideration by agents and appraisers.
Click here to read the full article: Here are 11 key factors that influence your home valuation
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