Navigating a Challenging Market - Tips for Selling Property in South Africa 2023
Category Selling
The South African property market in 2023 presents unique challenges for both buyers and sellers. With prevailing economic conditions and rising inflation, sellers must strategise to conclude mutually beneficial sales while buyers must do their due diligence in ensuring the property is up to their standard (discussed in a previous article).
However, selling a property comes with its own set of unique challenges, especially with changing legislation requiring stricter documentation in the works. To help sellers navigate an ever-changing market, we explore essential tips from pricing it right to making positive first impressions and negotiating offers.
Evaluating the Correct Asking Price
One of the crucial factors in selling a property is pricing it correctly for the current market. Sellers should evaluate recently sold properties within their neighbourhoods or similar areas over the past three to six months to determine an accurate asking price. While it may seem favourable to mark up your price, you will most likely drive buyers away from your property and towards more market-friendly listings.
An experienced property practitioner will ensure these steps are followed before recommending an asking price.
Presenting Your Property
Unless you intend to sell your property as a fixer-upper, it's essential to follow these steps. To make your property stand out, ensure it is in top sellable condition. Update plans and ensure all building works are completed and signed off. Attend to any necessary maintenance, repairs, or replacements, including broken items and outdated appliances. By presenting a well-maintained property, you eliminate potential reasons for buyers to negotiate a lower price.
This is essential to get the value you desire from the current market, which since the pandemic, remains squarely within the buyer's court.
Streamlining the Selling Process
To save time and streamline the selling process, gather and certify all required documents upfront and as quickly as possible. This includes relevant identity documents, proof of address, rates or levies bills, information on any mortgage loan, and the property's title deed.
Recent changes to property legislation require all documents in the property practitioner's possession to be FICA compliant. "Accountable institutions may not establish business relationships or conclude transactions with clients unless they have verified the identity of the clients. This applies to estate agencies as well as banks and other financial institutions''. Read more.
Nonetheless, having these documents readily available speeds up the transaction and instils confidence in potential buyers.
Making a Positive Impression
First impressions matter. Why? Because you're setting the tone and stage for the entire experience. Take the time to prepare your property for viewing. Remove clutter, clean the home thoroughly, make sure the pool is sparkling blue and create a fresh and inviting atmosphere which encourages buyers.
Be careful about going overboard. Keep it simple and clean. Remember, the buyer is hoping to see themselves in your property. Create an environment that helps them by presenting a well-maintained and visually appealing property. Not only will you increase the likelihood of potential buyers falling in love at first sight, but you'll potentially add tangible value to the final selling price.
Flexibility in Viewings
Be as flexible as possible when it comes to property viewings. Accommodate potential buyers' schedules and make sure your property is available for showcasing. Yes, it's not the easiest having your life upended by constant visits from potential time wasters, but serious buyers take note of your willingness and flexibility.
By being accommodating, you create a positive experience for buyers, increasing the chances of securing a sale.
Negotiating Offers
Remember, almost any offer can be negotiated. Work closely alongside your property practitioner to craft counteroffers aligning with your goals. Experienced property practitioners possess essential negotiation skills to bring parties to a mutually beneficial agreement.
Consider all offers seriously, as waiting for higher prices may mean purchasing at inflated prices, negating the advantages of a potentially higher sale.
Keep in mind; while the market poses obstacles, it also offers opportunities for buyers and sellers who are well-prepared and adaptable in their approach. Your home will always be your most valuable asset, and the selling process will always have unforeseen issues. Don't make the mistake of turning on the blinders and only focusing on the selling price.
Contact Ikonic Real Estate today.
For Real Estate professionals you can trust and rely on for industry-related expertise, contact us below for more information.
If you are looking to live in Silver Lakes Golf and Lifestyle Estate, Silver Stream Estate, Lombardy Estate & Health Spa, The Ridge Estate, Six Fountains Estate, or Willow Acres Estate and surrounding areas, then Ikonic Real Estate is your preferred property practitioner to assist you in all aspects of the selling and buying process.
Office Number: 083 452 5599
Cell Number: 083 452 5599
Email: martin@ikonic.co.za
Ikonic Real Estate holds a Fidelity Fund Certificate issued by the Property Practitioners Regulatory Authority.
Author: Bryce Anderson