Budget For Staging In Order To Sell Your Home Quickly!

P1050632 P1050628Are you a New Jersey investor or home owner looking to sell quickly and to pull the most money out of your largest asset? Consider budgeting staging into your marketing plan for your home in order to reap bigger profits! HomeGain reports that staging costs typically have an ROI from 300 to 600 percent. Staging properties helps sell them quickly and often close to asking price or even higher! Investors or homeowners with vacant — or non-vacant — properties that aren’t furnished and “dressed” with accessories such as rugs, art, lamps, and decorative items have a nice product that is like a cake without frosting — the plain cake is fine, but lacks the finishing touches that make it look beautiful!

Putting furniture and trendy decor in a vacant home has the following benefits:
* helps buyers envision how best to use the rooms
* maximizes the space and makes rooms look LARGER, not smaller
* creates an upscale lifestyle that buyers remember
* makes rooms look warmer and more inviting
* increases the perceived value of your largest asset so you pull more money out of it when selling
* results in beautiful photos on-line and in flyers or brochures

Most low to mid-priced homes can have 4 to 5 rooms staged for around $4,000 to $5,000 for 3 months, the minimum furniture rental period offered by furniture rental companies in New Jersey. This may sound like a long period of time, but even when homes go under contract within the first few weeks of staging, it typically takes at least 2 months to go through attorney review, home inspections, and mortgage approval. I don’t recommend that the furniture and accessories be removed until close to closing. BUT investors with other properties to flip can choose to have the furniture moved into another property within the 3 months for just another delivery fee (typically less than $300) plus a reduced staging fee.

Budgeting staging costs into selling residential properties leads to quicker sales, higher prices, and reduced carrying and maintenance costs. It’s a win-win formula for wooing buyers and creating beautiful packaging for your home that will move it ahead of the competition!

The Cost Of Staging Vacant Homes

The following article is edited and adapted from an article by Karen Eubank of Eubank Staging & Design in Dallas, TX (www.eubankstaging.com) and is shared with permission.6b48d__living-room-with-orange-tan-and-white-accents. The original blog post is from the blog “Candy’s Dirt” at http://candysdirt.com/2015/12/31/archives-karen-eubank-explains-stage-naked-properties/  

I get many calls every week asking what it costs to furnish a vacant property.

Although the industry rule of thumb is that a “naked” home costs 1% of list price to stage with furniture and accessories, I can only give an approximate average price range until I see the home. The cost to stage a multi million-dollar Saddle River mansion and the cost to stage a $300,000 Springfield cape varies greatly. First, I need to preview the property, which includes photographs, measurements, space planning, and mentally selecting items for the house. The next step is creating the estimate. That process requires selecting specific furniture and accessories, figuring out labor costs and delivery fees. This can take hours, and I and many other experienced (and busy) stagers charge a fee to do this (currently $100 for most properties, credited back for market-ready rehabbed or new-built homes that don’t require any advice on updates, paint colors, curb appeal, repairs, etc.)
Clients are often surprised that staging often costs several thousand dollars over the course of 3 months for 4-5 main rooms (living room, dining room, kitchen, family room or office, master bedroom). This is a small investment in creating a model home look that will impress and wow buyers and typically result in a much faster home sale and a higher selling price! In a typical vacant staging, there are 30 to 40 pieces of furniture, rugs, and accessories used to create an inviting model-home look. Then there’s the labor that goes into finalizing furniture selections, dealing with the furniture rental companies, packing up and delivering 2 carloads of accessories for most homes, placing the furnishings, hanging the artwork, unpacking and installing accessories, steaming the bed linens, and packing up everything at the end of staging. The stager also must wait at the property for two 3-hour delivery and pick-up windows on either end of staging. Tired yet?
When the house sells, the stager returns and goes through the de-staging process of coordinating and meeting delivery trucks, packing accessories and putting them back in the warehouse. This is why most busy stagers require at least one to two week’s notice to stage a property and then to de-stage later.
As Karen Eubank of Eubank Staging & Design in Texas writes, “No one likes a naked house. People buy homes because they make an emotional connection and that’s very hard to do when a buyer walks into a vacant space. Is it always possible to furnish your listings? No of course not. Sometimes sellers can’t afford it, but when you break down the cost versus return, many of them will have that “Ah-Ha” moment and they will make the choice to stage.
Here’s the bottom line: It’s a lot less expensive to stage than to lower the price of the house. Vacant staging is an investment. Check with your tax professional and you’ll find it’s often a marketing expense.”

Effective Staging Must Use Current Styles and Colors!

