Choosing the right agent
Selling your property can be a daunting and stressful experience.
Unless you know what you are doing, it could be extremely unwise to do it without the help and guidance of an experienced professional.
But the question is: Which agent and at what cost?
Of course, you can always go for a reputable and expensive agent, but at a whopping 7.5% or 6% sales commission, that is a sizable chunk leaving your hard-earned profits.
Or, do you go for a low-cost agency of which there are plenty?
However, low-cost estate agencies do not offer all the usual services that are customarily offered by a reputable agent (e.g. show-days and showing the property to buyers). Be warned, if you must show the property yourself, it is not easy. To try and promote your own property can be quite awkward and uncomfortable. This is probably one of the most important reasons why you should have an experienced and knowledgeable agent by your side.
The reality is, a reduced commission comes with reduced services.
But must you really choose between an expensive "high-touch, high-cost agent" or a "low-cost, low-touch" agent?
Are those your only options?
The good news is that there is, in fact, an estate agency that can offer both. That is, high-touch service at a low cost - in fact, one of the lowest on the South African market.
3%.Com Properties® offers this service and with no strings attached.
This includes everything (i.e. valuating the property, showing buyers the property, show-days, negotiating, finalising the deal, signing the agreement, arranging finance and finally paying you the proceeds of the sale).
And the commission is a mere 3% plus VAT of the sales price. More importantly, the service goes beyond closing the deal and arranging finance.
The members of the 3%.Com Properties Group are all qualified and practising attorneys who can also attend to the transfer the property.
You may ask how this is possible and it is a fair question.
A number of reasons have created a perfect storm for attorneys (only in South Africa and Namibia) to offer this unique service of both selling the property and transferring it.
Attorneys have been selling properties from times immemorial and are, arguably, the oldest regulated estate agents in South Africa.
By using their law offices as the business hub, which is subsidised by other sources of income, the in-house estate agency is run at an extremely low-cost base. This saving is passed on to you, the seller.
Attorneys usually attend to the registration of the transfer the property, thereby supplementing the cost of running the estate agency. The transfer fee (unless otherwise agreed to between the seller and buyer), is payable by the purchaser.
In addition, attorneys undergo university training of up to five years, and thereafter, an additional two years training as a candidate attorney.
Attorneys are strictly regulated and controlled by the Legal Practice Council and clients, in this case, you the seller, are covered by the Fidelity Guarantee Fund.
That is why it makes so much sense to use an attorney when selling your property.
Lawyers selling property, it makes sense.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)
Author: 3%.Com Properties