Ask any new stager what their favorite part of owning a staging business is and they will answer "Shopping!" Ask that same stager a year later and they will answer "Anything but shopping!"
While initially the shopping aspect of staging may seem like a dream job- you actually get paid to go buy items for peoples homes- the reality is that selecting inventory is a very serious task and at times can be quite stressful and overwhelming.
Shopping is much more complicated than running over to your local TJMaxx and throwing things in a cart. As a staging business owner there are a lot of factors to consider such as:
1. How will I finance the inventory I am purchasing?
If you stage vacant homes one of the most exciting things is selecting all the items that will go into the home. I liken it to Barbie's Dream House for grown ups! The reality is however that Santa is not bringing you the plastic furniture, you have to pay for the items that are going into a client's home usually before the staging job has taken place.
Purchasing staging inventory is part of running a business. Just as any other contractor has to purchase their tools to do a job, you have to purchase inventory to do yours. Since you do not charge your client the full retail cost to rent your items per month, often times you spend much more on the inventory you are putting in your client's home that you actually make on the staging job.
Decide how you will finance your shopping efforts and track how much you are spending on inventory. Will you use a credit card? If so make sure it is a business credit card so you do not commingle personal purchases with business purchases. Also use the same card for all purchases so you can track what you spend. Will you get a small business loan? If so make sure to understand the payments and interest structure. Often times you will pay much more in interest than a credit card. Need cash flow? A simple way to come up with funds for inventory is to ask clients for a deposit upfront before you begin planning the job. Usually I ask for 1/2 of the staging project total. You can then use these funds to purchase the items you need. Come tax time Uncle Sam will want to know the assets your business has and inventory will be your most valuable asset.
2. Make sure to select items that are versatile yet in keeping with the price point of the home:
There is a delicate balance between selecting items that are in keeping with the style of the home you are staging and selecting items that can used universally. This is a mistake that stagers make time and time again. You want to select items that work with the architectural style of the home you are staging but you do not want the items to be too period specific so that you can not use them again in another home. Unlike interior designers we do not showcase the furniture or the accessories we are placing in the home. We are using the items to better highlight the space or architectural details the home offers so we want to choose items that will work with various styles.
Time and time again I have seen the perfect item that would look great in a particular home I am staging. I would then purchase that item, use it in the home and then never use it again because it was too specific to that particular home. 2 years ago I purchased a large metal dress form to use in a dressing room in a Victorian home. It looked perfect and we had a lot of fun staging with it but now that thing is collecting dust in the back of the storage unit and would look pretty scary in some of the more modern homes we are staging. I have also fallen victim to buying various bedding sets that worked perfectly with a client's wall paper and would look ridiculous in other homes I am staging. These mistakes are costly so think carefully before buying things that only will work with a specific decor.
On the other hand make sure to choose items that will work with the price point of the home you are staging. More expensive homes require more expensive inventory. I recently gave an estimate on a home and lost the job to another stager who charged less. Three months later the builder asked me to come over and take a look at what the stager had done. He was less than thrilled. The home was staged BUT the decor that the stager selected was entirely too modern for a renovated farm house and looked way too cheap for a 4 million dollar property. He needed oriental rugs, oil paintings, lamps and mirrors. She had installed photos mounted on foam core- not quite the look in keeping with the tastes of the target buyer. Her staging was not bad- I loved the colors but the items would have worked better in a condo in the city than a historic property.
3. Size Matters!
Scale is essential when selecting inventory and it is even more important when you are staging a vacant home. Since often times we are not fully furnishing spaces it is important to consider how the items will work in a partially vacant space. A series of small prints will look like they are floating away on a large wall with no furniture. A larger painting will anchor this space much better. Small delicate items will get lost on a coffee table but 1 or 3 larger items will make more of an impact. The same with lamps. Adding larger more interesting lamps make much more of a statement in a vignette than lams from a box that are too small and look awkward. Another factor to consider when purchasing items is installation time and loading time for your jobs. It takes much more time to load and carefully measure and hang a series of artwork than it does to pack and hang one larger piece in a home.
4. It isn't all about you- its about the furniture you are using.
So many times when I have purchased items I find myself thinking how great this would look in my own home. True, one of the perks of the job is that I can "borrow" things from my inventory for my own home but you have to constantly remind yourself that you are not decorating your home. Take a step back and think about the space you are designing and whether or not that item can work in that space and complement other items in your inventory. Today when I look at my inventory I would not use most of it in my own home. The items do not work with my decor but instead work with the rental furniture that I use most often. When you select items take into consideration the rental furniture that you will use and select items that work with those pieces.
Below is a list of must have items for your inventory:
Pillows in all colors and textures- pillows can instantly dress up neutral rental furniture and bedding.
Greenery-ledge plants, trees and floor plants are essential as are faux or "permanent botanicals" I prefer orchids because they are timeless and do not look too fake.
