Home Staging Boosts Demand for Rental Properties
March 9, 2014
At one time investors flocked to real estate, anticipating guaranteed and speedy returns. If you were one of the people who purchased rental properties to create the “passive income stream” that most get-rich-quick gurus recommend, you’ve probably become more nervous about that investment, especially if you’re relying on rental income to offset your mortgage costs.
Whether you have investments in multiple apartment buildings, a few vacation properties or a single apartment in your basement, you can’t afford to have vacancies. As a landlord, have you considered hiring a professional home stager to enhance the appeal of your rental units? If you have a property to rent, you should make a call to an expert home stager as soon as a tenant vacates the premises.
A vacant room looks sad to anyone, including prospective tenants. If you’ve never hireda home stager before, you’d be surprised at the difference staging can make in the length of time a unit remains vacant.
“I was called to stage an apartment in someone’s home that normally brought in $1,000 per month,” says expert home stager, Debra Gould, founder of the Staging Diva Home Staging Business Training Program. “It had been sitting vacant for four months with no interest before the owner called me,” she adds. “After the apartment was staged, the next three people who looked at it wanted to rent it! The landlord went from having no interest in four months to having her choice of three tenants within a week of having it staged.”
In another scenario, if you own a home and have decided to rent it out, you should not leave it empty. Have it staged as you would before listing it for sale. Prospective tenants will fall in love with a tastefully decorated home much more quickly than a vacant one, even if it’s only for a short-term rental arrangement. You’ll also increase the perceived value of the rental and may attract a higher-quality tenant.
If you are planning to rent it furnished, the staging can be even more important when the prospective tenant discovers they can move right in.
Another area where home staging can make a huge difference is in the vacation rental market. If you’re advertising your vacation home online, does it look inviting enough to entice prospects to make a reservation? Having your properties staged–even just for the attractive photos that will appear on your online listing–will be a worthwhile investment.
The bottom line is that home staging isn’t just for the more typical “home going to market” scenario. You can make money from the services of a home stager, no matter what role you play in the real estate market!
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