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Are homeowners Penny Wise and Pound Foolish Where Home Staging is Concerned?

By
Home Stager with Home Staging by Amie

I was curious about the definition of Penny Wise and Pound Foolish because I feel that many homeowners would fit this description where home staging is concerned.  I looked up the definition and here it is as defined by GoEnglish.com Idioms:

"penny-wise, pound-foolish"

A penny is a small amount of money and a pound is a larger amount.  "Penny-wise, pound-foolish" is to be cautious (wise) with small amounts of money but wasteful (foolish) with larger amounts. Example: "We've worked so hard to save money that if we took a vacation now it would be penny-wise, pound-foolish." People sometimes worry about spending small amounts of money; then they carelessly spend much larger amounts. Example: "He spends very little on food during the week, then blows all his money drinking on the weekends. He really is penny-wise, pound-foolish."

I have met homeowners who say they can't afford any amount of money (even a small amount) to stage their home which is their largest asset (large amount).  So, those types of homeowners do fit the "Penny-wise, Pound foolish" definition.  They will be cautious with spending small amounts of money but wasteful/foolish when spending much larger amounts such as when their home languishes on the market. 

 

Don Stern
Realty Executives South Louisiana - Baton Rouge, LA
Greater Baton Rouge Real Estate
Amie, many people simply can't afford the out of pocket expense even if they believe it to be a good investment.  Perhaps more people would take advantage of staging if stagers were paid on contingency like Realtors.  My wife is a stager and we've seriously talked about this but thus far her business is good enough not to take the risk.
Mar 10, 2008 01:39 PM
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker
Amie, so many sellers won't spend the money to fix small items around the house ("Let them make an offer") that it's going to be a long road to get them to buy into staging.  That said, I would think that higher end properties would be ripe for your services!
Mar 10, 2008 02:05 PM
Terry Haugen STAGE it RIGHT! 321-956-2495
Stage it Right! - Melbourne, FL
Amie that is so very true.  I still am wondering why sellers think not spending any money to prep their homes, is better than spending some money to make the home shine.  Personally I think I like the guy who spent little money on food and a lot of money on drink :-) 
Mar 11, 2008 01:40 AM
Diane Bretanha
Home Appeal - East Greenwich, RI

Penny,

 I too find that sellers just don't see the value in spending a small amount of money to increase their profit and selling potential.  I feel that because the money they could potentially lose is not sitting on the table in front of them in STACKS - that they don't really think they are losing anything!  So now when I do a consultation, I present my the value of staging in this way.  I say, "If I had $10,000 in front of you on this table, would you say no thank you I don't want it?!  This approach make them stop and realize that this is exactly what they are doing when they take a price reduction on their home or choose NOT to stage their home. 

 Next time you do a consultation and talk to a realtor or home seller - present them with this question and see if they "get it"!

Diane Bretanha

Home Appeal

 

Mar 11, 2008 05:40 AM