Mississauga, Ontario, Canada
What is Occupied Residential Staging?
Out of the Box Solutions
Occupied residential staging is where the homeowner or a tenant are still living in the space. This requires thinking out of the box to find solutions that are "livable" for the occupants while best showcasing the potential of the property to a buyer. We often have to work with existing furniture and accessories that may not work with the space. We have to think quickly and find solutions to problems. Occasionally there may be recommendations to rent furniture or accessories where the existing pieces are showing too much wear and tear or are so dated that they will likely detract from the potential buyer's impressions of the property.
In the present market, property owners cannot afford to NOT invest in property staging when readying their property for sale. Buyers are younger, more savvy and know what they want. They are surrounded by social media and television shows on HGTV. All of these things show properties decorated and staged to the nines. New builds are designed and decorated and staged. Builders have the budget to do this. How are you, the seller, to compete with this? You also have to keep in mind your agent's commission still to come out of the sale of your property - if it sells.
Keep in mind that staging is no longer an option in the real estate market today. It is a necessity in today's market if you want to maximize the property's visual impact and get lots of online interest. Ninety-seven percent (97%) of today's buyer makes a shortlist of properties from looking online on sites such as www.realtor.ca. They decide within 3 seconds whether or not they even want to see the listing. It is an investment you need to consider seriously if you want to avoid having your property sit on the market and likely having to reduce the asking price, if you do not prepare your house in a way that appeals to today's younger buyer. Ninety percent (90%) of buyers cannot see beyond your personal possessions, your decor, your choices that made your house your home. So make a start by packing up all your family photos and personal valuables. Have a good hard look at the property (yes, stop thinking of it as "your home" since you are preparing to sell it). Look at everything with a critical eye. If you love colour, you may need to rethink that decision to paint the ceiling orange. Choices like that are very personal and not to everyone's taste. If there are repairs and maintenance that you have deferred, set aside a budget for completing these items and start making a list of things to do.
Seriously consider hiring the services of a certified home inspector to see if there are other issues you may not even be aware of. A potential buyer is likely to hire their own home inspector. You should be prepared, since the first thing they will do is drop the offer price if their inspector finds any issues.
You're all ready to get started on all your repairs and maintenance, BUT WAIT! Book an appointment with a certified staging professional® first. At Ginkgo, we are fully insured and offer the services of both a certified staging professional® and certified colour consultant™. Ginkgo keeps up with the latest trends that potential buyers want and can help you determine what items need to be repaired, improvements that may need to be made and help you determine the best colour(s) that will work with your property. Eighty percent (80%) of paint returned to the paint store are miss tints. Of the remaining twenty percent (20%), about one quarter are living with the mistake. Incorrect colour choices can result in the space looking dirty or dingy or small and cave-like. Save yourself the aggravation of choosing the wrong colours for the walls. Keep in mind that today's new buyer wants a "move-in ready" property and at least 73% of them are willing to pay more for it. But, they also see any outstanding repairs, wrong colour choices or old appliances as reasons to offer much lower than your asking price. If your goal is to maximize your return on investment, you need to ensure your property is as market ready and as appealing as it can be.
Every property has it's own unique challenges. These challenges require unique, customized solutions. This is especially so in smaller older homes, or condos. The spaces can be dark or feel chopped up and not welcoming. It isn't always in the budget to knock down walls to make an open floor plan. So many people today want that open floor plan, but they don't realize that there are pros and cons to everything - even open floor plans.
Book an on-site consultation with a real estate staging professional. It is the critical first step in determining the market readiness of the property. In some cases, especially in older homes that have not been updated, it may be recommended that some minor, or sometimes more substantial updates be done to the property before it is ready to list.
When your property is not ready to be marketed, you risk losing equity and extending days on market and possibly having to reduce the asking price. Ensuring your property is ready to go on market is a necessary investment towards maximizing your equity in today's real estate market.
Ginkgo Custom Staging's mission is to ensure that your property leaves the most memorable first impression to prospective buyers and this begins at the curb - even before entering the front door.
There is only one chance for that first impression - make it count!