Friday, March 6, 2015

Staging Challenge Week 10

Q&As and some Facts about Home Staging:

Q: How do I know if staging will work for my home?

A: Like any product, if merchandised properly, it will sell faster and get more money every time.

When you take your car in for trade, what do you do? You detail it, make it look as good as new. - Why? To get as much money for it as possible. 
Would you pay top dollar for a new/used car that has papers, empty cups and crusty leftovers sprinkled around the interior? Probably not.
Why does Victoria's Secret model their product on the most beautiful women in the world? Because merchandising works! Staging is no different however, it's not as easy as simply cleaning up and putting furniture in the house. Using the wrong furnishings can also kill a deal. Having a consultation is a sure-fire way to make sure you are getting started on the right foot.


Q: My house is currently on the market but why is it not selling?

A: If your home is currently on the market and receiving showing activity however not getting offers, you are a perfect candidate for staging. Getting showing activity means that your home is probably priced right but for some reason, your buyers are not taking action once they see your home. Here are the 2 most common reasons:
1) There is a lack of emotional connection: Your buyers are not identifying with your house and do not see their lifestyle reflected in the space. Staging is a method of merchandising a product(your house) according to your target market. Your furnishings and decor may be FABULOUS, yet if they are not a reflection of the lifestyle your buyer is looking for, the buyer will "keep looking". We are experts at styling your home in a way that emotionally speaks to your buyer and inspires them to BUY!
2) There could be too many small projects. A project here and there can become a common denominator in the home. The bigger issue however, is when we see homeowners make improvements that are not necessary or make color/decor selections that are wrong for the buyer. Just because you love it, doesn't mean your buyer will. Why take that chance wasting valuable time on the market?
BEFORE





AFTER



Q: How can staging make a difference?A: A National Association of Realtors survey found that the longer a home stays on the market, the
further below list price it drops. Homes that sold in the first 4 weeks averaged 1% more than the
list price; 4 to 12 weeks averaged 5% less; 13 to 24 weeks averaged 6.4% less; than list price;
and 24 weeks averaged more than 10% less than list price.
When you stage your house and have it ready to show from day 1, your selling odds are so much greater. The buyer comes through and will ask,
"How long has this house been on the market?" The Realtor says, "Only a few days..."
The buyer feels that sense of urgency to make an offer before someone else does. They are also less likely to low-ball their offer because they know the Seller will be more likely to hold out for a better offer. 


Q: Should we do a price reduction instead of staging?
A: Price reductions are typically done in $10k increments. Not only do you incur the cut in price, you also continue to pay insurance costs, up-keep, heating and cooling, etc., only to take another hit when the buyer makes an offer. (Remember, the buyer will see your reduction as an act of desperation.)
Why continue to reduce your price when you can stage your home for a fraction of the cost of a price reduction? What if your Realtor® suggests your price is too high? They are probably right. However, isn't it worth a $200 consultation to ensure you have all of your selling ducks in a row? We have many strategies that balance getting the best return on your investment while maintaining a solid sales price in the market.

Q: We don't really have to sell therefore we don't want to spend money staging the house. 
We just want to see if we get any offers.
A: We hear this much too often. Stayci's response: "Does your Realtor® know this?"
This is important because there is a cost to market your home and your Realtor® is spending time, gas money, resources, ad money, phone time, photographing, creating marketing collateral, printing, placing signs, etc. -all in an effort to make you top priority and sell your home. This effort is done based on the understanding that they will EARN a commission for their hard work. If you are not serious about selling, be fair to your agent and let them know. 
Many of our Realtor® clients will pay for your staging consultation. And let's face it, you want to sell your house or you wouldn't have your house on the market. Let's make it a great experience and focus on getting you top dollar for your home, with the least investment in staging, in the least amount of time!

Q: Buyers can figure it out, right?

A: Studies show that only 10% of buyers can effectively visualize changes in a new space. This is why model homes are so effective in new home sales.
Why chance it? It's an easy way to make sure your competition doesn't get an advantage in the marketplace. Staging uses merchandising tactics that help demonstrate your buyer's new lifestyle. This means that the buyer not only identifies with the space as a reflection of how they are living now, but also sees the life they aspire to have. We can help with this! It's easy to do and works like a charm when you leave the merchandising to a professional! 

Q: My home is gorgeous, it's professionally decorated, it doesn't need staging.

A:  Interior designers typically work with individuals to design functional spaces that fit their client's individual preferences and needs. Professional home stagers design spaces to influence a specific audience or targeted market. We wear both of these hats and we understand the different roles.
A consultation is a way to look at your home with an objective eye. Your home may be a lovely reflection of your personal style and good taste however, it may not reflect the personal style of your potential buyer. The longer you have lived in your home, the greater the disconnect can be between your lifestyle and the lifestyle of your buyer. For example, you may not have young children anymore but perhaps your buyer will. How are you connecting with them? Let us work together with you to uncover any "lifestyle" elements in your home that could be improved.

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