It’s Showtime: Setting the Stage for Successful Selling

If you missed my article in the June 25th edition of The Washington Blade, read on.

Did that fabulous job in Manhattan finally come through? Is there a penthouse condo is SoBe calling your name? Perhaps you’ve fallen in love and you’re tired of the morning walk-of-shame from his place to yours. Whatever the reason, you’ve decided to sell your home.

It used to be that real estate was all about “location, location, location.” While a great location can still cause buyers to compromise on a less than stellar house, the mantra du jour is actually “location, condition and price.”

Since we cannot change the home’s location, real estate agents must rely even more on its condition and its price to achieve a successful sale. This article will address some ways to improve your home’s condition so that buyers are more likely to identify it as “The One.”

In nearly 13 years of selling real estate, I have had the pleasure of listing a dozen or so houses and condos where I didn’t need to change a thing. Most homes have needed at least some minor tweaking. Some have been candidates for Niecy Nash’s Messiest Home in the Country. And yes, a few others have been straight out of A&E TV’s Hoarders.

Often the most difficult thing for homeowners to do is to begin to think of the house they have poured blood, sweat, tears and money into as a product that will be sold to others. Like many of my colleagues, I help my sellers de-clutter, de-personalize and survive this transition so that a buyer who expects the look of a model home will not be disappointed. While you won’t find me vacuuming in my lingerie à la Annette Benning, I generally end up flexing my creative side by staging or even sometimes renovating each home I sell.

The National Association of REALTORS® has long suggested that staged homes sell more quickly and for higher prices than similar, unstaged homes. My experience has certainly shown that to be true. I have also found that staging an occupied home needn’t cost a fortune.

Here are 10 low-cost staging tips to keep in mind when living in your home while it’s on the market.
• Listen to your agent’s advice – candor is not meant to be mean-spirited.
• Pack and store non-essentials off-site; sell or donate what you no longer want.
• Experiment with new furniture arrangements to make spaces seem open and inviting.
• Use smaller area rugs to show off more of your hardwood floors.
• Refresh your paint; choose colors that tone down or rev up a room.
• Keep items on horizontal surfaces to a minimum; staging vignettes generally use no more than three items of varying heights.
• Invest in light bulbs and replace burned out bulbs immediately.
• Leave your blinds up and your toilet seats down.
• Repair or remove anything that stinks, clinks, squeaks, or leaks.
• Clean! Clean! Clean! Do it yourself or hire a service. Or call Annette Benning.

But what about a vacant house? Although some buyers see vacant space as an opportunity to turn what is into what could be, most people have a difficult time imagining how they will live in a home that is totally unfurnished. Professional staging helps your home outshine the competition by accentuating its best features. Think of it as dressing your home for a date or a job interview.

• Start with clean skin: a spotless home.
• Apply foundation: otherwise known in the trades as paint.
• Put on your favorite outfit: a great sofa, an elegant dining set, an antique desk.
• Add accessories: rugs, throw pillows, linens, art.
• Finish with a bit of bling: dishes on the table, crystal at the bar and light streaming through the windows.

With your efforts, the assistance of your agent and the talents of a professional stager, a successful sale will surely be imminent. To paraphrase Norma Desmond, “it’s just us, the virtual tour, and these wonderful people here at the open house.”

Is your house ready for its close-up? Mr. DeMille awaits.

The Renovation Dissertation, Part 6

Our group continues to expand and become even more international. Tony, Luke’s brother and our master carpenter, returned from Miami this week to be on hand to supervise the framing, cabinet and millwork installation, and to give me a hug since I hadn’t seen him for about five years. Freshly back from the Sunshine State, he noticed it had started to rain and then, in mid-conversation, ran out to his new car to find he had left his sunroof open – soggy seats and a wet ride home for poor Tony, I expect.

Mack’s crew of electricians came as a surprise – they’re from the Ukraine! One of them reminds me of the bad-guy-from-another-planet, Talec, played by German-born actor Matthias Hues in the 1990 Dolph Lundgren movie, I Come in Peace, albeit with more hair and less muscle. (Hey, I never claimed to be a highbrow film enthusiast!)

