#PropertyReport: A market for the agile

It would be an understatement to say we live in uncertain times, be it in South Africa or globally, but it would also be an understatement to say life goes on and we must make the best of each situation.

Understandably, the property market is not immune to uncertainty and sentiment, but as always, it keeps going.

People will still buy, sell and rent, and billions of rands will once again trade this year.

However, the key that both sellers and landlords (and to a degree a buyer or tenant) need to be aware of, is to stay on the right side of the market and adapt to whatever conditions are being faced currently.

What we face today can be significantly different to what we faced a month ago, and of course, what we might face in a month’s time.

In this respect agility is what will get a result.

Right now we have a market where sentiment is inconsistent, and where stock levels are higher than they were six months ago.

This situation will probably not differ too much by the beginning of April. So, if you are a seller or landlord you need to quickly realise you are now competing against quite a few more properties, that the buyers and tenants have more choice, and thus the urgency to make a decision is not quite as strong as it was at the beginning of the year.

All this equates to the buyer and tenant being in a slightly stronger position than they may have been recently.

But what does this mean for the seller?

It means that if you are a motivated seller then you need to understand these market conditions and make sure your property stands out more than the rest.

The most obvious, easiest, and quickest way to do this is to change your price to factor in these conditions and not delay. Get ahead of the curve now.

I have seen this scenario play out hundreds of times, and the smartest sellers and landlords grasp this early on, beat the competition and get the desired result.

Unfortunately, what happens to most people is that they hold out for far too long, and then end up following the herd when the penny finally drops. The problem with this?

Even though you have now made an adjustment comparatively speaking, you still look and feel the same as your competitors listings and you are no better off. In fact, you are worse off.

Landlords should heed this advice even more as they don’t want to have that dreaded void period which we have spoken about before.

My message here is to be agile, read the signs and move quickly and put yourself back in the driver’s seat.

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