Should you stage your rental property?
Posted on 3rd March 2022 at 17:49
Staging your property for rent can be a great solution to find good tenants in a timely manner. Staging is getting more and more popular when it comes to selling properties. Should you also consider it when putting your house up for rent? This post will help you decide, whether staging is right for your property portfolio.
To stage or not to stage?
Is staging a good idea for a rental property? Or is it a waste of time and money? Working in a letting industry allowed me to do a bit of research on the topic and test the effect that staging has on rental properties. Let me share with you my conclusions.
When potential Tenants come to view your property, you want them to see themselves living there—to feel at home and not as if they’re in someone else’s house. Completely bare rooms can come off as cold, impersonal and uninviting. Home staging can be a great solution to help people to imagine themselves living in the property.
Staging a home, or a room, means preparing it for rent by temporarily furnishing and decorating the space to make it more attractive.
Deciding on staging the property is a personal choice. It may depend on your business model or the market you are operating in.
The following points will help you to decide, whether staging is something you should consider!
Nicely staged house stands out among any other adverts on the property portals. The privately rented sector has expanded a lot and there is a lot of houses offered for rent. Potential Tenants will get more attracted to a house that looks warm and inviting, rather than to a property that only offers empty walls.
Your property rents quicker - having a place to live is a very basic need. Everyone needs a home, but also everyone tries to find the best they can. In the end, the place you rent becomes your home, where you come back every day. Nicely presented accommodation rents way quicker than bare walls, especially if your property has not been updated for a while. It helps potential Tenants to imagine themselves how would it be like to live in the property and what they can do with the space. It gives them an idea. It also helps the Landlord, as no one likes their property sitting on the market for too long, as it is costing them money. Investing in staging can be the right answer if you struggle to rent your asset.
You can achieve a higher rent - when you put an effort into staging, making sure your property looks attractive, you may expect that your house will rent at a higher rate. People are happy to pay extra, if the product is from the top shelf.
It helps to create your brand - being a Landlord is like having your own business. Your properties are your products. In the world that the Landlords have got a lot of bad press, it is refreshing when you actually receive some positive feedback. It also shows the Tenants that you care, and that you want to create a good environment for them.
It can help to reduce the rotation in your property - it especially applies to HMO’s. Tenants tend to stay longer in the properties that feel like home and they are happy with. Especially if other Landlords do not put much attention to how they present their properties. If the Tenant can’t find anything better than your house, why would they move?
These are the points outlining why you should consider the staging. Of course there is a cost to it that every Landlord should be aware of.
Whether you decide to stage the property yourself or hire a professional company, you will need to bear in mind the upfront cost. The cost will vary depending on the area, number of rooms, if you are renting the furniture, or whether the house is already furnished. Staging the property yourself can save you a lot of money, but it will also take your time away from you. If you don’t want to include the staging products into the rental property (as in leaving it there), you will also have to think where to store the staging items. Ultimately there is quite a few things to think about when deciding on staging.
When you are first starting in the property business, you will be more keen on doing it yourself. It is a reasonable choice as it is best to keep the costs low when you are at the beginning of your journey. However when you grow, and you have a multiple properties on the go, you may consider hiring a professional stager, who will take care of all the aspects of the staging. The only thing you need to do is hand your keys and choose a staging package.
However, If you decide to do it yourself, here are a few tips that may help you:
Make sure you de-clutter the space. Especially if its an HMO, make sure the common areas look tidy and are not full of Tenant's belongings
Get an inspiration from interior design websites. They will help you to understand what colours you can combine together and what is currently “trending”
Shop around - there are so many shops that sell cushions, rugs, blankets and other decorative items. You don’t have to go for the most pricey option to transform the space
Mix and Match - you don’t have to buy many different items. Buy a few and try to combine them together. Every room can look a bit different without spending extra money
Once the property is staged, take good pictures. Make sure you take them during the day, so it presents the house nicely. You can then keep re-using those pictures whenever you need to. I guarantee you that the property will be rented, even before the current tenant moves out
Go for neutral colours when it comes to carpets and walls (you can add one feature wall). That will help you to decide what staging items you can go for. If the background is neutral, you can go a bit more creative with the staging
Follow the rule the less is more - the staging should bring the best out of the room. If you put too many things around, it will distract people looking at the property. They won’t focus on what really matters. Do not overdo it.
When it comes to deciding whether to stage or not, it is important to know your area and what properties are in high demand. What is the competition doing in your area? I am personally a big fan of staging. It does not need to cost a lot, but it adds a lot of value when it comes to renting a property effectively.
If you need any support we have prepared a step by step staging plan, including the ideas where to shop to keep the costs down.
Drop us an email at firstname.lastname@example.org to receive a free guide to the effective staging.
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