Staging in the Distressed Market
“I am currently representing a bank owned property. Should I advise my client to Stage the home?
Just last week I heard from an agent who had been retained by a bank to assist with the selling of its properties. Some of them, she said, were in less than pristine condition and all of them vacant.
It’s a more common question than you may think. These days, following the downtown in the national real estate market, in some markets far more than in others, short sale and foreclosure transactions have become increasingly common. Agents who are retained to assist now ask whether they should convey to their clients how Staging can make a difference.
Reflection of a Different Market
The down economy has driven the need for ASP® Home Staging more than ever before. With short sales, bank owned properties, and the traditional sellers all of these entities are in fierce competition to get the house sold. We are now seeing sellers and agents with short sales transactions beginning to ASP® Stage their homes and bank owned properties are now ASP® Home Staged in order to compete with traditional and non-distressed properties.
Staging Essential in Any Market
The same principle for Staging applies regardless of what the market is like. As I always say, selling your house is like selling a car. There are a lot of cars for sale and a lot of houses for sale too. Today’s car buyer is going to buy the car that meets their needs that looks the best; the same is true for a house. Staging is today’s answer and will be even more effective in the future. It is all about presentation. One of the sayings I developed years ago, and that certainly continues to apply is “Buyers only know what they see, not the way it’s going to be.” So, “detail your house like you detail your car” if you want to get it sold.
Yet there are certainly reasons why Staging becomes even more important in a very competitive market and applies to banks working to sell of their inventory as well. It is in the best interest of a bank to divest its inventory of homes on their books. With 94% of homes Staged by an Accredited Staging Professional® selling in 29 days or less, compared to an average of 145 days for homes that are not Staged, it equates to significant dollar savings for banks just as it does for consumer. The fact that Homes Staged by Accredited Staging Professionals® stay on the market 83% less time than a home that has not been staged is yet another compelling reason banks must Stage their distressed inventory in order to compete.
All across the United States there are markets where an ever-growing number of short sales and REO transactions compete with the regular market in fierce competition. Whatever the circumstances, Staging will get it done faster and for more money.
Barb, the creator of “Staging To Sell and Staging To Live” invented the Home Staging Concept when she entered the world of Real Estate. She quickly saw the need sellers have of preparing their homes for sale. Her background in theater and music gave her the idea of setting the scene and setting the Stage for buyers to see properties in the best way. http://www.stagedhomes.com