5 misconceptions when selling your home, according to Gerhard van der Linde, Seeff’s MD in Pta Eas
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1. I will eventually get my full asking price, even if it is unrealistic: Prospective buyers will not pay more for a property than what it is worth. It is therefore critically important not to list a property on the market at an unrealistic value. It has been proven that the longer a property stays on the market, the less attractive it becomes to buyers and could eventually result in a much lower selling price.
2. My home will sell faster if it is on open mandate: When you grant a sole mandate to one agent they will be more motivated to sell because there is no competition. Agents spend more time and more money (like advertising expenditure) on sole mandates.
3. I need to revamp my home completely before listing: Although it would be advisable to declutter as much as possible and to make minor reparations to your home before a show day, a full revamp is not necessary in most cases. Not only do you stand the chance of overcapitalising, but the buyer might want to revamp the home themselves to their own specifications. Always speak to your agent before undertaking major changes.
4. I don’t need a CMA to know what my property is worth: A Comparative Market Analysis (CMA) is crucial because it compares your property to properties that have been sold as well as those still on the market in the area. Undertaking a CMA is the most reliable way to determine your listing price.
5. I can sell my home without the help of an estate agent: While you may save on commission when selling your home yourself you will not be able to generate the exposure for your home that an agent with a sole mandate would be able to generate. In addition to this agents have knowledge of all the legislative procedures that accompany the selling of a home and will be able to guide and advise every step of the way, saving you time and taking away unnecessary stress.
Author: Seeff
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