The property market has been a challenging one for sellers, here's how to navigate a buyer's market, as a seller.
Though strengthening, it is unlikely that the property market will come to favour sellers anytime within the immediate future. Most suburbs can still be described as a buyer’s market where the number of homes on the market is much larger than the number of prospective buyers looking to purchase within that suburb. This means that sellers are less likely to fetch their full asking price and are more likely to wait longer for their home to sell.
It is not, however, a lost cause for sellers over this period. According to Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, even in a challenging economy, the property market is still alive and active. “Whether you just landed a new job that requires you to find a place closer to the office or a baby that’s on the way that requires you to find a place with an extra bedroom, the need to buy and sell real estate will continue to exist whatever the economic conditions. While others in the industry might be struggling, RE/MAX of Southern Africa continues to do well, reporting close to (and sometimes over) R2 billion in sales each month since February this year. Our sales figures prove that the market is by no means inactive and that it is still possible to sell within this market,” Goslett explains.
Below, RE/MAX of Southern Africa shares some tips on how to make sure your home sells within a buyer’s market:
Give your home a unique selling edge
The first place to start is to view similar listings on property portals like Private Property and get an idea of what buyers could purchase in your suburb or within you complex that are near enough to your price point. If there is nothing that sets your house apart from the others, then either you will need to lower your asking price or renovate the space to ensure that it sells.
Make your listing stand out online
Sellers have about three seconds to grab a buyer’s attention before losing them to the endless sea of property listings. A striking online listing can help your home stand out among the thousands of other listings competing for buyers’ attention within this market. To make a buyer want to view your home in person, be sure to spruce up the space before your agent arranges to have the listing photographs taken. Review the listing once it becomes active on the property portals to make sure that the most striking images appear first in the image gallery. Check that the listing description highlights the key features of your home and states all the information correctly and clearly.
Enlist the best in the business
Especially within this kind of market, a large portion of sales come from referrals and a real estate professional’s own database. Buyers might not be looking to move within this economy but, based on their relationship with their estate agent, they might hear about a new property that entices them to make the move. According to Kevin Jacobs, Broker/Owner of RE/MAX Premier, only 50% of his office’s sales are based off leads generated by property portals. The rest comes from the agent’s database and networking skills. Sellers will need to partner with a reputable real estate professional with a solid track record of sales to make sure their listing reaches the correct people within this market.
As a final piece of advice, Goslett suggests that the trick to selling within this market lies within the marketing of your home. “Sellers who ensure that their listing is reaching the right people in the right way are less likely to experience difficulties during this period. If you want to sell your home in a highly competitive market, then you should partner with a brand that gives your home the competitive edge. RE/MAX of Southern Africa provides sellers with that exact edge. In terms of number of homes sold and number of sales associates, we are the number one real estate brand within the region. That means that we have the largest possible network of referrals and the widest possible brand recognition across the region. Quite simply, partnering with RE/MAX agent gives you the best chance of selling your home within a buyer’s market,” Goslett concludes.