Enabling prospective buyers to see the potential in a vacant property requires an innovative approach, particularly if prospective buyers are evaluating a property through the lens of their computer screen. Virtual staging services offer a solution for real estate agents seeking a sophisticated yet cost-effective way of driving prospective buyers to a property. With results of a study by the National Association of Realtors indicating that staged properties sell 72% faster than empty properties, real estate agents and developers are increasingly turning to virtual staging as an alternative to physical staging.
Primary Obstacles Facing Property Developers and Real Estate Agents
Attracting prospective online buyers is a major challenge for property owners and real estate agents. An innovative approach is required to make a property look enticing on a computer screen – especially if that property is vacant. Below are the key obstacles facing architects, developers and real estate agents seeking to stimulate the interest of prospective buyers.
- Only 10% of prospects are able to see the potential in a vacant structure
- Challenges appealing to multiple markets with different preferences in décor
- Budgetary constraints
- Large, multi-unit properties can be challenging to sell
- The need to sell a property within a short window of time
- Difficulty transforming barren-looking structures into warm, inviting abodes
- Challenges attracting prospective buyers in other countries
Eliminating these obstacles demands a sophisticated, strategic approach on the part of realtors and property developers. Failure to incorporate innovative techniques into a property sales strategy can cause sales to stagnate.
Why Virtual Staging is an Ideal Solution for Developers and Real Estate Agents
Tackling the challenges above is not easy, especially since many prospective property buyers initiate their search for a home or commercial property online. It is therefore critical that you make an excellent first impression on potential buyers. Virtual staging is an affordable way to immediately capture the attention of prospective buyers by illustrating the potential of a vacant property. Below is a summary of the top 10 benefits offered by virtual staging:
1) Virtual staging is cost-effective, especially when compared with traditional staging. Traditional physical staging is expensive. Between the costs of rental furniture and the onsite presence required to maintain furniture and home goods, traditional staging can be 10 times more costly than virtual staging. Cost-conscious sellers are increasingly using virtual staging to affordably bring life and vitality to their properties.
2) The flexibility of virtual staging enables easy style modifications. Buyers differ greatly in their décor preferences, creating a challenge for proponents of traditional staging. The virtual staging process makes it easy to change the décor of a home from a traditional motif to a contemporary style. If a seller feels that a particular virtual style is not effectively attracting buyers, the seller can simply choose a different style offered by their virtual staging provider.
3) Virtual staging eliminates the hassles associated with traditional staging. Virtual staging requires minimal effort on the part of the seller making it an attractive option for busy property owners and real estate agents. There is no need to rent furniture, spend time positioning wall hangings, or to clean furnishings.
4) Properties are transformed faster with virtual staging. Speed is critical to real estate agents facing tight time deadlines. Fortunately, most providers are able to complete a virtual staging project within a matter of days. Some companies even offer a same-day rush service for urgent projects, making virtual staging a great option for time-sensitive situations.
5) Global interest is spurred through virtual staging. Sales of properties to international buyers are on the rise, prompting real estate agents across the globe to expand their focus to include potential buyers in other countries. Virtual staging enables real estate agents to compete in an increasingly global marketplace.
6) Properties sell more quickly when virtual staging is used. The Real Estate Staging Association finds that properties sell 73% faster when staging is used. Virtual staging enables prospective buyers to more quickly visualize the size of rooms and quickly determine whether a property’s layout is worthy of further consideration.
7) Virtual staging is ideal for expansive structures and multi-unit properties. In addition to being difficult to visualize, multi-unit properties are a challenge to market due to their size and complexity. The costs and time required to physically stage large properties add up quickly and may quickly exceed a seller’s budget. Virtual staging can bring an entire multi-unit structure to life in a matter of days at an affordable price.
8) Virtual staging offers the ability to customize property marketing. This advantage is of particular significance to real estate agents who market their properties to international buyers or target specific market groups such as millennials. For instance, millennials prefer stone and wood to be incorporated into their home décor while many wealthy Chinese buyers do not want a home with a Western design. Virtual staging enables sellers to create multiple images of the same property.
9) Buyers can still view the property “as is” if they wish. Virtual staging offers the best of both worlds to prospective buyers. Prospects can see the potential of a property by viewing online photos and can then visit the property in person to see what the property looks like without the computerized effects offered by virtual staging.
10) An inviting atmosphere can be created online before construction is completed. The real estate industry is becoming increasingly competitive across the globe. Maintaining a competitive edge by using the latest technology is essential. Developers and realtors can get a head start on promoting their properties by using virtual staging. In fact, virtual staging allows you to start selling a property before the foundation is built, thereby helping you move properties more quickly.
Enlisting the Support of an Experienced Virtual Staging Provider
Virtual staging takes the staging process to a whole new level by reducing costs while enabling customizability. By seeking the guidance of a virtual staging professional, you can successfully promote your property online to viewers across the globe. Edits are easy to make and there is no hassle associated with furniture rentals, paint, or the purchase of home goods. With the help of a virtual staging expert, you can quickly help online prospects visualize how a property can be transformed into an inviting home or office space.
Factors to Consider When Evaluating Virtual Staging Providers
There is a vast difference in the quality of virtual staging services. Realtors and developers must carefully evaluate virtual staging companies to ensure that they choose a provider that is experienced, professional and well-versed on the latest technology. Below is a summary of the key indicators of success that you should consider as you compare virtual staging companies:
- A comprehensive digital library of décor choices
- The ability to bring life to many types of structures (malls, hotels, condominiums and more)
- Quick turnaround times for projects (preferably 1-5 business days)
- A minimum of 10 years of industry experience
- Expertise serving customers across the globe
- A collection of references from satisfied customers
- Success customizing virtual staging projects for a wide variety of markets
In summary, virtual staging is the key that allows prospective property buyers to visually unlock the potential that lies within a vacant property. It offers a cost-effective way to attract buyers and generate sales faster. The end result is a higher, faster return on the seller’s investment.