Another day, another before and after — this time for an updated listing in Winterlake. This is a home we resuscitated after it sat on the market for a few good months. Yikes! Spoiler alert: this story has a happy ending. After we were through with the updates and re-staging, the house sold in just 5 DAYS.
I know I’ve spoiled the grand finale, but I wanted you to know exactly what each of the updates below have helped achieve. But first, every home update and staging needs a smart plan...
This house belongs to an investment property client we had worked with in the past. They had been trying to sell it as-is with no luck. Since we were able to help them with another property, they decided to reach out to us and trust us with this one. I’m so glad they did! The outside is lovely and charming.
The inside, which you will see in just a minute, felt dated and designed for a very specific taste. We also found damaged flooring, dirty carpets, unsightly wall colors and wall paper, old fixtures, and more. Luckily, the layout of the home had great potential. I knew that strategically updating some of the fixed elements would make this home really shine.
As soon as we knew what could be improved in this home, we had to consider the ideal buyers. After all, knowing who we will market the home to determines how we will make certain updates. During our consultation, we came to the conclusion that if we were going to invest in renovating this home, it should be marketed to someone who’s looking for a move-in ready place, and who’s willing to pay a little extra for that.
We decided that young families and first-time home buyers were our target audience. This home would be perfect for them, because it would be easier to spread out the extra cost when getting a mortgage, as opposed to coming up with the hard cash to do the renovation work themselves prior to moving in.
Once we determined how we would market the home, we got to work! Our design plan was pretty straightforward because most of the issues that needed to be addressed were design-defining elements that would transform the aesthetic of the home. First, we would paint the walls and get rid of wallpapers. Then we would address flooring and carpet. After that, we would update fixtures and bring in furniture.
It all sounds simple enough when you list it out like that, but in reality, it took coordination, strategy, and work — on our part. Our clients got to sit back and relax as we made the magic happen. 😉
Ready to see it? Come take a look at the updated listing...
The home had a great open foyer, but I could see that it needed a fresh coat of paint to feel new. If you look at the door and stairway edges (left), you can see that the paint looks tired. Repainted (right), we have a brighter entryway that definitely feels more fresh and inviting, especially in person!
For the staging, we styled the space with more modern and contemporary furnishings, using art and small accessories to add soothing touches of color. Pro Tip: The best colors for staging homes are blues and greens, which are most likely to put homebuyers at ease.
In the original living room, the furniture was way too taste-specific for an updated listing, and the wood flooring needed replacing. The original rug is also too small for this space. With furniture floating around it, it makes the space feel disjointed, dated, and incomplete.
On the right, the living room furniture I selected makes the space feel more open and welcoming. (See how at least two legs of each furniture item is on the rug? That’s how it should be!) We used a vibrant blue as an accent color for interest and, of course, brought in some plants for a touch of life and warmth.
Here's another angle. Doesn't the flooring look so much better?? The flooring was number one on our priority, and we traded the previous engineered wood for this stained oak beauty. The muted tones create a sense of softness in the space that is instantly welcoming. We also refaced (painted over dated brick) the fireplace for a more contemporary look.
The original kitchen was definitely out of this era, from the yellow walls to the counters to the flooring. For an updated listing, neutrals are your friend! On the right... hello, new kitchen! The kitchen got a full revamp with new countertops, timeless yet on-trend backsplash, and fixtures. We used cool tones to continue the overall sense of freshness in the home.
Just off the kitchen, we have the breakfast nook. Originally, the light fixture and wallpaper looked very outdated, and the walls needed updating. After... gone are the yellow walls and scary wallpaper! Welcome to a more modern breakfast nook, where homebuyers can imagine their mornings sipping coffee or reading a good book.
The master bedroom was actually not too bad. It had a lot of space and potential. We added a fresh coat of paint, new lighting, new carpet and less traditional furnishings. Much better!
Another spacious room but definitely outdated stylistically. We got rid of the lime-colored walls, added a stylish new countertop, painted the existing vanity and installed these modern cabinet pulls, light fixtures and mirrors. This home has now joined the world in this decade!
The home office was probably in the best shape of all the rooms. The flooring and color scheme just needed some love. Fresh paint, art, and more oak wood flooring transformed this office instantly!
