- Establish the Seller’s needs
This is primarily to determine how genuine the seller is – i.e. does he want to seriously sell or is he only thinking of selling. This will determine how to approach the particular seller
- Determine the Seller’s selling options
|Sell the property
|Sell by giving an open mandate||
|Give exclusive RNS mandate
- Inspect and faults
Even though the Seller is not required by law to complete a defect list, it is advisable for him to do a brief one just to ensure that he is aware of all defects, especially latent defects that can cause issues later on.
- Seller actions needed
The seller will be required to prepare himself as well as the property for sale. Things he would need to consider are: –
- Bond cancellation
Advise the bank that the property is on the market and that the bond will be cancelled. The banks require 90 days’ notice (up to 180 days)
Attention: Home Loan Cancellation Department
RE: BOND ACCOUNT NUMBER: ___________________________
To Whom it may concern,
We hereby wish to advise you that we are intending to sell our property and would like to give the requisite 90 days notice on the bond account noted above to ensure that there is no penalty interest raised on the cancellation of this bond.
Kindly confirm once this notice has been noted on your systems.
- Electrical Compliance Certificate
Contact an electrician to issue an electrical compliance certificate.
- Nominate a Conveyancer
Decide which conveyancers you wish to use. Get contact details.
- Rates & Taxes
Get an up-to-date account for the Council and settle all or any queries on the account.
- Sectional title units
Obtain a copy of the house rules and latest financials (this will be needed by the attorney as well as the banks).
Ensure there are no taxes owing to the Receiver – also get tax numbers for all parties (even if the spouse is not working, she will still require a tax number).
Make copies of documents – see below.
Get transfer documents from Telkom or cancel the line.
- Security / Alarm
Get transfer documents or make arrangements to cancel the alarm.
Pack up and store as much as possible – get the property ready to be viewed.
- Important points a SELLER should consider when selling/marketing a property
- Priced to SELL!
- The marketability of a property is improved by pricing correctly.
- Price is the most important negotiation factor for the buyer.
- Price compensates for a property’s shortfall or inadequacies.
- Interest sells houses – not time.
- Realistic pricing creates interest.
- Initial marketing time is crucial.
- Buyers buy by comparison and elimination.
- Buyers compare price and value for money.
- Combine realistic asking price with an initial surge of interest.
- Maintain negotiation advantage and realistic pricing.
- Avoid overexposure from unrealistic pricing.
- Eliminate buyers by out pricing them.
- Choose an agent on ‘promised price’ but on competence
- .Spoil your single chance to make a ‘first impression’ on a buyer
- Correct Pricing
- Creates an impression of comparatively good value.
- Increases advertising response.
- Stimulates buyer interest.
- Achieves maximum exposure at the optimum time.
- Maintains negotiation advantage.
- The maximum price achieved.
- Marketing period minimised.
- Disappointment and haggling reduced.
- Least disruption and fewer show houses.
- Loses interested buyers.
- Extends marketing time.
- Attracts lower offers.
- Reduces advertising response.
- Buyers are reluctant to make offers.
- Competing properties become more attractive.
- The property becomes over-exposed.
- Lack of buyer interest.
- The seller loses the best marketing time – the first six weeks.