The impact of COVID-19 has been hard felt across all sectors of the economy, resulting in high levels of unemployment and reduced household income levels. Selling a home for full value within these economic conditions will be challenging, which makes the services of a real estate practitioner invaluable over this period.
“There are many reasons why a seller will benefit from the use of a real estate practitioner. Apart from the advice provided throughout the process, real estate practitioners have the expertise to help sellers realise greater profits from the sale of their home. This will be essential to sellers who hope to sell their homes for full value over the next few months as our economy recovers from the impact of this pandemic,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
The first way real estate practitioners can help their clients sell for full value is to let sellers know what the true market value of their home is within the current market conditions. “Sellers often overlook the importance of pricing the home correctly from the very start. A listing that sells within the first three months of having been listed statistically will sell for closer to full value than homes that remain on the market for longer. To achieve a timeous sale, the home needs to be marketed at a price that aligns with buyers’ expectations for a home of that value. If the home is overpriced, it is likely that the property will remain on the market for longer. The longer a home is on the market, the more likely buyers will make cheeky, low-ball offers. Listening to the advice of a reliable local property expert will help sellers set a realistic asking price and avoid this outcome,” says Goslett.
This leads to the second benefit of using a real estate practitioner. As experts in their local market, real estate practitioners can advise sellers and let them know if a buyer’s offer is worth accepting. “A real estate professional will know how active their local market is and can provide insight into whether the seller stands a chance of receiving a higher or better offer. They are also expert negotiators and can negotiate with the buyer on the seller’s behalf. Sometimes an estate agent can negotiate an offer that is anywhere from R10,000 to R100,000+ more than the seller was initially willing to accept,” Goslett highlights.
As a final benefit, real estate practitioners are often able to provide staging advice that can add immense value onto the asking price. “Knowing what buyers will hackle down prices for, a real estate practitioner can advise a seller on the key points that need to be fixed, updated or renovated in order for the home to fetch a larger selling price. Given that we’re in a buyer’s market, this advice will help sellers stand out among the local competition and increase their chances of selling,” says Goslett.
“The reality of the current economic conditions is that homes are likely to take longer to sell and that overpriced homes are unlikely to attract any interest from the small pool of buyers who are able to afford to make such a large investment at this time. For those hoping to sell for full value, the services of a reliable real estate professional backed by a reputable brand has never been more crucial than it is right now,” Goslett concludes.