Hi, I'm after feedback from those who've hired furniture to sell a property. Cost? Supplier recommendations? Success or not? We're attempting to sell one of our IP's to finance our PPOR and need a quick sale. The current tenants are students and it's not presenting overly well. Any feedback would be great appreciated! IP is located in southern Sydney.
if the property is currently leased, there is precious little you can do about the presentation by the tenants, that’s the way they live.
If the house was vacant a stylist could provide you with as little or as much as you require – from furniture to rugs, accessories, artwork Etc……. Cost will vary with the services provided & length of hire/eot. They will also advise if you need to touch-up painting in specific rooms.
I was curious about this myself as well
Staging homes is definitely a great way to sell more quickly for a lot more money
However, finding businesses that hire out furniture has proven to be quite difficult
Not sure if there is a company/business out there that specializes in staging homes
If not, this might be a great business opportunity, provided there is enough investor demand
Kong, there are plenty of places which provide these services. They generally have a large inventory of furnishings to create several themes. As they must carry large quantities of furniture, they also have warehouse facilities.
Cool
Any particular ones you would recommend that is located in Ballarat?
Hi Guys,
There are alot a companies who do this. Why not ask the real estate agent and see if they know any one? They would usually have some sort of contact or at least point you to the right direction.
But be aware if you are currently leasing the house and you are currently selling it you might not even be allowed to do this in the first place?
Also if the students damage anything who is liable?
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Yes Johann, we can't kick out tenants out to do the work (e.g. new carpet, paint) while they're in a fixed contract. We also wouldn't want them using the hired furniture. The idea being we wait 'til they're out of contract, spruce and dress it up and aim for a quick sale with 2 Agents on board. Hopefully the plan works!
Thanks everyone for your feedback. There seems to be a few companies around that do it…I was just after personal recommendations as we've never done this before.
Hi,
I sold a house in Tarneit (Melbourne) using your methods. Worked a treat.
One thing though why would you use two different agents?
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Yeah probably won't use 2 Agents now that I think it through…it was only because the Agent we're possibly going through to purchase our PPOR was going to give us a sweet deal if we sold through them as well…but they're not located in the suburb of our IP so we thought we'd need another one as a local option.
Johann – how much value did you think the property styling added to the sale price? Hiring furniture doesn't seem to come cheaply…but if it's worth it in the end, then I guess we'll just suck it up.
Scott No Mates wrote:if the property is currently leased, there is precious little you can do about the presentation by the tenants, that's the way they live. If the house was vacant a stylist could provide you with as little or as much as you require – from furniture to rugs, accessories, artwork Etc……. Cost will vary with the services provided & length of hire/eot. They will also advise if you need to touch-up painting in specific rooms.Totally agree with Scott here.
I've seen what student houses look like
Do you need to sell right now? It might be best to wait until their lease is up. The house will present better so it will hopefully sell for more.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks Jamie, that's the plan. Wait til their lease is up. In the meantime, we will be living very frugally!
Hi Amy,
Identify first what your target market is. Investor, renovator or owner occupier.Things to consider:
– If it is best sold as an investment, then it is best to have a lease in place at least periodic (not vacant).- Investors want to know the exact dollars coming in, and not have the initial hassle of finding tenants or being fooled by an inflated potential rent price when it is being sold vacant
– In terms of presentation you can give incentive to current tenants to have the place looking immaculate for your open homes (for student, cash discounts on rent or beer work well- and only given if each week presentation is of great satisfaction
-So the lease income stays the same (to show the investor) but a rebate is given on a week-to-basis pending your satisfaction.
– High presentation and slick furniture do not certainly guarantee a better price. What is does guarantee is that if their is a better price in the marketplace then if will come from this.-Furniture packages are a great investment into the promotion of your property for owner-occupiers. Especially if your property is in a competitive marketplace.
If your property would best be suited to potential investors then structure your selling campaign first to them. Win – win (you continue to receive income and create locked in cash returns for investors.
If for owner occupier, then give the tenants notice to leave and get your place styled and looking immaculate.
If you are not sure what target market it would suit, get your agent to advise you.
Alternatively you can run an extended campaign… In short
Run a 3 week campaign with property as is (positioning it to investors)- Your agent can easily run a very cost effective campaign in this time frame. Within 3 weeks you will certainly know the level of interest involved in your property. If there is no interest at all, then after the 3 weeks give a notice to vacate (if lease is periodic). The tenants legally will have 60 days to then move out. During this time the property can continue to be marketed or withdrawn. And then prepare for the 2nd campaign.
Regards,
Matthew Frost
Thanks Matthew, this is all very helpful. I've always thought our IP could be targeted at FHO or investors as it's in the right price bracket for both. So having said that, we could go ahead and try your suggestion of 'testing the market' with the property in it's current state. Does this cost us money with the Agent?
of course it will – marketing, preparation of contract etc
Then I'm not sure it is the right time for us…with all the moving costs, stress of re-locating, having a third child, it may be best for us to wait and give it our best shot in March when their contract is up.
It also doesn't sit right to me to isolate the FHO target market by not presenting it well. I'd rather present it well and cover both bases.
Cheers for your help though.
Sorry but we've only ever bought properties, not sold. What I was asking was, does it cost to list a property if it doesn't result in a sale? Obviously is does…
Hi Apologies for replying a bit late.
I end up getting a bit more money then what the vendor wanted but in all truth the market conditions where allot better.
I think the best option may be just to get it cleaned up and rather then spending more money on the home sell it and a cheap price and it should all balance out.Cheers
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
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