“Evaluating Presentation: The Importance of First Impressions in Property Sales”
First Impressions Last! This is very true when it comes to selling your home.
Excited to share Article on the 2nd Step of our SELLWISE Strategy ‘Evaluating Presentation’
“Evaluating Presentation: The Importance of First Impressions in Property Sales!”
This component highlights the importance of Evaluating Presentation for attracting interest, achieving higher offers and ensuring efficient sales.
Here are the Key Items summarised in the Article:
- The Significance of Presentation in attracting buyers
- Case Study: Unsold in 8 months to Sale Agreed in 10 days!
- Benefits of Evaluating Presentation in achieving success and maximising value
- Exceptions: Where Evaluating Presentation is less important
- Solutions for Improved Presentation
What impact do you believe it has on the success of a property sale? Share in the comments below
Helping one person, one property, in one place at a time.
Introduction
In the competitive world of selling property, the presentation of your property can significantly influence the success of a sale. Our SELLWISE Strategy is a structured approach to selling designed to maximise outcomes and results for property sellers.
The second component of this Strategy ‘E’ is ‘Evaluating Presentation’ which is a critical component when aiming to maximise the appeal and value of your property. Ensuring your property is presented in the best possible light can be the difference between a quick, profitable sale and a prolonged listing with lower offers.
Our recent firsthand experience of this when we were invited to appraise a property in the current booming Seller’s Market, in a sought after location in Limerick city, that had been on the market for 8 months. The property had not sold or had not reached an offer anywhere close to Asking Price; which was also following an already reduced price during that period.
Briefly; following an invitation to appraise the property and careful consideration to the fact that the owners did not intend to invest in improvements due to perceived costs, we advised on some imperative but very cost efficient touch ups which resulted in small impactful changes in relation to ‘Creating a Positive First Impression’ which were undertaken within a week.
We listed and marketed the property which resulted in immediate interest resulting in a Sale Agreed for the Full Asking Price within 10 days.
Feedback from the buyers included their perception that they thought there was something wrong with the property previously because it was listed for so long, and that first impressions had been offputting; discouraging interest and viewing.
This article delves into the process of evaluating presentation, the importance of this step, the types of property sales where it might not be as necessary, the problems and consequences of neglecting it and solutions to ensure your property is presented in the best possible light.
Why Evaluating Presentation is Important
Creating a Positive First Impression
The first impression a potential buyer forms when they see your property is crucial. A well presented property will generally stimulate positive emotions, creating a strong impact on buyers and influence on their decision making process.
Standing Out in a Competitive Market
Evaluating and subsequently enhancing your property’s presentation can make it more attractive than similar listings, giving you a competitive edge. This can lead to more viewings, higher offers and a faster sale.
Maximising Property Value
In the current environment with the cost of materials, labour and the shortage of tradesmen to complete works efficiently, buyers are often willing to pay more for a property that is well maintained and ready to move into. Well presented properties can justify higher asking prices and allow the best features of the property to be highlighted and maximise its perceived value.
Property Types where Evaluating Presentation can be Less Important
Presentation is a cornerstone of attracting potential buyers and securing the best offers but there are certain types of property where the emphasis on presentation may not be as crucial. Understanding these exceptions is important in terms of the expectations from the sale.
Investment Properties
Investor buyers often look for, and have an eye for potential rather than existing presentation. Investors look at all the financial aspects, rental income and expenditure, potential growth and capital appreciation as a priority rather than the current appearance; with many having plans to renovate, refit or refurb following the purchase.
The exception to this is in an undersupplied wider market and if the owner is selling with vacant possession. It is important for you as the Seller to know that in the current circumstances, even though you traditionally viewed your property as an Investment property, it can also be opened up to the wider market of owner occupier interest. The shortage of supply relative to demand in a Sellers Market draws a much wider pool of buyers for previously rented property due to changing demographics, buyer preferences, lack of supply and affordability of rented property in the wider market, and the subsequent desire for home ownership. In these situations, where you as the Seller have vacant possession, it is worth investing in presentation as it is highly likely the best price can be secured from the owner occupier pool of buyers.
Properties Being Sold ‘As Is’
When the strategy is to sell a property is ‘As Is’, a clear message is being sent to the buyer pool that they are purchasing the property in its current condition. These properties appeal to buyers who are willing to take on the responsibility of renovations themselves, often for a lesser price than a well presented comparable; making presentation improvements less critical, and the focus being on its further potential.
Competitive Sellers Market
It is true that in a Seller’s Market, with buyer demand exceeding supply; some properties may sell quickly regardless of consideration to all aspects of presentation. However, even with this in mind, better presented properties can lead to more interest, higher offers and faster sales.
Problems when Presentation is Neglected
Negative First Impressions
First Impressions Last. Poorly presented properties can create negative first impressions and it can be difficult to change these perceptions later, even if the property has really good potential. An uninviting exterior, particularly an untidy or poorly maintained exterior, cluttered interior or outdated loud paint colours can affect buyer perceptions, leading them to question the overall maintenance and attention to the property.
Reduced Buyer Interest
A lack of attention to presentation can result in less engagement from buyers. This can lead to the property being on the market for a longer period of time, less offers and the sale price not being maximised in line with the available wider market demand.
