Home Staging Tip #11: Staging and Selling Rental Property

Photos courtesy of: BEBELL Construction Company – Miami

Many of our readers either own rental property they are ready to sell for various reasons or are seeking rental property to own as an investment and revenue stream.  No matter what side of the coin you are on, you want to get the best return out of your investment.

A seller who has enjoyed many years of rental income would do well to look at their property in the eyes of the buyer.  If you purchased your property when prices were low in Key West and can now enjoy a good profit, know that the buyer will want to also enjoy a good revenue stream and a quick return on their investment.  If you want the price that you think the property is worth then your property needs to look the part.  Maintenance issues should be assessed and if possible taken care of before the property is listed.  This is true even if you are not selling a rental property.

There are issues other than maintenance that rentals typically have that a private use property does not. Can you guess what it is?  Titles and Themes! Titles and Themes are that catchy marketing tool that draws people to your property.  For example, you have titled your property The Manatee and you have collected manatee’s to reflect your theme in your décor.  There is a wooden manatee on your front door and back gate, ceramic figurines on shelves, all of your artwork has a manatee somewhere to be found, manatee prints on your towels and plenty of seashells to add that is plentiful here in the Keys.  Now let’s add Key West colors, bright yellow, mango, lime green, electric sky blue, all quite lovely in the right setting; But not necessarily all over your walls.

Knowing your theme is a great start when preparing to decorate. However, it is all too often that “theme” decorating goes wrong. It can be overdone or just plain tacky if it’s not handled with subtlety and tact. Whether your theme is beach style, Tuscan, Moroccan or tropical, it should be in the background. It should be the white noise that comes through subtly as your eyes take in the room. I know this sounds abstract but you really have to find abstract ways in which to share your theme within the space. For example, for a beach themed room, think a sandy paint color for your walls, rattans and rope for texture in your accessories, a grasscloth wall for accent, linen upholstery with pops of coral and turquoise for your accent pillows. Nothing in the room should scream beach, instead, let the textures, colors and patterns take you to the shore.

A buyer may appreciate your eclectic Key West style but what he will start calculating is the cost to calm down the walls that one needs sunglasses to see and the time to undo your cute theme.  If bright colors appeal to you, by all means go for it only use these colors in easy to change up accessories and artwork.  I am not suggesting you go blah, just to tone it down a bit.  If I have hit a nerve please read our very first blog entitled “This is Not My Home”.  Once you place your home on the market you are best served to mentally understand that the home no longer belongs to you and be ready to let it go.  This exercise will make it easier for you to neutralize the home to appeal to more prospective buyers AND not take offense if the buyer does not share your manatee enthusiasm.

Following these suggestions will draw more potential buyers who are willing to consider a full offer for a more desirable property than one that requires more work.  The buyer will also see the potential of generating more revenue in a tourist area that is already teaming with rental properties.  Buyers who purchase a property that does need updating will also benefit from these suggestions before they begin the updating or renovating.

Many sellers use our services to prepare their rental property to sell. They are attached to their theme and they have not paid much attention to small maintenance issues that have not interfered with rentals. Many buyers also use our services to recreate the look that they want.  Some just need a jumpstart with fresh ideas on how to move forward.  No matter what your need, Grant Home Staging Services is here to help.

A reminder of the benefits of Home Staging:

FACT: Staged homes sell 73% faster than “as is” homes.*

• Professionally staged homes present and show better than competing houses for sale, including new construction homes and higher-priced houses.
• Staged properties can increase the number of offers and selling price in hot markets.
• Buyers view professionally staged listings as “well-maintained’.
• Buyers’ agents recognize that professionally staged listings are “move-in” ready and are inclined to show staged properties.
• Photos of professionally staged listings look better on the MLS, as well as in print.
• Professionally staged listings “STAND-OUT” in prospective buyers’ minds.

Photo courtesy of: BEBELL Construction Company – Miami

Home staging is the least expensive way to outdistance the competition when selling your home and typically much cheaper than a price reduction.  We repeatedly see owners drop the selling price of their home anywhere from $10K up to as much as $100K without even considering the benefits of staging.  We were able to transform this gem for just under $5K, far less than what many owners leave on the table.

Call us for a risk free consultation.  Our consultation fee is deducted from our staging fee if you hire us to complete the job.  If you decide not to use our services we still leave you with a wealth of information you can use to stage your home on your own.

Give us your feedback.  Let us know if there is a topic you would like for us to address.  Do you need assistance from a professional Stager?  Contact Vicki Grant, CEO of Grant Home Staging Services, grantstaging@gmail.com or (305) 394-9201, staging Key West homes since 2009.