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Help, my Property is not selling - LifeStyle article February 2012

Help, my house is not selling ! - LifeStyle article February 2012

HELP! My house is not selling.........

 

After my previous article regarding Estate Agents and their qualifications required to act as realtors, I have asked around to find out what questions you, the general public, may have for an agent.

To my surprise almost every question I was asked was: How do I know if I can TRUST the agent?

 

A good and trustworthy agent is really a specialist professional in their field, and can ultimately influence the outcome of one’s purchase and selling experience either positively or negatively. Referring back to my previous article, I recommend that you set out to check the agent’s credentials, experience and legitimacy by asking to see their fidelity certificate and that of the agency they are representing. Find out what marketing plan they have in mind to promote your property and to make use of “Word of mouth” as an extremely effective tool.” Don’t entrust the sale of your property just to anyone- make sure the person you are dealing with has a good reputation and above all, is trustworthy.” Says Leonard Fourie, Harcourts Real Estate Business Development Manager.

 

With the right agent chosen, why then is my house not selling?

 

Here are ten of the most common mistakes sellers make when selling their property:

 

  1. They choose the agent who values their property at the highest price, and not the market related price that has been thoroughly researched.
  2. They choose the agent based on his/her over-priced valuation, instead of their track record and ability to market their property.
  3. They often only ask only one agent instead of 2 or 3 to present a marketing plan and property appraisal.
  4. They try and market their property at an inflated price during the critical first few weeks – wanting to test the market only to chase away the best buyers.
  5. They neglect to check out the competition in the same area their property is located in.
  6. They fail to understand that you have a much better chance of selling your property when it is in its best condition.
  7. They fail to give proper and easy access to available buyers.
  8. They sign an offer without checking out the details with an attorney or their top property professional agent.
  9. They turn down their first offer, which is normally the best offer, and
  10. They neglect to ensure that the permanent fixtures remain with the property.

 

At recent FNB information session interesting facts about the current “Buyers” market was revealed:

 

·         Nationally the average time a property takes to sell is 17.1 weeks

 

·         In 91% of all sales over the past two years nationally, sellers had to drop their asking price. That is almost every property transaction taking place in the country. It is therefore not the selling agent who is responsible for the lower offer the seller is getting, but what the current market is determining.

 

·         The average drop in the asking price nationally over the past two years is 13%.

Richard Gray, CEO of Harcourts South Africa says that  the real estate industry analysts do not foresee a return to the pre-2007 boom market anytime soon “ but that sellers need to consider their personal and financial circumstances and needs, and make a decision based on these, rather than on the prevailing market conditions when deciding to sell.“ Then if you do decide to sell, “don’t hold back. Hire an experienced, knowledgeable estate agent to market your home and to get it sold as soon as possible.”

 

Knowledge is power. With all of the above in mind, call on your property professional agent of your choice to review the marketing and pricing of your property, and start all over.

 

Change ‘For Sale’ into ‘Sold’.