Selling your Property?

One of the most important factors when selling your home is pricing. Pricing can determine for how long your property will be on the market and for how much it will sell in the end. If a property stays on the market for too long is becomes stale, over-exposed and generally buyers think there must be something wrong with the property. When offers do come in they are often much lower than expected.

You also don’t want to give your property away by pricing it way below Market Value and that is why you need a comprehensive and professional valuation done before going into the market. In a Buyers’ Market, where we are now, supply (stock) is high which means that buyers can shop around and drive prices down where they feel properties are over-priced.  It is not uncommon for buyers to offer around 10% less than the asking price as they are also very well informed of prices in the areas where they shop and they can see over-priced properties from a mile away.

Pricing right from the start will attract serious buyers in a shorter time and will result in higher offers being made. As a seller, stay away from agents quoting high prices for selling as they are just out to get the mandate with the idea of driving the price down over time and creating unrealistic expectations.

We Sell Property

Our property valuations are very seldom related to the current replacement values, bank valuations, insurance or municipal valuations / values as these values are often irrelevant when determining the “Market Value” / “Sellable Value” of the property.

We would love to offer you a Free Valuation including a comprehensive CMA (comparative market analysis) of the recent sales in the area / complex or estate where you stay. We specialise in Residential sales & rentals in and around the Roodepoort area. Anything from Wilgeheuwel hospital to Cradlestone Mall along Hendrik Potgieter including areas such as Helderkruin, Honey Hills, Kloofendal, Weltevreden Park, Amorosa, Poortview, Tres Jolie, Ruimsig, Allen’s Nek, Radiokop, Wilgeheuwel, Honeydew Ridge – Manor and Grove, Strubensvallei and Little Falls. We also have a partner company in Krugersdorp that can assist with similar valuations in those areas.

Area Ad

We have a high demand for two and three bedroom townhouses selling around the R 850 000 to R 1 200 000 mark as well as freehold single residential family homes in the same areas …… any property priced right will sell.

Should you be interested to get a professional Market Related valuation done on any of your properties, please contact Marnus or Juanita on 0722647806 / 0836041231. We also offer rental management services from listing, advertising & marketing, screening to procurement and placement as well as ongoing management of the tenant and the property. In addition to the above we offer basic maintenance and cleaning services to get your property “RentReady” before renting it out.

We have a list of attorneys, bond originators & contractors that we use on a regular basis to make sure that we can provide a full 360 ̊service to our buyers, sellers, tenants and landlords.

Please do not hesitate to contact us should you have any queries with regard to the above.

www.steynrealty.co.za

Your Real Estate Professionals

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Costs when Buying Property

Every now and again we get buyers viewing properties or visiting our show houses with no idea that there are transfer and registration costs payable when buying property. Some of them also think that this can be financed with the bond amount.

So just to shed some light on this subject, especially for first-time buyers ….

When buying property, the purchasers (in most cases) are responsible for paying  the Transfer Costs as well as the Bond Registration Costs to the Transferring Attorney upon request. This is done after all suspensive conditions in the Sales Agreement has been fulfilled and needs to be paid in order for the registration process to proceed. In the case where someone buys a property in a new development these costs or a portion of these costs may already be included in the sale. Most property websites and portals as well as banking sites have built-in cost calculators where these costs can be calculated. Please have a look at our website at http://www.steynrealty.co.za for more detail.

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Transfer Costs: Is paid on the full sales / purchase price.
Bond Registration Costs: Is paid on the bond amount only.

Both these costs are calculated by the Attorney firms involved according the a schedule and sliding scale. Please look at the following example:

Full Purchase Price: R 1 500 000
Deposit Amount: R  100 000
Bond Amount: R 1 400 000

In the scenario above, the following estimated costs will apply.

Property Transfer Costs (R 50 298.00)
Attorney Fees: R 23 598.00
Transfer Duty: R 25 500.00
Post, petties, FICA and other: R 1200.00

Bond Registration Costs (R 29 985.00)
Attorney Fees: R 22 800.00
Bank Initiation Fee: R 5 985.00
Post, petties, FICA and other: R 1200.00

TOTAL COSTS: R 80 283.00

The Purchaser in the above scenario will then have to have R 180 283.00 cash available to cover the deposit and costs. Costs cannot be added to the bond amount / purchase price as this is not allowed by the Banks or Attorney Firms.

It is very important that prospective buyers take the time to calculate all the various costs and payments that they will be liable for before shopping for a new property.

For any queries on the above, please feel free to contact us or send us an email to marnus@steynrealty.co.za / juanita@steynrealty.co.za

Hope you have a great day …… off to go sell some houses.

