More on Vacant Staging

Last week’s article on why vacants should be staged generated a lot of feedback! Most of the questions centered around “how long does it take” and “how much does it cost.”

Before beginning, however, let’s make sure we understand what we are going to accomplish… In staging a vacant, we are working to position a house as a home. Statistics show that staged homes sell faster than non-staged homes (see our website for details). With the average mortgage payment for a home sold in the Northern Virginia area is around $3,000, every month we take off of the total DOM, we put $3,000 in the seller’s pocket.

Further, the longer a house stays on the market, the better the chances the asking price will be reduced. Avoiding a price reduction because the house sells faster could be worth $10,000 to $30,000 to the seller.

These factors are the seller’s return on investment (ROI) and is a critical part of the calculation regarding the benefits of staging. Does staging guarantee a fast sale? Are you guaranteed to survive a car crash because you were wearing a seatbelt? No, but you still buckel up anyway because your chances are greatly improved – same thing with staging.

How Long?

If a vacant is to be staged successfully, it needs to be viewed as a project:

  1. Assess the property. First things first, what’s the property like. Townhome versus single family. New construction or renovation versus former occupied. We need to visit the property. We can work off of photos, but there is some risk inherent with just using photos.
  2. Learning about the target market. We discuss the target market with the real estate agent. We want to understand who will be most interested in the property and who the likely purchasers will be.
  3. Select furniturishings. For the big stuff, we typically utilize one of the furniture rental firms in the area. We customize the look with our own accessories.
  4. Delivery and staging.

Generally, we allow 2 to 3 weeks for the project. Shorter intervalls are possible, but we might run into limitations on furniture availability.

How Much?

That’s the magic question…It depends (of course)! Generally speaking, rental furnishings and accessories will cost $250 per room per month. The size of the room and the nature of the home (eg luxury, medium, entry) will dictate a higher or lower investment. There are delivery fees, our staging fee (depending on the hours required) and a one month’s deposit.

Most sellers do not stage the entire home. The living room, family room and master bedroom are common. These are the main “show me” rooms – as in: show me how I will live in this home. The kitchen and outside entry might get a few accessories to add appeal.

Bottom line, I suggest one months’ mortgage payment as a budghet for a 3 month long staging. Staged homes sell faster, so at minimum, the seller should break even. If the seller can avoid a price reduction in the process, they will be miles ahead of the game!

All the Best!

Monica, ASP

703-851-2690

Preferred Staging

the art of home preparation

Advertisements

Tags: , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: