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