How to sell your property…that is the question
The average property owner sells a property usually only three to four times during their lifetime and when they do, it may cause some anxiety. You want proper returns on your investment as soon as possible, but you also worry about how the market will react to your home. Property.CoZa would like you to consider the following frequently asked questions:
Should I try to first market my property privately?
In short, no. Selling property is one of life’s most significant steps and, similar to undergoing a medical procedure, you need a professional who understands the industry and knows the pitfalls. Save yourself unnecessary stress and mistakes that could come at a high price – choose a reputable real estate agency to look out for you at all times.
There are a number of reasons why we suggest that you use a professional real estate agency:
- Experience. Real estate agents sell property for a living. They can help you sell yours more effectively, give good advice and deal with the hassles on your behalf.
- Agents have a network of contacts that they can market your property to, creating a bigger catchment area of potential buyers.
- Agents help you to determine a fair asking price for your property, as they know market trends and the values in specific areas.
- Private sales, without any screening, could attract less honorable characters to your property, resulting in safety threats. In addition, our qualified bond origination consultants from Property.CoZa Financial Services assist our property specialists with the screening of potential buyers to see whether they qualify financially.
- Effective marketing. Agents take care of print, electronic and multiple website ads, ‘For Sale’ boards as well as the organising of show houses on your behalf, which means no costly advertising for your account.
Should I use one agency to market my property or all of them?
Firstly, you can choose between an exclusive (sole) or open mandate when selling your property. A sole or exclusive mandate means that only one agent has the right to advertise and market your property. An open mandate means that multiple estate agents can market your property.
Signing up for an exclusive mandate is in your best interest because:
- Exclusive representative agents will invest their optimal time and money to market your property, as their chances of selling the property are much greater.
- A sole or exclusive mandate ensures a dedicated marketing plan, concentrated effort and wider coverage. It prevents possible commission claims when the same buyer is brought to you twice by competing agencies.
- Under a sole or exclusive mandate, the agent and agency is bound to do their best to market your home within the time frame on the signed mandate.
- The property could lose its uniqueness as well as the possibility to get the best price when advertised by multiple agencies. A sole or exclusive agent is likely to get a higher price for your property.
- Varying advertising approaches taken with one property may cause confusion amongst potential buyers, as multiple agencies may advertise your property at varying prices.
Don’t I miss out on potential buyers if I only have one agent representing my property?
No. Experience has shown that if you market a property at the right price, the outcome spells success. Buyers who want to buy in your area will, in most cases, do research on the major property websites for your area and automatically visit show houses. There is only one pool of buyers, and they contact all the active agencies in a specified area to help them obtain the right property.
If I have limited time to sell my house, is it not better to give it to every agency in my area?
No. The more agents marketing your property, the less committed they will be because they feel their chances of selling your property is slimmer. Too many ‘For Sale’ boards in front of a property also indicates a desperate seller; potential buyers often think they can make a much lower offer.
At what price should I enter the market?
You will need a skilled estate agent to complete a written Comparative Market Analysis (CMA) on your property. By compiling a CMA, your estate agent will be able to determine a fair asking price for your property, taking into consideration the market trends, value of similar properties and given the broader economic landscape at the time. We base our asking price on statistics (obtained from the deeds office) of registered properties as well as current properties on the market in your area, which are competing with your property, in order for buyers to compare “apples with apples”. It is dangerous to over-price your property, as this may lead to the property not selling and potential buyers eventually believing that there is something wrong with your home. Under-pricing on the other hand, causes you to lose out financially on what is supposed to be a great investment.
I’ve found a buyer. Now what?
Once a buyer has indicated commitment to buying your property, a challenging journey begins. Luckily, when you use an experienced, reputable Property.CoZa agency the process is largely simplified. Your estate agent will guide you through the negotiation process all the way to the conclusion of the sale, the legal and administrative process and will keep you up to speed on the progress of your transaction until completion. With Property.CoZa you will have our full support right until the very last stage of the process.