You’ve no doubt heard about the 3 P’s of property; Position, Position, Position?
Applying this simple formula has seen many wise investors make incredible returns on their property investments. This remains a pillar to the business. But the market is not what it used to be. There are a new set of rules, and that requires a new set of the 3 P’s.
Pricing
If you’re a serious seller right now, you have to price your home competitively. There is a lot of competition. In fact, if you’re not a serious and motivated seller, you should not be trying to sell at the moment. This is not a market for speculation or taking chances. While the price alone is not the only factor in a buyers mind, you have less chance of being noticed if you are priced higher than your competition. The simple reality is that prices have come down after being under pressure for some time. Some neighbourhoods more than others and generally, the lower the price range, the better the market is. That said, if you’re buying and selling in the same market, you should be winning on the purchase. Listing your home at the right price will guarantee a fairly quick sale for a higher selling price than if you start too high and end up having to drop your price. At the moment, there are over 90 properties for sale in the Greater Bergvliet area with 25 of them priced over R4 million. Most of the sales in the area are between R3 mil and R4mil so the high priced properties are having a tough time. Some have been on the market since 2018! If you’re in it to win it, pricing is critical!
Presentation
Yes, it’s important. Very. With all the noise and clutter of so much stock, you need to stand out. Fix those loose drawers, paint the faded wall. Touch up the hairline cracks. Make sure the pool is sparkling (if not covered) and cut that lawn. You are selling more than just bricks and mortar. You’re selling a lifestyle. It’s the lifestyle you wanted when you bought that property. It’s why you’ve loved living there. Show the happy times and show ‘the love’. Fresh fruit in a bowl and fresh flowers can bring a drab room to life. It doesn’t have to be expensive. A few lemons and some Bougainvillea from the garden will make all the difference. It’s a beauty contest folks. You’ve gotta look your best.
Professional
Get a professional to sell your home. Someone with local area knowledge and a proven track record. Property Practitioners today are highly trained and skilled. The industry is no longer the playground for smooth operators and bored housewives. The qualification process is onerous and involves at least 1 year of internship, a minimum of NQF4 accreditation and continuous, compulsory training and development. It is a legitimate career option and taken very seriously. Your agent will provide you with a true market analysis to assist you with a price and a solid marketing strategy including professional photography and social media campaigns. You can’t just “put the house on the Internet” anymore. The Greater Bergvliet area features some really good, long-standing and experienced agents. But in a market with 90 plus properties for sale, there will always be a number of ‘fly by nights’ and agents from other areas hoping to do a quick ‘raid and sell’. Buyers choose to call agents who know the areas. Those agents know the schools, the zonings and the security of the area. The marketing and network is key to successful agencies. Use it.
It’s a brave new world for buyers and sellers. Most won’t remember the last real buyer’s market. But we are there again, and following the simple formula of the new 3 P’s will put you in prime Position, Position, Position to sell, sell, sell!
Call us for a chat… Property For Sale
Chas Everitt Bergvliet
Murray Tocker
Chas Everitt – Cape Town South (Bergvliet Office)
078 722 7836