Selling a property can be an emotional time, especially if the seller needs a certain price, or feels that it is worth a lot more than what a real estate agent might advise. This makes it tempting for the seller to try and sell their own home, especially if they believe it is as simple as listing it online.
Do it yourself home selling, or “for sale by owner” as it is commonly known may appear easy, but in reality, it comes with many pitfalls, according to Samuel Seeff, chairperson of the Seeff Property Group.
In reality, there is a lot more to selling a property than what most people realise, especially in view of the many regulations and laws in place. Aspects such as building, and installation compliance are just some of the challenges.
Ensuring you are dealing with serious buyers, and not chancers is another challenge for owner-sellers, he says. The end result is often that after trying for a few weeks, and even months, the seller ends up having to call in the help of an estate agent.
By now, some time has lapsed without success for the seller. The property might already have been seen online, and if the price was too high, or it was not presented in the best condition, potential buyers may already have been put off.
Time is also money, and Seeff says that if you need to, or are motivated to sell, then it is best to call in the professionals. If you are selling for financial reasons, it is always advisable to be open and upfront with the agent. That way the agent can ensure that you are given the best advice.
Working with an estate agent will save you time, and will reduce the stress of selling. Selling a property is essentially a full time job. It is not just about listing it online, there are calls and buyer enquiries to deal with. The agent will also vet potential buyers so that there is no time wasting with chancers or someone who does not qualify for a home loan.
Estate agents have a lot of experience with selling properties and dealing with buyers. They are able to spot fake buyers and problems, and will know when they are dealing with a serious buyer and a potential sale. They too would not want to waste their time with chancers as their commission depends on a successful sale.
It is also important that a seller makes the property available for viewings as that is still the best way to really hook a buyer. The property should be clean and decluttered, and all maintenance done, so that the buyers can find no fault. A well-presented, and corrected priced property always sells faster and tends to achieve the best price for sellers.
Getting the approved plans and all the ownership and FICA documents ready upfront, and getting the compliance certificates done as quickly as possible can also greatly speed up the sale of a property.
No matter how advanced technology is becoming, and the benefits offered by PropTech, the reality, says Seeff, is that it is still agents who sell more than 90% of all properties in South Africa. Sellers should ensure they appoint a good local agent, give them enough time to get the property sold, and trust their negotiation skills to get the best deal and price.
Writer: Gina Meintjes
