There are plenty of decisions to be made before placing your property on the market. Questions such as which agency and agent, type of sales campaign, marketing strategies and whether to hold open for inspections or private showing only, all need consideration.
Once these issues are addressed, the most common concern our clients express at the beginning of any project relates to whether they will increase the selling price of their home by engaging a property stylist to prepare and present the property for sale.
To be honest, despite our honest belief in the benefits property preparation and styling offers, this can be a tough question to answer, because in many cases there simply isn't the data available to draw an irrefutable, direct conclusion. That is until now.
AT A GLANCE
Total Cost of Presenting Property for Sale: $6,240 (1.5% of Sale Price)
Value Added by Property Styling: $40,000 (10.52%)
House – Weatherboard - 3 Bedroom - 1 Bathroom - 1 Living
Sold via Private Sale ( June 2013): $380,000
Agent’s Indicative Property Value at Re-Listing (February 2014): $395,000
Sold prior to Auction (March 2014): $420,000
Days on Market: 9
There are a lot of variables that combine to result in the sales price of any given property. In most cases, as individual properties are infrequently sold, there is not usually recent data that we can directly compare our 'post-styling' sales results to.
Occasionally however, we strike a situation where it is very clear the impact that our service has had in improving the sales result of a property.
In June 2013, this 3 Bedroom, 1 Bathroom, 1 Living Room, property in Lake Wendouree was sold for $380,000.
At the time of this original sale, the property was subject to a secure, long-term lease with a large local employer, who utilised it to provide accommodation to their employees. The property owners viewed the lease as advantageous to the sales process, despite the negative impact that the presentation of the property might bring.
Unfortunately, after several months, the sale subsequently fell through, due to the purchaser not being able to sell their own home.
Soon after this, in January 2014, the tenant advised that they did not wish to continue the lease and the owner sought to take advantage of the opportunity of vacant possession, to prepare and re-present the property to market once again.
"The Owner Sought To Take Advantage of the Opportunity..."
After assessing the property it was determined that some minor maintenance was required and a total of $2,300 was spent addressing the issues identified.
Works included repainting a couple of internal walls, replacing a cracked window pane, re-mulching garden beds and topping up the gravel driveway. The property was given a comprehensive clean, including the windows inside and out and the property was ready for styling.
An investment of $3,940 was made in styling the property for sale and the fully prepared the property was re-listed in February 2014 and marketed for auction with prior offers invited.
Strong interest was immediately noted in the property and everyone was delighted with the outcome when the property was sold 9 days after listing for $420,000, a fantastic $40,000 above the original selling price.
Have you been wondering if professional presentation and styling could be of benefit to you when selling your property? Why not contact us today for your FREE 30 minute consultation?
What do you think? What questions do you have about whether professional presentation and styling could benefit you when selling your property? Please share your questions in the comments.
Jo Powell is the Director of 3 Pea's Property Styling. Combining her creative skills with her accounting background to assist her clients to achieve the best possible outcomes in the sale of their property.