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Showing posts with label buyer prospect. Show all posts
Showing posts with label buyer prospect. Show all posts

Wednesday, November 17, 2010

Surprising Obstacle to Virtual Staging

Not So Virtual "Virtual Staging"

So, what's holding up virtual staging? (see also, "Virtual Staging: Ready for Prime Time?")

Not Realtors, who by and large are game (even if they have to dig a little deeper into their pockets to do it).

Not clients, who stand to save a small fortune on actual staging costs.

And not local Boards of Realtors, who as best I can tell are behind the curve addressing the issue -- but have hardly forbidden the practice.

Give up?

The virtual staging companies themselves.

(Legal) Boulders in Road

I'm in the process of doing virtual staging for the first time, and was eagerly awaiting a phone call from the (Atlanta-based) vendor, who contacted me Monday.

"Can you give me an idea what would you like the rooms to look like?," he asked.

By way of introduction, I explained that the home has a traditional look and formal floor plan, so therefore the furniture choices and arrangement should reflect that.

However, my highest priority -- and the reason I was popping for virtual staging -- was to be able to show prospective Buyers how the house would look without the dated, loud wallpaper -- and with the oak hardwood floors uncovered (now obscured by equally loud, decades-old carpeting).

"Check on the furniture, but can't change the flooring or wallpaper," the virtual stager told me flatly.

Litigation Risk -- And How to Avoid It

"Huh?!?," I said incredulously.

Due to litigation risk, he explained, the company's policy is not to alter a room's physical attributes, only to show how it would look with furniture and accessories added.

For a virtual staging company, isn't that like tying 1 3/4 arms behind your back?

Or, as Henry Ford might say, "you can have any color Model T, as long as it's black."

"One Size Fits All" Policy, For Now

I proceeded to explain that I am a former lawyer, and had no intention of using the staged photos in a misleading or deceptive fashion; or getting myself, my broker -- or them -- sued.

Specifically, I said that I would:

a) stipulate that I would not use the photos online or in MLS marketing materials, but only as "blow-ups" that I would display, physically, in each of the rooms, to contrast the "Before" and potential "After" appearance;

b) understood that each of the blown-up photos would be stamped with a conspicuous "virtually staged" disclaimer; and

c) would present prospective Buyers and their agents with a written acknowledgement for them to sign before entering the home and doing a showing.

What Buyer could claim that they'd been deceived after complying with all that?

"No go," came the quick answer.

Clearly, the virtual staging companies are risk-averse, and don't want to be in the business of policing how Realtors use their photos once their computer whizzes (electronically) ship the photos out the door.

I get that.

But by declaring the best applications off-limits -- at least for now -- the virtual staging companies are very much undermining demand for their services.

Friday, August 28, 2009

Want Buyers? First, find their Realtors

Real Estate Brokers & Technology

What's the best way to find Buyers today?

First, find their Realtors.

To do that, it helps to have great technology and a strong market presence.

With a market-leading 20% of the Twin Cities' housing market, Edina Realty has lots of listings. Every time an agent shows one of those listings, Edina tracks who it is.

One of the latest applications is assembling all that data and making it available to other Edina Realty agents.

So, if you own a home in, say, Edina's Country Club neighborhood, and list with Edina Realty, your Edina agent can determine which Buyer's agents are showing similar, nearby homes -- then contact them.

On a scale of 1-10, with 10 being a financially well-qualified, motivated Buyer, prospects already working with a Realtor and actively looking in your neighborhood are a 9.8.

By contrast, the online lurker who anonymous clicks on your listing photos -- usually to see what your Living Room looks like -- is about a 1.2 on a 1-10 scale.

P.S.: Edina's technology tracks both Edina and non-Edina agents. Does that raise privacy issues? I doubt it, because if you're an agent scouring a neighborhood for a client, you want to know about upcoming, nearby listings.