Lose the Clutter, Clean and Set the Stage to Sell! This advice applies anytime you sell a property but particularly when that property is falls in the luxury category (usually R10m and upwards).
When buyers are looking at a multi-million rand home, they expect to see something that looks like a million dollars. They don't expect to see your clothes lying all over the place on the sofa and doors that won't shut properly.
Dealing with Clutter includes personal family photos. That photo of you and your favorite politician may be something you're proud of, but it may turn off a buyer who votes for the opposition. Rather put them away. It will give you an edge on packing up when your home is sold if you've already boxed the personal items.
Most luxury home owners have household help to keep their homes clean. It's easy for someone who cleans a home to get into a routine that may skip some of the things a stranger (prospective buyer) will notice immediately. The surfaces get polished but do they get into the corners? Buyers (especially if they really like the place and are considering putting in an offer) may open cupboards and look under sinks that you never notice. Don't let them find a collection of dust. Ask the household staff to give everything a thorough cleaning before you list, and keep it maintained in best condition during the viewing/selling period.
Take an honest look at your home and decide if it looks like a luxury home. Would you be bowled over by it if you didn't live there? If the answer is no, you may want to do a bit of staging. If you need more advice on staging, I have a professional home staging team who can help.
Saturday, October 3, 2015
Friday, October 2, 2015
Tips for Buyers in a Sellers Market
A Sellers Market is usually a situation where there are many buyers but low inventory of homes for sale. What happens in this scenario is houses that are priced correctly will sell quickly and sometimes for more than the listing price. Prices will be on the rise until the point at which it would be cheaper to buy a brand new property (when the building costs per square metre are less than the price per square metre that the Seller wants for his second hand home).
In a Sellers Market, there are a few things the Buyer can do to ensure you get your dream house.
Have a deposit ready (down payment or earnest money deposit) Lending requirements change from time to time, but even where financial institutions may be prepared to loan up to 100% only half of Buyers who apply for home finance are actually successful on their Bond application. A Buyer who is able to put down even a small deposit has a greater chance of securing hone finance. If you as a Buyer can work to secure a pre-qualification from a Bond originator, you are more likely to be treated as a serious Prospect by an agent, and will be in a better position to make a successful offer.
Time is of the essence in a Sellers market. Don't wait for the weekend for a viewing appointment: the property you want could be sold. If you waste too much time in making a decision to put an offer down on your "dream home" there may be a few Buyers after the same property and you could lose the opportunity.
Asking for favours. This us not the time to negotiate for the Seller to fix things or to repaint. Since there are many Buyers the Seller can choose a Buyer that does not have to put in a suspensive clause where they buy subject to the sale of their own property.
In a Sellers Market, there are a few things the Buyer can do to ensure you get your dream house.
Have a deposit ready (down payment or earnest money deposit) Lending requirements change from time to time, but even where financial institutions may be prepared to loan up to 100% only half of Buyers who apply for home finance are actually successful on their Bond application. A Buyer who is able to put down even a small deposit has a greater chance of securing hone finance. If you as a Buyer can work to secure a pre-qualification from a Bond originator, you are more likely to be treated as a serious Prospect by an agent, and will be in a better position to make a successful offer.
Time is of the essence in a Sellers market. Don't wait for the weekend for a viewing appointment: the property you want could be sold. If you waste too much time in making a decision to put an offer down on your "dream home" there may be a few Buyers after the same property and you could lose the opportunity.
Asking for favours. This us not the time to negotiate for the Seller to fix things or to repaint. Since there are many Buyers the Seller can choose a Buyer that does not have to put in a suspensive clause where they buy subject to the sale of their own property.
Thursday, October 1, 2015
Safety tips for Sellers and Real Estate Agents
I was advising a client yesterday because we have had 3 incidents in the greater Johannesburg this year where an estate agent was tied up and robbed of valuables as well as their car stolen by criminals posing as Buyers. An important precaution is to identify and pre-screen Buyers before working with them. At the moment we are in a "Seller's market", which means one might quite possibly get hundreds of queries from interested "Buyers". A Buyer who isn't willing to work with you on these pre-screening requests may not be ready to buy yet or may not qualify financially to buy the property (or worse, may have criminal intent). All of these factors add to the reasons why I believe it is unwise for a Seller to contemplate a private sale, since estate agents are experienced at minimizing risks to themselves or the Seller.
