The New Rules of Real Estate

Yesterday is gone. The right price sells fast. Low-ball offers are insulting – but don’t get insulted. 

These are just a sample of The New Rules of Real Estate that I stumbled upon while browsing Chicago magazine.  This article by Dennis Rodkin interviews Chicago real estate professionals who give their perspectives on how to make the most of today’s “pinched economy”.

Do these comments sound similar to our market, sellers and buyers?

·         “If you’re hoping to get what the Joneses got, I’d like to get gas at 80 cents a gallon.  I can drive around all day looking for it, but it’s gone.  Forget what you paid four, five, six years ago.”

·         “We hate to be the ones to tell you that what you paid for your house has nothing to do with its value today.”

·         “When sellers tell me that they’re not in a hurry so they just want to try out the price, I would rather have them wait until they’re ready and price it right.”

·         “A compelling price gets you sold, and if moving is your goal, you need to get sold"

Read the full article (The New Rules of Real Estate) at http://www.chicagomag.com/Chicago-Magazine/October-2011/Real-Estate-2011-House-Prices-in-Chicago-and-the-Suburbs/   If you are interested in comparing the Chicago real estate market with our market, click on Real Estate 2011: Home Prices and the accompanying charts about prices in Chicago neighborhoods and the suburbs at http://www.chicagomag.com/Chicago-Magazine/October-2011/Real-Estate-2011-Home-Prices/ .

Dwell in possibilities

Cindy

The Perfect Home Staging Project

Every once in awhile, you strike lightning in a bottle!  And today’s featured home staging project was one of those “once in awhiles.”  It was the perfect home staging project.  

This project started with a great house (French country) in a great location (103^rd Street– Legacy Park in Tulsa).  It had a very progressive Realtor partner willing to do what it takes to help her clients sell their homes.  I was blessed with trusting sellers who were willing to make the investment in home staging and trusting enough to give me free rein to showcase their home.  And this project had an extensive home staging plan with more rooms to be staged than the typical home staging project.

Most importantly, I had a clear vision of how to stage this house from my first moments during the initial walk-through.  And it was a true joy to translate that vision into a house in which buyers imagine their best selves living in this great home.    

Simply stated, my vision was to stay true to the French country design of the house but to also do the unexpected.  In keeping with this vision, I used clean lined furniture, fresh colors and lots of beautiful artwork. 

And here is how I put the vision into action.

·         Dining Room – I accented the deep red colors of the dining room with large scale abstract art, an elegant French mirror and clean- lined and rich wood table and chairs.

·         Living Room – With the fireplace as the focal point, my idea was to portray easy elegance.  I created this effect with a Sisal and fiber woven rug, white linen French antique chairs, and a large gray tweed sleek sofa, piled high with contemporary pillows to tie all the colors together.

·         Master Bedroom – I covered the chic platform bed in pink, purple and green bed linens (part of my unexpected vision)  and accented the room with the sunburst convex mirror and wooden nightstands.

·         Kitchen – Less was more in this stylish but functional kitchen.  I simply accessorized to highlight how easy it will be to entertain and live in this open and inviting kitchen.

Once again, pictures tell the story better than words.  You can see the accompanying photos.  If you want to see more beautiful photos of the 103^rd Street- Legacy Park Staging Project, check out our Transitions website at http://www.transitions-home-staging.com/103rd-Legacy-Park.html

It was possible to make my vision a reality.  Now, it is possible that the right buyers will walk in the door, imagine their best selves living in this house and make the right offer.  With professional home staging, anything is possible.

After I finished the draft of this blog, I heard from my Realtor partner that she received an offer on this house in four days!!  And that made it the truly perfect home staging project – sold in the quickest amount of time for a premium price.

Dwell in possibilities

Cindy

Weekend Treat – The Worst Online Passwords, 80 Is the New 65, Time Spent Grooming by Men and Women and More!

Our weekend treat includes some interesting news and information, tips and quotes discovered along the way this week.  I thought you might enjoy them and maybe even learn something.  The possibilities are endless!!

