Purchasing a unit may be cheaper when compared to buying a house, but if you are planning on selling your unit in the current property market you could find it trickier. Knowing when it is the best time to sell your property in the property market cycle can help you sell your home quicker. These six handy tips can help you sell without losing a profit.
1. Work with a unit specialist
Working with a unit specialist can limit the legwork that you have to do since they will probably know when is the best time to sell, knows the area well to market your property, and what your unit should be selling for. However, your sale will only be as good as the real estate agent you choose. Therefore, check that they have a record of rolling out an effective marketing plan for similar units as your own to draw people to your unit.
2. Time your sale
Property investors find themselves in a catch 22 situations when it comes to selling their units in certain regions. Recent data by CoreLogic revealed that unit sales have underperformed across Australia with 14.3% of units being resold across capital cities at a gross loss. One of the reasons for this is the oversupply of units in some regions which affect the reselling of a unit. Waiting for the market to improve into an equilibrium before you sell your unit can help you to sell at a more favourable condition.
3. Sell it for the right price
If you are planning on selling your unit on your own, pricing it right is essential. Emotional attachment needs to be left at the door. To avoid having your property sitting on the market for too long you can get an evaluation of your property. You can also compare your unit to other units that are being sold in your area to see if you have priced yours fairly.
4. Show off its best features
Marketing your properties best features can help you get the best price for your building and it can also increase the probability of a sale. Having an estate agent in this instance can work in your favour as they will know what buyers are looking for and will be able to position your unit in such a way that piques their interests.
5. Use money set aside to clean it up
If you want to deliver on your marketing campaign, this means that your property needs to be cleaned up to be represented in the best light possible. Researching which areas of your unit you can invest in can increase its appeal and can help you avoid pumping money into improvements and maintenance that will not add any value to your sale.
6. Have information available for potential buyers
Giving potential buyers as much information as possible on the property that is easy to understand and presented in a manner that isn’t complicated can help them decide on choosing your property over a similar in the same area.