You are going to learn why home staging a property may save your sale.
Why staging the property worth when is not selling?Property seller
Why investing in a property additionally when is not selling?
These are just two of the many questions I get on a regular basis from homeowners and often estate agents.
While the traditional real estate marketing models are stable and working in a steady market, the same cannot be said for the turbulent times.
Home staging is one of many property marketing levers that are hardly used when the property is not selling, and this is one of the many mistakes, made by the homeowners – sellers.
The value of home staging (also known as property styling) is underestimated in the UK, estate agents never use all property marketing tools from the beginning of the property listing, while in the USA the interest for FULL utilization it is growing ever since 1972.
If you don’t know what Home staging means, check this article.
My study shows that home staging comes to help at the homeowners at the cost of £150 for a consultation of 1 hours and up to 1 to 2,5 percents of the selling price for full property styling with all nuances and services included.
In return of home staging (alone as a service) they get between 7 to 14 percent on average, and time-wise their listing stays on the market for 37 percent less time. It is AMAZING!
Home staging services and the level of advice given depends on the stagger you are hiring and the agreement you have with them. Not all home staggers offer the same function, notwithstanding that it is looking that they provide comparable options.
What is the effect of the home staging to the seller?
The effect that home staging has is to bring positives not only for the seller but for the buyer as well.
What does it have in it for the home-seller?
If done well the styling can bring significant impact on the value and time of the asset spent on the market for sale.
What does it have for the home-buyer?
It gives the buyer a new perspective and realistic picture over the situation.
Knowing in advance a good and reliable strategy for your new home, is a fantastic start since the moment of the purchase, even before you put down a single penny.
This is clear sign for every buyer, for good and reliable home-seller.
The staging can be continued as a design project where your buyer can have a specific adaptation implemented but in a comfortable way.
I disagree of course with the many shady practices that are hovering around the web and in our daily lives, where many advise and do, to mask out the most problems during the viewings.
Fact. I have been stung and deceived a few times by realtors when I was renting different properties in different countries.
A home-sale strategy has top importance
Why we should carefully choose our selling strategy as a home seller?
History and statistics
There will be some comparison and critics of mine. Do not expect deep analytics; I will barely scratch the surface so you can enjoy the reading.
If you don’t want to read all that fluff go jump to the next heading.
The history shows that the property market in the UK since 1988 has been showing a tendency. Fluctuations in the market have characterized the industry for some years.
Peaks and troughs in a cyclical pattern, with boom periods followed by slumps.
Of course various factors have influenced such movements, and, in particular, different regions can be seen to be subject to local variations in the extent and timing of the ups and downs.
In every market and country, it has been pretty much the same, with balancing out the good times and the bad.
There is one part that remained the same for the past 20 years, the role of the estate agent, and unfortunately, it has kept its conservatively and adoption rate low.
How to avoid unwanted scenarios?
There is a distinctive gap between the preparation of the property to go on the market for the first time and property that failed to be sold at a reasonable price or time.
Both scenarios have a similar starting point but require different execution and strategy in the end.
And as you might not expect, one of them it may turn to be more costly than the other.
Some awake and honest estate agents are advising the home sellers to upgrade or downgrade different parts of the property they are selling, depending on the end goal.
WAIT! Do they tell you or asked you what your chosen strategy is?
Or maybe you entered the door of their office as a toddler looking for his toys and crying for mummy?
This may sound right and IN FACT IS RIGHT, but not all sellers are prepared for the investment they have to make, while others don’t like to bother with additional tasks (these are called tired home-sellers).
Often this ends with disappointment and loss of money for the seller in a result of improperly taken or given advice and need of a clear end goal.
Did I just break your dream for an easy sale?
Stay with me, I’ve got you covered with an easy explanation and fix.
Yes, selling a property in the UK and rest of the world it may sound like a straightforward task, with almost no hassle (if you listen too much your neighbor or closest friend), but in reality is different.
I bet everyone has heard at least one-time for these fantastic stories where the demand for the house has been so high that the seller ended having 30 percent on top of the asking price!
Probably these stories are real, but they don’t apply for the majority of the property deals on the market.
Only 3,75 percent of all property deals done in the UK passed that barrier when the sale ended above or at the asking price.
The rest 96,25 percent of the property deals are concluded below the asking price with at slightest of 5 to 8 percent, or they didn’t come to an agreement at all.
Property preparations or buyers wishes – perfect example
Advice. Before taking any advice for real, always double check and do due diligence.
I stumbled across an article on express.co.uk (link) on them giving advice on how to sell fast your home, which has some useful information in it.
It’s a perfect example on how the home sellers and home buyers can be deceived and misguided by not only real estate agents, but also by news agencies and the web.