Lately, I’ve been very surprised to see some photos of vacant house stagings in NJ that show shabby-chic, traditional, too-large, or ornate fringed furniture. Frankly, some of it looks like it came from garage sales or from the 1990s! If you’re hiring a stager to either shop for new bedding, carpeting, light fixtures, etc. to update and upgrade your home, or especially for providing furniture and accessories for your home, you may not be aware of what the current trends are, but your stager MUST be for the staging to be worth the money you spend. Traditional furniture doesn’t work for most properties (outside of homes for the elderly), and in our NJ market, very modern furniture doesn’t work either, except in some newer, smaller condos along the Hudson River. Transitional furniture — which falls in between traditional and modern furniture styles — is by far the most popular style today, with its clean, un-fussy lines that buyers prefer. (Check out my vacant staging portfolio to see transitional furniture.) The size and scale of the furniture is also vitally important to enhancing rooms, especially the typically smaller rooms seen in many newer “flip” properties or townhouses and condos. Large, over-stuffed furniture makes rooms look cramped, out-dated, and generally unappealing. Colors matter too — black, red, green, and brown upholstery is mostly out-dated, while gray, white, beige or light gold are much trendier choices that buyers will relate much better to. Shots of either soft, spa-like or brighter colors — teal, all shades of blue, light to jewel-toned greens, orange, even navy — or metallics (silver, gold, bronze) in pillows and accessories are also trendy looks that can help your home look up-scale and current. Again, your stager should be matching the color choices not only to the rugs and furniture but to the wall colors and finishes (hardwood floors, cabinetry, countertops, light fixtures) in the room or adjacent rooms. So be sure the stager you use knows what works in today’s market, your area, and for your demographic. Staging is an investment that will only pay off if the end result is effective!

Hire a Stager to Help You Rent Furniture/Accessories When Selling

Do you have empty rooms or rooms with old or shabby furniture? You can rent furniture and accessories through a furniture rental company that will significantly update the look and appeal of your home, especially if you have furniture more than 6 or 7 years old.

If you don’t want to pay a stager to spend several hours in your home bringing in and styling their own accessories, bedding, lamps, florals, towels, and decorative items, but you want help figuring out what furniture and/or accessories to rent and where and how to place them in your home, call me at 201-390-4649. For a $100 consultation for 4-5 rooms, I take all needed measurements as well as photos of existing wall colors, carpeting, columns, angled walls, etc. so that I know what size, upholstery choices, and number of pieces will work best in each room.

For just $50 extra per room, I can provide you with a specific list and photos of furniture, area rug and accessory recommendations from one of 2 or 3 local furniture rental companies. I can even make the initial contact and arrangements with them, if you wish, or you can contact them directly, but you will sign the contract with them and take delivery and direct the furniture placement.

7 New Jersey Home Staging Tips

21903424_361290f88fWhen you are preparing your house to sell, follow these 7 Simple Steps:
1) Clean it thoroughly or better yet, have it professionally cleaned. A clean home, just like a clean hotel room, is critical to impressing buyers! Don’t forget to clean carpeting and floors as well as around faucets and tile grout and around all light fixtures and window sills.
2) De-clutter your home of all knick-knacks, papers, toiletries, small items on floors — including shoes, baskets, dog beds, dog toys, fish tanks, excess items on countertops.
3) Remove excess furniture and/or re-arrange furniture to highlight the best features of your home (large windows and fireplaces, for one). Especially be sure not to block those selling features with furniture, treadmills, large lamps, etc.
4) Remove fussy, frilly, dark, floral drapes and valances or any other heavy window treatments. The only fabric window treatments that are in vogue these days when selling are simple to-the-floor lightweight panel drapes pushed to the sides of windows to let in as much light as possible.
5) De-personalize both your decor and your paint colors. Stagers know what colors are currently popular and neutral enough for buyers AND which ones will work best with your home’s finishes (floors, cabinetry, countertops, tile, and all the non-movable items). Eliminate themed decor, such as western, country, beach, tropical, southwest, etc.
6) Update light fixtures, hardware, bathroom fixtures, appliances where needed (stainless steel is still very popular in kitchens, and brushed nickel or chrome are still the leaders in bathroom faucets). If your competitors’ houses all have granite or marble countertops instead of formica or Corian, then yours should too!
7) Last but actually FIRST to buyers who drive by your home is to spruce up the curb appeal! Paint or clean the front door and trim as needed. Adding a new large door mat, new house numbers, mailbox and large pot(s) of either evergreens in winter in New Jersey or flowering annuals in the summer will attract buyers’ eyes and make a great first impression!

Costs of Renting Furniture for Staging Your Home

Using Rental Furniture To Showcase Your Home

 

One of the most common questions I get asked is “How much does it cost to rent furniture?” Usually callers are asking about having me choose the furniture for 4-5 main rooms – occasionally all of the rooms — in a vacant house, but sometimes they want me to select just a few pieces for an occupied home to replace shabbier or outdated furniture or fill in an empty room.

