Real Estate Investor Magazine South Africa March/April 2020 | Page 41

Under these circumstances, property do not sell as fast they
normally do and therefore homeowners are left with no choice
but to lower their asking property selling proces to suit the
buyers price provision. So, what do you do when you are in a
buyer’s market, when you need and have to sell your property?
What are the important factors to consider?
Demand
As a property seller, if you don’t have to sell your property now,
don’t. Rather wait for better timing when there is a stronger
demand and when you can get a better price for your property.
However, this may take quite some time. If the property lends
itself to be a rental property and you can rent it out, this is an
option worth considering.
What to do when you need to sell in a buyer’s market:
1. Don’t sell if you don’t have to
2. If you must sell in a buyer’s market, buy another
property in the buyer’s market
3. Make sure you have time on your side
4. Stay competitive
5. Be realistic about your price
Investment opportunities
Okay, so you may get less for your property because it is a
buyer’s market, but this also means that you can buy another
property at a great price. So, you might be forced to sell low, but
at least you can buy low as well. Those who are currently losing
out the most are the people who are selling their property or
properties and not buying another property or properties.
Time on the market
Prevent yourself from being in a desperate spot at all costs. In a
buyer’s market, it is going to take longer to sell your property,
especially if you don’t want to sell the property below the
market value or what you believe the intrinsic value of the
property is going to be.
So, make sure you have time on your side. If you can afford
to be patient then you can wait for the right buyer. By waiting
for the right buyer, you will avoid having to sell for well-below
asking price out of desperation. Planning and patience means
you will have the right buyer, but more importantly the right
price. desperately have to sell, you will get a better price.
Competition
The reality of a buyer’s market is that there are many properties
for sale and a limited number of buyers, therefore, get your
house in order. Make sure all repairs are done, and the house
looks neat, presentable and beautiful. People buy with their
eyes (at least most people), so good photos are critical.
Incur the additional expense and get a professional
photographer to take photos of your property for the listing.
Photos sell a property. If you have good photos, you will have
more interest and more prospective buyers.
SOURCE Prosperity Enterprises
Realistic expectations
Do your research and ensure that you have determined
a realistic price for the property you are selling. You can
obtain independent valuations from estate agents and pull
information from the deed's office to determine what similar
properties in your area are selling for.
JACO GROBBELAAR is a property investor,
structuring specialist and international speaker.
He founded Prosperity Enterprises to help equip
individuals in building their property portfolios
through education, structuring and support.
SA Real Estate Investor Magazine MARCH/APRIL 2020
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