PropInsights: Real Estate Revelations

If your house is on the market and you’re feeling disheartened because the listing seems stagnant and you’re not getting the desired interest from prospective buyers, don’t give up hope just yet! In a previous blog, Cape Town real estate expert Sandy Walsh outlined why houses are not selling. In this follow-up article, she suggests some cost-effective strategies to reignite buyer interest and improve your chances of a sale.

Selling a property is not always easy, especially if interest in your property has lagged for a few months. Sandy Walsh, General Manager at Property.CoZa Prestige on Cape Town’s Atlantic Seaboard says an essential first step for a seller who has given a property mandate to a real estate agent is to have an honest discussion to reappraise the situation.

“Ideally, at the outset of a property sale, sellers should ask their estate agent to ask every prospective buyer who views the property for comments or feedback. Noting and sharing these impressions, likes and dislikes of potential buyers could result in radically switching up the marketing plan,” Walsh remarks.

She says feedback from prospective buyers visiting the property and knowing the price they would be prepared to pay for your home can position your property correctly in the market. It can also help boost your strategy to revive a stagnant listing.

If you have been trying to sell your property privately and it’s been on the market for over three months, it may be worthwhile to consider hiring an experienced estate agent. Walsh says relying on an estate agent with market knowledge of the area who will have your best interests at heart has many benefits. “A reputable estate agent can guide you on new strategies to sell your property and check the price by doing a comparative market assessment. This evaluation may offer a fresh outlook to revive a stagnant listing and present your property to the market more effectively,” she comments.

Walsh outlines eight budget-friendly ways to revive a stagnant property listing.

• Enhance curb appeal:
  Investing in simple improvements like landscaping, fresh paint, a garden clean-up and minor house repairs can significantly enhance the curb appeal of your property without breaking the bank.

 

• Harness visual technology:
  Make sure you’re using the most relevant online property marketing platforms to boost the visual presentation of your property. Using digital technology such as drone photography, current professional property photographs, and 3-D virtual tours can make a huge difference when marketing a difficult-to-sell property.

 

• Declutter, clean and de-personalise:
  Clearing out unnecessary items and packing away personal knick-knacks gives the property a fresh, more neutral appearance and helps potential buyers envision living in the space. It’s vital to clean and tidy both the interior and the garden before any viewing or showhouse events. Organising and rearranging existing furniture and belongings need not break the bank.

 

• Professional photography:
  Whether you’re selling privately or enlisting the help of a real estate agent, high-quality photographs to showcase your property are essential to attracting prospective buyers online. Hiring a professional photographer specialising in real estate photography to capture the best features of your property is a relatively low-cost investment with potentially high returns.

• Flexibility with viewing schedules:
  Flexibility can accommodate more potential buyers, increasing the chances of a sale. “This doesn’t cost anything, but it requires cooperation and coordination with your real estate agent,” says Walsh.

 

• Staging sells:
  While home staging in selling properties is still a relatively new concept in South Africa, professional home stagers point out that it often helps to sell a house quicker as it makes it easier for buyers to visualise a property as their future home. Staging entails creating a clean, aesthetically appealing space to complement the property by rearranging or temporarily replacing the seller’s furniture and revamping various elements to highlight a room’s best features or suggest other uses for a space.

 

• Consider seasonal trends:
  Some properties may not be as appealing in winter as in summer, and it’s worth considering the right time of the year to launch your property for sale, especially if the interest is stagnating. Walsh advises, “Work with the seasonal changes in your area to make your house most appealing when prospective buyers are viewing, because they’ll be looking at the lifestyle throughout the year.”

 

• Honesty promotes selling prospects:
  As a seller, it’s essential to understand the service that your estate agent is expected to provide you with and regularly measure their progress in your dealings. “Regular, honest and open communication is the most important factor in collaborating with the agent to achieve the best price for your property,” she asserts.

Walsh explains that experienced estate agents manage the marketing, coordinate viewings, and oversee the finer points of the sale. Lastly, she suggests if your house is not selling despite all your efforts and time is of the essence, consider approaching a property auction specialist as a possible option to revive a stagnant listing.

“Selling on auction allows for a reserve price to be held if a market-related price is not achieved and generally draws a different type of buyer to compete for the property.”