5 Reasons Why Saying NO to Home Staging is a Huge Mistake
Is Home Staging Worth the Cost?
Talk to any real estate agent and they will tell you that STAGING COSTS ARE NOT AN EXPENSE, THEY ARE AN INVESTMENT.
Talk to some “old-tyme” homeowners and they will tell you that HOME STAGING ISN’T WORTH THE COST.
In this article, Maria Saverino from Milagro Interiors schools us all about the Top 5 Mistakes you are making by not staging your home for sale.
There are no home sellers who have staged their properties with a certified stager and lost their money.
Staging is one of the best investments you can make, and the upshot is tangible, straightforward and immediate: Stage your home well and you will incite the best first impression, your property will sell faster and you will maximize your selling price, ensuring the best Return On Investment (ROI).
Think of home staging as loaning out some money and receiving it back with interest in a very short time!
According to the National Association of Realtors (NARS), for every $100 invested in staging, the potential return is $400.
A considerable number of sellers that I have encountered have shared certain assumptions about staging:
it is too expensive,
it’s just decorating or filling a house with “pretty” furniture,
it takes too much time and it is not worth paying for.
As a stager with years of experience and direct knowledge of the benefits of staging, I would like to explain why these assumptions are worth reconsidering. Staging is Marketing! Your property becomes a product like any other product.
When it comes to staging a property, you are trying to sell your home, and you want to do it quick!
Your home becomes a potential purchase for every buyer that walks through your door, and it is about showing the potential of your space to attract buyers to achieve the optimum sale. The stagers do all the work, and in many cases, it could take as little as a day, depending on the size and scope of the project; larger spaces require more time and effort, but in all cases, stagers work very efficiently and have the best insight to showcase the property in a way that appeals to buyers’ emotions.
Avoid falling into the trap of false assumptions and overall, avoid falling into what I call “the Top 5 mistakes” for not staging your property!
MISTAKE #1 – YOU’RE LEAVING $$$ ON THE TABLE!
If you do not stage, you risk maximizing your profit and putting big bucks into your pocket! Having a well-staged home will make your property look functional, aesthetically pleasing, inviting, and well cared for. It will turn your home into someone’s dream home, making the buying process quick; a well-staged home will peak the emotional experience for the buyer, helping them envision themselves living in your property, and arousing the desire to buy the property. It will justify your asking price and may also get you over asking.
The latest 2018 Home Staging Resource (HSR) study showed that 85% of staged homes sold between 6% to 25% more than their un-staged neighbours and a survey conducted recently by Home Gain, with more than 2000 realtors, found that investing in staging can generate up to 556% returns. So, rest assured that your house will be sold much quicker and for top dollar if you hire a certified home stager.
( Received top dollar for above picture)
MISTAKE #2 – MORE DAYS ON THE MARKET!
If sellers don’t stage their properties, they are putting their investment at risk of sitting on the market. This means fewer potential buyers willing to visit the property; few or none interested in buying the property and few interested in buying it for less than the asking price. To sell your home faster, it must stand out from the competition. A survey by Coldwell Banker Real Estate Corp. found that staged homes spend half the time on the market than non-staged homes. In addition, a recent study from the Real Estate Staging Association (RESA) stated that professionally-staged homes spend 72% less time on the market.
With every extra day that your property spends on the market, questions begin to arise. Buyers begin to wonder why the property has not been sold, such as:
Does the property have structural damage?
Is the house old or not well maintained?
Is the asking price too high?
Are the sellers hiding something? etc.
Don’t take the risk of putting these messages in your potential buyers’ minds. When it comes to selling, you never get a second chance to make the best first impression. So remember, when you’re out on the market you’re hot, and you don’t want to lose the momentum.
MISTAKE #3 - BIG PRICE REDUCTIONS!!!
Having a well-staged property will attract more potential buyers willing to pay the asking price or over asking. If you don’t stage, you are lost in the crowd and risk having to lower your price to get some activity. The National Association of Realtors survey found that the longer a property stays on the market, the further the price of the property drops. This means that homes that stayed on the market for 13-24 weeks sold approximately for 6.4% less than the originally listed price, while those that stayed on the market for 4-6 weeks sold for 5% less than the originally listed price. Although it’s clear that staging yields considerable returns, most sellers don’t understand or perceive the huge benefits that staging offers during the selling process.
MISTAKE #4 - NOT MAXIMIZING YOUR PROPERTY’S STRENGTHS and minimizing its weaknesses!
When you hire a Certified Stager you’re increasing your chance for a more profitable and faster sale. Only 10% of home buyers can envision the potential of an un-staged home. We bring out the home’s potential and increase the property’s value. The objective is to maximize a property’s strengths and minimize and disguise its flaws, giving it the best first impression to incite an emotional connection with potential buyers. According to NARS, almost a third of Buyers will overlook property faults when a home is professionally staged. Most buyers also have great difficulty in getting past the sellers personal decor and visualizing the potential of the property. The way we live in our home is not how we market our home. As stagers we understand the importance of furniture placement, creating good traffic flow, colour theory, de-cluttering and de-personalizing. We identify and highlight the focal points and we provide solutions!
( Above picture received offers on the second day!)
MISTAKE #5 - NOT OUTSHINING YOUR COMPETITION, (it’s a competitive market)
As a seller, you have a lot of competition and you can bet that potential buyers have already seen other properties and are willing to visit more. Stagers understand the psychology of buyers. If you want to stand out from your competition, you need to make your property look stunning or you need to lower your price. Let’s face the hard facts: No seller is willing or will want to lower the price of their property, which makes staging the ideal solution for securing a more attractive sale price! So if you are selling your property, staging is the best way to go to secure a better return! Real Estate is a time-restricted market, you don’t want your property to linger on the market, you want to be hot and you want to stand out!
These are just the top 5 pitfalls for not staging, there are definitely more. Understanding the benefits of staging will help you better understand the added value that staging brings to the sale of a property to maximize your ROI as a seller. Including a stager as part of your selling strategy, will yield quick results and much quicker benefits. Your home is your biggest asset, so why not do what you can to increase your investment? Your chances of having a greater number of potential buyers willing to accept the list price or bid over asking are greater, and the likelihood of closing the deal right away is much higher!
About the Author
Maria Saverino is the founder of Milagro Interiors.
She is a Certified Ultimate Stager, Professional Photographer, Graphic Designer, and a wife and proud mom of two beautiful boys.
Her big skill set is a huge asset for her clients; helping them to sell their properties efficiently while maximizing the equity OR providing home styling which allows them to live in a comfortable and functional way. Maria’s keen eye for design and passion and exceptional quality service exceeds her clients’ expectations which makes them return continuously. Clients become family!
Maria will efficiently walk through your home to fully assess and provide you with detailed advice on how to best prepare to make a successful staging process. She is a natural and true designer at heart! Maria understands that home is where love resides, memories are created, friends always belong, and laughter never ends.
Want to know more about Maria Saverino & Milagro Interiors? Visit her social channels and check out all the services offered by Milagro Interiors. Subscribe to her youtube channel where Maria offers weekly tips.
