Advantage staging tip of the month Working with Vacancies

Having worked with dozens of vacant and semi-vacant properties for sale over the years, we've learned a LOT of things, including:

        Contrary to what many people believe, most buyers cannot mentally visualize their "stuff" in an empty room. That's why developers furnish their models!

        Staging small spaces is as important as filling larger ones. For instance, often buyers cannot image a queen sized bed in a townhome's master bedroom, let alone night tables, dressers, etc. Experienced stagers know what realistically can be placed in a room to best utilize the space without overcrowding it.

        It's usually not necessary to stage/furnish all rooms of a vacancy. Key areas, including rooms first seen upon entering a home, are the primary ones to consider staging.

        Most home buyers begin their property searches on the internet. Showing pictures of empty rooms is not enough of an enticement to actually go and see the property and, in fact, vacant properties sometimes have an abandoned feel to them, particularly if they are not in the best of condition.

        In addition to the above, there's another very important factor to consider when selling a vacant property: INSURANCE COVERAGE! The information below is general and you should check with your broker/agent as to what your particular insurance will and will not cover.

        A vacant property is typically defined as one that is empty with all furniture removed. This is not the same as a home that is sometimes unoccupied (vacation home, for instance).

        Most insurance companies will not cover vandalism after a home has been vacant for more than 30 days and many insurers will drop the policy on a vacant home at some point. Other points to consider: frozen pipes, fires, flooding, etc., etc.

What should you do if you have a vacant property?

        First and foremost, check with your insurance carrier.

        Next, work with a professional stager to rent some furniture/accessories to give life to the property.

        Ensure the outside of the property is well maintained and doesn't appear abandoned (this includes seasonal maintenance of lawns, driveways, walkways, etc.).

        Put lights on timers and periodically change the on/off settings.

        Put a timer on a small stereo/radio.

        Have someone check the inside and outside of the home on a regular basis (your REALTOR or a neighbor or your staging company).

        If you don't have one, consider a security system.

If you will be selling a vacant property, we would be happy to work with you to find cost-effective solutions that will not only improve marketability but may help with insurance issues, too.

Note: Tom Hornung (Thomas J. Hornung & Associates) is a professional, experienced insurance agent who is familiar with the topic of insuring vacant properties.
To learn more, contact Tom at 302-764-1000.