If you are having trouble getting your property of the market, there are steps you can take to make your property more appealing. Picture: Freepik
Selling property has become a daunting task for property owners due to the real estate market being impacted by high inflation and repo rates, economic uncertainty and slow house inflation.
This means that homes in different areas are lingering on the property market for longer.
According to Cobus Odendaal, the chief executive of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg, there are also several common reasons some properties are not selling.
“Although we have no control over the interest rate and current state of the market, there are several key factors that are within sellers' control which can impact a home's saleability and, by addressing them, sellers can enhance their chances of selling their home in a timely manner, even in these challenging economic conditions,” Odendaal said.
In order for property owners to get the homes of the market, owners need to put their best foot forward and Odendaal shares tips to do just that.
Having the right your estate agent in your corner to sell your property can make a world of difference.
The best approach you can take is to interview at least two or more agents in your area and make your final decision based on factors such as their proven sales record and their experience in the local market.
Odendaal warns against picking the agent who makes too many big promises as a good agent won’t massively discount their commission and won't over-value simply to win your business.
One of the most prevalent issues hindering home sales is overpricing, according to Odendaal.
In a bid to maximise profits, sellers often inflate their listing price beyond the market's tolerance. This can be counter-productive and the most common reason for homes staying on the market for too long.
"It's commonplace for sellers to enter the market with unrealistic price expectations, but it’s essential for sellers to price their homes in line with current market conditions if they want to secure a sale.,“ Odendaal said,
“Conduct a comparative market analysis to accurately gauge your home's value and adjust the price accordingly.”
First impressions matter, especially in real estate, and a property's presentation can make or break a sale.
Therefore, properties that lack curb appeal or are cluttered and poorly maintained often struggle to attract buyers.
A survey by the Real Estate Staging Association showed that professionally staged homes spend 73% less time on the market than their unstaged counterparts.
It is not necessary to hire professionals, instead take the time to invest in minor upgrades, declutter and enhance the kerb appeal of your property.
Hidden defects or unresolved issues whether it's a leaky roof, outdated plumbing, or structural concerns can be major deterrents for buyers and overlooking these issues can sabotage the sale of your property.
According to research from HomeLight, homes with major issues typically sell for 10-20% less than properties in good condition so prioritise necessary repairs.
You should also consider conducting a pre-listing inspection to identify and address any potential red flags proactively.
If you don’t have the budget or time to sort out certain issues on the property, Odendaal stresses the importance of disclosure.
“Not only will you save yourself potentially costly legal headaches down the line when the new owners discover issues that weren’t disclosed, transparently disclosing known issues will foster trust with buyers and prevent deals from falling through later in the process,” Odendaal said.
In a competitive market, flexibility is key.
Remaining open to reasonable offers and accommodating buyer preferences can facilitate a smoother transaction and increase the likelihood of a successful sale.
Having flexible viewing times is also important because if your property is unavailable, potential buyers will look at other homes
Another problem can be that the photos of your home online not being up to scratch.
Most buyers begin their search online which means that they will have dozens of options to look out so you need stand-out and high quality images can help you get noticed.
“Presentation is key and this starts with your property photos, so if you're marketing with a few smartphone snaps instead of professional photographs then you're already at a disadvantage,” Odendaal said.
“Make sure they look professional and show all areas of the home, inside and out and If your home has been on the market for some time, it’s a good idea to take a fresh set of images that reflect the current season and entice potential buyers to take another look.”
IOL Property