The New York Times Market Ready Feature, Thursday Sept. 29, 20ll addresses a common question about staging a vacant property. Read the full article:
Is it worth the money to hire someone to stage it?
Top agents and professional stagers know the answer to this question because we see the proof time and time again.
Deanna Kory, SVP at the Corcoran Group, is not only a top agent but also one of home staging’s strongest proponents.
In this article she is quoted:
“I won’t let people come on the market empty if I can help it.”
She has found that “when staging apartments on her own and working with professional staging companies, renting a hand-picked selection of furniture and arranging it with accessories will often speed up a sale and generate a higher selling price”
This has been a successful strategy for her and her sellers, because she ” has found that sellers with empty apartments can increase their selling price by “at least 5 to 10 times the investment you’re going to make” in staging.”
As an example, “if a seller invests $10,000 in home staging, it should yield between $50,000 and $100,000 more in profit than an apartment sold empty.”
Earlier this year, real estate guru, Barbara Corcoran, advised viewers of The Today Show,never sell a property vacant unless you have no other choice. Vacant properties spend more time on the market and sell for less. She recommends an investmentin staging as the SMART financial decision.
When sellers ask, “how much will it cost to stage?”, I think the better question is:
How much will it cost me if I don’t stage?
Staging is not an expense, it is an investment. In fact it is the best short-term investment a home seller can make!
Just consider the financial return of a 12-month CD with today’s interest rates. A short-term investment in your most valuable asset is the wiser financial decision. Statistics show that home staged properties sell faster and for more money than comps that are not staged. So, owners do not save money by not home staging, in fact they lose money by not getting the best return on their asset and by incurring additional carrying costs for the extra time on the market. And the investment in home staging is almost always less than the first price reduction and in many cases, less than one or two month’s carrying costs.