By Nina Doiron
It’s funny, these days people often say to me. “You must be crazy busy because the market is down.” One would think that since there is more competition, leading to buyers having more choices, sellers would want to do what is necessary to help them sell. Regrettably this is not true.
Unlike 2016 and 2017, when many houses were on the market for mere days, everyone wanted to stage because they wanted more than what their neighbours sold for. And yet, when the market shifted and competition is fierce, houses are now listed “as is” or left vacant for months on end.
There are a couple of reason why there may be some reluctance to stage in the current market:
- Sellers and agents no longer believe that staging can get them above asking prices
- It costs too much if it takes months to sell
If a property is well priced at market value, an updated move-in-ready and well-shown house can still get above asking prices. Even if that’s not the case and sellers are serious about selling, is it not equally as important to sell the house quickly so that they can move on?
Costs too much:
This is a big one…when the objection is that staging costs too much, sellers need to consider the carrying cost of a house when it sits on the market for months on end. They need to consider the staging investment relative to the sale price of the house. For example a three-month staging investment is approximately $10,000. On an $850,000 house, that’s only a 1.2 per cent investment…if it actually takes three months to sell, but one of the objectives of course is to sell more quickly. Compare this to the total carrying cost and it’s a no-brainer. Get the carrying cost calculator here.
In short, staging is for all markets and for all sellers, because it impacts all buyers. Once they settle on the idea of selling, there isn’t one living, breathing seller who doesn’t want to sell quickly and get more from the sale of their house.
And guess what? Every buyer wants to feel that they paid less and got more. It has been proven that a well prepared and well-shown house can come across as well-maintained and move-in ready.
The market has changed and you need to incorporate staging to help tip the scale in your marketing tactics versus that of your competition. Start by offering a staging consultation with every one of your listing presentations and client’s onboarding plan. An experienced stager can help you convince your client to make that investment that will ultimately serve in their best interests.