Why Selling A Unit Is Different From Selling A House
Selling properties is a long process, no matter what type of property you’re selling. However, there are some differences to that process depending on the type of property. In this article, we’ll discuss why selling a unit is different than selling a house. Read on if you’re planning on selling your unit!
What’s the difference?
Here are some differences between homes and units:
What do I need to do?
Look for a real estate agent with a focus on selling units.
The first step is to look for an agent specialising in selling units. This is essential, because they need to:
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Help you understand the current market conditions
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Help you sell the home even if there’s an oversupply of units in your location
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Give you the most attainable price for your unit
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Know the right kind of buyer for your unit, and have the proper channels to reach them
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Help you stage the unit as best as possible
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Help you choose the right time to sell and the best method of sale
Having the right agent for you can make or break the selling process. In other words, this will say whether you gain money from the sale of your property or not.
Down to the details...
Strategies
Depending on the current market condition, there might be a low demand but high supply of units. This will make it hard for you to sell your property at a high price or even sell your property at all. In this circumstance, your agent should have a strategy prepared so your unit can beat the competition and still sell.
Pricing
There will be differences between pricing a unit and a house. This is where your agent’s knowledge comes in. If your unit is a part of a complex, a body corporate might be involved - this will mean restrictions and fees. Those will factor in the pricing of your unit.
Buyers
A good agent will have a list of buyers interested in units. Aside from the usual marketing strategies, they should be reaching out to buyers who have shown interest to properties like yours. It’s ideal if you discuss your target buyer with your agent first, to calibrate the strategies and have it yield the best results. This way, you can also stage your property in ways that appeal to them.
Staging
Maximising your space is extremely important, since it’s already a small property. Here are some things you can do:
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Declutter and depersonalise your unit.
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Arrange furniture away from the wall for an illusion of spaciousness.
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Add a fresh coat of paint in the unit. Use light and neutral colors.
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Add mirrors on the walls for illusions of space.
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As much as possible, hire a professional stager.
Another thing is to hire a professional photographer to take pictures of your unit. They will know how to emphasise the best feature of each room and make the space appear larger. Your agent must already have contacts with a few real estate photographers.
Choosing The Right Place and Method
The right time might depend on your unit. If the unit is by the coast, summer might be an optimal time to sell. If it’s in the city, the right time will depend on the market conditions. But to be certain, talk to your agent, as they will know better.
As for the method of sale, it will be better to sell privately, as units are usually part of a bigger complex. It will be hard to hold an auction because of the limitations to space. Aside from that, selling via auction will make buyers aware of the other units’ sales price. Selling privately can result at a higher sales price.
Good luck on your selling journey! We hope this helped you prepare for it better. If you need any more advice, or an agent assisting you in the sale, just drop us a message anytime. We’ll be waiting!
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