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When you’re dealing with a fix and flip investment, staging your property before listing it for sale can be very beneficial. Staging can help you sell your property faster, and even net you a higher final sale price. It helps buyers imagine themselves in the property, which makes them more likely to develop a connection with the home and follow through with the purchase. Staging is both an art and a science; there are some proven methods for making your property look good, but don’t be afraid to get creative to really make your listing stand out. In this piece, we cover the ins-and-outs of staging to help you make the most of your next real estate investment.
Step 1: Assessing your Fixer-Upper
A good deal starts with a good property, so really we have to start with the types of homes that are worth making an effort to stage. Lower value homes will benefit less from staging as the dollar value of returns makes less financial sense. The best homes to stage will be older or neglected homes that are in great neighborhoods, which are sure to fetch a good deal once renovated. The returns from flipping these types of property can be taken further by carefully staging them so as to stoke demand and boost their resale value.
Step 2: Prioritizing Renovations
The next important step before you can begin staging is choosing the right renovations for the property. For a flip, you’ll be targeting upgrades that add a lot of value to the home while costing you little. You will also be focusing your attention high traffic areas like the kitchen, bathrooms, and living/bedrooms. These are also some of the places you will want to focus on with your staging efforts, as they will be the most recently renovated areas. You may also want to incorporate design trends into the renovations, like open-concept rooms, to capture the attention of more potential buyers when it comes time to sell.
Step 3: Creating a Staging Plan
Your staging efforts will depend on the type of property you’re dealing with, but you will also want to tailor them to your property’s target market. For example, suburban neighborhoods tend to attract family-oriented buyers, so you can highlight some aspects of your property that make it perfect for raising a family, like if it’s spacious and has room to grow into. Condos and multifamily properties will also have a different target audience. It will be worth researching the type of buyer you are looking to attract in the local market so you can focus your selling efforts.
Step 4: Staging Techniques and Tips
Here’s a few basic (and some advanced) tips for appropriately staging a property:
- Start by decluttering and cleaning the rooms to maximize space and get it ready for showcasing.
- You will want to incorporate as much lighting as possible, both natural and artificial, to give potential buyers the best view of the home.
- Furnishings should be light enough to give some design inspiration while also not overwhelming the viewer. Be sure to stick to a neutral color palette for a more universal appeal.
- Exterior photos can be staged by changing lighting and the time of day the photo was taken in.
- If you have a spare room, this is a great opportunity to show off how it can be flexibly converted into an office space, guest room, or any other use case.
You may also want to consider virtually staging your property. With great photos and professional software, it’s possible to showcase the possibilities of a room without actually having to buy any furniture. This has many benefits, as a more diverse variety of furnishings can be shown off while also potentially saving you money. Certain software will even allow viewers to customize rooms on the fly to more closely match their specific tastes. You should compare the costs and benefits of traditional vs. virtual staging to see which is the right fit for your investment.
Step 5: Marketing the Property
Once you have the staged photos, videos, or software, it will be time to incorporate them into your listing. Photos and videos you should be easy enough to add, but you may need to provide a URL for more advanced software suites. The listing itself will also need to be in good shape, featuring both compelling descriptions and sections that highlight the property’s best features and potential. This, in combination with stellar visual content enhanced with staging, is the key to maximizing the return of your next fix and flip.
RCN Capital
The easiest way to save on your next investment is to obtain financing from a real estate lender that can get you the best leverages and rates. RCN Capital lends to real estate professionals, commercial contractors, developers & small business owners across the nation. We provide short-term fix & flip financing, long-term rental financing, and new construction financing for real estate investors. RCN Capital has competitive loan options available if you are looking to finance a home flip.Connect with us todayto discuss your next real estate investment.