As a real estate agent, with each listing you sign, you will deploy all the usual traditional and digital marketing strategies to get the property seen by every potential buyer possible. A property makeover can mean a more profitable and efficient sale, increased purchaser competition and a shorter time on the market. We all know how much easier it can be to sell a beautifully presented property.
Here are some of the questions and answers that your vendors may have about property styling and ways to help sell the idea of some professional styling services.
What exactly is a pre-sale property makeover?
A pre-sale property makeover is the carefully developed strategy and then the practical implementation of the steps required to transform a property into its best light. It is designed to uncover the hidden gems of an individual property, and to create buyer appeal to the right market along with the guidance of a real estate agent. These value-add strategies are accomplished through coordinated appraisal, planning, and implementation with the help of a property makeover specialist and can make tens or even hundreds of thousands of dollars difference to the sale price.
Why is it important to prepare a home for sale?
A property should never go stale by sitting on the market for too long. When a property is first listed, if marketed properly, presented well and of course if vendor expectations are realistic and within current market conditions, to it should generate enough interest to sell within a fairly short period of time. Timing is a crucial factor, market sentiment is a great influencer, and profit maximisation depends on the property’s appeal and value to the prospective buyer at the best time to sell – when it first goes on the market.
How is renovating for sale different from renovating a forever home?
Renovating for sale involves the implementation of cosmetic and value-add work. The result is a transformation that is appealing to a broader market. This is an entirely different approach and it doesn’t matter what you like or what may or may not be to your taste! If presented in this context, then the property should be of interest to a wide range of buyers. Residential renovation of a home to stay living in, is far more personalised. The design and renovation work, while including cosmetic and value-add items, highly depends on the property owner’s personal taste along with their wants and needs.
How do you assess what sort of value the renovations will add?
There’s a specific process in a property makeover and a consultation phase starts the entire process. This involves an on-site appraisal of the property, and takes into consideration professional suggestions from the property makeover specialist and the real estate agent. Potential costs are lined up and the agent will then be able to offer advice regarding a realistic difference in asking price.
What is the biggest pitfall to a makeover, that every vendor and real estate agent should know?
The most important pitfall is over-capitalisation. Without professional knowledge to guide the overall budget, then a makeover project can lead to overspending and no chance of recouping costs and making more money. At times, overspending can be a result of a DIY makeover and a lack of understanding in where to add value for a property sale. This is where a property stylist can add real value and save money.
What are the advantages, then, of working with professionals?
There’s a saying in real estate that says, ‘You don’t get a second chance to make a positive first impression.’ Working with a property stylist and real estate agent ensures that the following elements are in place: knowledge and insights backed by a solid experience; access to trusted trades and services; organised and time-bound work implementation; knowledge of what the target market wants to see; and best of all, the absence of stress and time pressures associated with the makeover and the sale of the property.
As a real estate agent it can be quite a battle to promote the value of a property makeover to your vendors and yet it’s a tool that will lift a property above its competition and into market consciousness. A property makeover is a tool that every agent should consider integrating into their property sale strategy. Don’t get left behind, stay ahead of the competition and offer immense value and the opportunity to make a faster, more financially pleasing sale to your vendors. It’s a win win situation!
Belinda Grundy is the founder of BG Property Styling, a property makeover specialty company based in Mona Vale. With focus on pre-sale property makeover, Belinda currently has over one hundred properties in her project portfolio. She has been a finalist to the 2015 NSW Business Chamber Awards in three categories: Business Leader, Excellence in Innovation, and Excellence in Business Ethics. You can contact Belinda on T + 61 2 9986 0524 or via email here.
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