I'm a big fan of the new HGTV Show Income Property. Host Scott McGillivray takes a rental property from un-leasable to the most sought after on the block all in a span of the 1/2 hour show. Much work is put into these properties and the icing on cake is the reveal in the end where Scott and his team use Staging as the final marketing tool to showcase their mini masterpieces. I am so thrilled to see their use of staging for these income properties and am hopeful that prospective landlords around the country will see this and understand why staging is also a necessary part of getting their properties leased.
Leased properties are a hot commodity on the real estate market in many areas.
For many people leasing is the only option they have currently for a variety of reasons:
- many people in need of a home cannot qualify for a mortgage currently
- many don't have sufficient funds for a down payment
- many need to build up their bank account before heading back out to the home buyer's arena.
- many people and their families are in need of housing while on a temporary or long term job assignment in another area
- many people are from out of the country on work assignment for a year or more in the US
- Some folks like to get a lay of the land in a new area before putting down roots
- Some folks prefer a lease to buy option to get a feel for the house before purchasing
- Some folks just like to change vistas every few years and enjoy moving into a new home without the ties of having to sell first
- Some folks are in transition through life changes like divorce, death or other family related crisis or changes
Many of these folks are in a great position to lease and have a lot of properties to choose from. Many home sellers are also offering the option to lease or buy in this market too. As with any property for sale(and a leased property is essentially "for sale" for a time and is making income for the owner) it is imperative to showcase that property for prospective tenants to see themselves in.
Home Staging for income properties is a must do in today's market.
Utilizing the services of a home stager to showcase these rental properties is a smart move.
Even leasing furniture for the property from a national rental company and making it a selling point,(when working with a national rental furniture company the furniture can stay with these properties for as long as the tenant needs it. The lease will just be transferred in the new tenants name after the terms of the original agreement are met) is a wise move. It will assist the prospective tenant to see that their furniture will fit and gives them ideas of what to do with the space. It is the same principal that applies while stage to sell.
I've worked with a few leased properties over the course of the last couple of years and with much success. In the case of one lease &/or buy option, the house sat on the market over 90 days with no offers either way, once staged, after 3 days a Canadian couple on a temporary work assignment in the US saw the property staged and leased it for a 3 year term.
Home staging is a valuable marketing tool for income properties.
Home Sellers, Realtors, Investors and Landlords, for expert advice on preparing a home for sale or lease contact Home Star Staging, a Plano,TX based Real Estate Staging and Consulting company.
Home Star Staging is here for you North Texas!