6 Ways Sellers Sabotage Their Home Sales
23 April 2020
We asked our Just Property agents to share their experiences. Here’s how they have seen sellers sabotage their home sales:
This is one of the most common sale sabotaging tactics. There’s a saying that you can’t lose what you don’t have, and overpricing is a classic example of this. While an overpriced home sits on the market, buyers are making offers on the competition that is more reasonably priced.
Did you know: > 95% of residential property sales finalised at prices below the initial asking price (Source: FNB Q4 Property Barometer)
- Lacking preparation
Every property has strong points, weak points and challenges. Many can be overcome with proper preparation — cleaning, painting, repairs, staging, etc. Some cannot be changed such as location or layout, but the more you prepare your home for sale, the better your chances of getting close to your asking price.
Did you know: buyers don’t always see past the clutter, overgrown landscaping, old worn furniture and wet dog smell. Look at your property with an outsider’s perspective.
- Making it difficult to show
What’s the point of being on the market if the ability to see the home is more of a rarity than an everyday event? Complicated showing instructions, lots of notice, specific blocks of time during the day or certain days that the property cannot be shown will only frustrate the sales process. Your property needs to be available for prospective buyer viewings.
Did you know: 30% of home buyers viewed 6+ properties before they bought. (Source: Just Property Psychology of Home Buying Survey, ongoing)
- Hovering over showings
Agents have a duty of care to their clients on both sides of the property transaction and they may feel limited in their ability to be transparent and frank with prospective buyers if you are eavesdropping in the wings. Buyers will also be less inclined to ask questions or to give honest feedback.
Did you know: your agent’s behaviour is governed by a Code of Conduct. Trust that.
- Not disclosing or denying defects
The “voetstoots” clause in sales contracts allows for properties to be purchased “as is” but sellers have a duty to declare property defects.
Did you know: Buyers can cancel contracts, or sue for a reduction in the selling price if the seller knew of the defects and did not disclose them or if the defect is so serious that if the buyer had known of it he would not have bought.
- Holding out for higher offers
With a few exceptions, it’s currently a buyer’s market in South Africa which means that sellers are disadvantaged. Buyers have more choice and selling prices are constricted. The first offer is not always the best offer but holding out for something better comes at a risk: buyers are motivated by a fear of loss. The longer your property is on the market, the lower the fear of loss will be.
Did you know: properties stay on the market for an average of 14 weeks (Source: Source: FNB Property Barometer, Q2 2019)
This “no strings attached” advice was brought to you by Just Property. Click HERE to connect with an agent near you.
For more information on Just Property please visit www.just.property or call (087) 550 2258.
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