A cost many landlords don’t take into account is their loss on lease or vacancy. Think of the effect on your net income. The loss of one month revenue can equate to over 8.0% of the annual rent. What can you do to lease your property sooner, and avoid the loss of revenue? Many landlords now are staging their properties.
Studies have shown when you bring an available property to the lease market, take the time to stage it (even minimally), it will lease quicker than a property which is not staged. Most attribute this to the fact a staged property gives the potential renter some vision as to what their furniture will look like in this space. Here are some helpful tips to consider when staging.
1) Use neutral colors as they don’t create such a distraction from the home.
2) Don’t over furnish the home or use pieces which are too big for the space or room. You don’t want it to look crowded.
3) Place artwork in a few places only ie: above the couch in the living room, at the end of a long hallway (with lighting), the dining room and master bedroom should be plenty.
4) Good, bright lighting is a must.
5) Have a focus on the entryway, as this the first thing seen. Make the area welcoming and bright.
6) Once they are in the property, you want them to see a staged dining room, living room, kitchen, patio/porch and master bedroom at a minimum.
These simple tips can get you started if you choose to do it by yourself. Having a professional stager come in and do it for you can be a huge help, and not necessarily too expensive. Be sure to reach out to at least 3 different companies and go see some of their work.
If you feel you can do it alone, you will spend a lot of time shopping for rental furniture and negotiating prices. So be prepared. Staging will help you get your investment rented faster, and more than likely, at a better price than if it was vacant.