HOW TO SELL PROPERTY IN A MONEYLESS MARKET?

As property prices rise in Zimbabwe, some exasperated home seekers have accused estate agents of price fixing. This however, is farfetched because even the central government with all its unrivalled might in virtually every sphere of life has failed to do this. Estate agents are even smaller and minute economic entities who lack meaningful stamina to achieve this. In this presentation I  have given some reasons why many find the going tough with regards to property prices and have offered some advice that is both practical and helpful.

A DECADE OF ECONOMIC  SUBSIDENCE

I believe no Zimbabwean has forgotten yet how the motherland has been through a decade of serious economic subsidence.  During these years there wasn’t any real estate development of meaningful proportions  that could quench the high demand from increasing population. As a result property prices have rose regularly and are likely to continue this trend in 2013 if there are progressive developments in the political and economic sectors. This increase in prices is a nightmare that has haunted home seekers as many of them have failed to cope.

UNAVAILABILITY OF MORTGAGE FINANCE

A bank loan or mortgage finance is one of the ways that an individual can use to purchase property but taxing minimum conditions that are set by financiers make these services inaccessible and as good as if they are not there. Nevertheless, the financiers situation is understandable from a management stand point because with the pestilent presence of a liquidity crisis the cost of borrowed money and the risk involved inevitably go up. Competence will therefore dictate that financial enterprises must be cautious in their dealings as  business sustainability becomes paramount above all priorities.

These issues again militate against  home seekers regardless of the fact that some of them are salaried professionals and ordinarily their occupation should give them access to such important privileges.

INCOMPETENT HOUSING COOPERATIVES

Another avenue that many have taken in the pursuit for a roof above the head is that of housing cooperatives. A big advantage of this is that people can develop their properties through affordable monthly installments over a period of time. This is a great idea but it nevertheless, fails to find competent executors at management level in most of these cooperatives. Many cooperatives must improve in such critical areas like financial reporting and accountability, transparency in procurement, registration of new members and hiring of properly qualified personnel etc. Incompetence in property development will be seen by the nature of the resultant product that is a poorly finished project. No critical elements like a water and sewer system. No roads but path ways . So desperate home seekers are forced to accept this because they reason that its better than not having a property at all.

HELPFUL AND PRACTICAL ADVICE

 After pointing out these problems I would want to end with a message of hope by giving useful advice. It  is important to know that because of the aforementioned and other reasons one may never purchase the property they want in the first purchase. Never the less, there is a way that can be taken that one can eventually get the property he always wanted. This way is  raising capital through value addition of affordable properties.

If you cant afford a stand in Mainway Meadows (-+ $25 000.00  for 600sqm) it does nt mean you cant afford a stand at all because there are affordable stands in Damofalls ($10 000.00 for 300sqm) that you can purchase, add value and be able to get at least 15%  return on investment after selling it. The whole process may take 2 or 3 months and if done 4 times one can raise about 60% of capital amount in 12 months.

THERE ARE ADVANTAGES AS WELL!  HERE THEY ARE ;

# One benefits from property’s special quality of being a low risk investment and the ability of it to appreciate in value over time.

# One can do it without formal training.

# One can do this project  simultaneously with other pursuits. Eventually, you may find it to be more worthwhile to do it full time

Well this is it for now. Enjoy your real estate investing experience !

HOW TO SELL PROPERTY IN A MONEYLESS MARKET?

How do you sell a property in a moneyless or illiquid market ? This is the million dollar question in the minds of those who want cash for their investments. But how can you possibly do it? In the past five years of my real estate career I have discovered an answer and that answer is the  needs-focused marketing strategy. This strategy works because the liquidity problem creats serious competition as market players wrestle for the little cash available, so in order to survive this struggle one should be as competitive as possible through sharpening the needs-focused strategy. I will define this strategy later but for now I shall start with simple but important basics you should know first. READ MORE ...



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