Staging Occupied Properties & Bucking Conventional Wisdom

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1 Staging Occupied Properties & Bucking Conventional Wisdom Mindy Abramson, CSP Distinguishing Style 2016, Mindy Abramson, all rights reserved

2 Occupied Staging Properly preparing and showcasing homes in which the sellers are still living, using their own furnishings

3 In Real Estate, What do we know? One chance to make a first impression Buyers find properties on line Capture their attention with magazine cover photos and pristine curb appeal

4 How a home presents reflects how well it has been updated and maintained.

5 Buyers can see a number of rooms from the entry.

6 Seconds Count We have just seconds to make an impression and entice them to walk through the house. What happens if they hesitate or stop in the entry?

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10 In review, what do we know? One chance to make a first impression Pix and curb appeal must be stellar to get buyers in the door We have just seconds to get buyers out of the entry and into the property to still be in the game.

11 Obstacles The obvious: Uncleanliness Clutter Odors Disrepair Lack of maintenance

12 Obstacles The less obvious: Any perceived work inside or out Taste specific décor Outdated property Problem spaces & inability to understand how to use a space

13 Not addressing the obstacles Buyers will: Not even schedule a visit Walk away Significantly reduce bids, inflating costs to correct problems

14 Focus on Occupied Properties Maximizes homeowner equity Maximizes return on investment Encourages a quicker sale at top dollar Improves commissions and the speed at which you get them

15 What are we selling? Space Features Function Flow Lifestyle We are not selling: FURNITURE

16 How to get buyers in and attached to the property? Identify all obstacles to a sale

17 How to get buyers in and attached to the property Identify all obstacles to a sale Find and implement creative and cost effective solutions

18 Address the Elephant in the Room

19 Address the Elephant in the Room

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21 Address the Elephant in the Room

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23 Problem Spaces

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25 What obstacles do you see?

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27 Obstacles?

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29 Obstacles?

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31 Obstacles?

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33 Obstacles?

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35 How to get buyers in and attached to the property Identify all obstacles to a sale Find and implement creative and cost effective solutions Showcase- The Essential Stage

36 Showcasing Arranges seller s furniture, art, accessories and lighting Guides buyers in and through the property Focuses on what we are selling! Allows buyers to envision themselves living there Is marketing, not decorating

37 Where the eye lands is where the sale begins or ends.

38 Distraction Equates to the loss of a sale Why? The focus is drawn away from what we are selling.

39 Were you distracted? The previous slide had multiple colors, fonts and font sizes. How interested would you be in a property that exhibited these types of distractions?

40 What do you see?

41 Now what do you see?

42 What do you see?

43 Now what do you see?

44 What do you see?

45 And now?

46 What does your eye capture?

47 And now?

48 We are not selling furniture! A pro can showcase with less than beautiful furnishings. The eye is NOT going to be distracted and land on furnishings. The eye will be guided to what we are selling!

49 Any delay from the minute you get the listing until the work gets started... results in a delay in your commission!

50 My insight to the sellers process Step 1: Active Resistance Step 2: Passive Agreement Step 3: Active Involvement

51 Bucking Conventional Wisdom

52 Conventional Wisdom Says It is easier to move into my new house and then sell my old house.

53 Estimate how much time was wasted from when the seller first called you to sell their old house until they moved into their new property?

54 What do we know? Waiting is time Time is money For Sellers: Delay is an equity killer

55 Realtors Delay in getting the work started Delays your commission

56 Conventional Wisdom Says Cleaning and decluttering are enough.

57 Conventional Wisdom Says I will wait to call for help until I have the property ready to place on the market.

58 Conventional Wisdom Says I will wait to call for help until I give it 3 months on the market It doesn t sell

59 Conventional Wisdom That creates additional obstacles and further delays a sale: I ll wait to call for help until I have painted the property

60 Conventional Wisdom That creates additional obstacles and further delays a sale: I love my photos and collections right where they are.

61 Depersonalizing Seller s personal items: Distract potential buyers Send subliminal messages Depersonalizing helps: Make an emotional break

62 Conventional Wisdom That creates additional obstacles and further delays a sale: No need to change anything. Our house is already pretty because we used a designer.

63 Design vs. Staging Design refers to how we live. Staging refers to how we sell.

64 Design Meets individual needs Taste specific I want and I like

65 Staging Focuses on what we are selling Attracts a large buyer pool Allows the house to speak for itself Allows buyers to envision themselves living there

66 Buyers will Deduct dollars for each taste specific item that will not work for them.

67 As long as you continue to treat your property as your own... you WILL OWN IT! 2016, Mindy Abramson, all rights reserved

68 Conventional Wisdom Results in What is wrong with this property? More DOM and price reductions Having spent more time and money, what is your reward? Delayed and reduced commissions!

69 Consider Fees in relation to the time equivalent of carrying costs $250 K property $2500/ month in carrying costs

70 Consider The odds of selling that many weeks earlier Ex., if fee is $2500, Seller will recoup their investment if house sells one month earlier than it would in it s original condition.

71 What are the odds? The house will sell one month earlier? The house will sell for a higher price than in its original condition?

72 Total Costs to Prepare a Property Sellers should expect to spend: 3%-5% of listing price for an updated property 1%-3% of listing price under the best of circumstances PLUS DEFERRED MAINTENANCE!

73 Goals of Occupied Staging Emotionally transition seller out of the property Attract a large buyer pool Sell faster; reduced DOM Encourage top dollar, multiple offers and maximum commission

74 Goals Start the process as soon as you get the listing. Delay getting started delays your commissions. You are the good guy & can nurture your relationships. Stager is your messenger.