Lower Offers
Lower offers can be frustrating for Sellers and also result in longer negotiations and sometimes the need to remarket and relist the property. Buyers may perceive a poorly presented property as not being cared for and factor this into their offer.
Consequences of Neglecting Presentation / Poor Presentation:
Prolonged Time on Market
Properties that do not make a strong visual impact are likely to spend more time on the market and take longer to sell. As discussed in the Introduction above, extended listings can create the impression that there is something wrong with the property, further discouraging potential buyers. This prolonged time on market can also lead to increased costs for the seller in relation to mortgage payments, property tax, insurance and can cause complications in relation to your future expected plans.
Reduced Sales Price
Properties that fail to impress potential buyers due to poor presentation are likely to sell for less. Buyers will pick visible issues and try and negotiate down the price. The perceived need for basic repairs will devalue the property in the buyer’s eyes as well as interest from the wider market place, affecting the ‘buyer excitement’ that greatly impacts a successful sale. This can result in the seller receiving less than the property’s true market value.
Missed Opportunities
Poor presentation can lead to missed opportunities with buyers who might have been willing to pay a premium had that had been presented better. Each missed opportunity and potential buyer reduces the chances of a quick and maximised sale.
Solution & Potential:
Kerb Appeal
Assessing Exterior Appearance
The exterior of your property is the first thing potential buyers see. Assessing and enhancing the exterior appearance is crucial. Addressing the overall condition of your home including the roof, walls and windows and repairing any visible damage or signs of neglect can significantly enhance your Kerb Appeal.
Landscaping & Garden Maintenance
A well-kept garden and landscaped surroundings can significantly boost your property’s appeal including the pristine presentation of the lawn, flower beds and any outdoor features including front Entrance and fencing.
Front Door and Entrance
The front door and entrance set the tone for the entire viewing the rest of the interior. A fresh coat of paint in a netural colour can make a significant difference on the front door and entrance hallway as well as a Welcome Mat. Ensuring the Entrance is clean and clutter free will create a positive first impression.
Interior Presentation
Decluttering
A cluttered space can be overwhelming for potential buyers and make rooms appear smaller. Decluttering unnecessary items, personal belongings and creating a sense of order in your home will help buyers visualise themselves living in the property.
Cleaning
Thorough cleaning is absolutely essential to present a property in the best light. This includes deep cleaning carpets, windows, appliances and all surfaces. An immaculately kept home attracts and impresses potential buyers.
Repairs & Maintenance
Taking care of internal repairs and ensure all appliances are in working order before bringing your property to the market is important. This includes fixing any leaking taps or showers, loose or broken tiles and door handles throughout. Taking care of these details prevents buyers from being put off by visible issues.
Staging the Property
Furniture Arrangement
Proper furniture arrangement can highlight the space and functionality of each room. Without going to expense, arranging your existing furniture to create a natural flow can maximise the space and make the property more inviting.
Natural Décor
Personal taste can greatly vary and therefore neutral décor appeals to a broad range of buyers and allows them to visualise their own style in the space. The additional of plants can greatly enhance the interior and add additional life to the space.
Lighting
Good lighting is essential for showcasing a property. Ensuring all lights are working and using bright, warm bulbs will make your property feel more welcoming as well as the presence of table lamps and the occasional floor lamp. The natural light available should be maximised during viewings including having blinds and curtains opened during viewings.
Highlighting Key Features
Unique Selling Points
Every property has unique selling points that should be emphasised to make your property stand out. This could be interior architectural details, the fixtures and fittings, the aspect, the flow of space or exterior landscaping or beautiful views. It is important that these are readily visible for viewers and highlighted in the marketing of your property.
Room Functionality
Clearly defined spaces help buyers see the versatility of the property. It is important that the rooms are presented purposefully in terms of functionality, whether it is a home office, additional dining room or Den. This greatly helps buyers understand how they can live in the property and use the space.
Photography & Virtual Tours
Professional Photography
High-quality photographs are essential for making a strong impression online which include capturing the best angles and features of your home. Professional photography online can greatly enhance the visibility of the property, including becoming a talking point and sharing online, thereby reaching the widest possible audience.
Virtual Tours
Virtual tours and Video Marketing has become increasingly important and allows buyers to explore property remotely and get a great feel for the layout and space. Virtual Tours will also attract more interest and accommodate buyers who may not be able to visit in person and are a great tool for educating the audience about your home and the location.
Conclusion
When selling your property, understanding the value of property presentation and first impressions is crucial; developed in conjunction with your Estate Agent. The second step in our SELLWISE Strategy ‘Evaluating Presentation’ highlights the importance of properly evaluating the presentation of your property. This will help you avoid the pitfalls associated with poor presentation, stimulate the widest buyer interest, attract the most offers and ultimately achieve the best price for your home in an efficient timeframe.
To maximise every aspect of the Sales process, including the Presentation we have spoken about, we will be diving into the further elements of the SELLWISE Strategy. Stay tuned for the next article when we will look at the 3rd component of the strategy ‘L’, Legals & Financials.
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