 

 

Fixtures and Fittings

Fixtures and Fittings ….

Every Offer To Purchase (‘OTP’) has / should have a specific clause where the Purchaser and Seller agrees on which fixtures and fittings to be included or excluded as part of the Sale Agreement. This is done by mutual agreement on presentation of the OTP. Once the OTP is signed by all parties involved it becomes very difficult to change any clauses or conditions and must therefore be done prior to acceptance. Sellers should, as part of the Mandate Agreement be advised by their agents to specify any inclusions or exclusions of fixtures and fittings in the mandate agreement so that prospective purchasers can be informed accordingly when viewing the property.

To make this process easier, our OTP includes the following items as standard fixtures and fittings thatMAY NOT be removed unless otherwise specified in writing. The specific clause reads as follows ….

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“The Property is sold with all fixtures and fittings of a permanent nature, which the Seller warrants are fully paid for, and owned solely by the Seller, including all existing garden trees / shrubs / plants, stove, electrical light fittings / shades and (if any) curtain rails / rods / pelmets / blinds, swimming pool equipment / filters / motors, fitted carpets, fitted kitchen storage units, post box, electrical geyser(s), TV aerial, DSTV satellite dish, burglar alarm system, door-bell / knocker, keys and remotes. All electrical items are to be in working order on date of occupation. The purchaser is aware that the radio transmitter connected to the alarm system (if applicable) is the property of …………………………………………Security Company”, where the radio transmitter is therefore excluded.

The OTP also gives the Seller / Purchaser the opportunity to specify any inclusions / exclusions to this clause. Inclusions would be any NON-fixtures that will be sold with the property. Exclusions would be any fixtures that will be removed are not sold with the property. Apart from the items mentioned in the clause above, fixtures and fittings in general can be understood as being as the following:

Any items that form part of the permanent structure of the property such as built-in cupboards and vanities, mirrors, towel and curtain rails, blinds, shutters, light fittings & switches, light bulbs, security systems, built-in heaters, fans and air conditioning systems, gate / garage door motors & automated systems or anything that is bolted, nailed or screwed onto the property can be seen as fixtures. If, for example, there are bathroom cupboards hanging on the walls of the bathroom with towel rails attached to the cupboards, Purchasers viewing the property could assume that these cupboards and rails are fixtures as they won’t know if the cupboards are bolted to the wall or hanging on screws / nails like portraits / paintings. Sellers might think that these are non-fixtures and remove them causing huge frustration and unhappiness when the new owners take occupation.

According to our OTP the complete DSTV dish or any other antennas / dishes, brackets and cables are also seen as fixtures and therefore, unless excluded, are sold with the property. As previously mentioned, the Seller should exclude all of these items during the listing and mandate process and prior to signing any OTP in order to avoid unnecessary unhappiness and disappointment later on.

Should any items, deemed to be fixtures, be excluded, the purchaser may request that it be replaced by the Seller with a suitable alternative / replacement item. Take the DSTV dish for example: If the Seller has a very expensive, multifunctional DSTV dish and “LNB” combination and he / she would not like to sell it with the property, it should be excluded in writing and replaced with a suitable replacement / alternative system if necessary. The Purchasers may also request that should any fixtures be removed from the walls of the property where it was bolted onto the walls, that the holes be filled and the walls painted, or not, depending on what has been agreed. Purchasers may also decide to include certain items that are non-fixtures such as loose standing cupboards, pot plants, curtains etc. which the Purchasers may or may not agree to.

All the above should be negotiated and written into the OTP prior to finalizing and signing of the OTP to avoid any future misunderstanding.

We hope that you find the information useful. Happy selling. If you need any assistance with the sale of your property in the Roodepoort, Gauteng area, please do not hesitate to contact us:

Marnus Steyn: 072 264 7806 / marnus@steynrealty.co.za

Juanita Steyn: 083 604 1231 / juanita@steynrealty.co.za

To view all out available stock, please visit our website at www.steynrealty.co.za

You can also like and follow us on Instagram, Twitter and Facebook at @steynrealty

Welcome to 2017

Welcome to 2017

…. not sure about you but 2016 was not a particularly good year for the Real Estate industry in SA. We saw the Prime Lending Rate go from 9.75% to 10.5% in the first half of the year. This, together with a couple of very negative and concerning economical and political movements put a bit of a damper on the market with most agents I spoke to reporting a drop in sales for the year.

Enough of 2016 and enough negativity over that market, the macroeconomical situation of the country and the dreaded word ….. “Politics” … blah blah blah … we have work to do and properties to market and sell.