Tomorrow we order the kitchen cabinets, a beautiful tight-grained Alder in a flat panel, frameless design with a warm brown, Chestnut finish. Yum! The open den on the second floor will contain a built-in office credenza and bookshelves in a similar style with a finish called Rouge, slightly redder than the Chestnut as you might imagine, but very elegant. To top it off, the cabinets in the master suite “refreshment center” (see photo) will echo those in the den, and that area will be outfitted with a bar sink, a small refrigerator and a mini-microwave for popcorn, sodas and a movie in bed or that first cup of coffee in the morning. (Sounds like a real estate ad, doesn’t it?)

Karen and I had great fun at the condo board meeting last Thursday. Everyone welcomed us warmly and we got to meet several neighbors. We learned that the condo is incredibly well-sustained and has reserves of $94,000 – not bad for a group of only 53 homes! We also got a parking pass and chatted with John D., the appointed “enforcer” of parking and monitor of work done by the condo’s subcontractors. Good man to know. With any luck, we’ll not encounter him in his official position.

So far, we are on target for plumbing and electrical inspections by the middle of the coming week. I am headed over today with four new bathroom fans to be roughed in before inspection and on Tuesday, I will be meeting with a representative from a company that fabricates cable railings to price out our contemporary staircase rails and posts. What a treat! Then I can post a posting about posts. Whaddyathink?

The Renovation Dissertation, Part 4

Yeah, OK. I know that by now those of you who have been following along are thinking, “So what happened? Why haven’t we heard anything more since they bought the property?”

Well, I gotta tell you that even agents and lenders are not immune to our own bureaucracy.

Unlike the folks on Flip That House, our contractors are chomping at the bit to begin, our permit applications are in process, our suppliers are tapping their feet waiting to ship our cabinets and fixtures, and our own creative juices are flowing like a burst pipe in an unwinterized, bank-owned property.

The problem? An obscure change in Fannie Mae and Freddie Mac procedures that require that the direct lender (the bank to whom our loan will be sold) review condominium documents!

Now, I ask those of you who own condominiums (condominia?) – How much time did you really spend reading those documents? Sure, I know I told you to go over them, to make sure the reserves were sufficient, that you really could keep your 200 pound Chihuahua and that you were allowed to play your Barry Manilow CDs on full volume after midnight, but did you really go through all 300 pages? Never fear! Now your mortgage bank will do it for you.

But here’s the catch…

They have to keep from losing the documents when you send them.

First, let me applaud all the listing agents, loan processors and property managers out there who do everything possible to keep the process moving along by assembling, obtaining and transmitting these valuable documents. Most of the time, this procedure is routine. The documents are simply another set of checks and balances to raise the buyer’s comfort level with the purchase (or make him run screaming from fee increases and special assessments).

Even the bank reviewers need our sympathy. They are now buried in a ton of paper, trying to sift through ground leases and insurance forms and the impact of commercial storefronts on the ground floor of high-rise buildings. Reading War and Peace would be easier (and probably faster). They ask for only 3-5 days to accomplish this task.

In our case, we are simply asking 3-5 days from when? We got our documents a bit late due to an emergency situation that is totally understandable, but well within the timelines for closing. In this case, they were not contained in a three-ring binder, on a CD-ROM, or simply stapled together, but were bound in hard cover. Try to stick that in a copier! Page by page later, by the next business day after we received them, we had a viable copy which we gave to our processor to transmit to the bank.

Our processor scanned and e-mailed them. The bank lost them. She faxed them. They lost them. She e-mailed and faxed them again. Feeling comfortable, she took a couple of days off. Guess what? They lost them! I think our 3-5 days started about four days after she first sent them, but boy was it fun to read her e-mails to the bank once she returned to work. She was not happy and was pretty direct about letting them know it.

In the days of Bonnie & Clyde, people were taken hostage in banks. Now the banks take people hostage outside their homes. Instead of settling on Friday, Karen and I had a great lunch in Bethesda at Mon Ami Gabi, where the pommes frites are simply amazing and our waiter, Omar (a fellow Boomer), kept us in stitches with childhood references to 1960’s television commercials.

My cup is always half full. Now we will get to do it again on Monday (or maybe Tuesday if the condo reviewer isn’t old enough to have taken an Evelyn Wood speed reading course). Omar awaits.