Private Property Durban
Hatched by Brennan Carey on Wednesday, December 9, 2009
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Let me tell you a bit about us… we are private investor property buyers in the Durban KZN area and we focus on buying residential investment properties privately thus avoiding working with estate agents.
Online websites like www.privateproperty.co.za are an excellent resource for those wanting to sell their property privately and is one that we as both buyers and sellers of homes in the Durban KwaZulu Natal region use on a regular basis.
After all why pay agents huge commissions? However selling a home can be stressful so you better know what you doing !
Selling or Buying property privately can be very rewarding and is the way we like to do business but it does have its challenges especially in this current market where everything seems to happen slowly. What is it with everyone these days? It seems with everything you do these days, there is a problem… not at least is with our banks and getting a home loan.
We are finding that banks are extremely slow at processing applications and asking for lots and lots of supporting docs sometimes more than once. It seems they want to be spoon fed more than ever. Me personally I work with a bond originator he is a star, he is the most important guy in the transaction, he is the money man and without the money we have no deal. Next in line is my attorneys they are also important but not as important as my bond originator. So my advice to any seller don’t hassle too much about selling privately without an estate agent, worry more about finding a good bond originator to get your buyer his loan and a good attorney to do the legal work swiftly.
The irony however is that most estate agents have these people on board their teams and they are the go betweens. By selling your property privately you become the coordinator. Private Property does however have recommended Attorneys and Bond originators I suggest you check them out sooner rather than later as they are key to you selling your property privately.
Having bought and sold many many properties thats my advice, you can save money selling privately but be prepared to do some work as you effectively become the agent.
We are always looking for good value properties to buy in and around Durban so if you have anything to sell and are negotiable on your price please feel free to contact me here and send me your private property link. I cant promise to buy everyones property but I will sure have a good look to see it it will work for us in our current investment strategy.
Categories: Property News
Comments (4)
Brennan, thanks for your interesting posts. Why dont you update your BIO so readers can see who you are, and that you are an investor.
It would be great to here how how u started buying property, and how you have done since…
I must say Durban is a heaven on planet Earth, and I love this city so much. I am a South African living in England and I used to Live in Umhlanga – Durban long time ago and even today I still have the memories of Durban, it is such a nice place I have ever seen, especially the weather in Durban is so nice and warm also beaches to name a few Umhlanga beach, Ballito Beach, Zinkwazi Beach, Umhlali Beach, Tinley Manor Beach, Thompson’s Bay Beach and I had time of my life at Sea Point – Durban. I would love to go back one day and experience the warmth and enjoy being on the soil of South Africa.
I agree with Justin!!! Why are you trying to deter buyers from using an Estate Agents? We go the extra mile for our clients and our Bond Orignator!! Let me tell you that the ordinary man in the street does not have the time or energy to go through a private sale as anything can go wrong. We take all that stress away and also the bond orignator as well. Stop trying to convince the public out there its better to go privately than an Estate Agent because you know an Agent does a better job than a private buyer does. What’s your problem about an Estate Agent making money, and by the way we donot make these huge commissions!!! we still pay vat, tax and listing fee plus we share with the company we work for. Its still better to get a good estate agent who knows her job!!!
At 7% plus VAT the days of the Estate Agent are numbered. In most deals the gap between the offer and what the seller wants is the commission. Sellers have to under stand that when using an agent they need to deduct the commission from the price not add, I as the buyer already need to pay transfer and attorney fees, take the risk and pay a person a HUGE amount. EA’s neither own the property or take the risk buying the property so why on earth do they earn such large commissions??. The Estate Agent Companies are the worst – they get 50% com for absolutely nothing. I have no problem with agents (very few) who charge a reasonable comm (1 to 3% depending) but who add in excess of this value in service. Just listing and showing the property does not count as value.
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