Tag Archives: Market Value

What Stagers Wish You Knew

Staging may be the single most vital investment homeowners can make in the successful sale of their home. Akin to hiring a Fairy Godmother to transform a mushroom into a mansion, staging – done well – is miraculous.

Yet it’s often misunderstood and underappreciated. That’s why this post (my second installment of a regular featured called “What They Wish You Knew”) focuses on stagers.

Here are seven “good-to-knows” regarding home staging:

Resist the urge to become an instant expert in interior design while your home is being staged. Thinking you know best what should and shouldn’t go in a staged room is sort of like telling your dentist how to extract a tooth. Some things are better left to the expert.

Asking the stager to “work with” your things or some of your things won’t save money and the result (with few exceptions) won’t be as alluring. Your stager conjures a fresh, unique vision for your property and your old possessions tend to just gum up the flow. Plus, any savings from keeping stuff in place will be offset by the cost and effort of moving twice or thrice.

Remember that stagers are not designing the space to appeal to your taste. The whole idea is that you are selling and moving. So just because you don’t like that particular table doesn’t mean it should be swapped out. The point is to appeal to buyers. And stager are the professionals who understand what “sells” a home in today’s market.

Nobody – not you and not even most agents – can imagine a space better than it can be staged.

If a stager suggests that you do any of these half dozen possibly painful (and seemingly unnecessary) things, don’t resist: 1) Refinish or re-carpet entry stairs. 2) Paint kitchen cabinets. 3) Refinish floors. 4) Paint walls. 5) Get new appliances. 6) Clean up the garden. Don’t think of it as “wasting” money on something you didn’t get to enjoy. Think of it as being clever and getting a high ROI on your cleverness.

Stagers care. They put their hearts into the choice of items for your home. It’s not just a bunch of stuff. As one of my favorite pros told me, “I have a deep, personal attachment to each and every accessory in my design collection. I remember where each piece came from. So when anything – even the cheapest candle holder from Ross or a napkin ring from Goodwill – breaks or gets lost or stolen, it hurts.”

Stagers are some of the best designers and interior decorators in the business. I hear a variation on this all the time: “Wow. Everything looks great. I should have had the stager in when I first bought my house.” To which I reply, “Yes. What a great idea! How about you give her/him a call – right now – about your new place?”

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.

Help Your Realtor Keep It Real

Things get personal with residential real estate. They get intimate. No wonder, since “home” is where you live, eat, sleep and do all the other things that humans do.

This is why good agents become their clients’ familiar friends. A close relationship – if client and agent are lucky – inevitably develops. It’s one of the most rewarding aspects of my practice.

Yet there’s a downside. In interacting with people we love, it’s a challenge to remain honest. We align ourselves with our friends’ wishes and dreams, and pretty soon objectivity and candor go flying out the nano windows.

Example: Betty and Bob’s condo has it all. A panoramic bay view, 3 bedrooms, 2.5 baths, 2-car parking, a remodeled kitchen and a private deck. 75 prospective buyers have visited the house over three weeks of marketing. Nobody has made an offer.

Betty is now reviewing all marketing materials. She asks their agent, Joan, to change the order of the photos on the website. She suggests that Joan should highlight the fact that there’s a garbage chute in the hall: “We have just LOVED having that trash chute,” she says, in all sincerity, “I don’t think people appreciate how convenient it is not to have to walk the garbage downstairs.”

Okay. The truth is that spotlighting the garbage chute’s presence won’t make one iota of a difference, and the photo sequence on the website is inconsequential. 75 buyers were drawn to see the property. The problem is simple: The price is too high.

But Joan, who has guided Betty and Bob through property preparation and staging over the course of several months, has begun to see the house through Betty’s and Bob’s lenses. As her clients’ perception of the value of the condo has risen – in proportion to the amount of effort and thought expended on readying it for sale – so has Joan’s opinion of value.

Joan belatedly realizes they’ve set the price too high by $100,000. Yet she hesitates to share this sobering truth. She doesn’t want to upset Betty and Bob because she cares about them, and she knows this will upset them.

Smart clients can help their agents avoid this trap by explicitly inviting the truth they don’t want to hear.

It’s sort of like parenting. You ask your teenager to be honest about how that bag of weed ended up in the glove box of the Prius. You promise him or her that – as long as he or she is truthful – you won’t get upset. Once the air is cleared, next steps can be calmly and coolly identified.

So, prudent buyer, be sure to ask for blunt answers to questions like these:

  • Is it wishful thinking to hold out for 3 bedrooms at this price in this neighborhood?
  • What offering price would make you feel 98% confident about our chances of winning?
  • Are there terms in this offer we should eliminate in order to be more competitive?
  • Is my lender up to the challenge of this market?
  • How have other buyers solved this issue/overcome this difficulty?
  • Am I sabotaging myself in any way?

Savvy sellers, request frank responses to questions like these:

  •  Do we need to follow the stager’s recommendation that we remove the carpet and refinish the hardwood underneath the entry stairs?
  • Is this listing price one that will evoke a “run-don’t-walk” response from buyers?
  • Are there enhancements we’ve refused to consider that you think would bring us a great return on investment?
  • What are our blindspots where our home is concerned?
  • If you could wave a magic wand and change one thing about our approach to selling the house, what would it be?
  • For which selling-related tasks (purging, organizing, painting, etc.) should we get professional help rather than trying to DIY?

Buying or selling a home is a process that unfolds differently in every situation. But the relationship between agent and client is the key to every successful transaction.

Show your agent that you, too, are invested in the relationship. Let them know you’ll love ‘em even if the truth hurts. Then, listen carefully and keep an open mind.

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.