8 minute read
SELLING POINTS TO PONDER
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Neighbourhood
Secrets to selling success
Selling a home can be a real slog at the best of times, but in the current market it’s particularly difficult. Sellers need to pull out all the stops to make their properties stand out from the competition and ensure they don’t languish on the market interminably.
WORDS: SUPPLIED IMAGES: SHUTTERSTOCK
“I n an oversaturated market, sellers cannot afford to sit back and simply wait for that one buyer who might be able to recognise a rough diamond in a sea of worthy competition,” says Jill Lloyd, veteran agent and area specialist, Lew Geffen Sotheby’s International Realty in Claremont.
Lloyd shares some tried and true tips to ensure your property is visible in a tough market, and sells as quickly as possible for the highest possible price.
Research and prepare
Before you contact an agent, do your homework and research the market in your area. What are similar properties selling for, what features are popular, which listed properties stand out for you and why?
Play the agent field
Good agents are worth their weight in gold, but the wrong agent can just as easily scupper a deal. Interview at least two agents and don’t be won over by the highest valuation received, especially in a tough buyers’ market when the highest valuation is usually not the best valuation. Rather select an agent based on their skills set, local market and area knowledge.
Price your property right
You can’t afford to price yourself out of contention, especially in a strident buyers’ market. If you’ve appointed a strong agent, you should trust them to guide you. Remember that there’s a difference between market price and the bricks-and-mortar value – and there’s always a ceiling to what the market is willing to pay. Rather create a bidding war with competitive pricing than have your home sit on the market for ages with no offers.
Touch up – but don’t over-upgrade
Quick fixes always pay off, but you’re unlikely to see a return on investment for major make-overs just before selling. Make sure all fixtures and fittings are working, replace broken door handles and fix leaky taps.
If possible, give the interior and exterior a fresh coat of paint, but stick to a neutral palette so the new homeowner can add their personal touch and splash of colour.
Don’t underestimate the importance of the kitchen
It literally is the heart of the home and it’s the one room where you can splurge a little more – and recoup most of the money. If you have a little extra cash, buy one quality stainless steel appliance because when people see one high-end appliance, they assume all the others are also good quality.
You only have one chance to make a good first impression
Before setting foot inside, a buyer will already have judged your home, so don’t neglect to spruce up the kerb appeal. Paint the fence, mow the lawn and plant some flowers or greenery if your garden is bare. Entryways are also important, so make sure your front door is presentable.
Keep it light and bright Good natural light features are on most buyers’ wish lists, so maximise the light in your home by cleaning the windows, tying back curtains, opening blinds, increasing the wattage of light bulbs and trimming bushes and trees
outside windows. A light, bright and airy home is much more sellable.
Plenty of professional photographs
With so many properties on the market, you need to grab a potential buyer’s attention and the best way to do this is with quality photographs online that show your home to its best advantage.
Compare your advert
Have a look at your property ads online and compare them to those of other similar properties in the area. Particularly examine the photos, what the lead image is, how big the rooms look and read the property description. If yours doesn’t stand out, ask your agent to amend the advert.
Make your home experiential
Potential buyers should be able to imagine themselves living in your home when they physically visit your house with an agent, so make it as inviting as possible. Try to stimulate all the senses with enticing aromas, brightly coloured flowers, setting the dinner table with good china.
Depersonalise your home
The more personal items in your house, the less potential buyers can imagine themselves living there. Pack away photographs and personal clutter, keep the fridge clear of kids’ drawings.
Clear the garage
Yes, it’s the perfect place to hide the clutter, but rather take the opportunity to clear it now to make a better impression and save yourself the hassle when you move.
Conceal the pets
Not everyone is a dog or cat lover and being welcomed by wet licks or stumbling over a smelly litter box could put off an otherwise keen buyer.
Neighbourhood
Agents help curb financial crime
Estate agents play a key part in combatting money laundering and terrorist financing, by submitting information that can lead to successful prosecution by the authorities
Estate agencies are listed in the Financial Intelligence Centre Act (FIC Act) as accountable institutions and are required to fulfil various compliance obligations.
These requirements include registering with the Financial Intelligence Centre (FIC), and submitting various regulatory reports to the FIC including suspicious and unusual transactions, cash threshold and terrorist property reports.
The FIC uses the information contained in these reports for conducting analysis and, where necessary, the production of financial intelligence reports. In turn, law enforcement and prosecutorial authorities use these reports for their investigations and applications for asset forfeiture.
What is money laundering? Money laundering is the term used to describe the process where criminals hide, conceal or disguise the nature, source and location of their proceeds from unlawful activities and/or any interest anyone has in such illicit proceeds.
Suspicious and unusual transaction reports (STRs) Where an estate agent believes a transaction is not above board, they must file an STR to the FIC, without tipping off the client.
An example of a possibly suspicious or unusual transaction could be where an employed client pays a reasonable rental amount each month. Then, suddenly, the client makes a lump sum payment of six months’ rental in advance. The estate agent should consider whether the lump sum payment is in line with the client’s stated source of the funds and transaction history. Where the payment is not, it could be a red flag and spark suspicion. All businesses must raise their levels of awareness and vigilance about money flowing through their company or when they facilitate the transfer of funds. In doing so they contribute to the fight against financial crime in South Africa.
The experience and understanding estate agents have of their industry and of typical client behaviour are important to enable this sector to see when transactions or activities seem out of the ordinary.
To further assist estate agents to better understand the money laundering and terrorist financing risks this sector faces, the FIC publishes trends, typologies and case studies on its website.
All STR reports in terms of section 29 of the FIC Act must be filed within 15 days of suspicions arising. Estate agents should read Guidance Note 4B, which is available on the FIC website.
Cash threshold reports (CTRs) Cash threshold reporting in terms of section 28 of the FIC Act requires estate agents to submit reports on all cash transactions of R24,999.99 and above. Estate agents must also file reports on aggregated cash transactions amounting to R24,999.99 or more. While the aggregation period is not specified, the FIC recommends that a period of at least 24 hours be applied when considering aggregation.
All cash threshold reports must be filed with the FIC as soon as possible but no later than two days after the estate agency or any of their employees becomes aware of a cash transaction or series of cash transactions that have exceeded the prescribed threshold. Estate agents should read Guidance Note 5B in this regard. Terrorist property reports (TPRs) Another regulatory reporting obligation, a TPR, relates to section 28A of the FIC Act. To comply with this obligation, an estate agent and all other accountable institutions must report to the FIC any property under its control, or which is known to be connected to the financing of terrorist activities.
The estate agent must file a TPR with the FIC as soon as possible, but no later than five days after the estate agent or their employees become aware of the fact that the property is connected to terrorist financing.
Where the estate agent files a TPR, they should not process any transactions related to that property or any sanctioned person or entity. Estate agents should read Guidance Note 6A and Public Compliance Communication 44 in this regard.
Receiving reports from estate agents is vital in the fight against money laundering and terrorist financing.
To this end, estate agents must comply with their obligations in terms of the FIC Act and the Money Laundering and Terrorist Financing Control Regulations and file reports on time.
See for yourself
The FIC publishes public compliance communications, guidance notes and reporting user guides on the FIC website.
