Attracting more buyers, that’s the point of staging. Whether real estate provides passive or direct income, staging is just as important in selling a mixed use or retail property as it is in selling residential properties.
Good real estate investors compare properties in the area before deciding the list price. This process provides sound knowledge of what buyers actually desire in the area and allows for effective staging. Staging a retail space utilizes a similar process. The surrounding market and staging trends are important considerations. Here are some questions to help with these decisions.
Homes are getting smarter, why not businesses too? Coldwell Banker now offers smart home staging kits for its agents. The world is a smarter place and because of it, and following suit is the retail environment. Tap into this staging trend by installing smart devices like Philips’ Hue bulbs, smart thermostats, smart security systems, and upgraded POS terminals. It doesn’t require as many “shiny” objects to attract a seasoned buyer. Longtime real estate investors recognize a site’s potential. It’s still a good idea to purpose the location accordingly.
If I’m the Buyer, How Would I Utilize this Space?
Is the site a coffee shop, a jewelry store, a clothing store, etc.? Is the space purposed for a specific industry? If the unit is already outfitted with the appropriate materials, consider accessories like paintings, tablecloths, appliance upgrades, lighting upgrades, bathroom renovations, and fresh paint.
When working with a blank slate, research the area and discover which businesses are trending and which are not. Implement this data when staging the property. For instance, if frozen yogurt is trending in nearby communities, showcase this in your staging. A large space offers the unique ability to stage different businesses in separate areas.
How Does this Location Compare to Its Surroundings?
If buyers haven’t asked this question before seeing the location, they’re asking themselves this as they drive to the site. Every business owner wants their place to stand out. Renovate the exterior to add life to the property, especially if it looks drab compared to its neighbors.
Does the facade need a facelift? Is the signage dated? Does the landscaping accentuate the property? Real estate investors know the importance of first impressions. If it doesn’t impress potential buyers, it won’t sell.
More Staging Trends To Sell a Mixed Use or Retail Property
- Neutral, clean colors invoke cleanliness and make the space appear larger
- Remove existing clutter
- Hard floors are in, carpet is out (tile, stained concrete, wood, laminate)
- Handicap accessibility is very popular
- Open floorplans
- Use accent walls and accessories to provide bursts of color
- Eco workspaces integrating natural elements like plants and aquariums
- High-end bathrooms
- Install posters/signs on large display windows to highlight foot traffic potential
- Aromatherapy: automatic air fresheners
- Unique, contemporary lighting techniques (mix recessed lights with hanging fixtures)
- Contemporary art pieces