Speeding up the sale of your property in this market
Category Property Tips
While the Cape Town property market remains the most dynamic and strongest residential market in the country, the reality is nonetheless that there are now fewer buyers. In a market with fewer buyers, time is of the essence and serious sellers should beware of sales strategies which may waste valuable time.
Sellers can, however, take certain steps which could help speed up the sale. These include:
It starts with choosing the right agent and granting a Sole Mandate to a single agent or agency. Multiple agents working on a property do not sell it faster, or for a higher price. A Sole Mandate will simplify the process and greatly improve the chances of a successful sale as the agent will be fully committed and motivated to achieve the best possible price in the shortest possible time.
Pricing the property correctly for the current market is the second most important factor. Sellers should guard against comparing current listed prices as they are often inflated. The correct strategy is to evaluate prices achieved by properties which have actually sold in the area over the last three to six months and to compare like for like in terms of what the properties offer. An overpriced property will unfortunately not attract interest, and simply waste time and drive buyers to other properties which are better priced.
Sellers should also take the time to ensure their property is in an ideal sellable condition. This includes ensuring their plans are correct and lodged with the City of Cape Town with all building works completed. Repairs and maintenance should be done before listing the property, including replacing or repairing broken items and updating finishes where needed. Giving potential buyers no excuse to walk away or to look to discount the price is crucial.
Another way to speed up the sale of a property is to ensure that all the required documents are already copied and certified upfront. These would include all ownership ID documents, proof of address, and the rates or levies bill. You should also get the title deed (if in your possession) as well as all information regarding any mortgage loan/s over the property. This will save valuable time.
Ensuring the property is physically compliant will also speed up the sale and transfer process. Sellers could get aspects such as the electrical, plumbing and water, electric fence, gas, and other checks done, repairs undertaken, and Certificates of Compliance issued as these are usually valid for a period of time. This will also give potential buyers peace of mind and serve as an advantage compared to other competing properties.
Being accommodating with regard to viewings as vital selling tools is also important to ensure sellers do not lose out on buyer interest. Importantly, the property should be properly prepared for viewings. It should be neat and clean with no clutter, and welcoming to buyers. This would give sellers another advantage over other listed properties in the area. It will also ensure the buyer can see it properly and make a decision as quickly as possible.
Sellers should also consider all serious offers. Remember, almost any offer can be negotiated. The ability to negotiate a sale which is beneficial to both parties is precisely the skill that an experienced local agent brings to the deal. If you appoint a good local agent to start off with, you can trust their advice as they will have their own reputation to consider and will not want to risk giving you poorly considered advice.
Home is our Story and property our passion. The upside of being a seller in Cape Town is that you are two to three times more likely to find a buyer compared to other metropolitan areas. We continue seeing strong interest in the property market with ready buyers, but sellers do need to be mindful that the market has shifted more in favour of buyers.
______
Make sure to follow us on Facebook, Instagram, and LinkedIn for the latest tips and trends in the property industry, as well as some of the most relevant news about the area you call home.
Author: Gina Meintjes
