As we all know - this is an incredibly challenging real estate market and overall economy right now. Not only are sellers facing unprecedented hurdles in selling their homes, but even renting has become a challenge. Typically a slower sales market can result in a better rental market. That is not holding as true today, at least in Oregon.
Consider marketing your services not only to Realtors this holiday season, but to Property Management Companies as well.
Synergy Staging recently staged a home for sale *and* for rent. The owner was prepared to take whichever offer came first. They had been trying to rent it, and even at a reduced price, they were getting no offers. Once we staged the property the showings increased, and the home was rented within three weeks. Here are a couple of the Before & After photos.
I posted a blog about this property a few weeks ago when we first staged it. You can see more pictures and description of that project at this link.
One other home that we recently staged for sale is now being marketed as a rental property as well.
Just as home staging increases the property value and the sales price, the same thing holds true for the rental market. Although the furnishings may not remain in the property as long, this is another area where we should be offering our services.
In addition, this opens your work to an entirely new market of people who are not looking to purchase, but may be interested in interior redesign or purchasing inventory.
As more and more owners are having difficulty holding onto their properties and waiting for a sale, they are more willing to rent them until this downturn is reversed in some way. Contact your local Property Management Companies and see if they are working with any stagers.
*** UPDATE *** This home rented in less than three weeks after not getting any offers.
We are finding this more and more. Renting is not always a good option for people and with the glut of rental properties, it is rarely the solution people think it is. That said, we are doing lots of vacant staging on homes that are converting to rentals or simply lease / purcahse. It makes it far easier to rent!
An amazing transformation. I bet you could get like 25% more rent that way?
Staging to rent - scary.
Excellent job on the staging. It looks so very inviting the way you staged the home.
David ~ Good post .... A property that I staged a few months back wasn't selling so the investor-owner decided to lease it for 18 months ... and requested that I leave the home staged until he found the right tenant. This owner was smart enough to realize that he'd attract a better tenant and lease it faster if the home remained staged ... and he was right!
Sure makes a lot of difference doesn't it . The "after" photos look great. All the best.
David, great post and staging. I'm going to look into doing this. Thanks!
What a market we have on our hands! Your photos look great though-- I'm sure it makes a big difference, especially considering so many rental properties wont be staged.
Thomas ~ Thanks for the feedback. It does make it easier to rent when the house is well staged. The lease to own is also happening which one of my Realtors said she hadn't done for over 10 years!
Donna ~ It's certainly the goal to increase the value of the house for the owner. I'm sure they'd be thrilled with 25% more!
Darla ~ In an economy such as this owners have to do what it takes to make their property stand out above the rest to close a deal one way or the other. The competition is scary too!
Vickie ~ Thank you! We fell in love with this home.
Maureen ~ I totally agree with the mindset of the owner. The better the property looks the better the tenant you will attract. Thanks for the feedback. See you Thursday!!!
Bob ~ Staging makes *all* the difference! Best to you.
Donna ~ Glad you liked the post. Good luck and hope it works for you!
Ilyce ~ It is quite the market to deal with right now. But regardless of the market, people still have to move, buy, sell, rent, and live - so it's just a matter of finding the right deal. With so many rental properties not staged it certainly makes a huge difference. Thanks for the comments.
Great job David. I do think that staging to rent will become more common, apartments have been doing it forever! Whenever housing gets competitive, staging will be the answer :)
David: We recently staged a nice home in Beverly Hills. The house was about 2,400 sq. ft. and was very tastefully updated. The homeowner (one of the builders I work with) did not want to sell it, just lease it, but he knew he would get a better quality tenant if the property was staged and showing at its best. The house leased (for 3 years) after 3 weeks on the market. Oh, by the way, the monthly rent was $14,000/MONTH!
I hadn't thought about marketing to management companies, but that is a good idea. And once again, your work is lovely.
Wendy ~ I agree that staging will be the answer for a more competitive rental market. Apartments usually have the luxury of a model unit versus individual houses, but in both cases staging increases the value to prospective tenants.
Michelle ~ Thanks for your comments and kind words. It's hard to imagine someone doing a 3 year lease at that high rental price when they could own a house for far less. We don't have nearly the amount of that type of clientel in this city, but the principal is still the same - showing a property at its best will land a superior tenant. Congrats on that job!
*** UPDATE *** This home rented in three weeks after receiving no offers before it was staged.