5 Questions every property seller should ask
Category Newsletter: Lead Article
Buying property gets its fair share of recognition for the important transaction that it is. And rightly so, it's a big and costly decision that has a deep impact on your family life, your finances and more.
But selling a property is equally significant and one that surely deserves as much consideration. "Selling one's property can be daunting, irrespective of whether the purpose is to upgrade, downscale, move abroad or any number of reasons in between, which is why it's crucial to have the right information and the right support on hand," says Skoko Sebola, Principal at Leapfrog Midrand.
When working with a property advisor, sellers are free to ask as many questions about the process as they need - and a professional advisor will certainly be able to give clear, relevant and transparent answers - but Sebola advises sellers to ask the five questions below to begin with.
-
How do we determine the selling price of my property?
Sellers usually have a price in mind but the job of the property agent is to advise on the best price and the one the property is most likely to sell at. Pricing a property properly is about more than what the sellers think they should get. The right price takes the value of the property, its condition, the area it's located in and prevailing market conditions into consideration. "A reputable property agent will gladly go into details about how the right selling price is determined and why the right price is crucial," Sebola says.
-
Can you tell me about similar properties to mine that you recently sold in the area?
The answer will offer an indication of the agent's experience and understanding of your particular property type and the trends in the market in general. It also gives the seller a sense of how long they can expect their property to be on the market. -
How is your commission structure determined?
A productive professional relationship, such as that between property agent and property seller, hinges on transparency and so the agent should have no qualms about revealing their commission structure. "The agent is there to render a professional service and their commission is compensation for their time, insights and expertise - and there's no reason to hide that," Sebola says. -
What are the "unexpected" costs I am responsible for as the seller?
Nobody likes to be caught off-guard when it comes to costs and expenses. Selling a property does, often contrary to popular belief, come with costs so be sure to ask the property advisor what to expect. "Typically the cost of selling includes things like the bond cancellation fee, compliance certificates, outstanding rates, taxes and levies, and the agent's commission. -
What's your sales/marketing line going to be for my property?
Yes, selling one's property is a financial transaction first and foremost but it's also so much more than that - often laden with emotion. "I often find that if I share with sellers how my team will pitch their property to potential buyers, it makes them feel more at ease. And that's not to say you won't be transparent about the less attractive or appealing elements of the property but it does help them understand that you're acting in their best interest," Sebola shares.
They say there is no such thing as a silly question and this is especially true when it comes to property. "Feel free to ask again - it's our job to answer," Sebola says.
Author: Leapfrog Property Group
