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“We have seen the market contract in 2016, demand has dipped in line with the slower economy, more property listings are coming through, and buyers now have more to choose from,” says Samuel Seeff, chairman of the Seeff Property Group.
“As the market pendulum shifts towards buyers, the challenge will be on for serious sellers to realise they are now competing with other properties and will need to set their asking price expectations at the right level.”
Seeff says the right price is that which will attract buyers and offers, and there is a difference between the municipal value and the market value.
“The former is the value that the local municipality attaches to it for the purposes of charging property taxes, while the latter is the value that a willing buyer attaches to your property,” he says. “In other words, it is the price that you will get for your property in the open market.”
The selling price tends to differ, and no two houses sell for the same value, Seeff says - unless it is a new development.
“Many factors come into play. It is often tempting to look at what other houses in your area are selling for and to then think that your house could sell for a similar price and that you may be able to make quite a handsome profit,” he says.
“Above all, select an agent who is sensitive to the market. They know that an asking price that is too low disadvantages the seller, while a too high price will alienate potential buyers,” says Seeff.However, Seeff says valuing a property and pricing it when you want to sell is a specialist skill.
“It is a task that is best left to an expert property agent in your area, and should include consideration of a range of factors that affect the value and price a buyer may be willing to pay for your home,” he says.
Each house in a suburb is different in terms of the location, the views, the finishes, the size of the home, the size of the land, garden and other added extras. It therefore follows that each house is unique with a unique value attached to it.
“You can therefore often find two houses in the same street selling for different prices - one may for example sell for R1.8 million while the neighbouring house could sell for R2.3 million,” says Seeff.
“If you are looking to sell, always guard against giving a mandate to the agent that promises you the highest price. That is not the smart way to sell, as any successful seller will tell you.”
Seeff says if you go to market at a price too high, you will waste time as buyers will simply go to another property, or they will wait until the price comes down - it is that simple.
“Research has also shown that properties that start at a price too high tend to sell for less compared to what they would have if the price was set at the correct market level in the first instance. You also risk buyer fatigue,” he says.
“Research has also shown that properties that start at a price too high tend to sell for less compared to what they would have if the price was set at the correct market level in the first instance. You also risk buyer fatigue,” says Seeff.A Comparative market analysis (CMA), an analysis that compares your property to other comparable properties that have recently sold in your area, is a vital tool used by estate agents to assist sellers to determine the right price or value range for their property.
Seeff says the CMA will typically include information on the prices fetched by similar properties in your area - how long they were on the market, what is currently on the market in your range, and which properties are not selling due to being overpriced.
“We cannot overemphasise the risk of selecting an agent purely on the promise of a highest price or lowest commission, you will find yourself tied to an agent for a period of time and could incur possible cost implications should you decide to switch to another agency,” says Seeff.
He says look for an agency and agent with a credible and verifiable track record that can be trusted. Facts and figures do not lie.
“Above all, select an agent who is sensitive to the market. They know that an asking price that is too low is disadvantageous to the seller, while a too high price will alienate potential buyers,” says Seeff.
“The ability to read the market is vital in providing an accurate gauge and price range aimed at leading to a successful sale that satisfies both the buyer and the seller.”
Cliff Jacobs (Nat Dpl Hotel Man (UJ). MPRE. GA Level 5 TEFL) Managing Principal / CEO Exquisite Hotel Consultants (Pty) Ltd Mobile: +27 (0) 84 413 1071 / +27 (0) 61 716 6951 Landline: +27 (0) 21 554 0283 Email: cliff@exquisitehotelconsultants.com Skype: cliff.jacobs Web: https://www.exquisitehotelconsultants.com © All rights reserved Terms and Conditions apply Scroll down to view our Hospitality Properties and Businesses for sale or lease or lease-to-buy or partnership arrangement or management agreement arrangement
Name: BondExcel Mortgage Origination
We interface with all of the major banks in South Africa to ensure that you get the right home loan solution at the best possible rate.
Looking forward to assist you with your home loan application!
Name: Businessentials For Hospitality Hospitality Consulting, Accounting, Bookkeeping and Payroll Services
Name: Capital Efficiency Group Corporate Finance, Tax & Accounting and Treasury Services.
