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6 tips when it comes to selling your unit

Published on November 24th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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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.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

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