What to do if your property is sitting on the market

Property buyers are heading back to the market, according to recent property market reports, but are you ready to sell?

Currently, sellers are faced with the frustration of a slow market with relatively low buyer demand in many areas, offers often coming in lower and properties taking longer to sell.

If you find that your property has been on the market for a while without selling, here’s what you could do:

Listen to the market. Be objective about the sale of your property as emotions get in the way of the sales process.

Your agent will advise of the feedback he/she is getting from the market about your property, how it is perceived in relation to the asking price and will recommend steps to be taken.

Review your pricing. There is no point in sticking to an unrealistic asking price if you need to or want to sell. Setting the asking price at the correct level matters at all times, but especially when you seriously need to sell or during a buyer’s market.

Choose the right agent. Use caution when agents promise high prices and be aware that despite the claims made by online agencies, local area agents still sell properties at a faster rate and for higher prices.

Stick to a sole mandate. An open mandate is not going to sell your house faster because no particular agent will be focusing solely on your property.

A sole mandate is a contractual agreement and a proven tool for achieving the best.

Don’t dismiss offers too quickly. Many offers can be negotiated up to a realistic price and a sale achieved. A good agent will guide you on whether an offer is worth pursuing in terms of a counter-offer. Consider the time-value of money and what the real cost might be for holding out when you could already look forward to your next move.

Samuel Seeff is chairperson of the Seeff Property Group.