Parts of Charleston are innundated with real estate inventory. In one particular subdivision of North Charleston there are currently 131 active properties. The average DOM for existing homes is a whopping 136 days! This particuarly property had been on the market since 02/08/07. After expiring and relisting with a new agent (one of my best clients) I was called in for a staging consultation. The homeowners decided they didn't need staging. It was one of those, why spend money on a house we are moving out of situations! (Dont you just love those?) Finally the agent and I worked together to come up with a bare bones staging project that she was going to pay for.... This always makes me nervous - particularly in owner occupied homes.
You can see the results in this blog Can small changes make a big difference? You decide.... We limited ourself to one room, the biggest bang for the buck and overall the elephant in the room (if you will).
Anyway - This home finally reflects the status change in MLS today to under contract. It will be closing on the 18th of April. Let's check out the statistics for these small changes (less than $500).
Listed on 02.08.07
Staged on 02.13.08
Under Contract on 04.02.08
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Average DOM for neighborhood - 136 Days
DOM prior to staging - 327 days
DOM after staging - 52 days
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So, can small changes make a big difference? Absolutely! The proof is in the numbers!
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Melissa Marro, a published artist, now turned staging advocet and national speaker speaks her mind about real estate and the home staging industry. In her 'no holds barred' approach, audience members find real answers to the industries pitfalls and learn how to overcome them with tried and true information and guidance. With marketing as her passion, she turned a small home based business into one of the nation's largest home staging and training facilities. She now operates as the CEO of First Impressions Home Staging & Interior ReDesign as well as the Executive Director of Certified Staging Professionals International Training Academy (CSPI) - the world's largest Staging Training Organization, and regularly speaks at the StagerList Expos and Real Estate Staging Association (RESA)'s trade events.
For more information on having Marro speak at one of your real estate functions, please contact her at 843.822.2622 or email at marro.melissa@gmail.com
If you would like Marro's team to provide information on staging a property in the state of South Carolina, or the Greater Charleston Area, please visit www.WeStageSC.com, email marro.melissa@gmail.com or call 843.822.2622.
For more information on Marro's CSP Staging Training, please visit www.StagingAndRedesign.com, visit the CSP Calendar for dates or email marro.melissa@gmail.com. Below is a list of Marro's current CSP Certification class dates:
February 6-8 Charleston, SC
February 16-18 Austin, TX
March 6-8 Atlanta, GA
March 13-15 Raleigh, NC
March 20-22 St. Petersburg, FL
April 10-12 Knoxville, TN
May 4-6 Covington, KY
May 18-20 Charlotte, NC
July 5-7 Memphis, TN
July 10-12 Charleston, SC
Just shows how well staging works. Great post. Have a good evening.
J.
Jeff - Thanks! It surely does, doesn't it? I love it when a good plan comes together!
Dave - Thank you! Yes, shaving more than half the average DOM off is great, especially when it had already been on the market a year.....
Justin - Stats are the best way to help show consumers that staging works. I love it when we can show it in black and white!
Bevin - actually the agent paid for the work. She does that from time to time because she KNOWS it works! We have an excellent track record to prove it.
Melissa - great job.I'm always amazed at how big an impact a tight and cozy conversation grouping makes. I bet buyers never sat in that room before and now it gets lots of time. I'd sit and consider the home simply because you made it look comfortable.
On another point, 136 days is short by our measurements. We usually disregard the average days on market when pulling stats and focus on the price range and neighborhood. The results are often eye-opening: even if the market time is 100-150 days, pockets of homes is certain price ranges will have much higher avg DOM, making for an easier sell. Careful targeting is one of the keys to a successful staging business.
Happy staging
Thomas
I remember this project from you earlier post, Melissa. As a "first impression" room, staging it was key & your changes made a huge difference.
Kathy
Bevin - Yep... with a short sale she'll be getting it very soon.
Maureen - I have to get better about compiling them somehow... I have all kinds of great stats, now what to do with them?
Thomas - There are so many homes for sale in this neighbhorhood they are all experiencing a glut of competition. That's why this agent knew staging would make such a big difference. You are right about how important a good sitting area in a living room is. It needs to feel like a room you want to spend time in if you expect someone to buy it!
Kathy P. - Thanks! I love great stats!
Gary - Yes, sometimes I am amazed at her confidence in my abilities! It is extremely flattering. Thankfully we have a very high success rate & she is great at educating the clients before we do the work so they are on board - making things even more successful.
Kathy R. - This was the only living space in the home, that made it particuarly important!
Again, congrats Melissa. You always do fine work with on an occupied or a vacant.