Should you stage your rental property?
Ensuring your property listing looks attractive to prospective tenants is a key part of leasing your property quickly and for a good price. While it may seem like an extra expense, getting your property professionally staged or using virtual staging is a great way to help prospective tenants feel at home as soon as they look at your property. In this article, we share some key factors to consider when staging a rental property.
Don’t break the bank
Staging a property doesn’t necessarily mean you need to spend lots of money. If you’re currently living in the property you’re going to rent, you could rearrange the furniture, remove personal items and declutter so prospective tenants feel at home. Alternatively, if your property is tenanted, you could wait until the property is vacant and hire a staging service. A real-life staging service can be costly, so a virtual staging service is also another great option and will certainly save you money.
Consider virtual staging
Virtual property inspections and tours became critical in 2020 & 2021 as COVID-19 made it more difficult to view properties. All you need are photos of your property when it’s vacant, and a virtual staging service will professionally edit the photos to add furniture and homewares. Not only will this make your property advertisement more appealing, it will give prospective tenants inspiration for how they can set up their home without the expense of a real-life staging service.
Personally, I think the minimal cost for virtual staging can provide a maximum return when advertising your property for lease. We tend to find that virtual furniture can result in better tenant engagement and often higher offers for rent per week.
Understanding the difference between property staging and interior design
It’s important to remember that staging your property can only improve your home’s look through decluttering, depersonalising, effective furniture placement and well-placed homewares. In contrast, interior design may also consider potential changes to the home’s interior building elements, such as walls, window coverings and large fittings and fixtures. Of course, interior design also has its place and will lift the appeal of your property, but you may want to factor interior design work into renovations to your property when it’s tenanted, so you can claim a tax deduction.
Remember: modern looks for mass appeal
To lease your property as quickly as possible, your property needs to appeal to lots of prospective tenants. When you’re staging a property, it’s a risky time to get quirky with design and homewares. Instead, keep decor and furnishings neutral and modern. You could opt for popular design aesthetics such as minimal Scandinavian design, a coastal Hamptons look or an urban and industrial feel. Either way, aim to create an emotional connection with the property through styling and presentation.
Property staging may seem like a consideration you only need to make when you’re selling a property. However, in a competitive rental market, it’s important that your property stands out in order to attract quality potential tenants. Staging a property that looks and feels like home is a great first step in this process. And remember, you don’t need to spend too much money just because you want to stage a property, especially if you opt for virtual staging.
Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.
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