A Way of Landing is Staging a Rental Apartment
Staging a rental apartment is one way of landing the best quality tenant available, as well as maximizing the monthly rental fee charged. Rental staging can be used for virtually any type of unit, ranging from a small apartment in a private home, to a luxurious penthouse unit overlooking the water, to a commercial space in the hottest downtown district of the city. As always, there are some specific ways of successfully staging a rental unit and I am happy to share my own experience on the subject with all of you.
Rentals, just like any other properties, are priced based on supply and demand. Additionally, just like any other type of real estate, rentals have criteria which are fixed and those which are variable. Location is fixed and cannot be changed. However, the condition of the unit, in relation to others of comparable size and scope, is certainly a variable criterion. Enhancing a unit to make it shine above its competition is one way of creating greater demand for the apartment. A greater demand will drive the price upwards, get the rental occupied faster and allow the landlord a better selection of prospective tenants.
The goals of home staging are applicable to any rental unit, whether you are trying to attract residential or commercial tenants. First, home staging will optimize the look, feel and flow of the space. Staging will also balance the proportion of the interior and impart universal appeal appropriate to your target tenant demographic. Finally, staging will minimize the liabilities of any negative property characteristic and can even turn a bad factor into a good one in the hands of an expert home stager.
Now, of course, home staging costs money. However, I always recommend that landlords and management companies invest the time to do one of two things to minimize costs and maximize profits. First, creating good working relationships with area stagers and furniture rental companies can help defer costs and can also lead to many other possible joint ventures. Networking is a very good thing in the real estate industry... Next, ambitious landlords or property agents can learn to stage themselves, which is actually really easy to do once you understand the fundamentals. With either option, I usually recommend that the landlord invests in some good quality furniture and art which can be reused time and time against to stage units, as they become available. These will pay for themselves in no time and after that, it is all profit. For a way to get even more money out of these items, smart management agents may offer their units completely furnished for an added fee. You would be surprised how many tenants will fall in love with the décor and gladly increase their offer to live in the unit just as it appears when freshly staged. A few months of occupancy and the furniture is fully paid off, leaving extra income coming in month, after month, after month...