Case Study: How Quick & Easy Upgrades Sold This Home For Top Dollar — Property Cayman | Real Estate Experts in the Cayman Islands

Case Study: How Quick & Easy Upgrades Sold This Home For Top Dollar

Case Study: How Quick & Easy Upgrades Sold This Home For Top Dollar

Selling a home isn’t always easy, however with the right advice and strategy, we believe that every property is sellable. Case and point: Newhaven Quay.

Five months ago, we were approached by a couple who’d had their property on the market for over four years and wanted to appoint a new agent with a fresh approach. Without any serious activity, understandably they were getting frustrated with the entire sales process and couldn’t understand why their beloved family home wasn’t selling.

When asked to give our professional opinion on a property, we are always honest and direct with our comments. Naturally we highlight the salient selling features of a property, however aren’t shy about discussing potential negatives so a seller can get the true picture so that together we can take decisive, impactful action to get their property sold.

In this case, we shared our expertise on market value and why their home wasn’t selling. Below is a quick overview that with a targeted strategy and smart spend, we were able to sell this client’s property for over asking price in just 127 days (Market Average over 365 days).

  

Our Advice

After a full appraisal of the property, we said, “We recommend you freshen up the house with some targeted improvements and then increase the price’. That’s right, we suggested they increase the selling price of the home by $100,000. How many agents do you hear suggest increases the listing price after the property has been sitting for 4 years?!

The house was in a truly fantastic location, with wonderful views across the canal and great layout however the interior looked a little tired and dated in places. With this in mind, we suggested a quick and inexpensive ‘facelift’ before the property went back to market.

The Renovation

In order to help achieve the increased asking price, we suggested a number of renovations. Professionally spray painting the tired beech timber kitchen cabinetry and living room built-ins a fresh white, replacing the old BBQ with a new one, alterations to family room and living room, improved lighting, replacing the outdoor trellis, installing new fans and new mirrors as well as general paint touch-ups throughout the property significantly increase the value.

These simple but effective upgrades were an absolute game changer, and completely transformed the home. It gave the rooms a much much lighter and far more contemporary feel. Fresh paint also gives buyers a subconscious feeling that the property is brand new.

Having been vacant for 4 years, the home lacked life. To make the property feel more ‘homely’ and lived in, we suggested staging the two main living areas and bedrooms. Big thanks to IDG and Ironshore who did incredible jobs with the renovations.

These little yet quick and cost effective cosmetic changes totally transformed the look and feel of the home and were critical in helping us get the property sold so quickly.

The Marketing

With the home completely transformed, we went to work on creating a world class marketing campaign. First things first, professional photography to capture the beauty and character of the house. The property was shot at different times of the day to demonstrate how the house behaves from dawn to dusk. Drone shots are a must to capture the house in situ and show off its beautiful pool, landscaping and canal frontage. Our marketing team created a bespoke campaign to broadcast the property to our buyer database and online following via our website, weekly newsletter, Facebook, Instagram channels etc etc. We can’t give away all our trade secrets! The plan worked and we were inundated with showing requests. Remember, this was not a new listing. It was the exact same house that had been on the market for 4 years in a busy buyers market.

The Deal

After countless showings, we presented the sellers with two strong offers. The first offer was a little shy of their desired number, however we gave them confidence and suggested they stand firm. We worked tirelessly to find a second buyer who, after a little negotiating back and forth struck a deal that worked for both parties. 25 days later they closed and the sellers were able to move on with their lives.

Both buyer and seller were thrilled, and we are only too happy to have made it happen. Mike represented the sellers while Jude brought the buyers. To really sweeten the deal, Jude also found the buyers a tenant as they weren’t quite ready to move into the property just yet. Way to go guys!

The End

We understand how frustrating it can be to have your property sit on the market for what seems like eternity. Every house is sellable; it all comes down to the representation, exposure and pricing. A fresh pair of eyes, professional guidance, a good marketing strategy and dedication is all that it takes to make a sale happen.

We love a challenge, and it’s stories like this that get us out of bed each and every morning.

Are you thinking of trying to sell your home? We can save you a lot of time, hassle and heartache.

Don’t take our word for it, here’s what the clients had to say:

“I have to say, to the great credit of Property Cayman, the whole experience of working with [the] team was a significant improvement on any other agent that we have worked with. The marketing was crisp and attention grabbing, the communication from showings, from both Michael and Stefan, was prompt, frank and to the point. No unnecessary sales bluster, no unsubstantiated promises, just accurate and prompt feedback, which is how we like to work.

The whole closing process with Carol Ann was an absolute pleasure and very easy to implement, and of course I cannot end this without thanking Jude for bringing the [new renters] to the party, and finally closing the deal.

So once again, thank you very much indeed, Property Cayman.”

 

 

Shoot us a quick email on [email protected] to chat about how we can help get your property sold.

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