PROPERTY: Selling By Tender The New Trend
Recent Western Cape Business News
While the process of selling residential property by tender is not common in South Africa, Seeff Cape Town Southern Suburbs managing director, Andy Todd believes that this sales methodology is likely to grow in popularity, especially for luxury properties. This is a particularly effective method to determine the real value of a property when the market for property of that nature is unique and market value is difficult to determine, he adds.
Simply put, the value of a property is ultimately what a buyer is prepared to pay for it and what a reasonable seller is prepared to accept. Properties in this league really require a meeting of the minds by both buyer and seller and at the end of the day a tender process allows buyers to express interest without price being an issue. Also, unlike an auction, a buyer is able to make his offer conditional and can offer terms which suit him.
Properties located in suburbs such as Bishopscourt and Constantia in Cape Town’s southern suburbs are generally priced in the upper millions and putting a property out to tender is a particularly effective way to market the property.
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