After you bought your property, refurbished it to the best it can be, but now it’s time to add some furniture to give the rooms some life. Furniture and interior design are one of the most important elements when it comes to marketing your property. You have to see the property through the eyes of the tenant, would they want to spend 6+ months living in that space and is it homely enough for them to feel comfortable in the property.
The Cost Of Dressing And Staging A Room
Now one of the main ways to get a room filled quicker (and at a higher rate) is through dressing and staging the room. It should go without saying, if your property has not had a good quality photoshoot – get one!
A dressed photoshoot is one of the highest ROI activities you can do.
You can furnish, dress and stage a HMO room for around £150-200, this considerably small investment will pay great dividends.
The ROI on this is huge.
Here is the example: The same room dressed in photos get on average x3 viewings than ones that have not. This could be the difference between a few days and few weeks void. That is the payback right there.
A staged room also converts at 20-50% better rate from viewings. You may convert 1 in 5-7 viewings to a tenant without staging, with staging it is 1 from 3-5 viewings. That is a massive difference.
Net neutral cost due to quicker filling of rooms.
A standard HMO room
And this isn’t a one off return, you get it every time a tenant leaves.
Plus here is the real kicker – the tenant is happy to pay £25-50 EXTRA PER MONTH. So, on a 12 month tenancy, you conservatively make £300 more, probably more likely £500 PER ROOM.
The ROI on dressing and staging your room properly 1:3-4 (300% ROI) in the first year, be over 1:10 over 3 years! Yes, a 1000% return.
In our opinion we believe that dressing HMO rooms is definitely worth the time and money, what do you think?