She replied and asked, “Why Property? What inspired you to go into it?”
I was surprised by the question as usually one expects a candidate to ask something technical about the position or the company and not really ask something of a personal value.
I answered her and I said that I chose property because I feel that in South Africa, there is such a pessimistic feeling around it at the moment and at KOURO, we want to change that feeling. Properties are selling below true market value and many homes sit on the market for months without receiving an offer. Albeit that these may be facts, there is light at the end of the tunnel and I explained to her that property always holds its value over time and that there is no better asset to invest in than property.
This question got me thinking that in order to change this feeling that people have in South Africa, is to inform and truly educate people on why value in property still remains.
I always say that even in tough times, it’s better to give than to get. Let me explain …
For example, if you are a home owner that needs to sell your property, there is no doubt that you will face competition from other sellers. The key here is to position your property to standout amongst the crowd. Perhaps you plan on listing your property without attending to the lick of paint that it needs or those old garage doors and windows that need their annual varnish. Attending to these issues could benefit how potential buyers view your property. A trendy, neutral new coat of paint often does wonders to a home and buyers appreciate a home that has been well-maintained and looked after.
In this down-market that our country is experiencing at the moment, there are situations whereby even well-maintained homes receive offers below their market values and sellers often feel like they are being cheated into selling their properties for less than its perceived worth.
It’s worth reminding yourself that property sales, like any other sales product, is a game of negotiation. Sometimes it’s key to find out why you have received an offer below your expectations and attempt to resolve the needs of the buyer in exchange for a higher offer from them.
If they feel that they need to budget for works needing done on the property, you could offer to attend to some of these and save them the trouble of doing it themselves when they move in. Again – Buyers appreciate VALUE above all else. Although attending to some TLC on your home before you sell it may require you to dig into your pockets, buyers will appreciate that you have offered them value and in return they are more compelled to give you back more than what you have given them.
If you’re still having difficulties in selling, you could talk to your real estate agent and ask them if they would be willing to work on a lower commission structure if you were to offer them a sole mandate. Alternately, you could ask them to structure their commission so that it works on a sliding scale. The higher the offer you receive, the more commission they earn. The same effect applies should you receive a lower offer, they would in turn receive a lower commission. Remember – Add VALUE and you shall receive VALUE in return.
It is worth keeping in mind that there will always be a need for property as it a basic human necessity. There will always be buyers and there will always be sellers regardless of the market conditions. The challenge in prospering under any conditions is understanding what the market is looking for at that time, and in my mind, I have no doubt that buyers are looking for value, especially since there is so much choice out there for them at the moment.
At KOURO, we always price our offers for properties on the value we are receiving, and we often offer higher values than other property investment companies because of this principle.
During tough times, we all need to work together to get to better times. If we are all willing to give a little more than we get, it won’t be long until the tables turn and we receive back what we have given – ten-fold.
“We must give more in order to get more. It is the generous giving of ourselves that produces the generous harvest.” – Orison Swett Marden
I hope you enjoyed this article and found VALUE in it. Please let me know your thoughts in the comments and what other topics you’d like to hear more about.
Cheers For Now!