By Sophie Gates – Home Staging Association UK & Ireland
The Irish property market has seen an unprecedented rise in rent prices in recent years, and this hasn’t come without complications for potential tenants and landlords.
However, despite this surge in rental prices, competition remains strong. With a growing demand for more housing where supply is scarce, combined with high house prices, Brexit uncertainty and tough mortgage criteria, the rental market is projected to make a substantial gain with many tenants taking the opportunity to grasp any property they are able to get their hands on.
Although there has been an uptick in planning permissions, according to Ronan Lyons, Assistant Professor of Economics at Trinity College Dublin, it will only be possible to see significant relief in terms of additional supply coming on to the market after 2020, which would be a solution to bring rents down.
Those investing in buy-to-rent properties want to differentiate themselves from rival offers and secure the right tenants as soon as possible to maximise their ROI, but what can be done to make a property stand out in this ever-growing competitive market?
Home Staging? What is it?How can I use it to benefit my property?
Home Staging prepares a property for rental or sale, enhancing its best features with the overall aim to create a welcoming space that allows the viewers to envision themselves in their new home. It is a service that doesn’t have to be expensive nor does it have to be time-consuming or include any major changes.
A swift declutter or sparkling clean can make a big difference. Vacant properties can benefit just as much – bringing in pieces of furniture will make a space look bigger, more appealing, and looking like a ready-to-move-in home.
The Home Staging Association UK & Ireland has unearthed some uplifting findings from their recent research study.
A wide-ranging sample of property professionals, including estate agents, property developers and property managers, were asked to complete a survey on the effect home staging has had on the success of the marketing of their properties between January and April this year. The results are encouraging, and work towards further substantiating how home staging can transform a property’s appeal, attract more viewers and maximise the chance of signing a contract.
One of the most significant results saw 94 per cent of estate agents, and 100 per cent of developers, stating that home staging increased the number of viewings for a property.
Here are more of the key findings from the report:
- 100 per cent of respondents reported home staging makes it easier for a viewer to visualise the property as their future home.
- 75 per cent of estate agents stated that viewers spend more time at a staged home, as opposed to an unstaged property.
- 100 per cent reported that properties with professional photos get more viewings than properties with no image or poorer quality images.
- When comparing similar properties, 83 per cent of property developers stated home staging increased the offer value by 1-10%, with 33 per cent reporting an above 10% rise in offer value – that could also mean an increase on rental value, potentially.
Full report available at www.homestaging.org.uk.
To find out more about Home Staging, check out interview with Luke Parle From Portico about the benefits of Home Staging here: