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Property 24/10 - 367

17 August 2017

A step-by-step guide to becoming a real estate agent
You might have heard about a ‘qualified real estate agent’ or perhaps even considered a career in the property industry, but chances are you started and then discarded your search due to all the jargon used, or the various resources you needed to work through in order to get the full picture.

“We take an in-depth look at the process and what a real estate specialist has to do in order to earn their commission,” says Lara Machado, sales trainer at Engel & Völkers Southern Africa. “Getting qualified as an estate agent today is not as easy as it was in the past.”

She says it is imperative for an aspiring estate agent to be provided with the correct training opportunities, so they are well equipped to earn a decent income working in an industry that is extremely competitive.
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Does the "FOR SALE" sign still work
Richard Gray, Harcourts Africa Chief Executive Officer, says they get a lot of enquiries, both internally and externally, about the validity of the for sale sign.

“Agents and clients alike at times challenge its effectiveness and enquire about whether they work in a modern society and digital age. The short answer is 'yes', they still work,” says Gray.

“Despite the evolution of the property market entering skyrocket mode daily, with client interactions highly active, ranging from digital engagement to physical contact, there is still an element of legitimacy in tried and tested practices.”
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The pros and cons of a joint home loan
At some stage in life everyone aspires to have a home of their own, but circumstances such as not earning enough income to qualify for a bond can often come in the way. Fortunately, banks do allow individuals to apply for home loans jointly to be able to realise their dreams.

Dr Simphiwe Madikizela, Head of Special Projects at FNB Housing Finance, says a joint application can help increase your chances of qualifying as both parties’ incomes and expenses are taken into account to assess the affordability based on their disposable income.

“Before applying for a joint bond, you should be aware of the advantages and disadvantages to avoid any pitfalls,” says Dr Madikizela.
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Seven golden rules of property investing
So, you quite like the idea of owning a rental property and think you might be able to earn good rental returns?

Yes, that might well be the case, but Samuel Seeff, chairman of the Seeff Property Group cautions investors to take care, as there are pitfalls.

Property is one of the most exciting investments for just about anyone. Often, in addition to owning a first home, buyers will aspire to own additional property, sometimes a holiday home, but generally with some form of rental income in mind, says Seeff.

He says during boom times, it can be very tempting to invest in an extra property as there is usually plenty of money and finance available, and financial pressures are low. It can also be relatively easy, as you could take out a housing loan to help you finance your purchase and use the potential rental income to help off-set the monthly bond costs.
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When an Offer to Purchase lapses: Four scenarios
Buyers who have found the right home will be eager to know whether their offer will be accepted by the seller or whether they need to keep looking. Being in a state of limbo can be frustrating, which brings about the question - once an offer has been made, how long does it remain a valid offer before it lapses?

According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, before it has been accepted, there are four scenarios in which an offer would lapse. He expands on each below:
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