Selling a unit requires a special skill set. There are plenty of differences in selling a house versus a unit, which is why you’ll need to ensure you find a specialist agent for the job.
Finding the right real estate agent for your unit sale
The ‘best’ real estate agent in the area may be an expert at selling houses, but you’ll want to make sure you find someone who has a specific skill set in selling units. Why? There are multiple reasons. A real estate agent who is experienced in selling units and apartments will be able to:
- Help you understand current selling conditions, and break through the market if there’s an oversupply of units in your area
- Assist you in maximising smaller spaces and staging for inspection
- Advertise to their specific buyer network who are likely interested in units
- Help you choose the most appropriate time to sell
- Recommend the best method of sale
- Price your unit at an achievable value
(You can find a real estate agent who specialises in unit sales at LocalAgentFinder, and compare their sales history, commission rates, marketing fees and even independent homeowner reviews from fellow homeowners like you).
How much do real estate agents charge to sell a unit?
Real estate agent commission rates will differ depending on location and competition for real estate agents in your area. The national average commission rate for metropolitan areas is 2.10%, and 2.47% for regional areas. To understand agents’ commission rates for your specific unit sale, head to LocalAgentFinder to compare local agents, including their fees.
Supply and demand considerations
If there are lots of units for sale, there is an ‘oversupply’ of units on the market. This could potentially make it harder to sell your property at the price you’d like to achieve, or even at all. So, it’s a good idea to talk to your agent and make sure they’re doing all the right things to help you break through the competition.
Maximising your space
If your unit is small, there are a series of steps you can take to maximise the space throughout your selling campaign. Some tactics include:
- Decluttering your unit, removing all personal items
- Painting your unit lighter, neutral colours
- Pulling furniture away from the wall to create an illusion of spaciousness
- Opening up your curtains and windows and letting in the natural light
- Place mirrors on your walls to create illusions of space
Something else to consider is photography of your unit. When selecting an agent, be sure that they have a professional photographer who knows all the secrets to successful real estate photography. Professional photographers will generally use a wide-lense over a fisheye, and take landscape photos for optimal viewing, emphasising the best feature in each room. A good real estate agent may include 3D images to help viewers understand the layout of your property, and drone photography to highlight the unit’s surrounding areas.
Finding the right buyers
A good real estate agent who specialises in unit or apartment selling will have a large buyer database of those likely to be interested in smaller properties. Along with advertising on online listing portals such as Domain and Realestate.com.au, these agents will reach out to their own buyer networks who have shown interest in properties similar to yours. It’s a good idea to discuss who your ‘target’ buyer is with your real estate agent. For example, if you have a one or two bedroom unit in a suburb close to a nightlife or restaurant strip, you may target a younger couple. If it’s a three bedroom unit in a quiet area, you may choose to target families. By defining your target buyer, you can stage your home to appeal to them.
Choosing the right time to sell
If you’re selling a coastal unit, summer might be the right time to sell. If you’re selling an inner city unit, the right time to sell may depend more on the market conditions rather than the season itself. There’s no universal ‘right’ time to sell, despite common theories that spring selling will get you the best result. Spring might in fact be a difficult time to sell your unit due to higher levels of competition. To find out the right time to sell, the best place to start is talking to a real estate agent who specialises in unit or apartment sales in your area.
Choosing the right method of sale
Because units are generally a part of a bigger complex, it may make more sense to sell privately as it might be harder to physically hold an auction due to space limitations. On top of that, if you’re selling a unit that is a part of a large block of identical units, buyers will be aware of previous sales prices if you sell via auction. Whereas if you sell privately, buyers are less likely find out what units in the block have sold for previously, which could result in a higher sale price.
Pricing your unit
It’s important to find a real estate agent who specialises in unit sales because pricing a unit and a house can be very different. If your unit is a part of a larger complex, there may be a body corporate involved. Which, as you’ll already know, means additional fees and restrictions, but can also save the buyer on maintenance costs. You’ll need to work through these fees and restrictions with your real estate agent to determine the most appropriate price for your unit. At LocalAgentFinder, you can book in an appraisal with a local real estate agent to get an initial estimate of how much your unit is worth.
So, what are the costs of selling a unit?
In terms of the fees paid to sell your property, you’ll need to consider:
- A commission fee paid to your real estate agent
- Potential body corporate fees for the current quarter
- Capital Gains Tax if your unit is an investment property
- Auction costs
- Legal fees
- Costs of repaying your mortgage
- Preparing your unit for market
How to find an agent to sell my unit
Start your selling journey by talking to a local expert who specialises in unit sales. At LocalAgentFinder, you can compare real estate agents, including their sales history, commission rates and marketing fees. Here, you can connect with the most suitable agent for your unit sale.