Property 24/10 - 372

There's a reason for SA property buyers to be optimistic
Statistics released by Statistics SA on 5 September 2017 have revealed that South Africa is officially no longer in recession. The announcement of a 2.5% annualised economic expansion during the second quarter of this year joins other positive indicators, including a decrease in Consumer Price Inflation (CPI) and a drop in the repo rate.

While consumers may be hard pressed to spot any immediate effects in their bottom line, Bill Rawson, Chairman of the Rawson Property Group, says this combination of economic factors could have a very positive effect on property market activity.

“It’s early days, and too soon to make any definitive claims, but this may be the first step towards a turnaround in the national property market,” says Rawson.

Property24 voted Best Online Classifieds Service
Property24 has won the award for the best online classifieds offering in the 2017 PriceCheck Tech & E-Commerce Awards, held at The Westin Cape Town Hotel on 14 September.

The Awards aim to recognise outstanding South African businesses, organisations and individuals in the e-commerce and technology industries.

“The Property24 team has worked incredibly hard over the years to create a great experience for property buyers and sellers, and so we’re thrilled to have been recognised with this award,” says JP Farinha, CEO of Property24.

Commercial property investors must do their due diligence
When choosing to invest in shares, equities or unit trusts most people safely rely on the advice of their financial planner or wealth manager. However, when it comes to investing in commercial property who is the best placed expert to honestly and accurately guide a buyer in the decision-making process?

Most prospective buyers will rely solely on the input and advice of the broker selling the property, or from the seller themselves.

However, according to Sean Paul of Spire Property Management it is wise to also consult with a local property manager. “They are after all the ones who have to run the properties, and know where the further pitfalls or opportunities may lie.”

Six things estate agents do behind the scenes
What most people may not realise is that for every hour that a real estate agent spends with a seller, they will spend approximately nine hours working behind the scenes on the homeowner’s behalf to get the property sold.

This is according to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who says the reason for this is simple: if an agent doesn’t sell the home, they don’t get paid.

“The majority of real estate professionals working in the industry do so on a commission basis, which means that they only get paid after the home has been sold. While a risk, working on commission pushes agents to do what is necessary to see the deal through to fruition,” says Goslett.

How to protect yourself against rental scams
The Sunday Times recently reported that yet another unsuspecting couple were swindled in an online property scam. A Gordon’s Bay businessman was alerted by a real estate friend that his house was being advertised for rent on Gumtree, at a very low price. Von Gossler reported the fraudulent advert to the police, but unfortunately the damage was done and a family arrived at his front door to move in, after having paid a R20 000 deposit.

“It is so important for consumers to determine if an estate agent is duly registered with the Estate Agents Affairs Board (EAAB), before paying any deposits on any contracts, be it letting or sales contracts,” says Jan le Roux, CEO of Real Estate Business Owners of South Africa (REBOSA). Should a consumer’s deposit be stolen from the trust account of an estate agent, the Fidelity Fund will in due course make good the loss.

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