A few tips:
A few tips:
- Always tell someone where you are going when showing a house and report back afterwards
- Let the client walk ahead (never behind or in your blind spot) when showing/viewing a property
- Before a private showing, scout the neighborhood and be alert to anything unusual or out of place, or for safety concerns
- Identify each of a home’s exits/escape routes prior to a showing or open house. Keep exit doors unlocked
- Take a self-defense class (Krav Maga is the best)
- Let your client follow you to the property in their own car
- Don’t wear expensive watches or jewels
- Maintain a professional image including clothing
- Buy a personal security app for your cell phone, always keep your cell phone in your hands and lock another valuables (iPad, laptop) out of sight in the car
- Be ready to defend yourself. Travel with pepper-spray
- Trust your instincts, if something doesn’t feel right, remove yourself from the situation, don't worry about offending a client
Wednesday, September 30, 2015
Getting ready to sell
Are you ready to sell? Here are some things you can do that will ease the process:
Get the paperwork together: How much do you owe on the bond? It's better to find out how much equity you have in your home before listing rather than getting an unpleasant surprise later. If your financing is with a bank there may be a 3 month cancellation clause with penalties, contact the bank to give notice. Some transfers can take less than 3 months, and you might not want to drag the transfer process out because this step wasn't thought out.
Use this opportunity to de-clutter and perhaps even start packing (boxes could be stored in the garage or storage room). Staging your home is an art in itself, there are some things you can do, but your agent might be able to recommend a staging expert. If your agent is going to use a professional photographer it becomes more important to have everything looking great for the photo shoot. Part of de-cluttering includes removing personal photos. Provide a neutral canvas that the prospective buyer can imagine themselves in.
Get the paperwork together: How much do you owe on the bond? It's better to find out how much equity you have in your home before listing rather than getting an unpleasant surprise later. If your financing is with a bank there may be a 3 month cancellation clause with penalties, contact the bank to give notice. Some transfers can take less than 3 months, and you might not want to drag the transfer process out because this step wasn't thought out.
- Put all the built-in appliance manuals in a safe place (the new owner will want these).
- Start interviewing to secure the agent with the best knowledge of the market.
- Pack away or cover valuable assets. You may not want that expensive art piece to be in the photos.
Use this opportunity to de-clutter and perhaps even start packing (boxes could be stored in the garage or storage room). Staging your home is an art in itself, there are some things you can do, but your agent might be able to recommend a staging expert. If your agent is going to use a professional photographer it becomes more important to have everything looking great for the photo shoot. Part of de-cluttering includes removing personal photos. Provide a neutral canvas that the prospective buyer can imagine themselves in.
Tuesday, September 29, 2015
Why good photos are important when selling your property
These days all home buyers start their search online.
They look at the photos and virtual tours of homes that interest them. This is especially important in the higher price ranges. In the starter-home market, a home might sell just because it's priced right and in a desirable location (close to commuter transport). In higher price ranges, professional photos are essential, as your buyers may well be from out of town or even living overseas. Luxury homes can have finishes like dark wood that do not show up well when photographed with a cell phone.
A professional photographer will capture the details of your home that are important to the affluent buyer. Luxury homes may need more than one photo shoot to capture the ambience and amenities at different times of the day.
Great photos and videos may be exactly what encourage an international buyer to fly in for a viewing of the property.
They look at the photos and virtual tours of homes that interest them. This is especially important in the higher price ranges. In the starter-home market, a home might sell just because it's priced right and in a desirable location (close to commuter transport). In higher price ranges, professional photos are essential, as your buyers may well be from out of town or even living overseas. Luxury homes can have finishes like dark wood that do not show up well when photographed with a cell phone.
A professional photographer will capture the details of your home that are important to the affluent buyer. Luxury homes may need more than one photo shoot to capture the ambience and amenities at different times of the day.
Great photos and videos may be exactly what encourage an international buyer to fly in for a viewing of the property.
Monday, September 28, 2015
Questions to ask before listing your luxury home
It may be tempting to hire a friend or relative who just started out in real estate. Your best friend may have a son or daughter at university trying to earn extra money selling houses on weekends. Although it is kind of you to help out, it probably isn't the best thing to do when selling your most valuable asset, or it may still be on the market a year later. A house loses value in the public perception if it doesn't sell: "must be something wrong with it".
Start interviewing your local luxury home experts. Ask what their marketing strategy will entail. How will they pre-qualify buyers? You don't want strangers walking through your house just to see "how the rich live" or worse, to see what they can steal.
How many other listings do they have in the area?
Do they have a blog giving advice for the luxury home market?
