Home Staging – show me the money!
Home Staging has become an important and, often, necessary marketing tool to sell a property successfully. What do we mean by success?
Usually, the clients are looking to achieve two objectives when putting their property up for sale: they want to sell it quickly and they want to make MONEY, as much money as possible. The return on investment can be sizeable but, like any other business venture, success requires a strategy, a budget and a concrete action plan (preparation).
How can Home Staging contribute to these objectives?
Each marketplace being different and each client’s situation unique, Home Staging techniques need to be flexible and adjustable. Nevertheless, the only goal is to sell the property faster and for more money than the competition based on the local market statistical averages.
For example, in Montreal, Canada, between January and July 2007 a single family home took on average 79 days to sell and sold for 95% of the listed price. A condominium took on average 92 days to sell and sold for 96% of the listed price. By comparison, in 2005, it required an average of 71 days to sell a single family home and 76 days to sell a condominium…As the market slows down, it’s becoming even more important to have your property stand out from the competition.
There are still no official and uniform statistics on the real value of Home Staging. A 2003 HomeGain survey of 2000 realtors showed that cleaning, de cluttering and staging a property can yield a return of 160% to 600%. Not bad for a few days work…
Let’s conclude with two recent stories from my clients:
Client number one got several estimates from realtors for his property. He thought they were too low and decided to invest in some minor renovations and staging. He spent less than $10,000 overall, including my services and a handyman. His house sold in less than three weeks on the market and for over $ 80,000 more (123%) of the initial market evaluation!
Client number two purchased a property and renovated it. His goal was to flip it quickly and for profit. I staged his condo with rented furniture and accessories at a total cost of approximately $3,000. His property sold in just over two months but for several thousands more than the asking price!
So, in both cases we can state that the sale has been successful. Home Staging adds a real and tangible value to a property for sale and will help you sell your house successfully. Stage your house – sell your house!
This article contributed by Sveta Melchuk, founder of Home Staging Montreal, a firm which specializes in Home Staging and Interior Redesign since 2005. Please visit www.home-staging-montreal.com for more information or contact us at 514-482-9776.
