April 10 2025 17:30
Guest article by Seeff Property Group
SOUTH AFRICA
Every seller wants to sell their property as quickly as possible for as much as possible, that is essentially the basic rule of selling, according to Samuel Seeff, chairman of the Seeff Property Group.
When selling property, you are dealing with two competing interests, that of the seller who wants to get the highest possible price, and the buyer who wants to pay the lowest possible price. In the middle, you have the skilled estate agent whose job it is to motivate for the correct listing price to set the sales process up for success. It is also the agent who will ultimately bring their skills to bear in terms of negotiating the best possible outcome for the seller and the buyer.
Some of the most common selling mistakes to avoid include:
Selling the property yourself. It may be tempting, and sellers often mistakenly believe that they can get a higher price if they sell it themselves. This might be in a case where the seller needs a higher price than what the market may offer. In reality, Seeff says DIY selling is onerous, buyers are often not vetted, and you could end up with having to enlist the help of an agent in any event.
Outpricing the property. Overpricing is generally the leading cause for a property not selling. Buyers have access to a plethora of online property listings and can quickly identify and skip over those appearing to be priced too high for the market. A higher asking price seldom results in a higher offer, but could instead have the effect of driving the listing price down to make it more attractive, and could result in an even lower price.
Dismissing a quick offer thinking the price is too low. In fact, a quick offer usually means that the price is at the right level, or the market could be more active. Often, the agent also already has a database of ready buyers. Dismissing it simply out of fear that the agent is just trying to make a quick sale could risk not getting another offer, or a higher price. This will put the sellers at a disadvantage.
Too emotionally attached. Every seller believes their property is worth more, especially if they have invested a lot of time and money into the property. Custom features and elaborate finishes, however, might not result in a higher price. Seeff says it’s best to view the sale as a business transaction and to take emotion out of the deal. Appoint a reputable area agent and trust their advice.
Get too involved in the sale. While a seller may be enthusiastic about viewings, it is best not to be present during the viewings as it tends to make buyers uncomfortable. Rather trust the agent to act in your best interest at all times. After all, they do this for a living and are skilled at dealing with prospective buyers and negotiating a deal. A good agent will also be able to vet to ensure they are dealing with serious buyers.
Wait for a better offer. There is an old adage in property which states that your first offer is often the best offer, said Johan Meyer from Seeff Pinelands, Cape Town. Bear in mind that just because one offer comes along does not mean that another will too, or that it might be at a higher price. It is therefore always recommended that sellers should consider all serious offers.
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