Why every news website or newspaper uses catchy headlines every time?
Why no one talks about, what the seller or buyer should do if the property does not sell or goes in the wrong direction?
Starting with the headline “Make sure your property has this one simple feature” is misleading as 80% of these simple features are not that
simple solutions, but costly investments requiring planning, time, money and dealing with third-parties contractors.
I agree with the information provided, but it needs to be expanded and explained how they might work in reality?
Here’s the video they have, made by @louisafletcher
All of the advice given is true and helpful but, I do not fall in love 100% with the part where you have to declutter the most and leave your personal life (picture and photographs) to make the home more characterful.
A big part of the home buyers does not feel convenient looking at other people own life, making it harder for them to picture their home.
In the first few lines, they give us information about a conducted survey by one of the services comparison websites in the UK – GoCompare.
A spokesman for Home Insurance company advice people to have their property-check list ready before viewings for the buyers.
Although it is a must, to have a checklist, here I lost the track who is this article for? For the buyers or sellers?
The survey results of the buyer’s preferred features posted:
- Britons are changing their priorities to more modernistic thinking
- Broadband and large TV sets are much preferable than bathroom feature
That’s not only in the UK, we spend x5 times more of our time on in front of the TV and phones/computers.
- 53 percents prefer an excellent mobile phone signal more than a bathtub
I would say that is quite right because in these small spaces we live, who do need 25 sq.ft less area in their bathroom for something they will barely have time to use?
- Plenty of electrical sockets as a critical feature for 59 percents
Actually this number is still low, I’ve been in hundreds of UK’s homes where they have 2 sockets in each room and having a mess of cable extensions.
- Period features and good school locations are no longer than desirable
With my respect for the whole vernacular architecture, a charming and beautiful period feature won’t make your life better, as, for the school location, I found it bizarre as it is a significant commitment to travel 5 days per week for the first few years back and forth to the school to pick up the children.
- Central heating, double glazing, and security feature
No surprise here either
- Garden or dedicated outdoor area
That’s the trademark of the British homes, to have a garden is a tradition
- Driveway or parking space
Necessity of the 21st century
- Two toilets as a must-have
I agree, it is an essential part for every property
- More space for the living room rather than for the dining room
Digitizing and junk food with all the plastic containers are messing up our lives more and more. Naturally, we can’t fight the people’s habits so in some cases, it might worth the investment to make the living room bigger.
At that point in their article, the obvious was stated: Assuring sellers with properties on the market not meeting the demands of modern Britons.
I do agree 100 percents with that. This is one of the moments where modern property marketing as home staging or virtual staging might be applied entirely in both parties favor.
And a citation from Stacey Sibley of Alexander James Interior Design explained something that goes against the advice given in the video above.
“Aesthetics will always be important in attracting potential buyers to a property. The feelings evoked in a buyer when viewing a property can be pivotal in their overall judgment, often unknown to the buyer.”
“Home accessories play a huge role in adding a homely touch to a property, books, and magazines in living areas, candles, and flowers on bedsides and fresh bakes in the kitchen go a long way in engaging a potential buyer, allowing them to see the property as functional living space.”
- Local shops and amenities
True and at the same time I have to disagree here.
While 85 percent of all designers and home staggers fill peoples homes with additional accessories which are true dust collectors like candles, flowers, and throws they make the house to look like an uninhabited hotel room.
There must be a balance in everything at the staged home.
- Local shops and amenities
True, the price can be affected for more than 11 percent if the property is not close to a grocery shop or commercial street
- Energy efficiency / Cavity wall and insulation
As this may be a huge positive for the buyer, for the seller it turns to be a costly feature if the property is outdated and not efficient. This goes in direct correlation with buyers electricity and gas bills.
- Friendly neighbors
What’s in it for those of us that have a house is not such a beautiful and trendy area? We can’t dump the house and move on. There are multiple strategies to make the property appealing despite the location.
Of course, they won’t work 100 percent as if the house you are selling is in the most deprived areas of a city or village, you should have realistic expectations.
- Landline telephone
I don’t know who does use these?
- Upgraded or new boiler and central heating / AC
This and few other features are in my top list for must-have when searching for property. A boiler and central heating system is a considerable investment and requires, besides, a lot of planning and time to be done.
Final thoughts on why to stage a property when is not selling [in the UK]?
There you have it. The answer is simple.
By doing your homework, staging, and planning in advance your exit strategy, you will save not only your money, time but the estate agent’s as well (if you decided to work with on).
In my other article I explained the different between Home Staging and Virtual Staging. It’s a 10 min. read.
I’d like to hear from you.
Have you sold/trying to sell a property recently or you may know someone that had a bad experience?
Let me know by leaving a comment below right now.