Can’t sell your Hong Kong flat? Hire a stylist to make it look fabulous – and help you get the price you want
In Australia, the US and the UK, house stylists have long helped sellers get the price they want for their property; now it’s Hong Kong’s turn to style it out
Is this the worst possible time to be trying to sell a home in Hong Kong? Not necessarily, agents say. According to Chris Liem, owner and principal at Engel & Volkers Hong Kong, an unrealistic price is one of the major roadblocks. But once you get “the pricing right” – which might mean a reduction of 10 per cent for properties on Hong Kong Island, and up to 15 per cent in less liquid markets like Sai Kung and Clear Water Bay – the next step is to leverage your property's advantages and market it professionally.
While Liem insists there are few distressed sellers in Hong Kong, the price a vendor could initially be expecting “might seem right for the building you're in, but everyone is looking at the next best alternative offer for the same amount of money”, he explains. “If you have a unique feature that makes the flat look spectacular, like a great kitchen, amazing design, view, terrace or balcony, you have a strong point of difference to sell your home.”
What if you don't have those advantages? This is where home staging comes in.
A common strategy in markets like the US, UK and Australia, but relatively new to Hong Kong, home staging engages professional stylists to prepare a property for sale or lease with select pieces of furniture and decor.
The goal, explains Alex Sheldon, owner of The Home Stylist, is to create a feeling of “home” so that potential buyers and renters can easily imagine themselves living there.
Quoting data from the US National Association of Realtors, Sheldon says a staged home there will sell for 17 per cent more on average than a non-staged home, with statistically less time on market.
Laurie Lankester, director, Dwellworks Hong Kong, says local owners haven't needed such services in the past. “The high demand for purchasing or leasing properties in Hong Kong, coupled with what has been a healthy economy, has meant that vendors or landlords have often not needed to consider initiatives to help boost or speed up sales,” she explains.