vacant listings are harder to sell

Vacant listing are harder to sell.

vacant listings are harder to sellI was invited to tour a condo apartment in a high-end, gated building in the Ottawa area last week. The building was beautiful, tastefully decorated common areas, outstanding views from the large balconies every unit has and high-end finishes throughout. The unit I was invited to tour was one of the largest models with 2 bedrooms, 2 full baths, a 1/2 bath, beautifully appointed den, eat-in kitchen, formal dining area, large living room and even a very nice laundry room. I was ready to be impressed but what a disappointment it turned out to be! Why? It was vacant.

Vacant properties simply don’t show well. All there is to look at is the flaws; the quickly patched nail holes with no primer or paint, the large gaping hole in the wall where the TV was mounted, dated fixtures and tired paint. I am professionally trained to look beyond all that to see the possibilities but what about the average potential buyer?

It is estimated that only 10% of potential buyers are able to successfully envision how a space could look. That means that nine out of every ten potential buyers will only be able to see the flaws! Imagine, all the potential buyers who are searching online for properties to actually visit and only one out of ten will see beyond the emptiness to see the possibilities and if they actually visit the property, they will notice all the flaws, all the work that needs to be done and will either walk away or ask for price considerations.

Asking a seller to invest time and money in a property they are leaving can be a difficult conversation but let’s have a look at the alternative; every month that a listing remains on the market costs the seller money in the form of; condo fees, hydro, financing fees and property taxes. Every month that a listing remains on the market the chances of selling for full asking price decreases and every month that a listing sits on the market costs the Realtor money as well.

Staging a vacant or occupied property before it is listed is an investment that can decrease the number of days your property remains on the market, increase the selling price of your property and reduce the cost of carrying your property for weeks or even months.  Professionally staging your property gives you a great return on your investment (ROI).

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