It’s very difficult. There are few buyers because of the high interest rates and the uncertainty in the country resulting from a corrupt and malicious government.
You can exclude the Cape Province because this is a province with proper government and governance. There the property market is booming for a number of reasons.
Yet, people living and working in the corrupt provinces still need to work and live. So there are buyers but they are choosy. Then you get the bargain hunters.
The bargain hunters have increased.This is an iffy bunch, the dregs really, because there are are many administrative staff earning fat salaries at big companies. The other thing is that they are weighing up the pros and cons ?of renting and property ownership.
And so, how do you attract the right kind of buyer in this collapsed market?
There are no easy answers. You need to be choosy about the estate agents you appoint. Not all of them are as professional as you might think. Their so-called marketing plans rely on the Internet and social media. Many don’t even have proper direct mail lists of potential buyers.
Selling property in a collapsed market can be challenging, but here are some tips to increase your chances of success:
- Price it Competitively: Set a realistic and competitive price for your property to attract potential buyers in a down market.
- Enhance Curb Appeal: Make your property visually appealing by improving its curb appeal. First impressions matter, even more so in a tough market.
- Highlight Unique Features: Emphasize any unique features or selling points of your property to make it stand out among other listings.
- Offer Incentives: Consider offering incentives to potential buyers, such as covering closing costs or including some furniture/appliances.
- Flexible Negotiation: Be open to negotiating with buyers to reach a mutually beneficial agreement.
- Market Aggressively: Use various marketing channels, both online and offline, to reach a broader audience.
- Stage the Property: Consider staging the property to make it more inviting and help potential buyers visualize its potential.
- Work with Experienced Agents: Seek the help of experienced real estate agents who have a track record of success in tough markets.
- Disclose Information: Be transparent about any issues with the property. Honesty builds trust with potential buyers.
- Patience and Persistence: Understand that selling in a collapsed market might take longer, so be patient and persistent in your efforts.
Remember that each real estate market is unique, so it’s crucial to adapt your approach based on the local conditions and seek advice from professionals in your area.
Don‘t forget to speak to trusted friends and neighbours who know the local market. You can’t just leave it to the so-called professionals. They have so many sellers trying to sell their homes that it’s hard enough for them to keep pace.
The point is to do your homework and think of every opportunity to sell your property.
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