Why private sales often fail

In this day and age, the statement 'You can do whatever you put your mind to' is no longer just an inspirational quote, but an achievable goal.

07 July 2019 | Business

Thanks to the likes of internet search engines, blogs and YouTube tutorials, becoming an instant expert in any field is just a few clicks away. But, just because you have the ability to do something, doesn't necessarily mean that you will get the best results if go ahead and do it yourself.

A story comes to mind of the DIY homeowner who, rather than call in a plumber, decides to install his new taps on his own. A few YouTube tu­torials and blog posts later, the homeowner successfully manages to fasten the taps to the kitchen sink. But, as soon as he goes to open the tap, water gushes out from every poorly joined pipe, flooding the kitchen floor and damaging the wood of the cabinet beneath the sink.

“While attempting a DIY project at home may cost you a couple hundred dollars if you mess up, attempting to sell your home on your own might set you back hundreds of thousands of dollars in value, not to mention the legal implications if you do not draft an OTP correctly to protect your interests,” says Adrian Goslett of RE/MAX of Southern Africa.



Great temptation

While the temptation to sell your home to avoid paying an agent's commission is compelling, Goslett warns sellers that what they could end up saving in commission fees, they're likely to lose in market value.

“The longer a home stays on the market, the more likely that its asking price will have to drop to attract buyers. Because private sellers simply do not have the same marketing reach as estate agents, their homes are more likely to stay on the market for longer than if they had partnered with a real estate professional backed by a reputable brand. This means that they are also more likely to achieve a lower asking price than if they had listed with an agent from the beginning.”

So, while it is possible to sell your home on your own, it is not really the most efficient or cost-effective way to sell your home.

“Property24.co.na is an excellent example as a platform that is an industry supported model that displays listings from reputable real estate brands. This is because, as the consumer market currently stands, buyers often do not trust private sellers, which means that homes still sell faster when backed by a reputable brand.

“So, rather than going to the trouble yourself, save yourself the time, money and effort by signing a real estate agent from the get-go,” Goslett concludes.

Similar News

 

Boost for Katutura projects

16 hours ago | Business

The Katutura East Constituency office handed over equipment worth N$150 000 to eight projects ranging from upholstery, laundry, catering, sewing and tailoring and welding services...

German support for agriculture

3 days ago - 20 January 2020 | Business

Vehicles and IT office equipment to the value of N$2 million was donated to the Ministry of Agriculture, Water and Forestry and the University of...

Learn the ropes from masters

1 week ago - 15 January 2020 | Business

The first in a series of workshops at the Goethe Institut start on Saturday (18 January). The I Create Namibia workshops is a series organised...

A year under review as an entrepreneur

1 month - 11 December 2019 | Business

Ilke PlattAs we approach the end of the year, it is pretty accurate to say that each entrepreneur can’t wait to go on holiday. But...

NWR and NAPWU sign revised recognition agreement

1 month - 11 December 2019 | Business

Namibia Wildlife Resorts (NWR) and Namibia Public Workers Union (NAPWU) have finalised their revised recognition agreement that follows the recent wage negotiations that were successfully...

New WB supermarket for Otjomuise

1 month - 09 December 2019 | Business

Otjomuise boasts a brand new Woermann Brock store, purposefully built from the ground up to offer an excellent shopping experience for the local residents. According...

New partnership broadens Gondwana horizons

1 month - 04 December 2019 | Business

The Gondwana Collection has entered into its first marketing partnership with the European hotelgroup, Romantik, which includes 200 hotels and 250 restaurants in nine European...

WCCR hands over N$6 million preference shares toGRN

1 month - 02 December 2019 | Business

The Windhoek Country Club Resort and Casino (WCCR) handed over N$6 million in preference shares to its shareholder – the government, in particular the ministries...

Sharing the art of resilience

1 month - 26 November 2019 | Business

How to fail, bounce back & show up is the theme of this month’s edition of Future Females taking place at the Vintage Coffee Shop...

Doen jou vleisaankope by Porky's

1 month - 25 November 2019 | Business

Yolanda Nel Jy hoef nie tot “Black Friday” te wag vir Porky’s Meat Market se spesiale aanbiedinge nie – jy kan nou al daar gaan...

Latest News

Don’t be a vishing victim

12 hours ago | Banking

Jacquiline PackIn the past, the physical cloning of bankcards was one of the most prevalent methods fraudsters used to steal money from bank accounts. The...

Big plans for Beatrice

12 hours ago | Sports

The Namibia Schools Sports Union (NSSU) promises a great year ahead, as the sports body plans to fulfil all its obligations, says national coordinator Solly...

Starting grade 1 on a...

13 hours ago | Education

There was a special hustle and bustle at the DHPS campus when the grade 1s of 2020 attended school for the first time. This year...

Exercise-wise in today’s world

14 hours ago | Life Style

With the rising cost of living, many struggle to find room in the budget for a gym membership. One way around this, is to convert...

Boost for Katutura projects

16 hours ago | Business

The Katutura East Constituency office handed over equipment worth N$150 000 to eight projects ranging from upholstery, laundry, catering, sewing and tailoring and welding services...

Chill with Windhoek Express

16 hours ago | Art and Entertainment

Currently running• Unam visual arts graduate exhibition at the National Art Gallery until 25 January.Friday 24 January• 14:00 The Goethe Stage project that assists local...

Betty is breaking artistic chains

1 day - 23 January 2020 | Art and Entertainment

Yolanda Nel Told that she would be “wasting her brain” if she decided to go into the arts, Betty Sibeso is now showing the world...

Mayor makes a move

1 day - 22 January 2020 | Government

Council members of the City of Windhoek (CoW) have undertaken to be more visible in the electorate.This according to new mayor Fransina Kahungu who was...

When God calls your name

2 days ago - 21 January 2020 | Local News

Yolanda Nel In 2016, a young Namibian girl visited the Logos Hope while it was in Walvis Bay and it changed her life.Delysia de Koe...

Load More