Tips of buying and selling property, no one else will share with you
Category Property Advice
With interest rates at a all-time low, have you recently been thinking of buying a property? Or are you currently a home owner who would like to make the most of today's buyers market?
We've got just the right tips to get you going...
DEAR BUYER,
Do you know how often we as real estate agents try our best to assist a potential client with showing them multiple properties only to be left high and dry with ignored calls and empty whatsapp chats...
We understand, it's only human for you to feel like you cannot communicate with us open and direct but honestly, we could have saved each other so much time if we understood each other better.
May we suggest the following going forward:
- Budget
We all know how much we can "really" afford, whether you are a first time buyer who have been renting, you are looking to upgrade or downgrade or if you are a investor looking to make some additional income. It's important for you and also your agent to know exactly how much you can purchase for.
You can ask your mandated agent to assist you with a pre-qualification if you'd like to know more about how your income and affordably is assessed by the banks.
Remember to also take transfer and bond registration cost into account.
- Wants
One thing all South Africans have in common is that we all know what we want... like a large swimming pool, tennis court in our backyard, underground parking, private cinema etc... Just kidding, even though this list is important to know, it should not be too long and also needs to be realistic in terms of your budget.
Your wants are all things that will make you fall in love with a property but that would not be a make or brake if the property does not include it.
- Needs
This is all the important stuff, for example: It has to have a double garage (because my husband and I do not want to have a 3 month long argument of who's car is parking in the garage and who's is not) or it has to be close to Midrand Highschool because both of our children needs to take the bus to school. Your agent needs to know what to look out for.
Once you are certain of all of the above you will notice that your property search will seem easier and you will be able to start swiping left and right as if you are on tinder...
After you have scheduled a few viewing appointments write up your personal pros and cons about each property, especially if you have viewed multiple that are very similar.
It's also very important to provide your agent with truthful feedback, tell them that you don't like the carpets in the rooms or the paved entry way. This way they can understand all your likes and dislikes and assist you more accurately.
DEAR SELLER,
With increased property stock levels, the market has not been this competitive in years! If your thinking of selling.. do yourself a favour and pretend that you are a buyer for a moment. Go search online listing platforms, see what property's go for and what condition other properties are in.
We have summarised three important aspects of selling your property for you to take into concidderation:
- Price
Pricing your property correctly the first time has never been more important than it is today. Buyers rely heavily on online marketing platforms to assist them in searching for their dream home. And believe you me, if you list it for R2mil and two weeks later drop your price to R1.8mil - I bet your first potential buyer will offer you R1.6mil ... just because they assume that you are desperate to sell.
The listing platforms also has something called "Alerts", where buyers can select their certain requirements including price range, area etc. Once a property is listed under their requirements they receive an alert to confirm that there is something new they need to look at. We call this your "first impression" - Always make sure your make an impact!
- Agent
Make sure you appoint the right agent, that understands the market, knows the area of your property and that ideally already has a potential buyers data base. Don't just give the property to the agent whos valuation is the highest!
Be careful of overexposing your property. Listing your property with multiple agents can also be overwhelming, not only to the potential buyer but your telephone will be ringing off the hook. Before you know it you will need an assistant with a diary to take down all the appointments and ensure your house is neat and tidy for the 20 people that will be coming through your house to waste your time.
- Preparations
Request a blank copy of your agent's offer to purchase. Read through it , make sure you understand everything and ask questions before a signed offer hits your table!
Outline your time frames and price expectations with your agent and be honest and clear about what will be staying and what will be going with you. You also need to confirm if there is any defects in the property which you are aware of and how the repairs of these defects will be done.
It's always a good idea to have your property's building plans, levy statements, rates statements, copy of your title deed, bond account number and general FICA documents ready for your agent to expedite the registration process.
We hope these quick tips will make a difference in your real estate experience, as always.. you are welcome to contact us for further assistance.
Author: Mandated Property Group
