The economic rescission has seen most people lose their jobs and source of incomes forcing the majority of them to turn their properties into cash with the hope of conserving their lifestyles. It is fairly clear that with massive unemployment, wage cuts, business failures, and job uncertainty, many people are likely to be cautious about making the biggest investment of their lives – buying a home.
Biashara News, this afternoon interviewed two local real estate Agents, Lydia Nepolo of Refico properties cc and Engenia Matheus of Fenia Real Estate who aired their views on the benefits of selling a property through an agent especially in the current economic stagnation. The two agents believe that the biggest rewards of using an agent is that it’s their job to be available at the times most buyers want, which is almost certain to be more often than the property owners are. “Your lack of availability is likely to turn some buyers off, as well as guaranteeing you’ll have fewer people through the property than if you let an agent handle it” they highlighted.
“People should understand that agents are employees and they are certified and just as important as other employees. The public actually thinks agents are not worthy of the commission but by law and their licensing regulations, they are to be paid a commission. According to the Namibian law, the seller is accountable to pay the commission which is 7% of the purchase price of a property and this is factored in how much the seller lists his/her property for” Lydia said
The real estate industry seems to be misunderstood, with most sellers refusing to pay the agents commission because they are under the impression that it’s the agent’s pricing rather than by law. The current market is however, a buyers’ market with the supply of houses exceeding the demand which means sellers will certainly need an agent in order to sell their properties faster.
“We are trained to give accurate information on market values and we stand between the property owners and the risk involved in selling their properties. Sometimes the agent already has a list of potential buyers which may help speed up the selling process” Engenia added.
The two professional agents believe that property owners can sell their own properties, however, when going through an agent, one is guaranteed to get a lockbox for their front door that allows potential clients to see their home even when the owners aren’t available.