·         A software security firm has isolated the 25 worst passwords to use online.  These include “123456”, “qwerty”, “letmein”, and the worst, “password”.  (ABCNews.com)

·         A British study found that men now spend 81 minutes a day on personal grooming, including shaving, washing, moisturizing and picking out clothes.  Women spend only 75 minutes a day on personal grooming. (The Week)

·         So much for relaxing in your sunset years, said Walter Hamilton in the Los Angeles Times.  Nearly three quarters of Americans say they expect to work into their retirement years, according to a new Wells Fargo poll of 1,500 middle-class Americans between the ages of 25 and 75.  A quarter of the respondents said they would need to work until age 80 to retire comfortably.  It appears that many Americans are “dangerously unprepared for retirement.”  On average, those polled had saved only 7 percent of their desired retirement goal and three in 10 people in their 60’s had saved less than $25,000. (Los Angeles Times)

·         “Gratitude is a quality similar to electricity:  It must be produced and discharged and used up in order to exist at all.” ~ William Faulkner (HuffingtonPost.com)

·         Of the top most innovative companies in the world from 2005 to 2010, 40 are from the United States, 27 are from Japan and 11 are from France, according to a new report from Thomson Reuters on patent activity.  (The Economist)

·          With college tuition soaring, few gifts will be more appreciated this holiday season – or down the road – than contributions to a 529 college savings plan, said Sandra Block in USA Today.  No other savings option “offers greater tax benefits.”  Your earnings on investments grow tax-free, withdrawals used for college expenses aren’t taxed and 34 states also offer state tax deductions.  What’s more, “anyone – parents, grandparents, aunts and uncles – can contribute to a child’s 529 account.”  If the beneficiary skips college or gets a scholarship, the account can be transferred to another child.  (USA Today)

·         “When your work speaks for itself, don’t interrupt.” ~ Henry J. Kaiser (Associated Press)

Remember to dwell in possibilities but be sure to have fun doing so!!
 

Cindy

How to Market a Product and a House

A recurrent “to be continued” theme is that gone are the days when you can just stick a “for sale” sign in the yard!  When a house goes on the market for sale, it is no longer the owner’s source of pride.  It has become a product for sale that needs to appeal to as many buyers as possible.

We came across an article recently that made the same point. 

“Like inventors and marketing professionals, home sellers are in love with their product (home). Many home sellers believe they have an excellent home (product) and that it is ready to market just the way it is. Unfortunately, this is rarely ever true.”

This article built upon the ideas in a basic product marketing approach and applied them to marketing a house.  This article presents a checklist template for how to market a house like you would market a product. 

For most of my Realtor partners and “to be continued” followers, this article (How to Market a Product) will be a refresher guide.  But there may be a nugget of an idea or an approach that is new and different.

Explore the possibilities of “How to Market a Product” at http://energizedseller.com/gralarticles/gralarticles/archive/2011/10/04/how-to-market-a-product.aspx .

 

Dwell in possibilities

Cindy

Thoughts and Reflections on Coexistence, Gratitude, and Thanksgiving

A few fun thoughts and a few reflections for your consideration and enjoyment.

·       Coexistence:  what the farmer does with the turkey - until Thanksgiving. ~ Mike Connolly

·         As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them. ~John Fitzgerald Kennedy

·         An optimist is a person who starts a new diet on Thanksgiving Day. ~Irv Kupcinet

·         Let us remember that, as much has been given us, much will be expected from us, and that true homage comes from the heart as well as from the lips, and shows itself in deeds. ~Theodore Roosevelt

·      Give thanks for unknown blessings already on their way. ~Native American Saying

·         He is a wise man who does not grieve for the things which he has not, but rejoices for those which he has."  ~ Epictetus

·         Thanksgiving is America's national chow-down feast, the one occasion each year when gluttony becomes a patriotic duty.  ~Michael Dresser

·         A thankful heart is not only the greatest virtue, but the parent of all the other virtues. ~Cicero

·         To speak gratitude is courteous and pleasant, to enact gratitude is generous and noble, but to live gratitude is to touch Heaven. ~Johannes A. Gaertner

·         Blessed are those who can give without remembering and take without forgetting. ~ Author Unknown

·         Thanksgiving is an emotional holiday.  People travel thousands of miles to be with people they only see once a year.  And then discover once a year is way too often. ~Johnny Carson

Thanks for your partnership, support and kindness. 

Dwell in the possibilities of thanks and gratitude.

Cindy

Roadside Treasures and a Rattlesnake

Recently, Walt and I took a trip to Angel Fire, New Mexico for rest and relaxation.  We met our goal and spent a lot of time napping, reading and enjoying the beautiful surroundings.  This trip also had its share of adventures and good stories, one of which is today’s subjec

Driving back from Angel Fire, I noticed lots of tumbleweeds blowing across the road.  Being from the Texas Panhandle, I’ve been around tumbleweeds all my life and I have always found them interesting

Since I am always looking for “out of the box” materials to use in my work, I decided to brave the 50 mph winds and pick up a few.  While gathering tumbleweeds, we noticed the dried yucca plumes that dotted the roadside.  Their substantial wood stalks and pods would make great winter arrangements.  So, I was back out there picking the pods.

