We have teamed up with Karolina Adamczyk, MD at Ademchic Ltd as part of our interior design series. Karolina’s team help property developers make properties stand out and be more desirable in the sales process. Today, we have asked Karolina for her top 3 tips that could improve the profitability of our developer clients’ projects.
Karolina’s Tip 1 – Get the basics right
The most beautifully specified home staged with luxury furniture will not override basic design faults of space planning. In the past, we have staged show homes which were absolutely stunning, but would fail to attract the most relevant audience because they did not suit the requirements of the targeted buyer. Your architect often works on your floor plans for months and cans often no longer see small opportunities for improvement that would be immediately obvious to a fresh eye. Working on layouts is one of my favourite jobs as there is always an opportunity to add value.
Be careful of most common mistakes made at the layout planning phase like too little storage, too small a kitchen, wasted space in corridors, not enough bathrooms, awkward corners etc. If you’re not quite sure if your floor plan is being fully utilised, hire another professional to review plans before starting construction.
Tip 2 – Bring that unique element
In today’s buyers’ market, products which stand out have a higher likelihood of selling. Create unique interiors with careful selection at the specification stage. When we specify interiors, we recommend investing time and additional budget into a few special/different/unique internal finishes, which can greatly improve buyers’ perception of the value of your development.
Consumers are getting picky and your job as a developer is to create something that adds value to their lives in a unique way. Why are brands like The Collective or WeWork able to charge a premium for such small spaces? They recognise that what they are selling is the experience of uniquely designed interiors, not necessarily the square footage.
Consider adding special touches in communal corridors, investing in quality flooring, wine fridges, mood lighting, integrated technology, etc. You don’t have to add too many extra features (cost management is vital to profitability), but choose a few that will wow your target audience. Spend some time studying current interior design trends or hire a professional and bring that extra touch to your project.
Tip 3 – sell lifestyle
At Ademchic, we consider it our job to create interiors that sell an aspirational lifestyle. In our experience, one of the best ways to show buyers what sort of lifestyle they could have is through the installation of a show home. And it will make you money as well!
According to the Home Staging Association, on average, staged homes spend half the time on the market compared with unstaged homes. The Home Staging Association further reports that while staging a show home will cost you between 1 and 3% of the home’s asking price, you will most likely generate a ROI of 8 to 10%. And that is no different to our experience where our most successful show home achieved a sale price of 20% over asking (August 2017).
Empty homes often only trigger a logical decision – practical requirements are considered and the parameters either work or not. A well-staged show home adds an emotional response, and sometimes even overrides some of the logical factors.
As surprising as it is, luxury furniture and accessories increase the perceived value of a home and make it stand out online and be more memorable at a viewing. Make sure you don’t miss a chance to generate incremental value through creating a dream home and lifestyle in your show home.
Ademchic helps developers sell units faster through strategic marketing and interior design. Our offering includes products like CGIs, development branding, development specifications and show homes/furniture kits. Want to hear more about what we do? Call our team on 0207 0432 408 or request brochure by emailing firstname.lastname@example.org.