Well, I know I spoiled the surprise at the beginning, but let me say it again. After sitting stagnant on the Dallas market with zero movement for a long while, this home sold in 5 days after re-listing! Not only that, our client saw a 57% return on their investment to get this home move-in ready. In what stock market do you get that kind of return?
So what did we learn today? Strategic design and home staging work... and we have the numbers to back it up!
Do you have a property to list? (Or RE-list?) I can’t wait to show you how I can help YOU sell your property and get on with your life, too. If you’re ready to enlist our help in a speedy and profitable home sale, let’s talk.
— Keti
Today I am bringing you behind the scenes of our design and renovation process. Renovating your home right before putting it on the market can increase your sale price considerably. However, while you might have an idea for your budget, you need to be mindful of which updates will truly increase your home value and make the investment worth your while.
Lucky for you, that is what I do, and I am the best at it. But don’t just take it from me — Design by KETI did receive another year of Houzz awards for Best in Design and Best in Service! Together, these two categories perfectly sum up what we do for our clients, and today, I’m showing you exactly how we do it.
Ready to design and renovate your home? Sit back, relax, and explore our tried-and-true process...
We always start with a pre-project Consultation or “Work Session” as I like to call it. (Yes, we’re already getting to work at this phase!) This is the time where we get to know each other and determine the driving selling points of your home — which are essential to knowing what to renovate.
Here’s what we’ll cover in this jam-packed session:
We need to determine first and foremost who your target buyers are. You might think, “But Keti, I want my home to appeal to everybody.” I can understand that line of thinking, but trying to appeal to everyone is going to result in appealing to no one.
When renovating the home, we want to make sure it appeals specifically to the target buyer and their lifestyle. During our discussion, we’ll determine how old they are, if they are married, do they have kids, their annual income, etc. Targeting a specific group will make your property stand out to those people and get them to the closing table!
During this Consultation and Work Session, we will discuss how much you should invest in the renovation as well as the current price point of your home. The purpose of upgrading your home before putting it on the market is obviously to increase its value, so my responsibility is to ensure we target upgrades that maximize your ROI... without pricing the home out of the market. We specialize in finding that sweet spot!
When it comes to the scope of the renovation, there is no one-size-fits-all solution. Not all design projects are the same; some could be minor upgrades, while others could include intense renovations. Once I know the property and your budget, I’ll be able to advise on the best course of action:
The “fixed elements” of your home refer to items that are physically installed, like countertops, cabinets, flooring, fireplace surround and mantel, trim, etc. Since these elements are stationary, unlike decor, it is important to decide which ones we will be keeping and which ones we will be changing. (Remember, this decision is made based on your target buyers, what suits their lifestyle and most importantly your budget and whether the change makes financial sense.)
You know that feeling you get when entering a newly designed home? When it feels fresh and welcoming? That is the exact experience we want to provide your target buyers with when they tour your home. Using our decisions for scope, budget, and fixed elements, we’ll create a design plan that includes on-trend elements that exude freshness and timelessness and will attract your target buyer like bees to honey!
The last step of the consultation phase is mapping out the design blueprint for staging your home. We will create a visual of the furniture placement, of the scale of fixtures we will be using, and account for the additional furniture pieces we need to make the home feel spacious and welcoming (using price point appropriate staging furnishings, of course).
Furniture plays a big role, and we never want to cheapen your home with low-level furnishings, regardless of price point. Staging should be inspirational. At the end of the day regardless of the price point, when people buy things, they always buy up. There is a certain status that goes along with it. I always like to say, no one buys a Rolex because they want to know what time it is... and not one single person buys a Tesla or a Bentley just because they need wheels to make it to their office each day. That's just a bit of human Psychology 101 for you. 😉
Remember, the design elements are what make make the house itself feel timeless, but the furniture and decor is what makes the house feel like the home they always wanted but never had. Emotional connection that inspires buyers to make an offer!
Now that we have a clear idea of what the design and renovation project will entail, we move on to my favorite part: the design plan. We start by creating a map for all the minor or major renovations we need to do. The design plan includes two main elements:
The color palette is the foundation of your home’s design. It should tie all the fixed elements together cohesively, create expansiveness, and appeal to your target buyer. For homes being staged for sale, neutrals (with the correct undertones) are the best way to go.
