A real estate agent, who happens to be a friend of mine, asked me recently:
Are there differences to the kind of work you do when it comes to the kinds of property owners?
I thought that that question made sense because most property makeovers have different goals.
Having worked with over 400 makeover projects your Property Makeover Specialist will actually manage projects that fall under these types:
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Property Makeover to Sell
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Property Makeover to Rent
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Property Makeover to Stay (when they have recently bought)
Each type requires a very different approach. It involves a formula of fixed and variable components giving a tailored result, with the right blend of needs, wants and requirements to ensure the best outcome. So to explain the differences, I’ll use the framework I’m following for my business.
Property Makeover to Sell
This is the most common type of a property makeover project. All of which are aimed at showing off the property’s best points and minimising the distractions or negatives. The goals of this type are as follows:
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To maximise the market value of a property before it hits the market
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To optimise the market appeal of a property before it hits the market
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To enhance the ‘sellability’ of a property when it’s on the market
Also referred to as a ‘pre-sale property makeover,’ the critical element that defines a success makeover of this type is value. This means that changes undertaken for projects under this type are cosmetic in nature without major changes to the carcass of the property.
You may indeed have many investors in your database. An opportunity exists to touch base with them and offer a presentation review at changeover of tenant time.
Property Makeover to Stay
Another facet that will assist with a design or presentation challenged property, is removing a barrier to a sale by having someone like us on hand to call and visit the property to assist them with ideas before they buy or fix it before they move in.
Some properties, as you would know, are just scary for some potential purchasers. Following the same philosophy in the sale is about removing barriers, and we can assist you with that.
This type of makeover has the following goals:
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To maximise the functionality & form of a home for the new owner’s needs
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Remove the ‘scariness’ of the makeover and make it feel achievable
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To enhance the living experience for the new homeowner
The actions undertaken for this type of makeover are far more diverse than a ‘Makeover to Sell.’ Whereas the homeowner for the first type intends to put the property for sale, homeowners for this type have different goals in mind, which the Property Makeover Specialist can help to plan and create.
Often I encounter homeowners who want to add bedrooms because their children are growing up; or homeowners who intend to add an outdoor entertainment area to accommodate guests; or homeowners who intend to retire so they want to add a garden for recreation, and so on. In short, this type involves the concept of the turning a homeowner’s ‘dream home’ into a reality.
Now, what if a homeowner intends to enter the rental market? You may indeed have many investors in your database. An opportunity exists to touch base with them and offer a presentation review at changeover of tenant time. These makeovers are great for investors and great to increase the rental value for you both.
Property Makeover to Rent
Property investors, just like property vendors, can benefit a great deal when they enlist a Property Makeover Specialist to take a look at their investment property. This is especially so if a homeowner is entering the rental market for the first time.
That’s because property makeover to rent has three goals:
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To successfully position the property as a rental commodity in the market
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To help increase the rental yield, or to help attract additional rent
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To help attract specific kinds of tenants based on investor preferences
So if a Makeover to Sell takes into account the target market preferences, and if a Makeover to Stay takes into account the homeowner’s preferences, then a Makeover to Rent takes into account tenant preferences. All are about increasing revenue for the owner and agent.
So from the perspective of a property professional, how exactly does a property makeover project progress for each of these types?
Look out for my next post as I talk about The Property Makeover Framework.
About Belinda Grundy
Belinda Grundy is an Author, Speaker, and the Founder of BG Property Styling. She published her first book, Rightsize Your Home: The Empty Nester's Guide for a Stress-Free Downsize, in 2014. For her work on BG Property Styling, she was chosen as a finalist under the Business Leader category through the NSW Business Chamber Business Awards 2015. Currently, Belinda manages operations on Sydney’s North and Southern Highlands. You can contact Belinda on T + 61 2 9986 0524 or via email here.
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