Category Archives: Value Added

Less Lipstick = More Value

Last week, I offered some home-buying tips on how not to be fooled by staging. This week, my focus is on why empty and unstaged properties should be ranked at the top of every buyer’s must-see list.

I always say that my “dream home” for buyers is one with stained shag carpeting, an active roof leak and cat pee in every corner. Anything that combines ugly, stinky and neglected is enticing to me.

Or, as a contractor friend once said to me, “More pig, less lipstick.”

Some piggy properties are major fixers suited only for developers. I’m not talking about those oinkers. I’m talking about properties where the seller didn’t bother taking any pains with presentation. These empty or non-staged homes offer special advantages for buyers.

Advantage 1: Non-staged properties photograph badly. The lighting is dim and the empty rooms look small and sad. On MLS, dismal photos (or a lack of any photos) repel many buyers. These buyers swipe ahead to the next, more attractive looking listing. This means less competition for the poorly-presented house.

Advantage 2: Non-staged properties convey the impression that something is amiss, otherwise the sellers and their agent would care more. Busy buyers have infinite choices but finite time for viewing them, so they eliminate the “houses that must have something wrong with them” first. Fewer shoppers mean fewer offers.

Advantage 3: Lack of staging may mean the seller isn’t being well represented. The listing agent isn’t employing an effective marketing strategy (which would include staging), so there’s a chance he/she will not be very strategic about pricing or offers or negotiations. This also can mean a better value for the eventual buyer.

Advantage 4: Lack of staging magnifies flaws and implies neglect. For example, in a warm, well-lit, furnished living room a tiny superficial plaster crack strikes a buyer as a good excuse to change the paint color after closing. In a cold, dark, vacant living room that same crack worries the buyer that the foundation is crumbling. It’s all psychology, but this psychology works in favor of the buyer rather than the seller in an unstaged house.

Bottom line for San Francisco buyers: Don’t skip homes with no staging and/or no online photos. Go see them. And when you see them, consciously strive – with your agent’s help – to see them as if they are staged. Apply the lipstick yourself. Then make an offer.

For part one of this two-part post, go to link here.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com.This article was re-posted at McGuire.com.

Real Estate Sells Itself

You know that full-page splashy four-color ad your agent paid for? Inside the front cover of Luxury Real Estate Rag? With the dramatic twilight image of your three-bedroom bungalow? With the adroit description of its stunning floor plan and unique window mullions? The one that never fails to melt your heart no matter how many times you read it?

It doesn’t actually attract buyers for your actual house. Seriously. Instead, it:

  • Assuages your fear that your Realtor isn’t doing enough to market your home
  • Irritates other agents who pitched your listing but didn’t get it.
  • Gives folks something to peruse while waiting for their lattes at Peet’s
  • Keeps the Luxury Real Estate Rag afloat
  • Prompts other potential sellers to contact your agent
  • Offers Looky-Lous and never-will-buy buyers something to talk about

This has always been the case in San Francisco, whether it’s Print or Web advertising. Real estate marketing is mainly about agent branding and agent promotion.

What gets a property sold is its inherent desirability coupled with correct pricing, strategic presentation, availability to be seen and inclusion on Multiple Listing Service. Everything else is pretty much window dressing on which every successful Realtor spend considerable time and money.

You may assume that – like Snapchat and teenagers – sales and marketing go together. Can one exist without the other? Yes! When it comes to real estate sales.

Real estate sells itself. With very few exceptions, a property either meets a buyer’s hopes and expectations or it doesn’t

In San Francisco, where there’s never much for sale, prospective buyers’ energies are spent watching MLS updates – and their feeds to various websites – like Sylvester the Cat. Any changes in or around the canary cage and the buyer is poised to pounce.

This is just another way in which real estate is not really about real estate. It’s about primal human needs like food and sanctuary. The motivated buyer seeks shelter. If your cave is available for occupancy and reasonably priced, buyers will hunt it down and make you an offer you can’t refuse.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com.

Most Bang Per Buck: Paint Kitchen Cabinets

My best guess is that the question arises in 1 out of 4 listings. But I’ve lost count of how many dozens of times I’ve stood in the middle of a dated kitchen with Seller and Stager debating one critical question:

Should we “paint out” the kitchen cabinets? 

Nothing screams “old” or “tired” like old, tired kitchen cabinets. So smart stagers almost always recommend changing out the hardware and slapping on a new coat of white paint.

Sellers are usually concerned about pre-sale Return On Investment. (Painting cabinet faces is cheap but not dirt cheap.) So they’ll try one or more of the following arguments against painting:

  1. It’ll be obvious to buyers that we just painted them.
  2. Whoever buys the house is redoing the kitchen anyway.
  3. It’s better to let the natural wood show.
  4. I actually like the cabinets.

But usually the Seller will be convinced that the ROI is worthwhile because the paint will:

  1. Make the kitchen photograph better and photos are key marketing tools.
  2. Create a cleaner, crisper, brighter first impression
  3. Give buyers the hope that they can delay remodeling for a year or two since they’ve just depleted their savings on a downpayment.

Cabinet-painting works every time. Case in point, here’s a professional photo of outdated kitchen cabinets  in a condo I sold two years ago. (The sellers didn’t have enough lead time to stage or paint the cabinets):

11

Here’s a hurried cellphone pic of the same kitchen snapped by the painter who — for the new owners — recently painted the cabinets white:

70Wilder.white cabs

I rest my case, but you can be the judge.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com. This article was re-posted at McGuire.com.

Sometimes It’s Hard to Imagine……

…what a little paint, a little floor refinishing and a little staging will do.

20141014_104638
Before and after kitchen at 2651 Baker. We did the bare minimum and it made a huge difference!

I almost always recommend superficial cosmetic updates and  staging whenever I list a property for sale. In my heart of hearts, I know it works.

But what’s funny is this: When my clients and I are looking at the “before” version prior to the “after” version being completed, it’s really difficult to envision the transformation ahead.

In other words, in hindsight it always proves to have been a good idea. Yet when you’re trying to decide whether or not to spend an extra $500 to have new carpeting put on the stairs, you might think, “Well. Hmm. It can’t make THAT big a difference.”

Note to self: It always works. It’s always worth it. When in doubt, GO for it!

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com.

 

10 Things Smart Buyers Look For in a Home

cat in doorway

If you’re listing your home for sale, keep this list in mind. When I’m representing buyers, I’m always on the lookout for a “run-don’t-walk” property which…

  1. Is vacant and unstaged.
  2. Does not have a dedicated website.
  3. Is listed by an out-of-town broker.
  4. Has one grainy photo on MLS (or no photo).
  5. Doesn’t appear on MLS at all.
  6. Is shown on lockbox.
  7. Is asking $50,000 more than the most recent comparable.
  8. Isn’t listed on broker’s tour.
  9. Advertises “offers as they come.”
  10. Smells like a cat has been peeing on the carpet over in the corner.

Such a dream-come-true property is hard to find, but the search is well worth it.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com.

Value Added: Vacant Equals Vapid

It’s simple: Vacant homes sell for less. Rooms appear to be smaller, and the house feels cold and unwelcoming. Exceptions to this rule are far and few between, and an agent who says otherwise isn’t serving your best interests. These two photos tell the story.

Image

Image

 

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com.