Name: Cliffe Dekker Hofmeyr Inc Attorneys, Notaries and Conveyancers
Name: D E I R D R E R E N N I E R S Interior Design Interior Design
Name: De Leeuw Valuers Cape Town Property Valuation Services
Name: E C Mobility International property, law and immigration
Name: Edward Tokolo Kasete Real Estate Specialist - Our Associate in Namibia
We offer an international platform of specialist hospitality property and/or business brokering services by listing and marketing for sale or lease or by investment partner arrangement or management agreement arrangement of a variety of hospitality products (i.e. hotels, resorts, boutique hotels, guest houses, guest lodges, B&Bs, game resorts, wine farms, yachts, cruise liners, etc) through our association with EC Mobility (in Portugal and Spain), BON Hotels (Africa), Giovanni Conti (Italy, North and East Africa, Sri Lanka), Nuno Boquinhas (Portugal, Azores, Madeira, Mozambique), Property 24, Seeff Property Services, Harcourts, Realnet, RE/MAX, Dogon Property Group, Rawson Estates, among many other prominent commercial estate agencies throughout Southern Africa - and now we are entering other African Countries on the East and West Coasts of Africa and moving further abroad! To date, Exquisite Hotel Consultants has a presence in over 80 countries - and counting...
Working with the above-mentioned agencies and others provides the largest possible reach nationally and internationally for all prospective buyers and sellers wishing to enter or exit the Hospitality Industry.
Sister websites have been opened in the following countries: United Kingdom: see www.exquisitehotelconsultants.co.uk, and in Germany: see www.exquisitehotelconsultants.de, and in the United States of America: see www.exquisitehotelconsultants.us.
Please note that several of our hospitality properties and/or businesses for sale or lease or through business partnership arrangements or management contracts are officially "Off-Market" - mainly for privacy reasons. Therefore, they are not listed as part of our hospitality properties/businesses for sale or lease stock. Please contact me for further details.
Should you be considering to sell or buy or lease or obtain a partnership arrangement or management agreement arrangement for your hotel, boutique hotel, resort, guest house, B&B, game lodge, game resort, guest farm, yacht or cruise liner etc, I would be most pleased to provide you with further details of our way of working to effectively market and sell your property(ies) and/or business(es).
Name: Electrolux Professional Food Service, Beverage and Laundry Solutions
Electrolux Professional is a leading global provider of foodservice, beverage and laundry solutions, serving a wide range of customers globally, from restaurants and hotels to healthcare, educational and other service facilities.
Name: Exquisite Hotel Consultants' Hospitality Training Department Learn to speak Hotel English (one-to-one online course)
Our TEFL trained tutors teach the following functions
The course consists of 21 lessons (4 to 5 one-hour lessons per month).
Name: FVE Interiors Interior Design
Name: Healing Earth Hotel Amenities - inspired by Africa
Name: Hospro Hospitality Consultancy and Procurement
Name: Hotel Revenue Management Revenue (yield) Management
Online room inventory Distribution & Rates optimisation
Implementation of Best Available Rate (BAR), in conjunction with point 1 & 2
Name: Indigo Real Estate Agency Real Estate Agency - Our Associate in Mozambique
Name: Lisa Dunn - Tourism Grading Assessor Tourism Grading Assessment
Name: Ooba (Pty) Ltd Mortgage Origination
ooba offers you:
Name: SK Sambu Tours & Transfers Johannesburg based Tours & Transfers Operator
We look forward to being of service to you.
Kind regards
King Sambu
Name: Soul Private Collection Hotel Management and Marketing
Name: The Dumb Butler Hospitality Suppliers Hotel Linen Suppliers
LUX Award Winners 2021 for The Best Hospitality Suppliers. We are a proudly South African brand established in 2006.
We Supply:
Name: The High Street Auction Company
Property Auctioneers
Appreciating Property Value
Name: Touch Point Retail Smart Interior Design
Cliff Jacobs (Nat Dpl Hotel Man (UJ). MPRE. GA Level 5 TEFL) Managing Principal / CEO Exquisite Hotel Consultants (Pty) Ltd Mobile: +27 (0) 84 413 1071 / +27 (0) 61 716 6951 Landline: +27 (0) 21 554 0283 Email: cliff@exquisitehotelconsultants.com Skype: cliff.jacobs Web: https://www.exquisitehotelconsultants.com © All rights reserved Terms and Conditions apply Scroll down to view our Hospitality Properties and Businesses for sale or lease or lease-to-buy or partnership arrangement or management agreement arrangement
2017-05-07 18:53
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