Show days are vital

Many sellers are understandably reluctant to open their homes to the Sunday show-house hoards and nosey neighbours, but agents from Sotheby’s International Realty insist that properties marketed without show days take much longer to sell and, in some cases, don’t.

Barak Geffen, Executive Director of Sotheby’s International Realty South Africa says given work and family commitments the typical buyer will usually only view an average of 10 percent (30 of 300) of homes on the market within their price range. As buyers prefer viewing at their leisure, Sundays are generally the most convenient time to conduct show days to ensure that a property is hitting most buyers’ radars without additional effort.

"Of the 7000 homes we sell per year, 75 percent are as a result of show days.

"The primary function of the professional real estate agency is to sell a home for the highest achievable price, with the least inconvenience to the owner, in the shortest time possible without compromising the integrity of the home.

"The agent must create demand for the seller’s home by getting two or more buyers bidding for the same property at the same time. When this is achieved, the best free market price will be attained through competitive bidding.

"A show day creates a platform for competition, creating visible demand which can help a higher price to be achieved. There is no substitute for competition that is tangibly visible where a sense of urgency is compounded by enhanced exposure of a home.

"The mere fact that numerous people are also viewing the home together creates a fear of loss amongst competitive bidders."

Geffen says that on Sunday’s buyers are generally more relaxed and they can bring their families to view the home. This is when buyers are influenced through the reactions of their family members, and particularly their children, who often play a part in the buying decision. Surprisingly often, spontaneous buyers may be drawn in for an unplanned viewing by pointer boards while passing by.

"A potential buyer may also want to bring an 'expert' in the form of a brother, an uncle, a parent, an architect, or a lawyer, all of who are more likely to be available on a Sunday.

"Show days provide the added benefit of allowing buyers to spend as long as they need viewing the home instead of being rushed through, without seeing it properly and not being able to give commentary."

Article from: http://iafrica.com