In today's Agent Insights, Craig Ackerman of Ackerman Realty Group isn't a typical real estate agent. He specializes in doing whatever it takes to get top dollar for sellers in San Francisco - whether that means impressive staging or coordinating a total renovation. Today, Craig talks about the key to realtors getting the most bang for their renovation buck.
A San Francisco couple and their three children had wasted months waiting for their condo to sell. They were frustrated that their listing agent let it sit idly on the market, and no buyer appeared.
So by the time the family called me in, they were desperate. With the addition of their third child, they were wedged into the condo like sardines and needed a larger, more comfortable house.
Researching the market
It broke my heart when the homeowner told me he had no idea why the condo did not sell. Determined to find out, I researched the 15 most recent sales of similar 3-bedroom, 2-bath condos.
What I discovered is really quite simple. Thirteen of the fifteen condos that sold had modern kitchens with stainless steel appliances.
Stainless is a Must-Have
My client’s home was outfitted with a stainless sink and faucet, but the appliances were a mixed bag.
The homeowner hadn’t realized how out of fashion his kitchen looked and the pivotal role it had in creating the perception of the entire house.
The Kitchen Sets the Tone
With the open layout present in my client's home, the outdated kitchen was visible from the living and dining rooms. Unfortunately, that meant the dowdiness of it spilled over into all the main rooms.
I shared photos of the condos that sold and a review of their corresponding times to sell with my client. He immediately saw the connection between stainless steel-appointed kitchens and quicker, higher value sales and asked for help replacing all of his appliances, including the range hood, with stainless.
Updates Make the Difference
After replacing the appliances, I recommended a couple of minor tweaks to the staging, then listed the condo for sale. The client was thrilled when it sold three weeks later, for a price that allowed the family to move to a much larger and more comfortable home.
Time and time again, simple updates like stainless steel appliances sell a property - and knowing what small investments are going to generate a huge return for your client adds immeasurable value to your skill set.
Get more tips from Craig and check out some of his other remodeling projects on his website, www.ackermanrealty.com.
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