PROPERTY NEWS - The lack of trust in private sellers is what has led to the emergence of low-commission, fixed-fee operators. Consumers are wary of sellers who are not backed by a reputable brand - and their caution is not unwarranted.
The personal safety of both buyers and sellers is at risk in these kinds of transactions.
"It is never advisable to blindly trust somebody whom you do not know. Sellers are putting themselves at serious safety risks when marketing their home on their own. Similarly, buyers who walk into the home of complete strangers are also putting their personal safety at risk," warns Adrian Goslett, regional director and CEO of RE/MAX of Southern Africa.
Apart from the various safety concerns, working through a private seller also comes with other risks. Professional real estate advisers are equipped with the necessary knowledge and experience to ensure that the contracts are drawn up correctly. The chance for something to go wrong during the registration process also increases during private sales, since neither the buyer nor the seller is aware of the various requirements to make this process run smoothly.
"Having a valid FFC (Federal Communications Commission) licence with the EAAB (Estate Agency Affairs Board) means that an agent has earned enough CPD (continuing professional development) points and has passed his/her PDE (professional designation examination). This equips real estate professionals with in-depth and up-to-date knowledge of the industry, which enables them to provide buyers and sellers with reliable and trustworthy advice to enable the property transaction to go ahead without any issues," Goslett explains.
"While some private sales might go ahead without any losses or concerns, it is still a risk that both the buyer and the seller take when not making use of an industry professional. It is therefore recommendable to get in touch with an agent from a reputable brand such as RE/MAX in order to reduce the risks and ensure the best results for both parties."
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