2017 is here and we are going to “hook it” …. we are going to “hook it real good”. Stock in the Real Estate market is and always will be king! There are buyers for well priced properties. Although there are many factors that play a role like area (location), condition and specifications ….. “PRICE” will be the determining factor. If you price right, you will sell.

STEYN REALTY is serious about delivering an exceptional service to out clients being Property SELLERS, BUYERS, LANDLORDS & TENANTS. We have the experience, knowledge, marketing expertise, professional attitude and the drive to assist our clients with any Real Estate related query or assistance they might have. Where we can’t assist we will try to point you in the right direction. We have a list of professional and capable bond originators, attorneys, electricians, plumbers etc who we refer to our clients on a regular basis.

Buying or Selling Property is serious business and you need to team up with an Estate Agency who is just as serious about what they do. STEYN REALTY would love to assist you, no matter how big or small your property …. we do it all. We can also manage your rental portfolio, find, screen and place tenants on an ongoing basis.

If you are looking to Buy, Sell or Let-Out a property anywhere in the Roodepoort / Krugersdorp area or you know of someone who is struggling to sell please give us a call.

Marnus Steyn / 072 264 7806 / marnus@steynrealty.co.za / http://www.steynrealty.co.za
Juanita Steyn / 083 604 1231 / juanita@steynrealty.co.za / http://www.steynrealty.co.za

 

 

Success Story – Real Estate

I had this listing for a while, listed on all the major websites and also with other agencies as part of our Multi-Listing arrangement. The property is situated in a very good area so the viewings were quite regular. Every time we had a Sunday Show Day it was quite busy with some real interest, but no offers.

The owner of the property had already bought another property and it was now up to me to get this one sold so that his transaction could also continue ….. no pressure, I was given until the end of September ’15 …..

2. HELDERKRUIN FAM HOME

At the end of August I went to the Owner / Seller with the following pitch. “Let’s withdraw all the listings and re-list on a sole mandate basis (as the commission was not favorable for sharing), show every weekend, renew all marketing and see what happens”. Part of the deal was that we also reduced the price and re-looked at the commission structure. This is not ideal but both myself and the owner agreed to make a bit less to get the deal done.

The process that followed was quite amazing to say the least:

  1. 2 September ’15 ….. We re-listed on all the sites etc
  2. 3 September ’15 ….. Got a buyer enquiry from Private Property
  3. 4 September ’15 ….. Took prospective buyer through and he loved the property but couldn’t make a final decision
  4. 6 September ’15 ….. We had a Sunday Show day and invited him to come and have another look. The show day was busy as usual. He also came through and I could see he was close to making the call.
  5. 8 September ’15 ….. With a bit of negotiation we took an offer and got it accepted the next day. By this time we had already informed the bond originator (Payneless Bonds) who made contact with the Purchaser and requested all the necessary documentation.
  6. 10 September ’15 …. The Purchaser had all his documents ready and his application was submitted to all the banks
  7. 11 September ’15 …. After only 1 day the banks started coming back with AIP’s (Approval In Principal – subject to Property Valuation)
  8. Monday 14 September ’15 …. we had our first bank valuation done and got our first bond grant
  9. 15 September ’15 ….. We got confirmation that the deposit was paid. We also received more bond grants and there you have it …… the property is now SOLD.

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13 Days from re-listing to SOLD with deposit and bond grant in place. This is why I love this profession (not job). The mere fact that this can happen with the right assistance, dedication, negotiation and a bit of luck.

I can only applaud Sanette and her team at Payneless Bonds who really jumped at this one and assisted in the fastest time possible. I can really recommend their services …. just go to http://www.paynelessbonds.co.za

If you looking to sell property anywhere on the West Rand, Krugersdorp or Roodepoort …. please contact me and I will try to assist ….. I love selling property! http://www.realpro4u.co.za

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What Sellers need to know.

So you want to sell your property, could be the house you stay in now or maybe another that you have bought some time ago for investment etc. The first thing you do as the seller is to think about PRICE. What can I / we sell this for?

With all the information available to buyers and sellers these days it is quite possible for sellers to take all of this information into consideration to get to an amount. What sellers need to know is that a lot of the information floating around on the internet and in property publications and booklets are or could be misleading. Take the property publications and ads on the internet sites for instance. Many of the properties advertised on these platforms are over-priced, have been on the market for a long time and just because they are in the same complex, estate, area or street as your property, doesn’t mean that you can price your property accordingly.

Although it gives us an indication, it is a known fact that over-priced properties take a very long time to sell, they become stale and then eventually sell for a lot less if they sell at all. It also doesn’t help talking to sellers in the area as many of them won’t tell you if their property sold for much less than the asking price. To get to the accurate selling price for your property the following needs to be taken into account:

1. Recent Sales: Recent selling prices of similar properties in the complex, estate or area. This is easier in sectional title complexes and estates than in normal residential areas unless the agent knows the properties that have sold and he/she can can also compare specific specifications.

