Stagers & Realtors, take notice .... some banks are paying for staging foreclosed homes! Here's an example of one that we staged recently. It's a beautiful new home in Beaverton Oregon that has been on the market for THREE YEARS (never lived in). The smart and savvy bank owner recently bought several foreclosed homes in this upscale neighborhood and is investing in preparing them to SELL. So, what else did they do? Here are some Before & After photos to show you the changes...
UPDATE: After being on the market for 2+YEARS without a sale, this home was staged and SOLD in just one month!
Here's how the Powder room looked ~ Before the painting crew came in to repaint it (Devine Sumatra)
In the Office, the bank had the carpeting replaced, and had this room repainted too (Devine Roast)
In the Great Room, the Bank replaced the gathered sheers on the windows with wood blinds ...
The Master Bath was repainted as well (Devine Oat Straw) & the Master Bedroom was staged to sell ...
The Dining Room and the Kitchen were staged to appeal to the target buyer ...
UPDATE: After being on the market for 2+YEARS without a sale, this home was staged and SOLD in just one month!
You may want to pursue this type of business in your area. Don't give up .... just get busy and go after whatever business is out there. These are challenging times and smart banks are starting to "get it." Hang in there ... and Good Luck!
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Maureen Bray of Room Solutions Staging in Portland Oregon offers her clients professional home staging services to maximize equity and minimize market time. For a free staging proposal, call us at 503-246-1800. Three recent homes we staged all SOLD in two weeks!
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2012 Professional Home Stager of the Year - Western U.S.
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Excellent.. Good to hear that the banks are getting wise as to what will bring their properties the best value.
That's great newx, Maureen! Maybe banks will finally get serious about their part in selling these homes.
What a SMART bank! I am going to save these photos for examples for my sellers....What a difference staging makes! But WE already knew that!
Hi Maureen, Thanks for sharing this post with us! There must be a savvy person working at that bank who really cares about selling this house. I have not heard of any foreclosures in our area being readied for market to this extent and definately none being staged. If you don't mind sharing, how did you get this "client" (the bank)? The staging looks great!
Thank you for sharing. You did a wonderful job and I hope this helps the bank to get this home sold. We need to do everything we can to reduce the inventory in our area and I think staging helps tremendously.
Maureen, how to stand out from all of the other foreclosures- this bank is smart, I'm sure the home will spend less time on the market. Excellent job, I love the color choices.
Nice work, Maureen! It make a huge difference.
Maureen,
Nice job. The bank is forward thinking. I hopes it does the trick for them.
That is great news - a few of the bank owned homes could use staging here as well. What an amazing difference. ~Rita
Darren ~ You're right that the banks need to bring the best value to these foreclosed properties. Thank you for commenting.
Maria ~ We all hope for that!
Pat ~ Sounds like you're a smart Realtor who also understands the value of staging! Thanks for your feedback.
Diana ~ Thanks for your kind words ... the listing agent contacted me, since I'd staged some other properties for clients of hers. I met the Bank's President and plan to keep in touch with them!
Dana ~ Thank you for your input, how great to hear that another Realtor believes in the power of home staging!
Debbie ~ Yes they are very smart ... and we're hoping for a quick sale. Thanks for your compliment, it's appreciated.
Bob ~ I hope it brings a quick sale for the bank ... thank you.
Brenda ~ Let's hope the investment pays off. Fingers crossed!
Rita ~ Thank you for stopping by with your comment. More banks should take this approach, don't you think?
The home looks great! It is staged to sell!
Hi Maureen,
Hallelujah! It's about time. One of these days every house will be staged. Lovely job as usual.
Cathy ~ Thanks, this home was an absolute pleasure to work on: great home, and a great client.
Susan ~ I'm hoping that is true!
Wow! Excellent job, Maureen and excellent news! I hope the bank is paying 6% in commissions as well!
Maureen, what amazing work you do. I am continually impressed by not only your skill, but your photography as well. Its so hard to get good before & after photos at exactly the same angles. I believe your contribution will sell this home right away and bring you lots more work!
~April
Maureen ~ Interesting to hear that there are banks doing this. The house looks great! Those colors are "devine"! : ) I love what you did in all the rooms, but I think my favorites are the bathrooms and office in this house. I love the little chest in the master bath that you used by the tub to hold towels, and that office has some great storage going for it.
Maureen, great blog and excellent work. I have been trying to get into the banks REO division and there are so many depts, I couldn't get through. I have one contact but they already have someone. I actually wrote a blog about Staging saves the World and it is about how banks can help w/economy by taking all the foreclosures and Staging them to sell it for the most amount of money, as opposed to selling it as is. My rationalle is that if all the foreclosures are turned into marketable treasures, then the banks wouldn't have billions in inventory. Anyways, I am impressed with the bank you worked with, not alot of banks get it! If you don't mind me asking, how did you find the person in charge of that or did they find you?
You've achieved great results here Maureen and now it will certainly appeal to buyers with a warm and wonderful feeling from the moment they open the door! I love the Devine paint and the colors as well that were chosen -- fabulous!
