As quoted from the realestatejournal.com, First American CoreLogic, a provider of real-estate information, expects to see 1.1 million foreclosures nationwide over the next six to seven years as a result of jumps in monthly payments on adjustable-rate mortgages made from 2004 through 2006.
What does this mean for home stagers? It means that there are some serious challenges to consider and how to position ourselves for the possibility of seriously neglected homes going on the market or newer homes that were never landscaped, or homes that have been vacant and vandalized.
- Putting together packages for those who cannot afford their mortgages: think about it...how are we going to help these people who are trying to hang onto their homes and just cannot afford it...throwing another vacant at us.
- Working with lenders and offering options to help ward off foreclosures...could be a great opportunity for lenders to incorporate home stagers as the experts of merchandising into their budgets
- Talking to subcontractors specializing in remodels and property damage.
- Setting up accounts with local vendors before you need them...using the information from First American CoreLogic published in this article and others.
- Discussing the needs with other stagers in your communities and looking into grouping resources like inventory, leads, deliveries, rentals, etc.
Oftentimes we get caught up in getting the next lead, the next house, the next call from a referral, the next consultation, and so on, and while we are waiting...we need to be planning and preparing for what appears to be a serious reality...bankruptcies, foreclosures, quick and desperate sales.
It is fun to transform spaces into works of art that we are proud of but as time goes on, we could be the professional industry that is the "go to" industry for real help from investors, banks, lending institutions, and homeowners, just as the insurance adjuster calls a company to come out and repair water or fire damage.