Although we have already established in the Consultation which materials we will need to include in the design, now is the time when we officially select them. We’ll source materials for your flooring, fireplace, countertops, cabinets, backsplash, vanities, lighting fixtures, hardware, etc. For many of these items, we’ll get quotes from the manufacturers in advance before officially purchasing.
Once we submit the design plan and we have all agreed on it, it’s time to get to work. However, there are multiple ways to proceed:
This is where our design plan finally comes to life. My team ad I will bring in the elements of the staging, as agreed upon in our Consultation, which includes furnishings, art, and decor in a timeless yet on-trend style. Remember, it’s not about what you or I like. It’s about what your target buyer likes! (In fact, all of the photos you’ve seen so far include spaces that we have professionally staged — and they all flew off the market.)
The very last step is getting your home professionally photographed, putting it on the market, and get ready for the offers to come your way!
Whether your home has been sitting on the market without any movement — or you’re trying to avoid this situation entirely — I am confident that we can freshen up your listing to generate tons of interest and get your property sold in no time. I love interior design, but the strategy behind designing a home for sale is my passion.
I can’t wait to help you make back your initial investment… and then some!
Ready to start sprucing up your property listing? Book your 15-minute discovery call with me today!
To you and your best home sale,
Keti
P.S. Don’t forget to sign up here for our Guide to a Stress-Free and Profitable Renovation!
The smart and savvy Real Estate sellers realize that putting their home on the market is a two-step process.
It includes things like, painting, changing or cleaning carpets, updating hardware and light fixtures, attending to the curb appeal of the home etc.
Otherwise known as Styling and Staging of the home to appeal to the demographic of the neighborhood where the home is located.
Only then your home will outshine the completion in your neighborhood and sell for more and in less time.
Let the experts at Design by KETI help with the entire process and sit back and relax. No need for you to chase after the painter and the carpet guy and the handyman and the professional cleaning crew, in addition to also finding the right stager for you.
We got it all covered for you!
Our goal is to make your life EASY and make your home selling venture enjoyable and delightful especially once you look back and realize all the extra money you made at the sale of your home, with minimum investment and effort on your part.
Cheers,
Keti
If you are a home seller thinking about listing your home for sale, you will benefit from a home staging consultation.
By consulting with a professional home stager for a minimal fee, you will be tapping into the intellectual property and expertise of that home pro. A home stager is someone who is well-versed in anything related to target real estate marketing, merchandising, and packaging a home for sale. During the consultation you will be given specific instructions on a room-by-room basis. This will help you determine what you need to do to prepare the home for the potential buyers.
We are so proud of the sellers for implementing 100% of our recommendations. They definitely experienced first-hand the financial benefits of hiring a home stager.
Cheers,
Keti
It’s a Seller’s market…You hear it everywhere from everybody.
…BUT not all homes are selling FAST and for TOP Dollar!
I would like to propose to you that a Seller’s market does not equate a Flea market.
The reason being…
NO MATTER WHAT THE REAL ESTATE MARKET IS, EVERY PROPERTY HAS A TOP DOLLAR VALUE RELATIVE TO THAT MARKET.
Why is that…?
…Because consumers always want the best product, at the best price, that meets their needs.
So what am I trying to say here? What’s my point…?
My point is this: If your home for sale look something like this…
...or like this
...or even like this (aka, cheaply, badly staged)
I got some BAD news for you…it will not sell FAST nor for TOP Dollar even in a Seller’s market!
The internet has changed how we do life and business. Gone are the days when a buyer walked into the local real estate agent’s office asking for help finding a home. The internet is now the market place for Real Estate; not the Broker’s offices down the street.
When someone decides they want to buy a home they get online. They do a lil’ bit of shopping, decide on what home they want to go visit and then call a Real Estate Agent to help them go see the home in person. And while the buyers are internet shopping, within 20 seconds of browsing thru a listing they will decide whether they want to view your house for sale in person or not. That’s all you got, 20 seconds!!
So, after viewing a series of homes on the internet do you think the buyers will want to see these types of homes in person
Or These ones…? All Professionally Staged and Photographed by the team of Design by KETI.
How about this one?
Or this one…?
