Kayla Cloete - REMAX
on 08 Oct 19
Categories: Finance & Budget
Selling a property for the full asking price can be challenging, especially within the current market where supply far outweighs demand. Everybody is looking for a bargain which, according to Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, means that sellers are going to have to convince buyers that their home is well worth its asking price.
“These days, sellers are not ill-informed. Thanks to internet access and property portals, buyers have access to all sorts of information that they can use against sellers in order to lower the asking price. In order for sellers to negotiate towards achieving their full asking price, they need to be as well researched as buyers are so that they can convince the buyer that their property is indeed worth the full asking price in comparison to what else is available,” Goslett suggests.
Below, RE/MAX of Southern Africa provides some further tips for sellers who want to sell at full value:
1)Don’t give buyers a foothold on which to haggle down your price
To sell for the full asking price, all issues that buyers would have to address themselves once they move in, such as chipped paint, yellowing ceilings and scratched cupboard doors, ought to be addressed before the house goes onto the market. Beyond this, sellers should also conduct a thorough electrical and plumbing inspections priorsto the negotiation process, and have all necessary planning approvals and compliance certificates in place so that they can prove that no further work would need to be done on the property after the new buyers move in.
2)Arrange for back-to-back viewings
To give buyers a sense of urgency, sellers could arrange for multiple viewing appointments on the same day. This gives buyers the impression that the property is in high demand, which may push up their offer. Apart from this, arranging for multiple viewings close together increases a seller’s chance of receiving more than one offer from which to choose. This gives a seller confidence to be a little more persistent in terms of their asking price.
3)Don’t be scared to negotiate
Rather than turning down offers right off the bat, engage with the buyer to find out why they are offering less than the full asking price. At best, this conversation can lead to some sort of a compromise where the buyer and the seller meet each other halfway. At worst, the seller discovers a possible reason why buyers aren’t willing to pay the full price and can address the issue to achieve full value when the next buyer comes around.
As a final piece of advice, Goslett recommends that sellers partner with an experienced real estate professional who they can trust to negotiate on their behalf. “Real estate professionals deal with these kinds of transactions every day, which means that they have mastered the art of price negotiation. They also know local market conditions better than most (if not all) buyers and sellers, which means that they will have the best chances of convincing a buyer that the property is worth what it is being marketing at. If you want to ensure that you sell for full value, then you ought to partner with a real estate professional with a proven track record of sales and a genuine concern for your best interests,” Goslett concludes.
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