It is almost summer, flowers are blooming, grass is growing, and the sun is shining, so maybe it's time to look at how your business is growing. If you are wondering how to jump start yours, or are trying to find a new niche to approach, maybe working with quality investors is for you.
When you find one serious investor to work with, you have a client who will buy and sell many properties annually. By helping your investor do this every year and bringing more value to your investors, other investors will sprout up wanting your services too. If you are a real estate agent looking to collaborate with a stager or a stager expanding your business, here are a few questions to consider asking the stager you are working with (or yourself if you are going it alone).
1. Do you have inventory for at least two homes a week?
2. Can you stage and de-stage within a forty-eight-hour window?
3. Do you have available help, as in assistants, movers, etc.?
4. Are you confident choosing paint color, flooring, and hardware?
5. Do you have a solid contract and do you have current, sufficient insurance coverage?
6. Do you have Errors and Omissions coverage?
If you said yes to all six of these questions, then roll your sleeves up and let's get this garden started.
OK, so you tilled the ground; now start to plant the seeds.
Stage 1 (Annuals):
They are looking for a great investment. They hear about all the real estate investors who made a bundle buying and selling houses, so they go out and buy the first run-down house they see. They are not prepared for all the work involved. It often takes months to complete and they usually go over budget. They are emotionally attached to the property. These are the people who will have an opinion about how you should stage and will hover over you like a hawk. Though they would not be my first recommendation to start with, some can be "easily trained" if they trust you.
Stage 2 (Perennials):
These investors are always looking for an investment edge. For them, it is all about being at the right place at the right time and taking a chance on a house as a means of making money. Their philosophy is, "If today's property doesn't work out, there will always be others." They normally have money/cash, or a great loan to buy the props. The challenge is that they don't always invest smart or they over indulge on things that they don't need to. No... you need not put a Thermador refrigerator in every property. They also can be emotional and controlling at times. They might complete three to five properties a year and the locations are all over the map. They may have a team, i.e., Realtor, investor, lender, and outside contractors. This is where real estate agents should look, and stagers... here is where you can refer to an agent you feel would work best with them.
Stage 3 (Evergreens):
These investors have money and experience. They generally choose a single investment area and become the expert of that area. They know they can make money in the chosen investment area during any market - hot, cold, or in-between. They know their investment area inside and out in terms of target market and pricing. They are less emotional and not controlling. They have a team of professionals including a stager and a real estate agent as well as a subcontractor team; the team members have been interviewed and their work has been seen firsthand. Instead of just buying and selling homes, they have a plan to make money for this year and the next with volume! This is where you want to be. For Realtors and stagers, you can bring your stage 2 clients to this point very quickly.
Investors can be a great group to work with. Do your research, find a team with integrity, market yourself efficiantly, and you will grow your business. Happy gardening!
** This article was featured in the May issue of Staging Standard Magazine 2010.
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