In the dynamic South African real estate market, receiving low offers can be a common challenge for sellers. However, by understanding why you are getting low offers and implementing effective strategies, you can significantly boost your property's appeal and attract higher offers.
If you are consistently getting low offers the first thing you need to do is establish if your property is correctly priced. If you are working with a real estate agent and they haven't supplied you with a comparative market analysis (CMA) ask for one and ask them how they came to their asking price. You have to detach the emotional connection you have with your home to ensure you are being realistic about the asking price.
Once you have established that you asking price is indeed correct you can start delving deeper into what might be behind the low offers. Some factors that could cause low offers are:
Enhancing curb appeal: Start by improving the exterior appearance of your property. This includes landscaping, maintaining the exterior, and staging to create an inviting first impression for potential buyers.
Staging your home: Declutter and depersonalize your space to appeal to a wider range of buyers. Use neutral colors and furniture arrangement to create a warm and welcoming atmosphere that resonates with buyers.
Highlighting unique selling points: Identify and showcase the unique features of your property that set it apart from others in the market. Effectively marketing these selling points can help attract more interest and higher offers.
Addressing maintenance and repairs: Before listing your property, address any maintenance issues or needed repairs. Proactive maintenance can increase the perceived value of your property and justify a higher offer.
Setting the right price: Pricing your property competitively is crucial. Use comparative market analysis and professional appraisal to determine the right price that reflects the value of your property without undervaluing it.
Understanding how to market your home in the digital age is crucial as most home searches happen online. Here is how to sell your home in the digital age
Buyers are oftentimes as educated as the agents regarding the pricing of the market and are prepared to pay the full asking price if they see value in the home. The biggest mistake that is often made is listing the property too high online. Many buyers search in increments of R500k and if the property is listed just above that, it won't come up in their alerts and won't attract the right buyers.
Sellers often think that they should market their properties at a higher price in case they get negotiated down but, instead, if you market your property at the correct price, there is no need to negotiate. You will attract the right buyer who recognises the value of your home. However, if you need to negotiate keep the following pointers in mind: