Most homes that are listed for sale are still lived in by the Seller until the home is sold; however many homes are now listed after the Seller has already moved out and into their new home. The biggest mistake these Sellers make is trying to sell the home while it is empty. Vacant homes feel cold, boring and uninviting and because of this they take much longer to sell. Buyers are not wowed when they tour the home and cannot visualize how they will live in the space.
If you are planning on selling your vacant home, your next step is to hire a professional Home Stager to showcase the property at its best. Here are 8 reasons why you should stage a vacant property:
1. Empty Rooms Appear Smaller Than They Truly Are
- Many people think an empty room will look larger however the reality is they actually feel smaller.
- Potential Buyers may think their furniture won’t fit in the key rooms of the home and cross your property off of their list. When Buyers start questioning a home, they usually walk away.
- People are visual – if the rooms feel small, written dimensions won’t change their minds. Show them a full living room set can fit in the living room and a full queen bedroom set can fit in the master bedroom.
2. 90% of People Cannot Envision Furniture in an Empty Room
- Home buying is an emotional process – emotions are evoked through seeing the total package, not by empty rooms which feel cold, lonely and uninviting.
- Buyers will miss out on the true potential of each room without a visual presentation of the space.
- Don’t narrow down your potential Buyer pool to only 10% of the people coming through the door.
3. Staged Homes on Average Sell 70% Faster Than Un-Staged Homes
- When selling your home, the goal is to sell it for as much money as possible and as quickly as possible. The longer your home sits on the market, the less money you will make on the sale.
- When a home has been on the market for awhile, Buyers and their Realtors will wonder what is wrong with the home or the area and may even skip over it when setting up showings.
- If a vacant home is not selling, the price continues to be lowered in order to entice Buyers, as that is the sole marketing tool. The investment to stage your home will always cost less than your first price reduction. Don’t leave money on the table when selling your largest asset.
4. Staging Puts Money in Your Pocket
- According to The National Association of Realtors, staged homes typically see an 8-10% return on a 1-3% investment.
- When Buyers see an empty house, they think the Seller is desperate to sell and they lowball offer. Do you want to attract serious Buyers with serious offers or bargain hunters?
- Staged homes can usually support a higher list price. Many times after a property is staged, the Realtor will increase the asking price as the features of the home have been enhanced and the overall presentation of the property is better.
- Studies have shown that Buyers are willing to pay a premium for a home they have fallen in love with. Sometimes this means they will even pay more than the asking price.
5. Staged Homes Photograph Better
- Over 90% of today’s Buyers start their home search online. Photos of empty spaces do no wow anyone.
- If a Buyer is unimpressed by your home from the online photos, it is less likely they will even set up a viewing of it. Don’t lose Buyers before they even come through the door.
- Many homes today are purchased by foreign investors who solely view a property online. Don’t ignore this market. (Think this doesn’t happen in your neighbourhood? Think again. Kitchener, Waterloo and Cambridge are all listed within the top 5 investment towns in Ontario.)
6. Staging Draws Attention Away From Any Flaws & Focuses Buyers’ Attention on the Architectural & Selling Features of the Home Instead
- In a vacant home, normal wear and tear will become magnified. Buyers will notice every tiny imperfection and focus on them instead of the great features of the home.
- Home Staging redirects the Buyers’ focus to the selling features while visually diminishing the flaws.
- Buyers are looking for reasons to be able to offer less money for your home – don’t give them any.
7. Staging Creates a Lifestyle That Appeals to the Home’s Target Demographic of Buyers
- Like all types of sales, Real Estate has target demographics and markets. In order to secure a sale, you must know your demographic and ensure you market to them effectively.
- People don’t buy houses, they buy homes. They shop for houses with logic, but buy homes on emotion. Vacant houses feel lifeless and cold, making it difficult for Buyers to feel an emotional connection. By staging your home to appeal to the target demographic, you will evoke the emotion that will lead to the sale.
- Buyers only take 10-15 seconds to make a decision about a space! If the property is vacant, there is nothing to keep them interested in staying longer and nothing memorable about it after they leave. Staged homes give Buyers something to stay and talk about. The longer you can keep a Buyer in the home, the better the chance they will find features that they like and visualize themselves living there.
8. Staged Homes Sell Faster in Slow Markets & for More Money in Hot Markets
- Home Staging has consistently proven to add value to any home.
- Don’t help sell the house down the street! Ensure your home shows at its very best, target your demographic and outshine your competition.
- Treat the sale of your largest asset as a real business transaction, because it is one.
Home Staging is a smart investment that is crucial for selling vacant properties. It is a proven marketing tool that brings real results – higher sales in shorter amounts of time. By not staging your vacant property, you are risking having it sit on the market, reducing the asking price, and having it become stale – ultimately costing you much more than the investment for staging ever would.