Virtual staging helps generate a whopping 89% more inquiries. But if staging is so effective, why do we see it on so few listings?
The traditional way of staging a home is expensive and time-consuming. Property managers and real estate agents perform the technique to help prospective residents develop a sense of a what home would feel like to help move them down the leasing process. After all, viewing an apartment filled with attractive furniture and décor helps potential buyers visualize living and working in their potential next home.
However, the monetary requirements of the physical process prohibit multifamily managers from staging all of their units, and at best, they end up settling for a few models. Virtual staging is a newer and innovative way to show potential renters how a property can look without the headache, money, and time that traditional staging requires.
Most managers agree that telling the story of the unit is key. Here’s how virtual staging can help you do it.
What Is Virtual Staging?
So, what exactly is virtual staging, and how does it compare to traditional staging?
Virtual staging involves digitally staging photos of the apartment or community. Given the rise of virtual tours in the post-pandemic world, virtually staging 3D tours has become the next big thing as stats show that staged apartments lease faster.
The unit may be empty or full of construction materials that you’d like removed from the imagery. Once the pictures of the rooms are taken, special photo-editing software is used to improve the way the unit looks.
The advanced photo-editing software can insert furniture, décor, and accessories into the 3D images to give potential buyers an idea of how the property could look. It can also remove any unwanted clutter or mess to tidy the picture up.
We’ve found that staging a studio unit increases engagement on tours by over 50% and decreases bounce rates by 17%.
Here’s what a virtually staged 3D tour done the right way looks like.
The Advantages of Virtual Staging
There are many advantages of virtual staging, which we’ll cover here.
Tell the story
As more and more people are working remotely at home, multifamily managers are faced with new challenges. Many studios have trouble leasing as they don’t appear to meet the work from home standards. Nowadays, separating work from living and sleeping areas is essential for many remote workers who spend a lot of time in the home.
But 3D staging helps property managers in these situations. It allows them to ‘tell a story’ of the unit, showing how the property can be furnished and split to separate the living and sleeping space from the work area.
Viewing a property full of furniture and decorations is more likely to help potential buyers visualize themselves living in a property than if it were empty. Virtual staging is a powerful way to attract buyers and provide them with a clear vision of what their space could look like.
Virtual staging software offers many options for colors, furniture styles, decorations, and more, so it’s possible to design rooms tailored to specific markets and interior décor trends. If you have a vision for a space, 3D staging can help it come to life.
Cost-wise, virtual staging is a lot more affordable than traditional staging. Property managers don’t have to move any furniture around or pay for separate storage for furniture while waiting for their property to sell. While physical staging can cost $5,000 per unit, it can be done virtually for $150.
Virtual staging is a straightforward and efficient technique to perform too.
Property managers can use virtual staging to enjoy the benefits of traditional staging without the headache and hassle that it usually involves. No longer is it necessary to hire and wait weeks for the installment. Instead, you can stage your entire community in 3 days.
Construction & Pre-leasing
The combination of staging and photoshop can help managers begin the leasing process while a unit is being renovated or under construction.
When the unit isn’t ready to be physically toured or staged, it pushes back time to market. More time on market equals lost revenue. An effective tactic to pre-lease while a space is in shambles is to clean it up and stage it, such as in this ocean view apartment.
This one was leased just six days after the tour was staged!
It’s crucial to perform virtual staging right, though, so be sure to choose a high-quality company to perform virtual staging for your properties.
When done poorly, virtual staging can make photographs look fake or make the furniture appear more like CGI.
Are You Ready To Try Virtual Staging?
The real estate landscape is evolving at a rapid pace, primarily because of the spread of COVID-19. Due to concerns surrounding the pandemic, virtual tours of homes have become the norm, and virtual staging is a must for multifamily managers.
Peek’s 3D stage feature is changing the game in multifamily in two ways.
First, Peek is the only platform that enables users to toggle the staging on and off. This is incredibly valuable for viewers because it enables them to use their imagination with an empty space, understand the dimensions of the room, and see the room with character. For leasing agents, it helps them handle objections such as, “I don’t believe I can put both a nightstand and queen size bed in this bedroom”.
The second is speed and scalability. Multifamily managers deal with high volumes of units. Peek enables them to virtualize an entire building in just days at the best price point on the market.
Do you need help with virtual leasing? Then we’re here to help. Let us help you upgrade your leasing today and request a demo with Peek.