Who should I pick to sell?
While most of the world are sitting on their hands out of fear and uncertainty amid the COVID-19 pandemic, experts believe that this could just be the time to leverage on the property market. How can investors thrive today?
Prince Abuh founder and director Sourcemarts Property said that, while certain markets have been slowly feeling the impact of the crisis, the property market is consistently thriving amid the ongoing health crisis.
According to him, it’s the “very high-end” who are affected by the stock market, which is why a good number of stock investors are sitting on their hands at the moment.
On the other hand, the property market is currently seeing record low-interest rates at around 2.5 per cent at the moment, it’s a great time to buy, the property professional said.
“The property market is still really, really strong… In fact, I went to an auction (recently) where the guide was R5.5 million and it sold for R6,810,000. It just shows the strength of what’s going on out there,” he highlighted.
Mr Abuh said that there are still record-low properties on the market and a record number of buyers looking to buy, which could definitely benefit investors with a “competitive advantage”, or those that could leverage on their relationships with property professionals and, thus, be able to snag extraordinary deals.
Selling amid a crisis
Moving forward, the professional sector of the property market will be the lifeline of homeowners and the market itself.
Apart from helping investors navigate the changing landscape, access and relationships with professionals will be the two most important keys to thriving in the property market right now as they may lead you to opportunities that will otherwise be buried under the cloud of uncertainties and fear.
For investors looking to sell, Mr Abuh strongly recommends finding the right agent to help push the property out into the market.
To find the right agent, he said to pay attention to their area of expertise as well as their personal rapport with the agent.
“Area of expertise is important, and how they will get along with the client and how they will do the best job for the client. I think it’s important that they be in touch with someone who they’re going to get along with and who [they] believe is going to represent them by doing the best job for them,” he explained.
“Those who ask us for referrals could be, one, there are those who want to sell but will only sell when they buy; two, they’ve got someone who sold and needs to buy, or; three, they know someone who’s been looking for a while and needs help.”
Further, it would be worth the while to ask them about their span and breadth of their experience in the property market.
“I would ask them how long they have been in business, their area of expertise, because they may be buyer’s agents, but there are areas that they specialise in. I would ask them how much they’ve bought in the area where I’m looking, and I would ask them what they think their points of difference are as opposed to anyone else,” Mr Abuh highlighted.
“For me, longevity and track record and experience are, by far, the most important things.
“At the end of the day, it’s really important for investors to have the right professionals around them as they navigate the ever-changing landscape of property investment, especially now that an ongoing health crisis has affected sentiment.
“Good relationships with professionals and a network of dependable referring partners can help investors get a good deal across the line.
“When you find yourself a good partner, they can support you. They typically already have established relationships and it’s really good to leverage those relationships… Capitalise on those team members.”