Accepting an offer can be a stressful experience, especially if the offered price is not quite what you expected. In some instances, such as when the offer is just below the asking price, a seller may also be tempted to think they could get more for the property. This uncertainty can cause delays or might even result in the seller rejecting a viable offer.
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Tiaan Pretorius, manager for Seeff Centurion says sellers should always consider any serious offer, especially if it does not include onerous conditions. Holding out for a higher price can be a big risk. The first offer is often the best offer as early buyers tend to be serious, have often been waiting for a new listing to hit the market. They often know a little more about the area, quickly spot a correctly priced property, and tend to be ready to move quickly.
To counter these challenges, sellers should consider:
Setting a price range upfront. Before simply rejecting the offer, the seller must bear in mind that there is no guarantee of a higher price or a next offer. To avoid this, it is best to establish an acceptable price range for offers upfront, rather than a single fixed price. Offers within this range should then be seriously considered.
Fresh, new listings have the advantage. When a property remains on the market for too long, buyers often assume that something is either wrong with the property or it is overpriced. At this stage, instead of high-value bids, it may attract opportunistic, lower offers compared to the first offer.
Avoid price reductions. One consequence of a stagnant listing is often the need to lower the price, says Gerhard van der Linde, MD for Seeff Pretoria East. The risk is that by this time, the most active, serious buyers may already have seen the property and moved on. You can always negotiate higher, he says.
Your next move may cost more. Sellers should consider the time value of money. If you wait too long for a slightly higher price, the price of your next home may be climbing. You may already have another property in mind, and he says hesitation could cause you to lose that opportunity to a more decisive buyer.
You may end up taking your property off the market. Eventually, a property which has lingered on the market for too long can become "stale," and the seller may decide to take it off the market and relist at a later stage. This too could be risky since you may end up not achieving much more than what you could in the current market.
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Van der Linde says the best strategy is to partner with a property agent who provides a realistic price assessment based on current market conditions and market experience. Such an agent will already have the right buyer in mind. You should also trust your agent's advice. They will have a strong sense of whether an offer should be seriously considered, especially if it is in the agreed price range.
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Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty says: “It can be said that finding the right agent is very much like dating; you’ll probably have to speak to a few before you find the right match and a good match is essential when dealing with your main investment.”
Geffen notes that the following are traits of a good agent:
Problem solver mindset
Honestly and integrity
Good communication skills
Hustle and tenacity
Attention to detail
An understanding of the local market
Experience and a good track record
A strong network of connections
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So, how do you know that you’ve appointed a good agent? According to Geffen, the following are the key signs:
Your Agent Understand Your Needs
The first sign that you’ve chosen the right estate agent is that they truly understand your needs and priorities. From your first meeting, they should be attentive and interested in your goals, whether you're looking for a family home, a good investment, or a quick sale. They will ask the right questions to get a clear sense of what you’re looking for and will tailor their services to meet those needs. If your agent consistently presents options that align with your criteria, you’re likely working with the right person.
Your Agent Has Strong Local Knowledge
A knowledgeable agent who understands the local market is invaluable. The right agent should be well-versed in the suburbs you’re interested in, not only understanding the local market but also knowing the ins and outs of the area, including schools and amenities. They should be able to give insights into property values, recent sales, and the factors that influence market conditions. If your agent offers this level of expertise and can give you detailed, accurate information about your area, it’s a clear sign that you’re in good hands.
Your Agent Communicates with You Quickly, Regularly and Openly
One of the first things you should do when interviewing an agent is to ask for credentials, referrals and some basic information about how many homes they’ve sold in your area. If your agent answers these questions quickly, clearly and truthfully, that’s a very good sign.
Your Agent Keeps in Touch in a Way That Works for You
A good estate agent will keep you in the loop, which means regular communication without you constantly having to call them to ask for an update. And they will do so in your preferred method of communication whether it be a phone call, text or email at the times that best suit your schedule
Your Agent Shoots Straight with You
Selling a home involves making some tough decisions, including about pricing and potential renovations or repairs and this sometimes means that agents have to tell sellers things they don’t particularly want to hear, but it’s ultimately for the greater good that they do so. For example, sellers often have unrealistic expectations about the value of their homes, due to sentiment or because they’re working from the wrong indicators and it’s critical that agents manage these expectations and are upfront about a realistic price. While sellers should be clear about their needs and expectations, agents need to be comfortable pushing back and having the difficult conversations to make the home sale most effective. In the long run, it will help you get your home sold more quickly and for a better price.
Your Agent Markets Your Home Aggressively
Even the most appealing homes don’t sell themselves and your agent should be knowledgeable about all the current marketing practices and be willing do whatever it takes to generate foot traffic to get the place sold, leveraging a number of different options to help raise awareness of the property and market to the widest possible audience.
Your Agent Adapts, Reacts and Stays Flexible
As your home is marketed and viewed by prospective buyers, your agent will receive feedback and may need to recommend some changes, from making repairs to minor upgrades like painting a wall or even possibly a price reduction.
If you haven’t received any offers within a month, chances are that it’s a good idea to re-evaluate your home and the marketing strategy and a good agent will be able to recognise when - or if - it’s necessary to do so and will be able to make recommendations for the best way to do so without sacrificing goals.
You Feel Comfortable and Confident
One of the clearest – and most important - signs that you’ve selected the right estate agent is how you feel working with them. You should feel comfortable, confident, and reassured by their expertise and approach and not at all hesitant to ask questions. If you trust their advice and feel that they have your best interests at heart, you’ve probably found the right agent for your needs.
When it comes to finding the right agent who best fits your needs, Geffen says that it’s imperative to do due diligence and treat the process as one would when interviewing anyone for a job. She offers the following tips for finding the perfect fit:
Research and Referrals
Start by gathering recommendations from friends, family, or colleagues who have recently bought or sold property. Personal experiences can be a great indicator of an agent's abilities. Additionally, conduct online research and look for reviews. Verify credentials and licensing.
Interview Multiple Agents
Don’t settle on the first agent you meet. Interview at least three agents to get a sense of their approach, personality, and how they plan to handle your transaction. Ask for credentials, referrals and some basic information about their years of experience, how many homes they’ve sold in your area etc. If your agent answers these questions quickly, clearly and truthfully, that’s a very good sign. The agent should be someone you feel comfortable with, who listens to your needs, and who communicates clearly and promptly.
“A successful real estate journey hinges on a collaborative and transparent relationship between sellers and their chosen agents, ensuring that both parties work in tandem towards a common goal - selling the property for the best possible outcome,” concludes Geffen.
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