 

So here’s the rundown for typical rental costs based on a typical 3-month rental period:

 

Room                                                                           Typical monthly cost

 

Kitchen                                                                      $100

Dining room                                                             $100 – 150

Living room                                                              $200 – 350

Family room                                                             $200 – 300

Master bedroom                                                      $250 – 300

Extra bedrooms                                                       $150

Although rental companies WILL lease for one or two-months, the higher cost they charge for such short-term leases is the same as the cost of a 3-month rental. That time frame actually works out well when selling your home because even if a staged property gets an offer in the first week or two – which often happens – the attorney review, inspection, mortgage process, etc. typically takes another 2 months anyway. I always recommend keeping furniture (and my accessories) in place until as close to closing as possible, just in case a deal falls through at the last minute.

Furniture companies also charge a one-time delivery fee of about $260, and a one-month security deposit, refundable at the end of the lease.

Of course, you can rent furniture on your own, just keep in mind that:

A) As part of every vacant staging consultation ($100 credited back upon hire for staging), I photograph and measure the rooms to figure out the best placement for furniture for making rooms look spacious and inviting.

B) it’s time-consuming to browse websites or visit stores to select quality furniture within a specific budget.

C) You need to make sure you select the right style for your target demographic (buyers likely to be interested in your property).

E) You also need to consider colors and patterns that are on-trend AND work with the paint colors, cabinetry, countertops, flooring and other finishes in your home.

F) Because of my 5-year relationship with the two large furniture rental companies in northern NJ, I get discounts or can negotiate for better pricing that I pass along to my clients to save them money.

G) In addition to furniture, every home needs accessories such as art, lamps, rugs, pillows, throws, bedding, towels, and decorative items such as bowls, florals, vases, trays, etc. I carry hundreds of accessories that add warmth and create emotional appeal to make buyers connect with your property.

Ideally, you should rent furniture BEFORE listing your house and before the real estate agent has professional photos taken of your home . Placing appropriately-sized and styled furniture shows buyers the best use of rooms, adds warmth, makes rooms actually look MORE spacious, highlights the best features like fireplaces, windows, and built-ins, and generally makes a house irresistible to buyers so  you will get the highest offers and the most money out of your home as possible!

 

 

 

 

 

 

 

Before staging -- vacant open living/dining room

Before staging — vacant open living/dining room

After staging - furniture shows buyers best way to use this open space
After staging – furniture shows buyers best way to use this open space

Before staging -- open but small living room

Before staging — open but small living room

After staging - how to blend the space into one cohesive room

After staging – how to blend the space into one cohesive room

Before staging -- small master bedroom scared off buyers

Before staging — small master bedroom scared off buyers

After staging, home got offer in a few days -- buyers could see queen bed, dresser, and nightstands fit into room.

After staging, home got offer in a few days — buyers could see queen bed, dresser, and nightstands fit into room.

Long tunnel like living/dining space confused buyers

Long tunnel-like living/dining space confused buyers

Staging added warmth, color, and eliminated buyer confusion!

Staging added warmth, color, and eliminated buyer confusion! 

 

Need Help Decorating a Room, Apartment, or House?

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Does your home make you happy every time you walk in the door? Would you like a beautiful space to come home to and enjoy every day? If you need help with space planning, furnishing and accessorizing a single room, a bachelor pad, a vacation home or a whole house, we can help!

Our environments can have a profound impact on how we feel: calm and serene, upbeat and energetic, focused and organized. Looking for a cozy man-cave, an elegant woman’s office, a rustic lodge, classic luxury?  Whether your budget is IKEA, Ethan Allen or to-the-trade design houses that offer custom-made quality furniture, custom rugs and window treatments, I can help you achieve the look you want – from traditional to transitional, mid-century modern, Hollywood glamour, or New York penthouse contemporary.  I can incorporate elements and pieces you already have or have seen, and I can suggest furniture, room arrangements, floor plans, built-ins, and fabrics and even looks you may never have thought of.  My goal is to help you create a beautiful and functional home you will love to be in – with a lot or a little input from me, and in a timely fashion. I know and can work with to-the-trade design houses to choose special pieces for a unique and custom look  (and you might be pleasantly surprised that when I pass on my discounts their products can be quite affordable).

 

Light-filled living room with cathedral ceiling

Great Impressions Interiors offers initial two or three-hour consultations tailor-made to fit your home and lifestyle needs AND budget for just $200 to $300. We assess your living and lifestyle/entertaining needs, style, color preferences, budget, storage/space issues, and design focal points. From there, we start making suggestions, take measurements and photos as needed, and go home to create one, two, or five on-line style boards of furniture, rugs, window treatments and accessories for just $75/hour until we create the perfect design for you. You can then use that style board listing all the products and where to buy them to make purchases on your own, or you can hire us to complete all the shopping and handle the shipping and other install details. However you want us to help you, we will work with you to give you a more perfect home!

