Sell ââfaster. And for more money. This is what every home seller (and agent) wants. And according to the Real Estate Staging Association, staged homes sell 73% faster with an average return on investment of 297%.
With so many different opinions on home staging, we turned to Jay Hart, co-director of Sold with Style, a pre-sales advisory and home staging service for customers in New York and the surrounding area, for us. give his best information on the staging. Hart’s directing advice is featured frequently in The New York Times, The Wall Street Journal, CNBC, as well as a spotlight on HGTV’s “Selling NY”.
1. Home staging is all about making more money. Directing is a business move, not just to make things pretty. In many markets, you should be able to get three to ten times the return on your investment.
âI recently worked with a client who was discussing spending $ 5,000 on flooring. In the end, we convinced him to invest in the flooring and that resulted in a price increase of $ 150,000, âsays Hart.
2. Your best offers will arrive within the first 40 days. This means the house needs to be tidy and staged by the time you take the photos for the ad, so that on the very first day on the market, it can sell.
âWe see a lot of sellers who decide they won’t make any changes to their home until it’s been on the market for a while. They create if-then lists, which are never good: if the property doesn’t sell, then I’ll invest in a new paint, âsays Hart. âThe point is, buyers don’t want to get things on your if-then list. They don’t want to have to remove all of the wallpaper the seller installed 30 years ago. They see how much time or money they should be investing in the property and decide to move on.
And unfortunately, if you don’t reach your if-then list within the first 40 days, your sellers are going to lose a lot of potential buyers.
3. Buyers really don’t want to choose their own style. Many sellers or real estate agents refrain from making changes to a property because they think a buyer will want to choose their own style.
âThis is the worst advice a real estate agent can give to a salesperson,â says Hart. âOnly 10% of people in the market are looking for a renovator, and these people really want a good deal on a home. You are wasting 90% of your potential market by not doing any updates, âsays Hart.
4. If you don’t update, that money is already gone. Often times, sellers worry that the updates they make to their home are not worth it financially. But Hart says if they don’t make the improvements, that money is already gone. They can fix it now, or the buyer will end up deducting it from their bid price. If sellers have a lot of updates to make to the home, they can prioritize making small improvements to the bathroom or kitchen first, which will earn them the most. This includes things like painting, re-glazing a blue tub, installing a new toilet, updating the lighting, and more.
5. Stick to the architecture. When staging a house, it is important that your clients remain consistent with the architecture of the house. It means staying away from ultra-modern designs in a Tudor, and so on.
6. The perceived space is also worth the money. Whether the house you are selling is 500 square feet or 5,000 square feet, squeeze out every inch of perceived space. This means decluttering both horizontally and vertically. Hart says another area to look for is a deck, patio, or outdoor living space. âWhile that doesn’t factor into a home’s square footage, it’s seen as an extra room for homebuyers, and homebuyers appreciate that. “
7. Remember who your market is. It is important that a home be staged to capture the attention of the largest demographic in the market who might be interested in that home. Is the house in a young, cool, and hip neighborhood where you might have a lot of unique buyers? Make sure the design choices reflect this. Are your target market 30-50 year old couples with young children? Next, you’ll want to make sure the house reflects the type of lifestyle their family can have by living there.
8. Encourage your customers to disconnect from their homes. The way they are using their space now may not be the most appealing to potential buyers. They need to know who your target market is and make sure that all spaces in their home reflect that.
McKissock apprenticeship is the nation’s premier online real estate school, offering continuing education and professional development courses to hundreds of thousands of real estate agents across the country. As a member of the Colibri Real Estate family of leading educational brands, McKissock apprenticeship, with its sister schools Express Real Estate, Higher School of Real Estate, Allied schools, The Institute for Luxury Home Marketing, Schools of the CÃ´te d’Or, The Rockwell Institute and Hondros Education Group, helps real estate professionals achieve lasting success at every stage of their real estate career. Learn more about mckissock.com/immobilier.