Upsell your property at a downturn

When the property market is booming and buyers/tenants are plentiful for a limited supply of housing, home owners can afford to do little to invest in the interiors of their assets. Desperate buyers or tenants can commit a premium to a property just based on the location and other attributes other than keeping the interiors pretty.

However in the current lull market, this strategy will definitely put home owners’ assets at a disadvantage. When buyers/tenants are few and the supply is high, one have to upsell one’s property by investing in marketing, including making the property able to sell by itself. Attributes like location, outdoor views and surrounding amenities are usually beyond the home owners’ control after they possessed the property. What is really within a home owner’s control is the interior of the property. A well-maintained and beautiful home interior can be a pleasure to behold even in pictures and videos.

“Home-staging”, a termed coined by the Americans for a decorating technique, is a popular technique to turn a slow-moving listing into a sought-after trophy asset. Home staging including cleaning up, re-arranging the furniture and furnishings, repainting the walls and other sensory improvements to the property during home-viewings. The objective is to make a property to stand out among a buyer’s market, and to sell it faster at a possible higher price.

Some homeowners also engaged staging services from property agents, interior design specialists, furnishings companies and furniture leasing companies to spruce up the home interiors for better visibility among the crowd. Photography is also an important element to entice prospective buyers/tenants even before they view the actual place.

However if one has limited budget and resources to conduct a professional home-staging, here are some tips that one can do on his/her own.

  1. Declutter. In an urban city like Singapore, clutter can easily built up in a home after purchases after a sales therapy, or due to lack of time to maintain the interiors as a result of work. Clutter makes it hard for prospective buyers/tenants to see the property’s favourable attributes. So by conducting a spring cleaning to remove the clutter in the home will boost a better chance than a cluttered home.
  2. Keeping it clean. Marketing a uncleaned home to prospective buyers/tenants can be a turn-off. Thus make sure it is generally cleaned before conducting home viewing to prospects. Some key areas of concern include the areas/appliances commonly used by tenants (eg toilet, sofas, kitchen, ovens and stoves, curtains).
  3. Photography. Online marketing is the norm nowadays for home ads. Taking good photographs to showcase the property potential such as good natural light and large interiors are a must. Thanks to advance in the technology many smartphones can take pictures as good as compact cameras. Together with filters in different apps, the “feel” of the interiors can be adjusted to make a pleasant visual impact.
  4. Avoid “loud” items. Interior makeup can be quite a personal taste and hence making the interiors as neutral as possible is a important aspect to avoid putting off some of the prospects. Examples include a bright red statue or a neon pink curtains that maybe a home owner’s pride but it can put off some prospective buyers/tenants.
  5. Play up the good attributes. Decorate a balcony with unblocked view of the neighbourhood to create a warm and inviting atmosphere can be a plus.
  6. Use scents. Fix the source of bad odours instead of just spraying room scents. Some interesting scents include pumpkin spice or vanilla cookie scented candle to create a post-baking ambience for your home.
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s