Here is some important tips to consider when Selling Your Home
- Traditional Agent vs Private Sale vs Online Agent
Once you have made the decision to sell, the big question is, “How?”. Still the most popular way to sell is through well-established traditional estate agents. Amongst other things, traditional agents offer sellers a face-to-face relationship, will source and accompany buyers for property viewings, handle negotiations on the seller’s behalf and draft the sale agreement. These are all valuable services; however, you can expect to pay between 5% – 8% commission to the agent on completion of sale.
An alternative to using an agent is to do a private sale. You won’t have to pay any commission, but now the onus to find a buyer and handle the sale is squarely on you – the seller.
A third option is to use an online estate agent. In this instance your property is given extensive exposure to thousands of online buyers. An online estate agent is always on hand to offer advice, they will also arrange viewings, handle negotiations and draft the sale agreement. You will not have the face-to-face relationship that you would with a traditional agent and you may have to show your property to buyers yourself, but you will pay a significantly lower commission rate.
Proptions are the first ever Property Marketplace to offer the full range of options.
- Sole vs Open Mandate
If a seller chooses to work with an agent, one must also choose how many agents they want to have selling their property. Signing a sole mandate will give sole authority to one agent to sell the property whereas taking up an open mandate will allow you to use multiple agents. Be aware that signing an open mandate with a traditional agent often comes with a high commission rate.
The primary reason for a home not to sell is that it is overpriced in relation to similar homes in the same area. Over time it has been proven just how much is to be gained by correct pricing and just how easily buyer interest can be destroyed by over-pricing. If a home is overpriced, prospective buyers will generally not see this as an invitation to negotiate and are much more likely to simply exclude the property from their shortlist of viable options. A correctly priced property based on current market conditions will attract the healthy interest needed to sell your property in good time at a good price.
- Compliance Certificates
It is a requirement when selling your property to complete various compliance checks. As this is something that needs to be done anyway – why not do it upfront? It will be a bonus when marketing the property to tell the buyer that the home is compliant and that any problems have been fixed.
The required compliance checks vary from one area to another, but the common ones include, beetle, electrical, plumbing and gas inspections. Sellers can get quotes and decide for a tradesman to perform compliance checks by posting their requirements on Favo who the preferred online partner of Proptions. Their website is www.favo.co.za.
- Repairing Defects
Once you have decided that the time has come to sell your property, you will most probably find that your home has several defects. Ideally, sellers should have the home inspected before they put it on the market so that they are aware of any issues or structural defects that need to be addressed. Sellers are morally obliged to inform the estate agent marketing their property and/or the buyer, of any known defects. Once the property has been inspected and a quote obtained for any necessary repairs, sellers need to ask themselves whether they will come out better by repairing the defects or dropping their asking price. Again, you can find a tradesman to assist you in this regard via Favo – www.favo.co.za .
- Curb Appeal
First impressions are incredibly important, especially when it comes to selling your house. “Curb appeal” can be described as the presentation of your home from the street and how the front of you home looks or appeals to someone passing by. Stand on the road outside your house and take a long, hard look at the front of your property. Does it look clean and inviting, or dingy and unloved? Spot the problems and get to work. Remember there is nothing that will reduce your home’s curb appeal more quickly than a pile of rubbish or having unnecessary items sprawled around the house. Get rid of the black bags, garden refuse and store away the gardening equipment. Clean sparkling windows, a fresh coat of paint and neat gutters will do wonders for your home’s “curb appeal” and help you nail that first impression – get to it!
- Home Staging
If you want to give your property some extra sparkle to outshine the competition, consider some simple home staging techniques that can make a big difference. The most important thing you can do to prepare your home for sale is to get rid of clutter. Remove any items that do not contribute to the appeal of the house. One of the major contributors to a cluttered look is having too much furniture. Remove unnecessary furniture and the house will look much bigger for it. Ensure that all the rooms in your home have good lighting as this will make the house look warm and welcoming. To make a room appear to be bigger than it is, paint it the same colour as the adjacent room – if you have a small kitchen and dining room, a seamless look will make both rooms feel like one big space. Accessories your bedrooms to make them more inviting and clean out the closets to show off your storage space. Make sure the kitchen and bathrooms are super clean – few things are more off-putting that a dirty kitchen sink or bathroom toilet.