With the lower interest rate and increased market activity, sellers may wonder why their properties remain unsold. According to agents from the Seeff Property Group, this usually comes down to three main factors: price, presentation, or promotion.
Pricing is often the main reason a property remains unsold. Sellers may overprice by “testing the market” or relying on emotional value rather than data. Since buyers have access to sales information and listings, even a 5% to 10% markup above fair market value could slow or prevent a sale, says Tiaan Pretorius, manager for Seeff Centurion.
To fix this, he says the asking price must be competitive to attract buyer interest and must offer value for money. The correct guide is a Comparative Market Analysis (CMA) which assesses recent sales prices in the area. A strategic price correction early on is often more effective than a series of small, desperate cuts later.
Pretorius says presentation is often another major hurdle, as the “first impression” is vital to grabbing buyer interest. Buyers tend to make their decision quite quickly, often within a few minutes of stepping into the property. The online listing might catch their attention, but the physical appearance ultimately entices an offer.
To fix this, he recommends that sellers ensure the property is prepared for the sale. It should be neat and in a good condition, freshly painted if necessary and every fitting and fixture should be repaired and in working order. The home should be light, airy and move-in ready.
A unique home or location could also be a barrier to a fast sale. While there is generally a buyer for every home, unique homes and locations often take longer to sell because they appeal to a smaller pool of potential buyers. Pretorius says sellers should be aware of this and ensure the property is presented in the best way possible.
To fix this, he says that if you cannot change anything about the property or location, and you cannot wait for a buyer, you could consider dropping the price or sweetening the deal by leaving items such as curtains and window coverings.
Ultimately, says Gerhard van der Linde, managing director for Seeff Pretoria East, the choice of agent could mean a successful sale. Sometimes a property remains unsold simply because the agent is not the right fit. Problems might relate to poor communication or low effort from the agent, especially if it is not a sole mandate.
To fix this, he recommends that sellers appoint a local area agent with a proven track record of successful sales in the area. A sole mandate is vital to ensure the agent can focus all their energy on the marketing and sale of the property. Switching agents might make the difference in going from “for sale” to sold.
Issued by Gina Meintjes