The Real Estate market has changed, it’s not business as usual!
Strategic Staging, professional photography, and video are the MOST important ingredients that will sell a home FAST and for TOP Dollar Regardless of what the market trends are!
Remember, a Seller’s market does not equate a Flea Market.
Cheers,
Keti
Smart Sellers understand that Professional Home Staging is a powerful marketing tool that, when used correctly, has tremendous FINANCIAL benefits associated with it regardless of what the market looks like. Why? Because luxury staging will help a home photograph well, show well, and enable the buyers to linger. Basically a well-staged home will attract and entice more buyers to set up an appointment and come see it. The more appointments, traffic, and interest your for-sale house generates, the more likely you are to sell it at asking price if not above asking price.
As spring rolled in a few good things happened in real estate in Dallas; home prices started to go up by 6% and up to 8% - some even say - and the big talk in the local media is that “it’ a seller’s market we are in”. Yippee!
Although I am optimistic and inspired by the current trends in real estate I also think that –as sellers- it behooves us to be realistic about those trends.
And the reality is this:
Day after day, I have driven by homes with 'For Sale" signs in front of yards for months. I am sure a lot of you share similar sentiments.
Why are not All Homes Selling Fast and for the absolute best price? After all it’s a seller’s market and the seller calls all the shots. Not necessarily so, and not so fast!
Regardless of what the market is, buyers are smart and they will always look for the best product, in its best condition, that meets their needs (and wants) and that is offered for dollars they are not just willing to part with but even pay more.
So as you contemplate putting your house on the market– as a seller – you need to be asking yourself these two questions because at the end of the day, you won’t have a sale unless you have a buyer.
a-) what does the buyer in my area want;
b-) can I deliver on what the buyer wants so my for-sale house outshines the competition in my neighborhood, and so that I get top dollar from the sale of my house?
At the risk of sounding materialistic, I am going to say this: yes, it’s true it’s all about the mighty dollar! But it’s a lot deeper than that. Why would you want to be part of a financial transaction and leave money on the table?
Merely by not merchandising and packaging your home so that it appeals to the target buyer (aka not luxury staging it for sale) you are doing just that - you are leaving money on the table.
The good news is, you don’t have to leave money on the table if you play your cards right. So yes, it’s sort of a game a little bit, but it’s a fun game with great financial return. Part of the game is to be strategic about the sale of your home. That strategy should involve engaging the expertise knowledge and resources of a professional home stager.
Yes it is a seller’s market and yes homes are selling fast, but not all of them, and most assuredly NOT for Top Dollar. It would be naïve to make the assumption that ALL homes are selling fast.
These are my thoughts, what’s yours?
Cheers,
Keti
I would like to share with you an interesting thing that has happened to me during these past few months... On a few instances, I have been brought in as a Dallas home stager by a Realtor “because the seller asked to work with a Professional Stager”. That’s right, the Seller asked the Realtor to get them in touch with their preferred Professional Property Stager as they prepare their house for the market.
It is truly amazing to see the shift in people’s mentalities when it comes to Property Staging. I am thankful for all the smart sellers out there who truly understand that Property Staging is not just about “bringing some furniture into a vacant space”, and it’s not just about “fluffing their home”.
Smart Sellers understand that Property Staging is a powerful marketing tool that when used correctly it has tremendous FINANCIAL benefits associated with it.
We are stepping into a Sellers’ market these days and there is a lot of talk about how the sellers are benefiting and how “offers will practically just drop on their lap”, because the demand for homes is high and the supply is low.
Although, as a Dallas home stager, I understand the concept of supply and demand really well, I also do understand that REGARDLESS of what the market is, buyers are smart and savvy these days; they want the Best Product that meets their needs and wants at a dollar amount they are willing to part with.
Let’s take this example:
You go to a 5 star restaurant for dinner. You have the most decadent appetizers and entrees one can possibly have in their life. You enjoyed every bite of it…now it is time for dessert. You happen to love Cheesecake and you really want to order some. You talk to your waiter and he gives you your options:
You can have their “Regular Cheesecake”,
Plain Cheesecake
or for $1.50 more you can have their “Special Strawberry Cheesecake”
Strawberry Cheesecake
I don’t know about you but for only a $1.50 more I definitely want the Strawberry Cheesecake which comes with drizzled chocolate caramel and strawberry sauces topped with whip cream and a glazed strawberry. Yum.