2. Buyers Needs: Experienced agents know what buyers are looking for. Sellers need an independent view on this from an agent that is not emotionally attached to the property. Everything from the layout of the property to the specific finishes, storage space, lighting, garden size and privacy could be issues that are very different from one buyer to the next.

3. Defects, Declaration and Costs: Defects and the general condition of the property is a very important factor. Neat and well maintained properties sell quicker and at better prices …… that’s an industry standard unless you are buying a “fixer-upper” when a whole new set of rules will apply. All possible defects and the general condition of the property has to be documented and declared to the agent so that the buyer can be made aware of the situation. Buyers need to know what they are buying and they will be looking to the agent to declare this. All costs associated with the property need to be declared and documented such as rates and taxes, levies, additional security and maintenance levies etc.

4. Availability: Availability for viewing is sometimes a big problem. Especially in properties where there are tenants that are scared that the property will be sold. Agents will need access to view the property. Most buyers view on weekends and after hours and if that doesn’t suit the seller, well then you might just as well take your property off the market.

5. The Market: We are still in a Sellers Market which means that, taking all the above into consideration, sellers should be able to get slightly higher or at least close to asking price for their properties, if they are priced correctly. With interest rates and stock being low, this is a good time to sell. Buyers also get the benefit of low rates but unfortunately supply is a problem if you don’t find what you are looking for.

6. Commission: Sellers need to account for commission of +/- 5% to 7% of commission to be paid to the mandated agent or the agent who introduced the property to the buyer. This needs to be negotiated and agreed on and documented before the agent starts to market the property.

Determining the market related price of a property to secure a successful sale at the highest possible price with the best possible conditions is serious business and should be left to a property professional. For property sales on the Westrand, Krugersdorp and Roodepoort, contact me on 072 264 7806 / marnus@realpro4u.co.za

Tips for getting your property from Listed to SOLD.

Tips for getting your property from Listed to SOLD!

Do some of your own research:

  • Have a look at some of the “Listing” and “Sold” prices in your area, street, neighbourhood, complex or estate where you stay. Any decent agent will be able to point this out to you but don’t just take his / her word for it. Many agents “buy” mandates by showing inflated valuations creating unrealistic expectations.
  • Pricing is the most important factor when selling. Although “location” is important, you can’t do anything about it unless you stay in a mobile home. A lot can be done to other factors such as condition, accessibility and pricing ….. get the price right, and you will sell quicker.

Become a buyer:

  • Look at your property through “Buying Eyes” and ask yourself the following questions ….
  • Would I buy it in the condition that it is?
  • What would I like to have “fixed up” before I buy?
  • What are the biggest negatives about my property and what can I do to make it better.

Appoint a reputable agent to market and sell your property:

  • We (agents) like to work on Mandates because that shows commitment from your side and I can then spend valuable time and money advertising and bringing buyers to your property. Although it might not always look that way, a lot of time, effort and money is spent on marketing and communicating with buyers before they actually see the property and once an offer comes in, the real work starts. You want to make sure you are dealing with an agent that understands the selling and registration processes so the transaction can be as quick and painless as possible. A mandate can be seen as an employment contract where the salary (“Commission”) is 100% performance / outcome based.

Be accessible:

  • Many properties do not sell because you can never get in to show buyers the property. Between you and your agent you have to arrange that the property can be easily accessible. Most buyers (not all) view properties after hours in the week or weekends and they see more than one at a time so you have to “play ball” here. If a buyer can’t see your property he will go on and buy something else and you might just lose out on “the one”.

Clean up:

  • It’s a fact, neat houses sell quicker than dirty or untidy houses. Buyers are put off by the fact that the owner is not taking care of the property and as much as we try to tell the buyers to look past the mess in the kitchen, unmade beds, clothes all over the floor, underpants (and other similar items) lying around in the bathroom, on the couch etc …… most buyers will not see the “potential” we talk about and leave.

Don’t be stubborn:

  • Selling properties is what we do and I don’t believe that this business can be done as a part-time or side-line business so …… selling property puts food on the table for most agents and we need to sell to survive. As mentioned in point 3 above, pick an agent that you can relate with, trust and work with to sell your property and then go with what he or she tells you to do. If you don’t get along with the agent, don’t appoint him or her and find one you like.

…………… hope this helps, please feel free to pass this on or “share” with friends and watch this space for more tips, hints and industry related news and updates …………. Happy Selling!

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