We had a few spare inches of room in our SUV as we drove away.  We found another patch of really pretty dried yucca pods and decided to stop for a few more.

As I exited the car, I heard a noise at my feet.  After a few seconds, I realized it was a rattlesnake – recoiling and ready to strike.  I ran up the road out of harm’s way and Walt picked me up.  We drove back and took the attached picture of the snake that continued to rattle and threaten. 

I was extremely lucky to avoid a dangerous snakebite as well as to gather great staging and decorating finds.  Once again, I found possibilities in unusual places.

Dwell in possibilities but watch out for the snakes!!

Cindy

Weekend Treat – Tulsa’s AARP Award, Cave Painting, Instant Karma, Six Tips for Faking It and More

Our weekend treat includes some interesting news and information, tips and quotes that I discovered along the way this week.  I thought you might enjoy them and maybe even learn something.  The possibilities are endless!!

·       Tulsa was selected by AARP as one of this year’s 10 Affordable Cities for Retirement.  “Tulsans delight in how their city surprises outsiders — it's a small-city jewel, with an impressive art deco district downtown, first-rate art museums and plentiful green spaces.”  Read more about why Tulsa was selected as well as what they liked about the other nine cities (such as Winchester, VA, Portland, ME, and Gainesville, GA) at http://www.aarp.org/home-garden/livable-communities/info-07-2011/affordable-cities.html

·        The road to success is dotted with many tempting parking spaces. (Will Rogers)

·         In any two days, human beings create as much information online as it took our species to create in 30,000 years between the dawn of cave painting and the year 2003.  In another 10 years, that same amount of information will be generated in less than one hour.  (Reuters.com)

·        Instant karma, after Victor Giesbrecht, 61, stopped on a Wisconsin highway to help a stranger, Sara Berg, change a tire. After he drove off, Giesbrecht suffered a heart attack; Berg then stopped her car, and saved his life by performing CPR. (The Week)

·        We often take for granted the very things that most deserve our gratitude. (Cynthia Ozick)

·        Forget a Name? Six Tips for Faking It – Gretchen Rubin has trouble remembering names.  “So I've developed some strategies for coping with the fact that I'm not able to pull up a person's name right away. Of course, you can always just say politely, "I'm sorry, I don't recall your name," but if you'd rather try to disguise your forgetfulness.”  To learn more about her tips, check out Gretchen’s article at http://www.huffingtonpost.com/gretchen-rubin/remembering-names-tricks_b_1097518.html?ref=healthy-living

Remember to dwell in possibilities but be sure to have fun doing so!!

Cindy

Make It Look Like a Million Dollars!

Regular readers of “to be continued” as well as each and every one of my Realtor partners know that I love a good challenge.  A good challenge fuels my creativity.  It kick starts my desire to overachieve and over-deliver.  It also requires teamwork with the home owners, Realtor and home stager. 

Today’s “to be continued” Feature Home had the perfect challenge from my Realtor partner with this 87^th and Harvard area listing.  “I want this house to look like a million dollars after it is staged!”  Some challenges involve transforming frumpy into fresh but not in this case. I was challenged with giving energy and flow to a wonderful house and location.

After my initial consultation with the home owners, I left them “homework” to complete before our staging date.  This professional couple earned an “A” for their assignment.  For example, Ms. Home Owner purchased absolutely luscious new bedding for the Master Bedroom! 

Then, the fun began.  Working mostly with their lovely furniture and exquisite accessories, we spent the day staging our vision to show off this wonderful house.  We brought in some key pieces of furniture and accessories and worked on the flow and focal points of this wonderful house.   As you can see from the accompanying photos, we succeeded in turning our “million dollar” vision into a reality.

A challenge of home staging is that the home owner does not always buy into the stager’s and/or Realtor’s vision.  As we have stated many times in this blog, putting your house on the market is a very emotional experience.

Typically, I hear from the home owner client the same day after staging their house.  In this instance, I did not hear from my professional couple clients before going to bed – so I began to worry that they did not like what I did to their house.

Imagine my surprise and delight (and pride) the next morning when I received the following late night email note.

Cindy

Our house is beautiful . . . . I arrived home from work just before 10pm & have spent the last hour saying "wow" and taking a million pictures, so that I might recreate this every day! I will speak with you tomorrow about details, but I love the house. Thank you so much! I know it will sell now, and I am going to entertain until it does! Who knows, perhaps I'll help us generate more interest!