(Oh and btw, I guarantee you; it did not cost the restaurant $1.50 for the toppings).
The strawberry cheesecake creates a feeling within you and it eludes a vision of the reality of having that cheesecake vs. the plain one and you just can't resist it, plain and simple.
That’s exactly what Staging does to a property. It presents the buyer with the opportunity to emotionally connect with a property. It also sets your property apart in presentation and value from all the other “cheesecakes” in your neighborhood that are up for sale.
UNLESS you don’t want to make more money when it is readily available to you for a minimal investment of time and money (perhaps even some sweat equity on your part) than Property Staging might not be for you!
…therefore you need not read further.
But if you want to make more money when it is readily available to you than read on…
Here are 4.1 reasons why you should enlist a Dallas home stager for your property in a Seller’s market:
Once your property is listed on the MLS your job is basically done. All you have to do now is sit back and wait for the buyers to come by, tour it and make an offer on it.
We need to understand that the internet has changed the way we do business in every area of our life – and that includes selling a home. Did you know that 42% of buyers used You Tube to look up houses for sale last year? That means, pictures may no longer be all that valuable. The video and the virtual tours will be! I can only imagine how a home that is not staged would look on video, especially if it is not done by a professional. I read this expression a while back I thought it was so true and also so funny at the same time.
“If you think hiring a professional is expensive, wait till you hire an amateur”!
Using a Dallas home stager is an essential and irreplaceable marketing tool, like we have never seen before because we live in a day and age where people are taking care of all their social, private and business needs on the internet.
Did you know that for every dollar you put towards preparing and staging your home for sale, the buyer will most likely ask that you pay them $10. I don’t know about you, but I would rather pay a $1 now so I can keep $9 in my pocket later.
All parties involved in a Property Staging project are winners. It can’t get any better than that.
a- Sellers win because they are able to maximize their return on their investment and preserve the equity of their home. Sellers also win because by Staging their property they will drastically reduce their time on market, which will directly reflect on their pocket book.
Less time on market = less mortgage expenses and all the other costs that go along with having a mortgage, such as tax and insurance payments, maintenance cost, etc.
b- Real Estate Agents win because a higher sales price translates into a higher commission payment for them. Real Estate Agents also win referral business if they sell faster and for top dollar. If a Realtor has sold my neighbors house in two weeks, who do you think will be the realtor I will most likely be inclined to do business with when I am ready to put my home on the market?
c- Buyers win because you give them the opportunity to gain their confidence in the property they are buying from you and because you also give them the opportunity to fall in love with the house/property of their dreams.
d-Professional Stagers win because they are given the opportunity to exercise their creativity and gift of knowing how to merchandise a property for sale by Staging it while at the same time being able to financially support themselves and their families. Most Professional Home Staging Businesses are run and operated as a local small business and when you hire a Professional Local Home Stager, you are supporting small local businesses.
You would want to Stage because you will get the deal done quickly and for more money. Did you know that Staged homes sell 2 to 2.5 times quicker and for 17% more than the non-staged homes?
4.1 Property Staging may also increase the appraisal value of the property which in turn naturally would allow some buyers to qualify for a mortgage easier.
It would make sense to me that you hire a Dallas home stager for your property 100% of the time, regardless of what the price of the property is and what neighborhood you live in.
These are my thoughts, what are yours?
Cheers,
Keti
When it comes to selling Real Estate, there is a tremendous difference between being In The Market, vs. being on the market.
You would want to be “in the market”and not “on the market”.
Here is how you know you are “on the market”. By the way, this is NOT a place you want to be if you want to sell your house fast: Your house has been listed for at least two months now, you have had less than 10 private showings and you have had Absolutely No Offers!
If that’s the case you need to sit down and re-evaluate your selling strategy. What is causing the lack of traffic and interest? Is it because the house is overpriced or is it because it does not show well. As experts in Property Staging, we can help guide you on some things that you can take specific action on, to assure that your home Shows Well, Sells Fast and for Top Dollar.
Houses that are professionally Staged and photographed Show Well. Because they show well, a lot more potential buyers will be inclined to schedule an appointment to come by and tour it.
