What is the Cost of Professional Home Staging?
Staging is what you do after you’ve cleaned, decluttered, painted, made minor repairs; it’s all about dressing the house for sale. It should be done BEFORE taking the Professional Photographs and placing the home officially on the MLS.
What is the Cost?
Well, that is a good question. A major cost of Professional Home Staging would be the cost of NOT doing it! What? I have seen situations though where the home was Staged AFTER having been placed on the market and the home sitting on the market for several weeks. That also costs more $$$. Then you have to redo the photographs and have the photos reposted on the MLS!
Yes, that is a fact! Particularly with vacant homes. A beautiful, vacant home may sit on the market for months because the potential buyers may be unable to visualize the home with furniture and décor.
The cost of that home sitting on the market can be huge! For example, you have already bought your new home and have moved leaving the property vacant. Your homeowner’s insurance just went up because the home is vacant. You also have utility bills on the vacant home as well as the new one you are occupying. You also have property taxes and mortgage payments on both properties! Okay, so what is that property costing you each day it remains unsold? The cost of staging the home normally is less than the first price decrease you make on the listing due to it not moving! It truly can mean the difference between a SOLD or EXPIRED listing!
Staging your vacant home will create a warm, welcoming environment for the potential buyers. A Professional stage (like Stellar Staging Group) will create an environment that will attract the right buyers. Good staging companies know how to maximize the style of the existing space and to show it in its best light.
With occupied staging, the Staging company will utilize furnishings and décor of the current homeowner. Sometimes the Staging company will also bring in some of their own items to better accentuate a feature or area in the home. The Stager will also suggests removing some items and furnishings to make the rooms less crowded and to emphasize the space in the room. They will reevaluate the furniture placement and add in great accessories and accent pieces to tie the room together.
These types of arrangements should help you cut back on your spending while still giving your listing the polished look you want. Consulting with a Staging company, like Stellar Staging Group, can help you analyze your options. Some rooms might do better with extra attention.
The True Cost of Staging
Most Stagers offer a consultation where they come to your home and do a walk-thru and then furnish you a written consultation report. The consultation will tell you what their suggestions are that need to be done to present the home in its best light. They will then ask you to advise them if you wish the Staging company to do any or all of the work. If the Staging company is being asked to do part or all of the work, they will provide you a quote on what the costs would be. Consultation cost is generally paid for prior to the Staging company arriving on site. Although companies policies may vary, most Stagers require that the Staging be paid with a 50% deposit on signing of the contract and then payment upfront for the balance before they arrive to do the staging. This is particularly true when furnishings and accessories are being rented.
To Stage or Not to Stage?
Although you may be a little wary of the next steps with your listing, there are a handful of stats that prove staging is worth the investment. Most Realtors® are big proponents of staging before putting a home on the market. Staging really moves properties, and having a nice collection of stunning photographs goes a long way for getting buyers attention. Staged homes spend less time on the market!
In addition to faster sales, professional staging can also help sellers get higher offers. One statistic shows that staged homes, on average, go for 6 percent more than the asking price. While this isn’t a guarantee, it’s an encouraging piece of information. Compare that with the overall home staging ROI. This boost in sales price can equate to an ROI of ten times your initial investment. What other home upgrades have that sort of track record?
Ultimately the Seller normally pays. In some markets the listing REALTOR® may pay for the consultation which will then be furnished to the home owner. Any other arrangements would be made between the homeowner and the REALTOR®. The Consultation Report is usually prepared for the Homeowner. It is the homeowner’s property and permission to do the staging, to take photos and to market the property with the resulting staging would be required from the homeowner. In some markets a REALTOR® may pay for the staging but that is not the norm.