Why Pre-listing Prep Is More Important Than Ever For Realtors
As a real estate professional, you know that sales process a home can be daunting. With so much competition and many factors to consider, it’s easy to get overwhelmed. For starters, you need to convince the buyer that you’re the right realtor and your property is exactly what they need.
One fool-proof thing you can do to make the process easier is pre-listing preparation. Pre-listing prep is more important than ever in today’s real estate market.
With the state of the economy in doubt, homebuyers, particularly first-time buyers, have tight budgets that cannot accommodate the cost of extensive property repairs. Properly staging properties is a great way to improve the move-in readiness appeal, which can convince more people to buy homes, even those that aren’t in perfect condition.
Pre-listing prep involves a series of steps that you take to get a home ready for sale. This can include everything from repairs and renovations to staging and cleaning. While it may seem like a lot of work, going through a real estate listing checklist can make a huge difference in the success of your listing.
With homes lingering longer on the market, discussing why pre-listing prep is crucial and how realtors can effectively stage homes to attract buyers is essential.
How Staging Can Help Homes Sell Faster in a Slow Market
According to a report by the National Association of Realtors, homes are taking longer to sell than they did a year ago.
In such a slow real estate market where homes are sitting on the market for extended periods, staging can make a huge difference in helping sell a property faster. It creates a more inviting and attractive environment for potential buyers, increasing their chances of a successful sale.
According to the report, 81% of buyers’ agents agreed that staging a home made it much more likely for potential buyers to envision the property as their future home. Additionally, the same study found that staged homes sell for 1-5% higher than non-staged homes.
Staging involves setting up a home in a way that showcases its best features and helps buyers imagine themselves living there. This can make a home feel more like a place to live rather than just a property for sale, which can be a powerful motivator for buyers.
Moreover, staging can make a home appear larger and more spacious to prospective buyers. Decluttering and rearranging furniture can create an open, airy feel that is particularly important for smaller homes.
Benefits of Staging Properties for Realtors
There are several benefits to investing time in creating a polished pre-listing presentation for real estate professionals. Prepping your property in the current market will set you apart from the competition and help you increase your revenue.
Staged Properties Connect with Buyers
Interior designers can use wall color, lighting, and furniture to create the illusion of more space and a welcoming atmosphere, even compared to empty rooms. This technique can work wonders even in vacant houses, as staging rooms with the right furniture and accessories can emotionally connect with buyers.
When a buyer falls in love with your home, it’s more likely to sell, and multiple interested buyers can drive up the selling price and result in a high ROI. On average, an investment of 1% of the sales price in staging can result in a 5-15% ROI over the asking price for approximately 75% of sellers.
Staged Property Sell for More Money
Staging a property can increase its perceived value and lead to a higher sale price. By presenting the property in its best light, staging creates an emotional connection between the buyer and the property, making it more likely for them to offer a higher price. A staged property also stands out from the competition, leading to more interest from buyers and potentially multiple offers, which can drive up the sale price.
Investing in home staging can often cost less than the initial price reduction. The International Association of Home Staging Professionals reports that staging can increase the average sales price by up to 20%. Additionally, IAHSP notes that the cost of a price reduction is typically five to 20 times more expensive than the investment in staging.
Staged Property Sell Faster
Staging a home can have a significant impact on the selling process, with staged homes selling faster than non-staged homes. Some properties even sell under bully offers — this is when a buyer makes a bid before your offer date.
This happens because staging creates an attractive and inviting environment for potential buyers, helping them to visualize themselves living in the space.
The National Association of Realtors (NAR) found that the majority of buyers’ agents believe staging a home can affect a buyer’s perception of the property and, in turn, can lead to a quicker sale. Realtor.com also reported that homes that were staged sold 88% faster and for 20% more than homes that were not staged.
A Staged House Appeals Better to Buyers
Before investing in properties, the first step that potential buyers need to take is to research the market to find properties that they love.
A well-staged house can appeal better to potential buyers as it showcases the property’s strengths, maximizes space, and helps create a warm and welcoming atmosphere. This, in turn, can increase buyer interest and help generate multiple offers, leading to a quicker sale.
According to NAR’s 2021 Profile of Home Staging, buyers are even more likely to be drawn to staged homes than in previous years, with 41% more willing to visit a home they saw online and 39% attributing a higher value to a home that was decorated to their taste. Additionally, more than a quarter of respondents were willing to overlook other property flaws if the home was professionally staged.
Pre-listing Prep Checklist for Realtors
Pre-listing preparation is crucial to help you successfully market and sell your properties as a real estate agent. A comprehensive pre-listing prep checklist can ensure that nothing is missed before listing the property. Here are some items that you can include in your checklist:
- Clean and declutter. A tidy and clutter-free property is essential to appeal to potential buyers. Encourage clients to remove personal items (including pets) and excess furniture. Hire a professional cleaning service if necessary.
- Complete repairs and maintenance. Any outstanding repairs or maintenance issues should be addressed before listing a property. This can include fixing leaky faucets, replacing broken tiles, and repainting scuffed walls.
- Clean the entire home. Entire home cleaning involves thoroughly cleaning and sanitizing all areas of a home, including surfaces, floors, bathrooms, and kitchen appliances.
- Enhance curb appeal. First impressions are important, and the exterior of a property is the first thing potential buyers will see. Tidy up the yard, trim overgrown bushes, and add some colorful flowers or plants to enhance curb appeal.
- Stage the home. Staging involves arranging furniture and decor to make the home look inviting and lived-in. This can help potential buyers envision themselves living in the home and increase the chances of a successful sale.
- Prepare documentation. Prepare all necessary documentation, including disclosures, inspections, and any required permits.
- Professional photography and videography. High-quality photos and videos are essential for showcasing a property online and attracting potential buyers. Invest in professional photography and videography services to ensure that the property is presented in the best possible light.
You now have a better understanding of the benefits of pre-listing preparation and staging when selling your home. By following the pre-listing prep checklist, you can ensure your home is ready for the market and stands out from the competition.
Staging your home with the help of professionals can improve the overall appeal and help potential buyers visualize themselves living in the space. Remember, a staged home typically sells faster and for more money, making it a worthwhile investment.
You can also refer your potential client to a reliable Embrace Loan Officer to create a better relationship and increase your chances of closing the deal.