Selling your home - like with every thing else in life - is basically a “numbers” game. Once you have priced your house well and you have professionally Staged it -once it hits the market - you should have at least 10 showings within the first week of listing. For every 10 showings that you have, there should also be at least 1 acceptable offer.
1. That your home is Priced Well (Your Real Estate Agent is a great source for this). Check out my blog titled “3.1 Things You Should Do When Choosing a Realtor! for more details on how to select a Realtor that will represent your financial interests the best when selling your home.
2. That your Home Shows Well: that means it is professionally Staged and photographed (call Design by KETI or another Professional Property Stager in your area for assistance with this).
Once those 2 conditions are fulfilled you are on your way to selling Very Fast and for TOP Dollar regardless of what the Real Estate market is.
The reason being, by ensuring that your home is Priced Well and that it Shows Well, you are fulfilling the demand that the buyers have: they want the best product (1) that meets their needs (2) at a great price (3).
Truthfully Yours,
Keti Abazi, MBA, ASP, IAHSP
Owner and Creative Director of Design by KETI
You took the plunge. You decided it was time for you to move to bigger and better things. One of the things that you need to take care of now is sell your home. You hired a realtor and the house has been on the market for almost 6 months with only 3 or 4 showings. Something is wrong with that picture.
Suddenly you are presented with a challenge and you have to tackle it. But what do you do? Ask yourself and your realtor if your House has the PSP Factor…yes, I said the PSP factor, kinda’ like the X Factor.
IF the house has the PSP factor, you should be able to have at least 10 showings in the first 1 to 2 weeks of being on the market. For every 10 showings that take place, you should also have an acceptable offer.
If you are not seeing that kind of activity, than most likely your home lacks the PSP Factor.
What is the PSP Factor you might ask?
Here it is:
P is for PRICE.
Is the house priced to sell? I know we all take pride in our ownership and a lot of times our idea of what our house is worth might be a bit unrealistic. I hear, some realtors so as not to lose you – their client - will go along and list your house for what you think is worth and not what research of past sold homes reflects.
Well, this strategy backfires because for every month that passes by, you still have that expense of carrying your mortgage payment, tax payment, insurance and all the other carrying cost that go along with owning a home.
S is for STAGED.
The questions you need to answer are: How does your house show? Does it appeal to the BROAD target buyer? Yes, I know, that sounds like an oxymoron, (broad, and target) but really it is not. Did your Realtor bring in a Professional Stager to help you prepare your home for Sale? Did you do what you were advised to do?
Why is this so important? Because once you have decided to sell your home; it becomes a product; therefore it needs to be merchandised so that it appeals to a broad range of target buyers. So again, is your house Professionally Staged?
Well you could say: I had a decorator friend help me with my home. Or I have immaculate taste and my home is perfectly designed or decorated.
I will tell you this: that is not good enough because where as Staging is Attention Directing, Decorating is Attention getting. The last thing you want is for the potential buyers to “wow” and “wow”, after your personal belongings and not the precious square footage you are trying to sell.
P is for PROFESSIONAL PHOTOGRAPHY.
Did your realtor bring in a professional photographer to photograph and produce a virtul tour of your home so they can start marketing it? Now this can go to two different extremes.
There are some homes I see listed on the MLS (go and do a search on Realtor.com and you will know what I am talking about) where the realtor took their own pictures with their cell phone and put them on the MLS to market your home - which is worth a LOT OF Money, I am sure – and then there are some other photographs that I see, which are otherwise “professional” but those pictures are taken from an extra wide angle, or they are photo-shopped, and sometimes they even look “fuzzy”to me cause they are stretched so much horizontally...sometimes they even look so "exotic"... either way. This could be a bit of false advertising if you ask me.
SO make sure that the pictures used to advertise your property are professional as well as an accurate representation of what your home looks like and what the flow of your home feels like.
Generally because the properties that Design by KETI Staged, have had the PSP Factor, they have gone under contract within the first week of being on the market.
What have been some of your experiences when you decided to sell your house in the past? Do you feel the above three points accurately capture why a home does not sell FAST and for TOP Dollar? Would you like to find out if your house has the PSP Factor? Call us today for a Free Evaluation.
