Show days are still the best route for Sellers and Buyers
Category Blog
On the political front first justice is at last gaining momentum in the context of applying accountability for the widespread damage that "State Capture" has imposed on our country.
The National Prosecuting Authority (NPA) has at last begun to pursue, and bring to book, the perpetrators of State capture. It is a long-awaited move that bodes well for national sentiment. Not least in the residential property market, which has been more, or less, flatlining for way too long under a haze of buy/sell uncertainty.
Show day home selling in modern-day South Africa certainly has its critics and cynics. And they are inevitably more prolific among the new-age online marketers of residential property.
Nevertheless, the fact is that, notwithstanding the robust roll-out of digital era marketing, the good old-fashioned show day remains the most effective route to best-outcome home sales - at least for the foreseeable future.
Sellers who ignore this reality, and continue to cling to the 'view-by-appointment' route, are destined to lose traction on best achievable price.
Why? Because history has shown that at least 40% of residential property buyers will simply not visit a for-sale home on a weekday - either because of time constraints, or because they simply prefer to view show houses on Sundays.
Best price formula
The fact remains that a structured estate agent-led marketing campaign - with show days, through sole mandate, as its centrepiece - is, and always will be, the best formula for securing maximum price for the seller.
Here are some of the best reasons to take the show day route:
- On a Sunday, the show house can be "stage set" to look at its best. Logistically, this cannot be done, and over again, for every potential buyer on random weekdays.
- Would-be buyers view the house over a period of hours rather than weeks (as in the case of view-by-appointment, one buyer at a time, selling). This creates a platform of dynamic competition between interested parties.
- If the home is not on show, the target market is inevitably halved. This is because many buyers prefer not to make appointments to view homes during the week.
- Prospective buyers view the home in a concentrated much shorter time frame.
- Buyers can make comparisons more quickly - by viewing other show houses on the same day.
- The buyer has the freedom to discuss the property in an uninhibited way, as the seller would normally not be present on a show day, and
- The seller avoids the inconvenience - particularly on weekdays - of constantly preparing the home for an ongoing flow of view-by-appointment prospective buyers.
A lifestyle decision
Meanwhile, if I was a potential Johannesburg home buyer at this stage in the market's recent history, I would not be overly hesitant. Aspirant buyers should look around, and research, thoroughly, the buy/sell landscape.
Purchasing a home is a lifestyle decision. If you see something that really fits your lifestyle, and the needs of your family, act now. You will probably be buying at a discount anyway.
The market is showing some signs of starting to turn. Therefore, by holding on for a possible further price dip you may well miss out on securing the ideal home at a good price. Remember, buying a home is not like buying a share on the stock market, and whether you can time your entry at, or close to, rock bottom!
Those who are sounding the "Last Post" for traditional practice in home buying and selling are blowing the wrong bugle!
Author: Ronald Ennik
