Is Staging really worth it?

What exactly is staging?

Staging refers to the process of styling or decorating a residential or commercial property to enhance its appeal and create a positive first impression. Traditionally, staging involves enlisting the services of a staging company to physically furnish and decorate the space, helping potential renters or buyers visualize themselves in the property. Through effective staging, each area of the home or business can be clearly defined and its potential uses highlighted.

In today's technology-driven world, we have the advantage of leveraging virtual staging to minimize the costs associated with traditional staging methods. Virtual staging allows clients to envision the space before an in-person visit. Additionally, marketing materials such as storyboards displayed on tripods, brochures, and floor plans can be strategically placed within the property to provide visual guidance for clients as they explore each area.

Is staging expensive?

So is staging costly? The straightforward response is that traditional staging can indeed be quite costly. The expenses associated with conventional home staging typically range from $1,500 to $2,300, and with extended furniture rental periods, the total can escalate to as much as $6,000 for staging a property for sale or lease.

In contrast, virtual staging represents a more cost-effective solution while delivering a comparable impact and experience. Prices for virtual staging typically range from $25 to $75 per image. Since the staging is conducted entirely online, there are no additional costs for furniture rentals or transportation. Once the home seller or leasing agent purchases the virtual images, they own the rights to use them in various applications, including online listings and marketing materials.

What are the benefits to staging a business or home?

It helps you stand out online. In a highly competitive market, it is common for properties to be overlooked among numerous online listings. To maximize visibility, it is essential to take proactive measures to differentiate your home. Professionally staged residences capture attention and can significantly increase the likelihood of attracting prospective buyers, even prior to an in-person visit.

Staging can show potential buyers or renters’ ways to use space properly in your property. When a room is entirely vacant, it can sometimes be a bit difficult for potential buyers to envision its possible uses, especially when dealing with unconventional layouts or features that may seem outdated. Professional staging can be a valuable tool in helping buyers appreciate the possibilities of a space and realize its full potential. Furthermore, empty rooms may sometimes appear smaller than they truly are, and staging can help enhance their perceived dimensions.

Staging your home increases the sale price of your home. If your property has been on the market for an extended period and you are contemplating a price reduction to facilitate a sale, it may be beneficial to consider staging the home instead. Proper staging has been shown to not only expedite the selling process but can also result in a sale price that exceeds your initial expectations.

 What are the disadvantages to staging your home?

The primary drawback of traditional staging is the associated cost. The initial investment can be substantial, and there is no guarantee that staging will lead to a sale. In contrast, virtual staging eliminates many of these costs; however, when a buyer visits the property, they will find an empty space, lacking the furnishings typically provided by traditional staging.

Additionally, traditional staging can be time-consuming. It involves renting furniture and decor, which necessitates packing up personal belongings and finding appropriate storage for them to accommodate the staged items within the home.

How do I know if staging is right for me?

The initial consideration for a home seller should be whether they can afford to invest in staging and accept the associated risks. While staging does not guarantee a sale or rental, data indicates its effectiveness; a 2021 survey conducted by the National Association of Realtors (NAR) found that over 80% of real estate agents representing buyers believed staging facilitated their clients' ability to envision themselves in the property. Additionally, 23% of agents reported that staged homes received offers that were 1% to 5% higher than similar upstaged properties.

Furthermore, staging can expedite the selling process. According to HomeAdvisor, staged homes typically spend 33% to 50% less time on the market. This not only results in quicker access to sale proceeds but also minimizes additional expenses, such as those related to renting or storing items during the sales process.