Cheers,
Keti
Hi everyone. I have not had much time to do any blogging recently - thanks to all of you who have kept me busy – but wanted to take some time and write on the cost, or what I like to call the Investment in Home Staging.
From my discussions with many a Realtor, I have heard it mentioned more than once that although Staging a listing might sound like a great idea, their Seller just can’t afford to do so.
In response to that, I always say, the seller cannot afford to not Stage their home for the following reasons:
I then Stage the property (package it, merchandise it) in such a way that the Staging design does and will appeal to that specific target buyer, in that specific price range. By Staging the property, the Realtor/Seller are confident on determining where in that range, the property will fall; which 100% of the time, it’s on the higher end of that spectrum as it should be. Staging does add on average 5%-20% perceived value to the property.
Now back to my point about showing the numbers and doing the math:
For example purposes will look at a property with a Listing Price of $250,000.
- Since Un-Staged properties stay on the market an average of 9 months or so and assuming monthly mortgage carrying costs of about $2,300/month, that would cost the Seller an additional $20,700 ($2,300 x 9 = $20,700)
- Average price reduction is about 1% per month so, $2,500 x 9 = $22,500
Cost to Seller when property is NOT Staged: $43,200 ($20,700+$22,500)
- Commission before Price Reductions: $250,000 x 3% = $7,500
- Commission after price reduction: $227,500 x 3% = $6,825
- Cost to Realtor: $7,500-$6,825 = $675
- Add to it the opportunity cost and another $250 or so a month ($250 x 9 = $2,250) in Marketing Cost
Total average Cost to the Realtor is $2,925 ($675+$2,250)
And now for the Savings that both the Seller and the Realtor realize and how Staging is an Upfront Investment worth making:
- Knowing that Staged homes sell in about 29 to 45 days in the current market - translates into about two months of mortgage carrying cost to the Seller ($2,300 x 2 = $4,600)
- Staging Investment of $175 to $3,000 (consultations start at about $175, and Vacant Staging projects for properties in the $250K price could go up to $3,000)
Total Cost to Seller if Property is Staged = $7,600.
So, when it is all said and done, is Staging worth it? Absolutely, enthusiastically “Yes”. The net savings in this example is likely to be around $35,600 for the Seller and about $3,000 in additional commission money to the Realtor. Eventually, with or without Staging, money will be spent. The question is how much and for what? Will it be spent in additional mortgage costs, price reductions, money brought to the closing table, continuous monthly Marketing cost, or Staging it and actually selling it now, so you EARN MORE MONEY?
Cheers,
Keti
I have been going on a lot of MLS tours lately. I have seen many a listings and here is what I have discovered: Savvy Realtors, who consistently use Stagers to Stage their listings, are seeing far more SOLD signs than their competition who don’t. If you’re not staging all of your listings, occupied and vacant, you’re not doing yourself or your sellers justice. Stage your listings and leave the competition behind.
I am sure you would all agree that Buying and Selling Real Estate is such an emotional transaction. I have yet to hear someone tell me the reason they bought a house was because it had three bathrooms, two and a half baths and a pool. Every time I ask someone why they bought the house they live in, the answer is “I fell in love with that house”. It’s funny how many people make an emotional decision about buying and selling Real Estate and then they go back and logically walk you thru why they made their emotional decision. Makes me smile each time!
I have lived in the Uptown/Downtown are of Dallas at least for twenty years now. I know exactly what the urban sophisticated and quirky buyer is looking for when they decide to buy Real Estate in the area. Unfortunately I can’t say that I see that portrayed on 100% of the listings. I really have not seen the properties being Staged to where the property appeals to the “lifestyle” of the urban dweller.
Appropriate Staging creates that lifestyle - that visual and emotional appeal - so that the buyers can emotionally move in. Staging is not decorating or fluffing a house. Rather it is a basic marketing tool that every Realtor who wants to sell fast and for top dollar should use. Thousands of Realtors across the country have discovered the “Magic” of Staging their properties for top dollar sales.
W.I.I.F.M (What’s In It For Me) - in other words “What’s in it for YOU - the Realtor”?
