Advice for sellers

Selling a property involves a lot of preparation and activity. The following is a general guide to the process.

Setting an asking price

There is no such thing as a fixed price for a property. The value of any property is determined by how much a buyer is willing to pay for it at the time it is being offered for sale. In the case of a house or an apartment, this is usually influenced by the prices being paid for other properties in the neighbourhood, and by the condition and features of your property.

The simplest way to set your asking price is to ask an estate agency for a written "comparative market analysis". This should be free of charge and it will not commit you to appointing the estate agency to sell your property for you.

You can ask more than one estate agency for a comparative market analysis, but you should find that they all present you with similar figures. If any estate agency gives you a price that is markedly higher than the rest be suspicious: it may be a ploy to persuade you to give it a sole mandate.

You can also call in a professional valuer to value your property, but he or she will charge you a fee. Unless you have some special reason for needing a professional valuation, an estate agency's market analysis will be quite sufficient.

Time frame

It can take weeks, or even a few months, to sell your property, and a few months more to transfer ownership to the buyer. You will probably only be paid after transfer.

Commission

Naturally, you will pay the estate agency a commission for selling your property for you. It can be either a flat fee, or else a percentage of the selling price. The percentage-based commission is probably the most commonplace.

There is no fixed commission rate in South Africa. Every commission must be negotiated between the seller and the estate agency. The recommended rate is 7½% (plus value-added tax), but this can be negotiated.

Commission is normally paid only after ownership of the property has officially been transferred into the buyer's name.

Preparing your property for sale

You should make your property look as smart and attractive as you can before you offer it for sale. We suggest the following:

garden and yard — cut the grass, weed the garden, remove any rubble
outside of the building — paint, wash, clean up
kitchen — make the stove, refrigerator, sink and floors spotless and gleaming
bathroom — make it neat, spotless and fresh
plumbing — repair dripping taps (faucets)
lights — make sure all the lights work, clean the shades
hardware — oil door hinges, tighten doorknobs, replace missing keys
cupboards (closets) — pack them neatly to avoid the impression that they may be too small
spaciousness — remove unnecessary items from rooms to make them as spacious as possible.

Please note: we have compiled this information in good faith, but we accept no liability for any errors, or for any use that is made of it, or for any problems or damage that may arise as a result of using or acting upon this information.