Maureen: Thank you for sharing your story (along with paint colors). I'm happy to hear that banks in your area are starting embrace staging. I have gotten a few inquiries lately about staging foreclosures - and I'm happy to jump on that train!
You did a beautiful job staging this home. I hope it sells quickly.
Corey & Erika ~ Since I'm the stager, I'm out of the loop on that issue ...
April ~ Thank you for such a nice compliment. I try to take the Before & After photos from the same angle, but it means taking a lot more photos than you think you'll need.
Kathy ~ It's such a nice home and I'm glad you liked that little chest ... it's part of a set and they do come in handy.
Marcyne ~ With larger banks, it's true that it can be challenging to find the right decision-maker. This particular bank is a smaller one and the bank President is the one who agreed with the listing agent that this home needed updating and staging work. I met with him and he's very focused on getting this house -- and two neighborhing properties they bought as well -- sold as quickly as possible. I'm sure it will be a good investment for them. Keep after the banks in your area.
Margaret ~ You can't go wrong with Devine, right? (It will be fun to hear Gretchen's presentation about Devine paint this week at our ASHSR/RESA meeting too!)
Michelle ~ Hopefully this bank's example may encourage other local banks to get on the bandwagon and stage these properties. Good luck with pursuing this type of business, I'm sure some of your higher-end homes could use your magic touch.
It's about time banks stopped being such idiots... did they still underprice it?
Brian ~ This home is priced very well at $749,000 which represents good value for buyers in this area.
Smart, smart, smart bank. Your staging (as always) makes a huge difference! Combined with what you're saying in terms of price and you've got a winning combination.
Congratulations. Your post is being featured in the group Staging Before & After Pictures.
Kathy
I've wondered about this!.. But as has been said,, most bankers proably don't really understand the value of staging a vacant home.
A couple of months ago I made a proposal to a Realtor who has an upscale REO ( $650.000).. She presented it to the bank and was turned down,,( Not going to spend the $$). Now I will be keeping my eye on that listing to see how long it will stay on the market AND how much they reduce the price... grrrr
The bank you are dealing with is a sharp one, with a heart and smart employees. Maybe you could suggest to them that they market this idea to other banks throughout your state and other states. It makes so much more sense than letting homes sit empty, while the family is living in a tent city and ultimately the home becomes vandalized.
If this was your idea - Bravo to YOU! And Bravo to the bank that is investing , rather than wasting .
Sharon Charboneau - "Upstaging" the Sunshine Coast of BC
Kathy ~ Many thanks for the feature in your group. Yes, this is a very smart bank and I hope that others will follow their lead!
Anne ~ Next time, maybe you could find out the bank contact person and deal with them directly (perhaps in partnership with the RE Agent). Sometimes the bank's CFO or someone on their staff is a good start.
Sharon ~ This home is a bit different in that it's never been lived in. The original builder ran into problems and had to walk away, sadly. It would be wonderful if more banks realized the powerful benefits of staging a foreclosed property.
Nice job staging! We are beginning to see a little turn over in the banking thoughts.. we see a lot of it in the relo area - one of our biggest clients these days. I think they are beginning to see the value we provide finally!! That's a great thing as they can be very consistent clients!
Melissa ~ I hope it's a trend that will continue to grow. Thanks for your feedback.
Glad to hear some banks are rethinking staging. We have to start somewhere. Staging successes will bring more banks to the table to discuss staging foreclosures. You showcased the home beautifully Maureen.
Michele ~ Yes, it's a start and we have to keep educating banks about how presenting a property can make the difference in it selling quickly. Thanks for commenting.
Maureen,
This is so encouraging! Thanks for sharing your "foot in the door" success story with us. It's a great staging that should continue your work in this market!! Love the Devine color choices! :) You will love Gretchen's presentation (she did one several years ago for an IRIS conference I attended). She's a dynamo!
Will you keep us posted on the sale?
Pam ~ Thanks for stopping by to add your feedback ... of course, I'll post a follow up to this staging story. And I'm really looking forward to Gretchen's presentation to our joint RESA/ASHSR meeting this week. We love the Devine line and can't wait to hear what the latest color trends are.
Maurine - This is fabulous news. I'm curious, did you charge the way you normally do or did you have to work some sort of deal with them? Are they paying monthly inventory rental? I just haven't seen this in my area and am hopeful they will come around.
Maureen -- these are truly outstanding results! Let's hope more banks take this example -- it works well for them, and it works well for the neighborhoods that otherwise suffer from neglected foreclosed homes. Congratulations on another beautiful project!
Maureen, that ought to do it. Who could resist this house now with your wonderful work inside to show it off. Smart you, smart realtor and smart bank what a great team. Now all that you need is a smart buyer. I bet it happens quickly! Thanks for sharing your success.
Maureen, this is a wonderful example for banks to follow! Here I'm still being told banks won't spend a penny. But on a home as nice as that one, it's silly not to invest to get back maximum product. Great work!!
Kelly ~ I charged for this project just the same as if the client had been the homeowner or listing agent. The bank paid for staging and the first month's rental upfront as per my usual terms, and they have been an absolute delight to work with!
Leslie ~ I agree, it's a shame to see a neighborhood with several foreclosed properties. More banks should follow this lead!