Do they have a website that ranks well on the search engines when using the terms "luxury homes in ________"? www.alexa.com gives rankings of various websites across many internet search engines. You know a brand's website doesn't have much reach if it doesn't even rank on there! Most people start their house hunting online, so it is important that you list with an agent whose website has great SEO.
An experienced agent is your best choice but you may want to consider a newer agent, in which case be sure to ask how they will market your property. It's crucial that they're prepared to spend money on professional photographs, ads and marketing. Ask if the office they work with has other agents who work in the luxury market? Can they call on those agents for advice? Do they network with luxury home agents in other areas? If the answer to those questions is yes, they probably already have a network of agents who may have the right buyer for your home.
Start interviewing your local luxury home experts. Ask what their marketing strategy will entail. How will they pre-qualify buyers? You don't want strangers walking through your house just to see "how the rich live" or worse, to see what they can steal.
How many other listings do they have in the area?
Do they have a blog giving advice for the luxury home market?
Do they have a website that ranks well on the search engines when using the terms "luxury homes in ________"? www.alexa.com gives rankings of various websites across many internet search engines. You know a brand's website doesn't have much reach if it doesn't even rank on there! Most people start their house hunting online, so it is important that you list with an agent whose website has great SEO.
An experienced agent is your best choice but you may want to consider a newer agent, in which case be sure to ask how they will market your property. It's crucial that they're prepared to spend money on professional photographs, ads and marketing. Ask if the office they work with has other agents who work in the luxury market? Can they call on those agents for advice? Do they network with luxury home agents in other areas? If the answer to those questions is yes, they probably already have a network of agents who may have the right buyer for your home.
Sunday, September 27, 2015
Get your Luxury Home Sold
5 Tips for selling a luxury home (from a seasoned real estate agent):
Make the Right First Impression Enhanced landscaping, rearranging and staging existing furniture, are some of the ways to capture the interest of a buyer from the moment they arrive for the first time. Perfect home staging can be the very thing that ensures a successful sale.
Attracting the right market Use a luxury agent with a large network of high-end buyers both local and international. Effective marketing and advertising is key to any business transaction, not just in print or online channels, but since 95% of your buyers will be online it is important when selling a luxury home to be well versed in the way various social media channels work. Used incorrectly, these channels can have the opposite effect and sink rather than sell your luxury property.
Patience not Pressure Follow the lead of your agent, who has the experience to create and execute a successful selling strategy. Impatience can result in stress, putting off some buyers and worst of all can be detrimental to the sale and result in a lowered price.
Work With, Not Against, Your Agent From the outset, communicate your expectations. These may need some adjustment, the experience of your agent will assist in guiding you. Sometimes it may be necessary to face some hard truths about the property, or staging, or even the listing price. Remember that you employ a professional to be honest and set realistic goals. Good communication will help the you to feel empowered and understand what needs to be done to fulfill your expectations.
Consider Throwing in Extra Incentives Your imported furniture or hand-picked art pieces can become the leverage you need in order to motivate a buyer. It won't be the first time a buyer has made a decision to buy a particular home or even paid full asking price because a piece of furniture (or all of it) or an artwork was included in the deal.
Make the Right First Impression Enhanced landscaping, rearranging and staging existing furniture, are some of the ways to capture the interest of a buyer from the moment they arrive for the first time. Perfect home staging can be the very thing that ensures a successful sale.
Attracting the right market Use a luxury agent with a large network of high-end buyers both local and international. Effective marketing and advertising is key to any business transaction, not just in print or online channels, but since 95% of your buyers will be online it is important when selling a luxury home to be well versed in the way various social media channels work. Used incorrectly, these channels can have the opposite effect and sink rather than sell your luxury property.
Patience not Pressure Follow the lead of your agent, who has the experience to create and execute a successful selling strategy. Impatience can result in stress, putting off some buyers and worst of all can be detrimental to the sale and result in a lowered price.
Work With, Not Against, Your Agent From the outset, communicate your expectations. These may need some adjustment, the experience of your agent will assist in guiding you. Sometimes it may be necessary to face some hard truths about the property, or staging, or even the listing price. Remember that you employ a professional to be honest and set realistic goals. Good communication will help the you to feel empowered and understand what needs to be done to fulfill your expectations.
Consider Throwing in Extra Incentives Your imported furniture or hand-picked art pieces can become the leverage you need in order to motivate a buyer. It won't be the first time a buyer has made a decision to buy a particular home or even paid full asking price because a piece of furniture (or all of it) or an artwork was included in the deal.
Subscribe to:
Posts (Atom)