Fondly,

Ms. Homeowner

PS. Mr. Homeowner loves it as well!

Dwell in possibilities

Cindy

Blueprint for a New American Home

Recently, the Wall Street Journal published an interesting article, Blueprint for a New American Home, about home buyers and home owners shifting attitudes toward “more practical features and away from the aspirational”. 

The author points out that “the new styles are showing up in the relatively few new homes under construction as well as in the remodeling of older homes. More people are renovating as they stay put longer.”

The shift in attitudes and possibilities includes:

·         Grand Foyer to “Drop Zones”

·         Breakfast Nook to Outdoor Living Space

·         Dad’s Office to Lifestyle Center

·         Formal Living Rooms to Open Family Rooms

Read the full WSJ article Blueprint for a New American Home at http://online.wsj.com/article/SB10001424052970204644504576651152960249150.html?mod=WSJ_RealEstate_LeftTopNews   Make sure to check out the accompanying slide show photos for examples of the shifting attitudes and possibilities.

Dwell in possibilities

Cindy

The One That Finally Stumps Me!

As I prepared to tackle this staging project, I had convinced myself that this was the one – the house that was going to stump me.  It lacked energy and I lacked inspiration.  It was a gigantic puzzle to me that I pondered for days trying to find a way, a hook, or an inspiration for the home staging.  It was just not happening.

I built a plan for how to stage the house still fighting the fear that this one was going to stump me.  I packed my stuff hoping that I would find some magic home staging fairy dust.  I kept coming up empty and uninspired.  Oh well, I can always go back to my CPA tax career!?!?

And, then it happened – the hook, the idea, the inspiration.  It came in an unlikely space – the sunroom.  As furnished by the seller, this room appeared to be an afterthought.  You can see what I mean in the accompanying “Before” photo.  Then, I had a vision of a seating area with a colorful rug, Pier One chair covers and pillows along with opening up the window shades to highlight the gorgeous statues and backyard.  See the “After” photo to experience the inspiration too.

Presto!!!  I had my inspiration and found my energy.  The puzzle fit together and the rest of my staging work blossomed from this inspiration.  The other rooms came to life as well as I built color and pizzazz into the master bedroom, bath, family room and kitchen.  Suddenly, this dull, uninspiring house was popping with life, energy and color.

Then, I envisioned myself living in this house (reading a great book in the sunroom and entertaining in the large family room).  It is a really good sign when the stager starts imagining living in that house.  It bodes well for the real buyers who will find the eye popping online photos and visit this wonderful house.

When I finally made it home, I did have to stop my husband who was researching CPA continuing education classes and updating my resume.  He had heard my concerns and took them seriously.  He was helping me ease out of my home staging adventure after I was finally stumped!?!?!?

I admit this one was a real challenge, but I am back and better than ever.  In a way, this challenge inspired me to find the possibilities and the inspiration in every house.  Now, I look forward to the feedback from my Realtor partner about how much the buyers loved this house and imagined its possibilities for their life adventure living in it.

Dwell in possibilities

Cindy

My Tax Accountant, My Home Stager

It was bound to happen one day – a former tax clients becoming one of my home staging clients.  As you may recall, I owned a CPA Tax practice before becoming a home stager (the unusual Right Brain-Left Brain switcheroo).  

I was both excited and cautious when a Realtor partner called to tell me that she was trying to convince my former tax client of the value of professional home staging.  I was excited about a new engagement as well as having the chance to work again with one of the most gracious and kind people.  I was cautious because I knew that he was a shrewd business man who would not give me the job simply because he liked me.  He would need to be convinced.  It was not an easy sale as we had a meeting and multiple conversations before I began. 

But convince him I did and he agreed to invest in home staging.  The even better news for me is that this staging project turned out even better than I imagined (and I imagine really special results)!!

This house had many wonderful features that I wanted to spotlight and enhance.  My goal was to help the prospective buyer visualize:

·         entertaining and relaxing in the warm and comfortable Family Room;

·         reading and working in the “clubby” Study;

·         eating Sunday brunch by the fireplace in the Kitchen; and

·         hosting an elegant dinner party for friends in the Dining Room.

You can see each of these incredible spaces in the accompanying pictures.  You can also visit our website to see remarkable “Before” and “After” photos of this Camden Court staging project (http://www.transitions-home-staging.com/Camden-Court.html )

I knew that I had succeeded when my double client (tax and home staging) stopped by and exclaimed “Wow, Cindy.  You did a great job!” -- Once again confirming what a kind and gracious man he is. 

