Digital disruption and the 'modern' estate agent
In a world of digitisation, technological service is on offer in almost every industry. The question is, to what extent is there a digital disruption in South Africa’s residential property space - and how does this change the buying, selling and renting of most people’s most valued asset?
So asks Dr Andrew Golding, chief executive of the Pam Golding Property group.
“There’s no question that technology is going to play an ever-increasing role in the residential real estate world. But I think at the same time, what appears to be apparent, is that the role of estate agents as the trusted advisor utilising technology as it evolves, continues to be extremely important and is in fact an imperative part of the real estate transaction,” says Dr Golding.
What can we expect from Cape Town property in 2019?
With an eventful 2018 drawing to a close and the new economic year a largely unknown entity, many homeowners are considering what the markets may be doing in 2019.
“This year has seen the market contend with political instability, rising inflation, recession and record-high fuel prices. Despite all the challenges, the real estate sector has remained more buoyant than many expected. While there has been visible tightening at the higher end of the market, the middle and lower markets have been very resilient and have not been as dramatically affected as the industry expected,” says Mike Greeff, Greeff Christie’s International Real Estate CEO.
“The outlook for 2019 seems quite promising with the results of the elections expected to provide clarity to the general populace. Foreign investor confidence is also gradually on the rise, due to Moody’s rating of the country as stable. The Cape water crisis which dampened the market has been averted, and the South African Reserve Bank has kept repo rates stable for the time being, despite calls for an interest rate hike. While sales may be lagging behind previous year averages, various areas of the market are performing very well.”
New bylaw could cost Cape Town homeowners who are living ‘green’
Spiralling electricity costs and the escalating energy crisis have fuelled a fast-growing trend towards energy efficiency and green building principles during the past decade, but ecological awareness could prove a costly exercise for Cape Town homeowners who fail to comply with new regulations.
"Until recently, eco-friendly installations like rooftop solar photovoltaic (PV) systems were largely unregulated due to the absence of national standards, leaving homeowners to their own devices regarding the selection of solar products,” says Chris Cilliers, CEO and Principal for Lew Geffen Sotheby’s International Realty in the Winelands.
“However, in an effort to establish compliance, the City of Cape Town recently took the initiative and developed temporary standards for small-scale embedded generation (SSEG) systems which owners are now required to register for council authorisation,” he says.
Is the security in your estate good enough for your insurer?
Buying within security estates can give buyers the freedom to choose not to live behind bars. Guarded by an external wall and regular security patrols, homeowners often don’t see the need to install extra security measures like burglar bars and alarm systems on homes within gated communities. But are these security estates secure enough for your insurance provider?
According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, buyers should not assume that their insurance premium will automatically be lower simply because they have moved to a security estate.
“It is always best to ask your insurance provider to find out how the move to your chosen security estate will affect your household and car insurance premiums. These premiums are calculated based on your risk profile, so your insurance provider will need to consider your chosen security estate safe enough that it lowers your risk profile and subsequently decreases your monthly instalments,” says Goslett.