How Virtual Staging is Changing the Game for Property Sales

BY JD LLOYD

As the commercial real estate market evolves, industry experts are predicting that virtual staging will lead the way in the future. In recent years, virtual staging has emerged as a powerful tool for real estate professionals, allowing them to showcase properties in their best possible light and attract buyers and tenants.

So, how does virtual staging work? It starts with high-quality photographs of the property, capturing the space in its current state. These images act as a blank canvas and serve as the basis for the virtual staging process, which involves a series of steps to transform the space into a visually inviting environment.

Design consultation is the next step. The virtual staging team collaborates with the real estate agent, homeowner or property developer to determine the desired style, furniture and décor for the staged property. Design choices can be tailored to suit the target market or the specific preferences of the client, ensuring that the final product meets their needs and expectations.

Using specialized software, designers then create digital renderings of the property, incorporating the chosen furniture, décor and style elements. This process requires a combination of technical skills and artistic vision to produce realistic, visually appealing images that help potential buyers or tenants envision themselves living or working in the space.

Once the initial renderings are complete, the client can review and request any necessary changes. This iterative process ensures final images meet the client's expectations and showcase the property to its full potential.

Finally, the high-quality images are delivered to the client, ready for use in marketing materials, online listings and other promotional efforts. Virtual staging can be a powerful tool for real estate professionals, helping attract buyers and tenants, speed up the sales process and, ultimately, close more deals.

Consider the following statistics and insights:

• Virtual staging companies will charge between $22.50 and $129 per photo for luxury listings.

• Hiring a virtual staging company costs an average price of $400 per home.

• Staging the home (in reality) can cost about 0.75% of a home's price, averaging between $2,300 to $3,200.

• Virtual staging typically reduces the cost of staging by up to 97%.

• According to the National Association of Realtors (NAR), 82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.

• Also per NAR, 47% of real estate agents claim that home staging had an effect on most buyers’ view of the home.

• A professionally staged home spends 73% less time on the market compared to those without staging, said Professional Staging.

• Staged homes on the market sold for 25% more than homes without staging, reported Realtor Magazine.

As the commercial real estate market continues to evolve, virtual staging is likely to play an increasingly important role in the industry.

Companies at the forefront of this trend are providing innovative solutions to help real estate professionals and their clients succeed in a competitive marketplace.