Ginger ~ We are hoping the smart buyer comes to snap it up before long! Thank you for your kind words.
Annie ~ Keep after the banks in your area. Smart ones will eventually "get it" like my client did!
Maureen, I'm so glad to read about this. I have been wondering how to reach out to the banks. I received one email from a mortgage company but I never heard back. I guess it's time to cold call. Thanks for sharing this info.
Congrats on the beautiful work!
Maureen, so glad to hear this. The home looks great. Keep us posted on the sale.
Allegra ~ Keep after the banks in your area ... it's worth some follow up. Good luck!
Patsy ~ Thank you ~ Will keep you updated!
not too many banks in our area are willing to put out one more penny than they have to and that does not include staging. But again most agents do not get it so will not be "selling" t.
Good for you and I will keep trying here.
Kathleen ~ too many banks and RE agents are missing an opportunity for a faster sale by making a foreclosed home appealing. Keep trying!
This is fantastic news Maureen, and with work like this you'll quickly prove to them how well it pays off.
Maureen- You know all the smart things to do like find the smart bank owners. Love the colors and the staged rooms. I will be eager to see how this goes...the jumbo loans for this price range have become much easier to get.
Ronelle ~ It's a shame when we see foreclosed homes in poor condition, as others here have said. All homes can benefit from a professional stager's expertise!
Paula ~ Thanks, the financing on this home is incredible and too good to pass up. I wish I could buy it myself!
Absolutely beautiful staging, Maureen! No doubt it will help this property to sell, and maybe then others will take notice and give you a call. Great job!
Teresa ~ Thank you! I hope the word spreads about staging foreclosed homes. This one looks so much more appealing to buyers after the bank invested in improving and staging it.
Maureen,
Congrats! it's about time banks got on the bandwagon with all the homes they have on their books. They all talk about 'investing' but they sure have been reluctant to do it themselves. Hopefully a new trend.
I love your staging as you obviously feel that 'less is more' and you are selling space, not things. Some staging is so overdone and goes against everything we as stagers have been taught. Love It!
It's nice that your realtor was willing to make that introduction to the bank. We are not having that sort of luck here in Michigan. Most realtors, that I've talked to, have almost convinced the sellers that they can't afford it.
It's sad.
Maybe the banks will start listening to each other and start staging.
Gail ~ I hope it's a new trend too for the entire country!
Virginia ~ I think smart banks will recognize the value in preparing the property to its best potential.
Beautiful job Maureen. Congratulations, I'm sure the will be calling you to do more!!!
Ooh Maureen - This is a great presentation of staging - Love It! And I never thought about the bank hiring us for staging foreclosures. But so many realtors are telling me that they have to get the foreclosures sold because they have saturated the market. Thank you for this great post.
Chrissie ~ I'll be ready for their call (or any other bank who wants to make their properties as appealing as possible).
Dale ~ We have a lot to offer to our clients, including banks. We should pursue this business and not give up. What we do for the property really ensures that buyers see value there.
Maureen, thank you so much. This is very inspiring and something we are going to pursue with our area community banks.
Maureen, I am so glad to hear that more banks are embracing our services as a important marketing tool. You did a truly great job and hopefully it leads to more REO staging's.
Aron ~ yes, by all means pursue this business. I have a feeling that the community or regional banks are more inclined to market homes this way more than the "big banks" -- but perhaps that will change in time.
Terri ~ Thank you, I hope so too!
Thanks for posting this. I didn't know they might pay for staging. Its a smart move for them if they want to sell that inventory!
-Amy Seaholt
Amy ~ It would be great if more banks got on the staging bandwagon to ensure their inventory looks its very best. Thanks for stopping by and commenting.
Wow, I didn't realize banks were "getting" it. I thought they just wanted it sold to get whatever they could out of it. Smart, very smart. I'm going to look into this. Foreclosures are running rampant.
Lori ~ If more banks adopted the same attitude, everyone would benefit ... including the bank, the neighborhood, and the economy!
That sure is a change from the standard attitude of not even wanting to allow the ultilitys to be turned on!
I recently got to do an inspection for a bank. They were going to buy the home and fix it and rent/sell which ever came first. They stood to loose less that way.
Every thing you touch is beautiful . . . will you touch Me? :-)
love your work, my friend,
Karen
Jim ~ Yes it sure is a change all right! I'm glad to hear that you made similar progress with another Oregon bank too -- thanks for stopping by with that good news!
Karen ~ LOL welcome back my friend from your vacation ... hope it was GREAT!
Keep us posted on how fast it sells, it will be a great example to take to a bank for reference.
Cindy ~ I'll keep this story updated. I agree it would be a nice testimonial for other banks to see.
The bank paid you to stage?! God help us now!! If all the banks start making repairs, staging AND great pricing, re-sales will be in for it. What a smart bank and list agent!
Michele ~ We can all hope that this is the beginning of a new trend for other smart banks to follow.
Banks and lenders have taken a hard hit with foreclosures and short sales. Your staging job is fabulous and I'm sure, helps those lenders get more for those foreclosed properties. Keep it up!