Article by Ntokozo Nkambule
Q: Why is it important for buyers and sellers to engage an estate agent when buying or selling their property?
A: As Estate Agents, we put more effort into marketing and selling your property as it is a full-time job for us. We do all the running around on your behalf. We also have access to large networks of people which helps sell your property faster. Estate Agents take the emotion out of the sale and advise you in the best professional way possible. Using our experience and knowledge, we can screen potential buyers and we are able to match the right buyers to the right properties.
Q: In terms of fees, what are the hidden costs that people should consider when buying their first home or property?
A: Valuation Fees, Bond Costs, Initiation Fees, Credit or Life cover (if you’re borrowing money from the bank). Transfer Costs (estimated to be 7.5% of the purchase price)
Q: What costs should sellers also bear in mind as they dispose of their property?
A: Maintenance/refurbishing costs to fix the house up and make it desirable for purchase. It also helps with bringing up the value of the home. Estate Agents’ fees when we’ve sold your property on your behalf. Rates and taxes- The seller needs to ensure that all rates and taxes are paid before selling the property to the new owner.
Q: What can homeowners do to ensure that they get the utmost financial value for their property when selling?
A: Tend to the upkeep of the house, mowing the lawn, painting, and fixing the small cracks among other things. Staging the house helps as well as decorating, adding some flowers, or having a pot of coffee brewing for viewings, the little things go a long way in helping sell your home to a potential buyer.
Q: What is the commission fee charged by your agency?
A: Most Estate Agents’ fees range from 5% to 6.5%, depending on the nature of the agreement with the seller, be it an open or sole mandate.
Q: There is also a perception that estate agents do not really care about buyers and sellers. The belief is that you only care about the commission fee. Estate Agents have even been accused of ill-advising buyers and sellers at times, how do you respond to such accusations?
A: That can be the case in some situations, people tend to engage what we call “briefcase agents” to sell their properties because they think it’ll cost them fewer fees as opposed to established and reputable real estate companies. In most cases, these agents do not have the seller’s best interests at heart, and the sellers end up being short-changed.
That is why it is important to engage a professional Real Estate Agency with a reputable brand and integrity to assist with selling your property. We look out for both our buyers and our sellers.
Q: Which would you say are the hotspot areas for people who want to ensure that their property appreciates in value every year? Where should they consider buying such homes?
A: I would recommend areas with developed Estates, most of the services (EWSC, EEC SPTC, etc.) are provided and they are more secure. Should you wish to have a look at any of these developments you can give us a call. We do not only sell properties or give advice on property investment, but we assist with building your property portfolio and developing Estates.
For more information contact Ekhaya Properties at (+268) 7602 2772 / www.ekhayaproperties.com