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These articles below can also be found in the April 15 - 31, 2009 issue of www.squarefoot.com.hk magazine:

Market Watch

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Spring selling tips

 

Preparing and presenting your house for sale in its best possible light really pays dividends in the end inancial result, says Geoffrey Rush. Here are a few sure-ire ways to make your open home a success

 


 

Aperennial question asked by potential vendors to   agents, other  than what price will  they get, is what is the most effective way to market their home? A property will sell in a down market and, if your agent does his work, and you do yours, optimal  returns  can  still  be made.  Right  now, the market is flat – sales volumes are down. This means  it’s an excellent time to buy – and there are definitely a number of people out  there who want  to  sell. So  to quote Warren  Buffett,  “Be  greedy  when  the market  is  scared  and scared when the market is greedy!”

The  essential  elements  of  a  successful  property  marketing campaign include the price you’re willing to accept, the legwork provided by your agent, and the presentation effort you put into offering your property to potential buyers.

The  raison  d’être  of  all  real-estate  marketing  campaigns, especially  during  a  downturn,  is  to  extract  emotion  from  the buyer – you must establish and maintain a connection between your property and the buyer. One of the best ways to do this is through home staging.

Home  staging  your property  to  enhance  its  sale prospects  is now ubiquitous enough for Wikipedia to have its own entry on the topic. In particular, Wikipedia defines home staging as ‘the act of preparing a private residence prior to going up for sale in the real-estate marketplace’.

The  purpose  of  home  staging  is  to  improve  the  overall  style and  aesthetics  of  a  property  and  its  appeal  to  prospective purchasers through the use of furniture, art, scene setting and other cosmetic measures. While these aspects emphasise the improvement of a property, the reducing of a property’s flaws through  depersonalising  or  ‘decluttering’  of  living  spaces  is also valid.

For  the  sceptic, anecdotal evidence  that a property’s  time on the market  reduces with home staging does exist. Successful home  stagers  realise  that  staging  is  an  art,  not  a  science.  A balance  must  be  struck  between  the  aesthetically  pleasant and  the  garishly  overdone.  Don’t  forget,  you’re  not  creating a  showroom,  but  rather  a  delightfully  balanced  and  homely appearance – perfect for your property’s intended market.

Home  staging  assists  your  marketing  effort  by  creating  a superior distinction  from similar properties  for sale. You can’t afford to be lazy. First of all, ensure the simple things are done properly. Have you cleaned and tidied your apartment? It may be worthwhile hiring professional cleaners – their cost is likely to  be more  than  recouped.  Ensure  all  door  surfaces  are  very clean  –  especially  the  front  door.  It’s  always  a  good  idea  to steam clean rugs and other floor surfaces, and be sure to scrub down all fittings, door knobs and windows.

Preparing  your  house  for  sale  should  not  cost  you  a  huge amount.  Remember,  at  the  time  of  sale  you  are  trying  to maximise  your  return  –  not  prove  that  you’ve  got  the  most impressive apartment on the block. So stick to the basics: after cleaning  it,  ensure  everything  in  your  property  is  in working order – and that there is no obvious damage. Even minor cracks on tiles and a dripping tap in the bathroom are likely to put off, or at the very least not impress, your prospective purchaser.

Think  of  your  inattention  to  minor  repairs  as  equating  to  a quantum  diminishment  in  the  value  of  your  property  –  far  in excess of what an actual repair would cost. Doors and windows should open easily and you shouldn’t have any broken window panes.  If any home surfaces  require  freshening up – get  to  it. You are likely to recoup far more than the cost of a can of paint for the front door or bedroom ceiling than if you leave them in a state of tiredness. Be aware that purchasers are likely to over-emphasise the cost of any minor repairs that could be attended to cheaply by you.

Decluttering a property  to maximise  it spaciousness  can also be vital – you might consider putting children’s toys, computer desks  and  other  household  bits  and  pieces,  like  books, magazines and CDs, into storage.

When  viewing  your  home,  prospective  buyers  should  feel  as though it is already theirs; they should not be made to feel as though they are merely a guest in your apartment. One valuable way of achieving this is to remove family photographs and other personal effects on open days. You might also consider taking your kids to the park when your apartment is being viewed, as this will allow would-be buyers  to admire your home without distractions. 

Be careful with  furniture. Less usually means more – and  if a large  amount of  the  furniture  you do have  is  severely dated, go  ahead  and  rent  some  up-to-the-minute  pieces  during  the course of your marketing campaign.

To maintain  the cleanliness aspect of home staging, consider the various smells that get trapped inside. If you smoke, don’t –  not  inside  anyway.  Consider  keeping  pets  out  of  the main living areas, and open  the windows before any viewing  to  let the breeze through. During a viewing, the power of the aroma cannot be under emphasised. Potential buyers will always be impressed by the fragrance of baking bread and freshly brewed coffee – as opposed to the remnants of last night’s dinner.

The right atmosphere is the critical determinant when preparing your  property  for  open-home  inspections.  This  can  involve making  the  effort  to  ensure  buyers  feel  and  see  themselves living  in  a  property with  the  use  of  food, music  and  flowers. Don’t  overlook  anything  –  lighting  fresh-scented  candles, buying lovely cakes for the cake stand, laying elaborate settings on  indoor and outdoor tables and playing mood music will all be helpful. Attention to detail  is what counts, and that’s what will lead to a premium price at sale.

Since  it’s  spring,  you  can  take  advantage  of  the  lighter afternoons  by  opening  blinds  and  curtains  during  open-for-inspection  sessions.  Don’t  forget  to  prune  any  overhanging branches away  from your windows. Prepare  the home  for  the temperature of the day – if it is hot, turn on fans and set the air conditioning at 25°C. Also, make sure the house is lit properly during any viewing – a dark home  is always  likely  to depress rather than impress purchasers.

Remember,  you’re  trying  to  create  a  difference  from  other homes  that may well  be much  the  same  as  yours.  Excellent home staging may not only sell your house,  it might create a premium price as well.


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International Real Estate Network