Not only are the lending requirements stiff, but factor in rising home prices and an ever increasing interest rate, and many first-time home buyers are simply priced out of the market completely. With possible further increases in interest rates, the opportunity to buy a property seems to be fading away.
The thing is, house hunting is easier than ever before. Sunday afternoons were once spent driving around your chosen area looking for estate agent signs – today it’s spent on the couch, laptop or tablet in hand, with a steady stream of properties online to look over. The touch of a button and the agent sets up a date to view your chosen properties.
Thanks to technology the way we look for a home has changed completely. So, why hasn’t the rest of it?
Once you find the property you want to buy, technology goes out the window. We’re back to endless amounts of repetitive paperwork just to start the process. And that’s for the selling agent – prepare to repeat the process with the next one! The ugly truth is that around half of all home loans are turned down, meaning you will be repeating this process a few times before you qualify.
Then comes the heartbreak – being told you don’t qualify for enough of a loan to buy the dream house you’ve been to see, fallen in love with and have effectively planned the next 10 years of your life in.
So, where does this leave the property professionals? Well, not only have you spent plenty of hours showing homes but you’ve also started a buying process that requires more man-hours of paperwork. The My Bond Fitness journey can break down barriers and begin to revolutionise how we sell property.
Our aim with My Bond Fitness was to help the consumer – but it turns out our system suits the property professional as well. Imagine the scenario: a prequalified, knowledgeable and informed buyer comes to you to buy a home. They not only know how much the bank might loan them, but are also fully aware of their financial situation and how much they can afford each month, as well as their current credit status. Their paperwork is complete – FICA et al – and they are ready to buy. The perfect client.
Not only does this speed up the buying process, but it saves hours of showing homes that the potential buyers might not even be able to afford. Estate agents aren’t the only benefactors: property developers selling off-plan can pitch the right developments to the right buyers because they know their affordability, as well as their financial and credit profile status – every My Bond Fitness client has to undergo a strict vetting process.
From start to finish, MBF will give you a complete financial picture of your client, as well as a clear idea of their buying potential. It’s time to flip the way we sell property on its head. Start with the right type of client before beginning the search for the perfect home.
For more info, go to www.mybondfitness.co.za.