The fun part of my tax practice was in spending time with my clients, learning about the life changes over the past year, discussing their plans and dreams and helping them help me complete their tax returns.  The fun part of home staging and interior design are the people and relationships that I develop with realtors and home sellers. 

Because I was able to renew an acquaintance and serve his family in a new and unique way, this engagement was full of wonderful possibilities and great personal joy. 

Dwell in possibilities

Cindy

Two Examples - Cost of Home Staging Is Less than First Price Reduction

In previous blog posts, we made the case that the cost of professional home staging is much less than the first price reduction after a house has been on the market.  Specifically, we used data provided by Cort, the world’s largest provider of rental furniture, to make that point with data.  You can read the details in our March 2, 2011 post (Cost of Professional Home Staging – Less than First Price Reduction)

Today, we share two real life examples to further the point that the cost of staging is a lot less than the first price reduction.  In both cases, we were asked to make a proposal of professional home staging.  The sellers decided not to implement the Transitions staging plan and to test the market without the benefit of professional home staging.  Let’s look at the specifics of each example.

Modest Home with Other Houses for Sale in Immediate Neighborhood – I was asked by my Realtor partner to propose a home staging solution and to convince the sellers of its value in selling their home.  My partner knew that this house needed help as it was a modest home, nearly indistinguishable from the other houses for sale in their immediate neighborhood.  My proposal had a $1,600 price tag and would have made this modest house different from the competition, marketable, and appealing to potential buyers.  The sellers decided not to accept my proposal.

This house is still on the market 3 months later.  And the sellers reduced the list price by $10,000 - six times more than the cost of the proposed staging project!

Bank Owned Foreclosure – I was asked by this Realtor partner to propose a home staging solution for a bank-owned house.  My partner knew about our success with helping sell foreclosed houses (check out the pictures of the Peppergrass Staging Project - http://www.transitions-home-staging.com/Pepper-Grass-Staging.html or the Manor Staging Project - http://www.transitions-home-staging.com/Manor-Drive-Staging.html ).

My proposal had a $2,100 price tag and would have provided full staging of all key areas.  The banker managing this property decided not to accept my proposal.

This house is still on the market 6 months after I made this proposal.  And the bankers reduced the list price twice – first by $30,000 before we made our staging proposal and then another $10,000 after we made our proposal.

There must be some sort of psychology at work here in that the sellers place greater value on “out-of-pocket” expenses than they do for price reductions on the list price of their house.  In the end, a dollar is a dollar whether it is “out-of-pocket” or in the check at the house closing. 

We will continue to argue for the possibilities of professional home staging because we know it works and have dozens and dozens of examples to share.  It makes sense especially when the facts and examples are so obvious.

Dwell in possibilities

Cindy

Entrez, Sil Vous Plait!

If I could only stage one room in a house, that room would be the entry.  The entry area is where the action begins and where professional home stagers earn their fees!  The objective is to say to the potential buyer – “Entrez, sil vous plait! (Enter, if you please!).

A potential buyer makes up his or her mind about a house in the first 30-60 seconds upon entering the house.  It is an emotional reaction and decision.  Their remaining time in the house is spent justifying that initial emotional reaction.

Given how quickly the entry area sparks a decision by the potential buyer, an entry should ALWAYS be staged. 

Some entry rooms are grand, spacious and make my job of creating an emotional reaction easy.  But, sometimes an entry is no more than a hallway leading to other areas and that makes the task more demanding.  Regardless of the size and space, I still take the opportunity to create a dramatic entry into this house.  

Today we feature examples of dramatic entry room transformations. 

Glynnwood II – Before staging, this entry was good sized but underwhelming in the décor.  I wanted this area to set the stage for the rest of the house.  I used a rug, table, lamp and traditional accessories to create a feeling of graciousness that follows into the rest of the house. 

Boardwalk - Before staging, this entry had a narrow feel with too many small things that were not impressive or noteworthy.  Even though this entry is more like a hallway, I used a large grand painting and larger scaled floral to make this small entry look and feel sophisticated and impressive.

Check out our Transitions website for more vivid examples of how professional home staging transformed entry rooms and areas (http://www.transitions-home-staging.com/Entry-Ways-I.html).

The professionally staged home speaks to the potential buyer - “Enter, if you please!  Imagine your best self in this house.  Envision living the next chapter of your life adventure in this inviting home.” 

With a professionally staged home, one can imagine that anything is possible.

Dwell in possibilities

Cindy