This month we’re thrilled to have Julia Stepanova, a local real estate expert who has done some great investments herself, and is on board to help guide us in our wealth building activities. Here’s Julia!
A few months ago I had a 2 bedroom condo, in a brand new building in downtown Toronto, for sale. A very pretty unit in itself, but even after two price reductions and many showings it just WOULDN’T SELL. Whoever entered would say: “Wow nice view, big rooms, good floors, great bathroom and kitchen”. Yes I know, want it? … No.
It was as if it was cursed. So, sitting at my usual spot, a large green tea in my hand, an idea occurred to me. I called my clients and suggested to stage the unit. In a matter of two days, with the help of professional stagers the unit was transformed, the new design complementing the units’ qualities. The next day I had multiple offers and it was sold for $12,000 over the asking price. Most surprising was the fact that the couple who had bought it had been there a while ago and at the time paid no special attention to the unit. Now, they couldn’t believe that they have already seen it before.
Creating an unforgettable image of your unit is necessary thus, staging is very important (it changes the entire atmosphere of a place). Some companies allow you to pick and choose furniture to fit your budget without using a stager. There are also some great books; the recently published “Staging for Dummies” by Christine Rae and Jan Saunders Maresh has a whole chapter dedicated to colour choice and offers advice on combining colors effectively, explaining the rules of a 60/30/10 ratio: 60 for walls,“Wall color is the most dominant space in the room and claims 60 percent of the color in the room. Remember the ceiling and floors are walls, too! You use the secondary color on the larger pieces of furniture and window treatments[30%] . Use the color on throw pillows, florals, art, and accessories [10%]”.
Now I must admit that the apartment wasn’t cursed, it just wasn’t memorable enough. But staging did the trick. And luckily I had my green tea, which always does the trick too.
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Julia is a real estate agent with Re/Max Condos Plus and you can find her here.</a