Why Should I Hire a Staging Company When I Sell My Home?
Selling a home is a stressful and complicated process. It requires you to hire a real estate agent and consider a fair market price for the house, in addition to cleaning and repairing the house so that it shows well in a competitive market. The walls must be painted, the trees should be trimmed, and the grass cut.
The key is de-personalizing the process. Instead of thinking of the house as “your home” you must look at it from a sales perspective. You need to visualize the property from a buyer’s viewpoint and not as the home where you and your family reside. Your outlook should be about moving forward. As part of that process, you may want to hire a staging company to work with you and find ways to make your house more presentable.
What does a staging company do?
Like an interior designer, a staging company understands homebuyers and has the ability to design and decorate a home to enhance its appearance. The designer knows the current trends in interior design and can apply them to your home in the most effective way according to the features of your home.
The staging company will examine your home’s furniture from the couch in the living room to the bed in the master bedroom. Depending on the trends, the designer might keep some of your furniture to use in the staging process but also could decide to remove some. For example, your spare bedroom might have too many dressers or, perhaps the end tables in the living room may be too old making the house appear dingy. The designer will also examine artwork, photos, curtains and other objects that are displayed in the home.
A staging company also works to de-clutter a home and find ways to enhance the natural features of the home. Extra appliances, like the mixer and toaster in the kitchen, might disappear. A staging company wants your home to show better and appear less like a place where people actually live. The staging company is not concerned with your particular needs as a homeowner but instead wants to make the home appear more valuable to the potential homebuyer.
Once the current objects and furniture are evaluated, the staging company might decide to add outside furniture, artwork or other things that enhance the appearance of the home. Doormat, flowers and towels are all possible tools that the designer could use.
Does it work?
The National Association of Realtors conducted a survey of 53,760 realtors, and the results found that 81% of buyers reported that it was easier to visualize a property as a future home when it has been staged. Furthermore, 46% of buyers were more willing to walk through a property once the home had been viewed online, and 28% of buyers were more willing to overlook a property’s faults on a home that was well staged.
Overall, staging has an impact: homes that are staged usually sold for a higher value. The study found that in 32% of homes sold for 1% to 5% greater in value when staged and 16% sold for 6% to 10% greater in value. On the higher end, 2% sold for 16% to 20% more value, but real estate agents did report that 25% of the time staging had no impact on value.
The living room is the most important room to be staged. Next in priority is the kitchen and the master bedroom. The dining room, bathroom, children’s bedroom and guest bedroom are very important features.
When to hire a staging company?
The decision to hire a staging company depends on many factors, but your timeline for moving is important. You should consider a staging company when the home is empty because a vacant home does not show well. The money spent to make the home appear livable can enhance the value greatly. It’s hard for the buyer to visualize how the space could be utilized.
You are also more likely to maximize the value of a home, which can be especially true on a hot real estate market. If homebuyers get excited after viewing a home, they are more likely to bid above the asking price. In addition, if a home stays on the market for a long period of time, it is likely to sell significantly below asking price.
How much does a staging company cost?
The cost of hiring a staging company can vary greatly. It is dependent on your home’s size and value. A staging company will want to spend more money to enhance a larger, high-end home so the homeowner can maximize the value in the market.
Staging companies usually require an upfront fee plus a monthly retainer. The designer will tour the home, and that initial fee usually runs around $350. You will be given several suggestions on ways the designer believes your home can be enhanced and then you must decide if you want to hire the designer to stage the home.
A retainer might run for several months even if the home sells quickly. The cost can be around $1,000 on the low end but can run close to $5,000 on a larger, more expensive home. You can always negotiate with the designer if you want to do some of the work yourself. You just need to balance how much you spend with the potential increase in value.