Selling up and moving on?
Although most of this site is designed for people who are looking to buy or operate a guest house in South Africa, we understand that sometimes people have decided to move out of the accommodation industry. There may be many reasons for this decision, but whatever your reason, we can assist in the process of advertising and selling your guest house to the right kind of buyer.
Advertising a property for sale in South Africa can take several forms. The most common is in printed media, such as newspapers. Some of the larger real estate agencies actually publish glossy magazines, which are essentially catalogues of prime properties for sale, and which they distribute at no charge in certain areas. However, in order to get your property into such a publication, or any publication, whether printed or online, you need to have a very good idea of what the property is worth in rand (ZAR) terms.
There are two reliable ways of determining the value of a property. Either you can get the help of your bank, who will conduct the valuation for you (you can also ask your insurance company to do this), or you can approach an estate agent. If you choose to make use of an estate agent, make sure that you choose one who is familiar with the area in which your property is situated.
Keep in mind that, like anywhere else in the world, property prices in South Africa tend to fluctuate over time, and also that the advertised price isn’t necessarily what the buyer ends up paying. If you try to sell your property through an estate agent, you may find that they place a very high price on the property. Remember that they earn a commission based on the selling price, so they will tend to “go for gold” in setting the advertised price. If you decide to sell privately, you will obviously have more control over the advertised price.
Approaching an estate agent can take a lot of the burden off your shoulders. They are paid to sell at the highest possible price, and they will handle the advertising aspect of the process for you. They will also assist in negotiations around the sale.
Also, our advice on the buying process is equally valid if you are selling. Take some time to read the pages on this site, to get a feel of what the process is like in South Africa. And, if you still have any questions, don’t hesitate to contact us for further advice or information.