Last spring when Jim and Heather Thompson decided to sell their home in Vancouver, they realized they knew little about how to get top value for their biggest possession. "We were talking about our life savings," says Jim, 47, who works as the head of sales for a technology company. "But I was really clueless as to what sells."
The Thompsons enlisted the help of John Carter, co-founder of Dekora, a "home-staging" firm in Vancouver, B.C. Carter spent a day going through their home room by room and drawing up a list of suggestions aimed at maximizing their house's appeal for prospective buyers. After discussing his proposals - which ranged from removing some shrubs in the front yard, to powerwashing the driveway and walkways - the Thompsons gave Carter's crew the go-ahead to implement some of his ideas. Total cost: $4,000.
We know what you're thinking - $4000 just to get your home ready for sale? But consider the results. After a single Sunday showing early last year, the Thompsons' home attracted three odders, all of them higher than the couple's asking price of $649,000. Three days later the Thompsons agreed to sell their residence for a $1,000 premium over the listed price. While a hot real estate market helped, the Thompsons are convinced that Carter's primping and attention to detail was a big reason for their houses runaway success. "Our place fetched the highest price of any bungalow sold on our street - ever," says Jim.
Home stagers like Carter claim they can help anyone get a premium price for their home. Practically unknown in Canada even three years ago, stagers are now a presence in the real estate markets of Toronto and Vancouver and are popping up in many other cities as well. These home professionals - many of them former decorators or real estate agents - specialize in knowing what motivates potential buyers. They use all the tricks of the trade to help homeowners come out on top in the perpetual battle between buyers and sellers. "Getting a house ready to live in and getting a house ready to sell are two totally different things," says Carter. "Decorating is about making a home comfortable for you and your family; staging a home is about merchandising properties. It involves making a house clean and clutter-free so people can connect with the home. Done right, it helps your place sell faster and for more money."
How much more? Coldwell Banker Realty tracked 2,772 properties, ranging in price from $229,000 USD to $4.8M, in eight major US cities. It found that while the average home was on the market for nearly 31 days, the typical staged home sold in just under 14 days. And while the average home sold for a mere 1.6% over the seller's asking price, the staged homes went for a hefty 6.3% more.
Home stagers perform their magic by playing up the best features of your house and minimizing the worst. They rearrange artwork on the wall, pack up your prized bowling trophies and clear out your son's high chair. Most stagers charge about $100 for an initial consultation; you then have the option of executing their suggestions on your own, or hiring the stager to do it at an hourly rate.
Taken from "Winning The Real Estate War" by Julie Cazzin, MoneySense
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