Staging is a Market Differentiator – you will win listings over non-staging agents because you are offering Staging as a Standard Service
Staging is a Value Added Service – Your listing will sell for more than comparable un-staged homes, AND you will make more money (and so will your sellers) if you Stage
You Get more business – you will get repeat and referral business because Sellers will appreciate the extra effort and the fact that the REA did MORE to Get Them MORE!
Here is my two cents on how to have a “Must Stage” conversation with your sellers so that the property gets packaged, merchandised, i.e. Staged before it goes to market:
- The way you live in a home and the way you sell your home are two different things
- Once you have decided to put your home on the market, it immediately becomes a product, therefore it needs to be “packaged” – turned into a home - merchandised ( that’s what Staging does – it’s the only thing that you can do to “package” and “merchandise” your listing)
- Buyers don’t like the lived-in look. They only know what they see, not the way it is going to be
- Buyers need to feel they are AT HOME, not in YOUR Home
- Staging creates a serious of great impressions throughout the home motivating the buyer to linger; when buyers are browsing for homes in the neighborhood, one of two things will happen; they will either move in or move on!
- The cost of Home Staging is always less than the 1st price reduction. On Average, the cost would be anywhere from $250 for a Staging Consultation, to $400 - $1,400 for an Occupied Staging project and up to $5,000 for a Vacant Staging project (which includes rental fees for furniture and accessories).
And for those of you who are all about the numbers, which I think all of us should be, than please click on the link below to be directed to the RESA (Real Estate Staging Association) Staging Calculator. http://www.stagingsavings.com/stagingSavings.html
Stay tuned, next time I will be discussing some pointers on Home Staging that I hope you find beneficial as you list your properties for sale!
Cheers,
Keti
Many a people have a hard time understanding home staging essentials. “What is Home Staging anyhow”, you may ask?
Another question that I hear all the time is: “Do all houses need to be Staged?
All houses need to be staged prior to sale, if you want to sell for top dollar and be in the market for a short time. Secondly 90% of the population can not visualize or imagine spaces. That means 90% of buyers can not visualize spaces or imagine themselves in the house you wish they buy from you.
Home Staging is equivalent to car detailing (the male reader can totally identify with this); you never try to sell your car, whether it is a Kia or a Ferrari, without detailing it first. If we are willing and open to spending money on something that is a liability, (our vehicle), why are we so closed to the idea of investing on maximizing the return on something that for most of us is our most valuable asset (our house)?
“But my Seller has great taste and therefore Staging is not necessary”, is something else I hear quite often from Realtors.
Staging has nothing to do with a Seller's taste and a lot to do with the buyer’s wants. So the Seller and the Real Estate Agent/Realtor would need to answer the question- who the buyers are and what they want and look for in the specific area or neighborhood- and package and merchandise the house (i.e. stage the home), accordingly.
I went to an open house a few days ago in THE most desirable and affluent neighborhood in my city. The architecture of the house is very traditional-Mediterranean as a matter of fact- and the interior decorating and furnishings are very modern which makes the house very eclectic. First thing you notice as you walk thru the main entrance, are the beautiful expensive art work and furnishings. What happened to highlighting Real Estate (almost 7, 000 sq. feet of Real Estate?). And that is what Staging would do-highlight Real Estate. After all that is what the buyer wants to buy, the house and not the Seller’s possessions.
This particular house has been on the market twice in the last two years and did not sell, and now it has been on the market a third time for over 60 days and they have yet to have an offer. Never mind the price reductions of the 7 figure type…The architecture of the house is beautiful (traditional Mediterranean), the interior design and art work are beautiful (ultra modern, minimalist). Spaces “speak” to us and this property speaks “single bachelor who has a very incredible eclectic taste”. There is nothing wrong with ultra modern, minimalist design. Personally I love it, as a mater of fact…but I highly doubt that house appeals to the young family who wants to make it a home so they are able to raise their children in the most desirable, affluent neighborhood in the city.
So yes, Staging is needed, if you want to sell quick and for top dollar!
As a seller you can not afford to not Stage because your online photos will stand out (which means more showings/traffic-therefore more offers), your house will sell faster, you will make more money therefore you will get your Return on your Staging investment back-at least a 200% return and up to 576% of it. And did you know Home Staging cost may be deductible in the State of Texas?
Cheers,
Keti
