How to Use Staging to Make Your Business More Resilient

STAGED homes spend half the time of un-staged homes on the market, and sell for more than 6% above the asking price! Within 78 days, the average seller has discounted their home 8% in price reductions, while hiring a home stager typically costs 1.5% or less.

Let’s use a $200,000 listing price as an example.

• Un-staged: the average seller can expect to reduce the price by 8% over 78 days before going under contract. The likely sales price is $184,000.
• Staged: the seller can expect to spend around 1.5% to stage ($3,000 for our $200,000 example). But in return, the home goes under contract in only 39 days, and likely sells for 6% above asking, so $212,000. After deducting the staging expense, the seller is still netting $209,000.

Staging can make a $25,000 difference on a $200,000 home! What other investment is going to provide that kind of return?

Of course these figures are averages. Not all staged homes will go for 6% above asking, and not all un-staged homes will go for 8% under. But there is a wide margin here! Even if a particular listing only sells at listing price after staging, they still come out well ahead of the un-staged homes with their reduced prices and longer DOM.

How to Use Staging to Recession-Proof Your Business

This is all great for your sellers, but let’s talk about you as the Agent. How does staging impact your business?

Debbie explained the impact perfectly:

Not only will it help you get your listings, staging gets them SOLD!  Staging creates an emotional attachment.  In a buyer’s market when there are too many houses to go around, you need yours to stand out from the rest. During a seller’s market, you need the buyer to stay emotionally committed and not just take the house because it is the only thing available. You want them to last through every step: negotiation appraisal, inspection, etc. 

Of course she’s absolutely right. Whether you’re dealing with too little inventory or too much, you need your listings to emotionally-engage buyers. And staging is the best way to do that.

Imagine selling your listings more quickly for more money. Your sellers receive the best possible service with the greatest possible returns. And you’re able to earn a higher commission in a shorter time-frame, along with a glowing testimonial from the sellers, whose expectations you’ve exceeded!

If you want to be known as the local Staging Expert Agent, consider getting your Staging Design Agent (S.D.A.)™ Designation. It’s a fantastic way to promote yourself. Will any of the other agents competing for your listings have this designation?

Photo Courtesy of Staging Studio

Common Staging Mistakes (and Fixes!)

Even if you’ve been offering staging advice for years, you may still be making some little-known staging mistakes. It’s all in the details.

Debbie has provided this incredibly helpful list of staging mistakes and solutions. Here is Staging Studio’s Top 13 Staging Mistakes You Didn’t Even Know You Were Making.

1. Art hung too high.

The center of the art should be about 62” above the floor, which is a comfortable eye level for most people.

2. Area rug too small.

The rug should be large enough for at least the front legs of the sofa and chairs to be on it. That means at least an 8’x10’ for most normal-sized living rooms. 5’x7’ will look skimpy and bring down the perceived value of the home.

3. Too much excess furniture.

Always allow at least 36” of walk space.

4. Intense paint colors.

Keep it light and neutral. This is not the time to express yo’ self.

5. A sea of beige.

While keeping the walls and floors neutral, add some pops of color in the pillows, accessories, art, and flowers.

6. Withering plants.

The perception is that if you can’t maintain a plant, you probably haven’t maintained the HVAC, water heater, etc.

7. Skipping the holiday bonus for your cleaning lady.

Everything must be white-glove, sparkly, spotless – from the baseboards to the ceiling fans and everything in between.

8. Showing the home vacant.

Buyers spend more time in staged homes, and the longer you can get them to hang around, the more likely they are to make an offer.

9. Allowing pets to remain in the home for showings.

Remove every trace of pets, including your furry friends, themselves. Some buyers will start sneezing just at the sight of a chew toy.

10. Displaying personal photos, diplomas, and memorabilia.

You want buyers to focus on the home, and not be distracted trying to calculate if you were in the same class as their cousin who attended your alma mater.

11. De-cluttering by jamming everything into the closets.

Storage space is high on your buyer’s list. If there is not enough room for your stuff, they know there will not be enough room for their stuff.

12. Neglecting the patio area.

Outdoor living is trending on the priority lists for today’s buyers. Create an irresistible stay-cation ambiance.

13. Offering a carpet allowance.

Go ahead and make whatever repairs and updates are needed. Buyers are as busy as you are and will opt for the hassle-free, move-in ready dream home.