"Presentation Myths Debunked" - Excerpt by Richard Armstrong
To maximise your return when selling your home, it is important to know what to do to your house, how much to spend, and what does make the difference to buyers. Property presentation (presenting a property for sale) is a relatively new phenomenon in Australia, meaning some vendors can find it to be a hit-and-miss exercise.
Cleaning, tidying and de-cluttering are all common sense, but there are often more profitable decisions to be made about landscaping, painting, repairs and hiring furniture that can be daunting without the right information and advice. Because of this lack of information, vendors often feel safer choosing the option with the least risk, following real estate myths that well-intentioned people offer about property presentation.
Do the bare minimum
I appreciate that many vendors want to minimise the cost of readying their property for sale, but I’d argue a smarter strategy is to focus on items that will give the best return. To illustrate, imagine a tired rental property that’s in need of some TLC – overgrown front garden, mildly damaged walls and stained carpets.
If the vendor were to spend $400 tidying the garden and giving the house a good clean it might add $5000 (yes, it really does make that much difference) meaning they’d make a profit of $4500 ($5000 minus $500) on their efforts. However, if that same vendor were to spend $9000 on painting, carpeting, cleaning and furniture hire in all the right colours and styles they could easily add $30,000. That is a profit of $21,000 ($30,000 minus $9000).
Comparing a return of $4500 with $21,000 might seem far-fetched but I see it happen week after week. As long as you make the right enhancements, you can add to your sale price significantly
Don't put in too much effort
If you do your homework you can give the buyers almost exactly what they want. That is, the way you present your property should be based on what people from specific buyer groups want. First home buyers, families, empty nesters and single adults all have identifiable property needs. If you make sure your property satisfies the needs of at least one of these groups you are tailoring your ‘product’ to suit the market. That means buyers will have to do very little when they first move in – something worth several extra bids at auction.
To maximise your selling opportunities follow the simple strategies in our Selling Guidelines.