To schedule a design consultation or to find out more about how I might be able to help you, call Amy at 201-390-4649.

Easy Decorating Tips that Add Winter Warmth

6b48d__living-room-with-orange-tan-and-white-accents

Warm colors and layered bedding create a cozier look.

Warm colors and layered bedding create a cozier look.

 

Brown accents and layered bedding create a beautiful, warm-looking bedroom

Brown accents and layered bedding create a beautiful, warm-looking bedroom

 

Persimmon-colored drapes and pillows

Persimmon-colored drapes and pillows

Winter got you down? When New Jersey temperatures hit the single digits and the chore of digging out from repeated snowfalls are making you crave moving to Florida or the Caribbean – but you really don’t have that option! – turn up the visual “heat” in your home instead. Just bring in shots of warm tropical colors, such as pink, red, orange, yellow and even comforting chocolate brown, in pillows, blankets, comforters, and window treatments. Inexpensive items such as pillows or pillow covers (try Bed, Bath and Beyond and West Elm or Etsy, Wayfair, or Overstock.com), decorative red, yellow, or orange accent vases or art, and higher-wattage bulbs and/or an additional lamp or two can all make your home more inviting and cozy for those long winter months spent mostly indoors.
Another tip: layer multiple blankets and decorative pillows or invest in a set of heavier bedding and velvet panel drapes that can be swapped out in the spring and summer for lighter-weight alternatives. Layering and heavier-weight fabrics even in cool colors make homes look warmer.  Not only can these small changes make a big change in your environment and mood, they can also make your home a more interesting and fun place to live year-round that is reflective of our changing seasons.

Renting Furniture For Staging Homes Is An Investment with a Great Return!

P1010676IMG_0916P1010683IMG_0920Lately I’ve had many inquiries about the cost of staging vacant houses, but once callers such as real estate agents, investors, and sellers hear the cost of furniture rental (which I arrange through outside rental companies) their first reaction is to balk. But at around $200 – $300 per room per month (depending on style and price point of furniture as well as number of pieces required for each room), the cost is actually very reasonable considering:
*Furniture rental when selected by a professional stager or decorator is a very smart investment that will easily return anywhere from 2 to almost 6 times the cost (source: HomeGain) in a higher selling price and quicker sale that will save owners money on monthly maintenance, mortgage, property taxes, and other carrying costs
* The cost is always less than a typical price reduction on a property
* Renting furniture is a smart and critical move to creating a warm and welcoming environment for buyers that helps them envision their ideal lifestyle
* Using the services of a design expert such as a stager or interior decorator to place furniture in an empty home shows buyers how to use spaces most effectively, resolves questions about seating, watching TV, reading areas, eating areas, the number of people that can comfortably use a room, too-large or too-small spaces, what to do with awkward angles, oddly-placed fireplaces, etc.
* Using rental furniture from professional rental companies insures all furniture is sanitized, professionally wrapped, delivered, and set-up, and that the inventory is frequently turned over (i.e. updated) to reflect current design trends.

*Stagers/decorators can often negotiate lower rental prices, sometimes get insurance waivers removed, and generally arrange better terms with furniture companies since they know we bring them repeat business and they value their relationships with us.
So while the cost may seem high at first glance, the benefits of renting new, trendy pieces to create the look that appeals to buyers far outweigh the initial cost of around $3-5,000 to furnish 4-7 main rooms in a house over the standard 3-month rental period.

Home Staging Creates Emotional Connection with Buyers

One of the main benefits of consulting with a home stager is the emotional connection she or he is able to create with buyers for your home. Buyers tend to buy with their hearts, not their heads, as much as they think they are using rational decision-making!

Many factors contribute to buyers’ perception of value when looking at a home:
Landscaping, paint colors, materials and finishes such as hardwood floors and granite countertops, fixtures such as stainless steel appliances, updated vanities, modern light fixtures, and even non-attached elements such as furniture and accessories. The vast majority of buyers who see older, overdone, mismatched, or even minimal décor will not find the home appealing and will de-value it or pass it by completely. There are many easy fixes that stagers can suggest to get offers for homes that are stagnating on the market because of older décor. Stagers can also psychologically “fix” poor lay-outs simply by re-arranging furniture and art.

Even dark or out-dated paint colors will reduce the value of a home, although having rooms repainted is an easy and relatively inexpensive fix. Unfortunately most buyers don’t know that and even if they do, they don’t want to deal with doing the work. Buyers will pay more money for move-in ready homes than out-dated ones or fixer-uppers (which is why investors seek the low-value, low-price homes that need work). Stagers advise their clients on the specific items that should be changed or replaced in their home in order to raise the value of the home over and above the expense involved!