When Martin MacLachlan was preparing to sell his West End
condo last November, his real-estate agent suggested that with a
fresh coat of paint, his two-bedroom, one-bathroom,
950-square-foot home could possibly earn him $350,000-but that he
could probably get even more if he had his condo professionally
staged. After mulling over his options, which included ideas from
Michael McNamara and Rien Sharma, owners of Vancouver-based
Revamp Home Staging, Martin decided to invest $15,000 in a
complete makeover.
Three weeks later, Revamp had repainted the entire condo
(including the kitchen and bathroom cabinets), recarpeted the
master bedroom, retiled the kitchen and bathroom, changed nearly
all of the light fixtures, and replaced three quarters of his
furniture with their own rental pieces. "It was amazing,"
MacLachlan recalls. "They did all that and took care of the
details, too. They brought pictures for the walls, decorative
articles for the bathroom, plants for the living room, and even
serving plates with cookies. All those things contributed to the
interest."
And interest there was. After the renovations, his real-estate
agent decided to price the condo more aggressively at $385,000,
but after only one open house MacLachlan received seven offers,
all above the asking price, and quickly sold his unit for
$410,000-$60,000 above his original asking price.
Staging is still a relatively new concept in North America.
Real-estate agents and developers are increasingly using the
services of professional home-stagers, especially for small
spaces such as condos, to ensure the properties look their best
and are competitive with similar units on the market-or sometimes
even in the same building.
Often all it takes is an objective eye to remind you to
declutter your crammed closets and to point out that nobody likes
a fuchsia kitchen. But staging can also encompass a near-total
renovation, complete with a stylish suite of new, rented
furniture. Companies like Revamp are in the design business, and
as such they constantly stay on top of the trends, receiving new
shipments of furniture and accessories every one or two
months.
This is especially important when a condo is full of
oversized, overstuffed, outdated furniture. Having correctly
proportioned furniture and accessories will turn a too-small
space into a more luxuriously laid-out abode. Rental pieces from
staging companies are ideal in this situation, as you'll get some
contemporary pieces to make your condo look more modern and
desirable, while also creating the illusion of a larger
space.
It takes less than a minute for potential buyers to form an
opinion about properties they're viewing. "This is a very hot
market right now, and it's only going to get hotter," emphasizes
Barry Pockay of RE/MAX Crest Realty. "The real-estate market
increased by 10 percent last year and will increase by another
six percent this year." Even though it is still a seller's
market, putting a property on the market in this town has reached
a whole new level of design. Because of this, Pockay now
recommends professional staging services to 95 percent of his
clients.
With a glut of designing and DIY shows on TV, Vancouver buyers
have acquired a more sophisticated and demanding standard when it
comes to home living and buying. Research has shown that staged
homes have a definite advantage over their unstaged competitors.
According to MoneySense magazine, a 1999 Coldwell Banker Realty
survey of nearly 3,000 properties in eight large Californian
cities found that unstaged homes sat on the market for an average
of 30.9 days and sold at 1.6 percent above the listing price.
Staged homes, however, spent an average of only 13.9 days on the
market and sold at 6.3 percent above the listing.
Selling your home is a unique process, in that it's your
personal sanctuary. However, keep in mind that people don't want
to buy your personal sanctuary. They don't want to see how you
live in the condo; they want to be able to see how they can live
in the condo. This is where a little strategic staging can help
sellers get past the personal ties to their home and see it as an
investment.
"You want to package, present, and profit," states Sharma
firmly. "You can't sell your lifestyle to others, so don't try.
Just sell the condo. You might have to spend some money, but
you'll earn it back when you sell."
Whether you have $500 to spend or $5,000 (or more), here are a
few do-it-yourself home-staging tips from the experts:
> DECLUTTER. Clean the cupboards, tidy up
the bathroom shelves, and discard the dying plants. A clean and
tidy home shows you take care and pride in your home and maintain
it accordingly.
> STORE IT. Space is always at a premium,
especially in condos. If you have to, clear out half your closet
space and remove some of the shoes in your closet. It's illusory,
but if it looks like there's enough space for everything in
there, it simply looks larger than if things are crammed in.
> FRESHEN IT. "If you smoke, Febreeze for
seven days," Sharma insists. That and an open window will be your
best friends if you smoke or have pets or are partial to robust
cooking. How your place smells is almost as influential as how it
looks.
> NEUTRALIZE IT. While burnt sienna and
mustard yellow may be inspiring colours for you, they will
probably be turn-offs for buyers. It's too difficult for people
to imagine their own belongings in such a strongly accented
condo. Paint your home in soothing, neutral colours.
> BUFF UP bathrooms and kitchens. These
are the two most important rooms in any home. If you are on a
budget, spend your money here on some fluffy towels, a new shower
curtain, fragrant hand soap, shiny new faucets, and crisp tea
towels.