Staging- Are you activating too late?
While Real Estate Staging (preparing a home to maximize buyer appeal) is relatively new concept, at least here in Southwest PA. Agents and homeowners are often reluctant to "stage" a home before listing. Often this is an element of a homeowner's mental state (a passive vs. motivated seller), homeowner resistance to spend additional money, or an agent's desire to expedite posting to the multi-list. Much of the process is undoubtedly too rushed. Unflattering photographs are taken, home maintenance and preparation steps are skipped, decluttering and prepacking is delayed. By rushing to market, both seller and agent are left open for disappointment. Upon agreement to a market price, sellers often take a "wait and see" approach by avoiding much initial preparation in that hope that a zealous buyer will soon snatch up their property. More often than not, particularly in today's market, a property languishes on the market with initial seekers disappointed at the home's "presentation", little to no offers are forthcoming. Many savvy agents will begin discussions on staging after several weeks of disappointing results. Certainly, a better conversation than the homeowner dreaded "price reduction' conversation. Unfortunately by then, the property has flushed through all potential buyers in the bracket price. Most buyers will rarely revisit a property previously dismissed unless there is a significant price reduction to repeak their interest. Therein lies the conundrum, the agent will now be forced into rebracketing the listing price to attract a new buyer interest.
What to do?
•Ø Stage First
Ideally, stage before initial listing to maximize selling price and minimize selling time
Realty offices are wise to include staging material in their new listing packets, ensure agents are enlisting a professional service, avoid any photographs or rush to market until staging is complete. Sellers need to understand that marketing their home is just as important a step as an accurate appraisal, or home inspection.
•Ø Currently listed property - low interest
Stage with publicity! Ensure the neighborhood, all agents, and potential buyers are aware that the property is being staged. Utilize yard signs, notify agents via specific "Staged property" web categorization, and republish photographs in all marketing material. Consider taking off the market while the property is staged (at min. pull photographs from web listing), then relist with a splash. Best scenario for success if to relist with 100% confidence that property is not only priced correctly, but shows better than comparable properties. This may or may not imply a price reduction, most important is to ensure a "better" presentation. A professional stager can work with agents to show home sellers the pros vs. cons of their property vs. others and detail a priority "to do" list to ensure a better profile.
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