Lamps- let there be light. Select pairs of lamps and try not to break them up. You will be so upset when you are looking for matching lamps for a bedroom and discover that one of the lamps is at another home. By the time the inventory comes back the other lamp will be out and they will never match again.
Large Artwork and large mirrors- larger pieces make more of a statement are easier to hang.
Area rugs-Sisals, Orientals, Persians- these can add instant color to a vacant room.
Bedding- This can make or break a master bedroom. Select bedding that looks luxurious and works well with the rental furniture and your artwork- not the client's decor.
Large Accent items-Try not to get caught up with itty bitty items. A larger colorful piece makes more of a statement and is less items to pack.
To learn more about selecting inventory and other ways to grow your staging business visit my website at hartstaging.com
Don't just stage, stage smarter! TM
© 2007 - Hart & Associates - All Rights Reserved
Hey Kate! How are you?
Great post and you really covered the 'why' and 'how' of selecting Staging inventory! This is a great 'tutorial' for our newer staging counterparts, and even for the 'more-seasoned', it is a good reminder for those who might need to add to their inventory.
Stage on!
VAL
Hi Kate - great blog - thanks for the tips. My inventory is slowing growing but I constantly have to remind myself not to impulse buy just because I like something or the price is great:) I am also determined not to get in to debt for the sake of my inventory - I am going to let my clients pay for it.
Stephanie
Kate,
Great blog, I am relatively new to staging and have to fight the urge to purchase every bargain I find, hoping I will someday have a use for it. Your advice is good and timely. I love the shopping, but I am now focusing more on marketing so I can pay for this growing inventory. Thanks.
Joyce - Five Star Staging
Kate,
I like your comment about using large items as anchors. They look good even in a small home, as long as it's not crammed full of large items. It gives the home a more substantial look.
My storage facility looks a lot like yours.
Sandy
dear kate
these are such great reminders! it got me thinking of how i shop for my inventory.
cheers,
cindy
Kate,
I always find your posts informative. We have worked hard to build our "impact" pieces, but like everyone else starting out, we always seem to need just something more for the next job. It's such a juggling act for newbie Stagers. Do we all wait for that moment when we don't need to buy that one extra something for each new job? Is a "full" inventory even possible in the first couple of years? Sometimes I feel like I am walking against the wind and it's always winning.
Kate,
Thanks for the great post! This is something I have been thinking about. We all need to get the most bang for our buck when purchasing inventory. Thanks for the insight into how you do things.
~Kimberly~
Kate,
Your storage unit looks like my basement! :-) I'm starting to step back and take a look at what I have; I'm a shopper and I constantly keep an eye out for inventory. I've decided that I'll not buy anything that won't fit in the designated area in my basement. That way, I'll never have to rent a storage unit (okay, never say never)! :-) This was beneficial info! Thanks!
Kate,
Fabulous post. As a beginner, I am still enjoying the shopping and building my inventory. Love the list you posted. Thanks
Stacy
www.stageandsellbystacyllc.com
Hmm, with 2 odd houses to install this week, I've been brooding about this post, noodling on your wisdom. I'm thinking that there's one more requirement for stock pillows - they are more useful is they are tone on tone. Then, if you've seen the home at an odd time of day, the pillows still match.
I'm also wondering how soon we can start up metallics this Fall? I have so much orange, it's fun to be playing with more yellow this August... but I dont' want to wait until November for all the golds and silver. What are your plans?
Shopping - ughhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh is all I can say! Its sad when the salespeople know you by name....
I was thrilled this week, I did a 6100 ft. house that only needed accessories & bedding. It took up probobly half of my accessotry inventory - YAY! Am I happy about the money? Sure, thats a bonus. But I am THRILLED that I can actually see some floor, wall & shelf space and can start to organize what I already have, so that when I have to bring back all the stuff in my current vacants (5 of them) I have some clue!!!
Kate; I can relate to the lamp issue. I did it with a pair of chairs - grrrr. I could only find one of them last week & was losing my already senile mind. I had to look at all of my photos to see what house I stuck the other one in. What WAS I thinking?????
Kate,
I loved this post! It's always nice to have someone say what you probably already know but need to be reminded of! The pairs thing is always an issue! Hate to break them up, but hate more to shop for a single lamp or chair!!
Kim Dillon, Creative Eye Home Staging
Thanks so much for a wonderful post. I am just starting to build up my inventory and am also finding that I don't like the shopping as much as I thought I would! I am just beginning to stage vacant homes and am trying to "match" some of my inventory to the rental furniture.
An idea my (very organized) husband came up with that is helping me out considerably is to place a code on each item with an inventory control item on it. We use a simple format: A-artwork, F-Furniture, and then a number and then transfer all of the item descriptions to a spreadsheet. This allows me to keep better track of what I have and also works for tax purposes at the end of the year. Since I've just started purchasing items I'm hoping this will help me find things when I need them.
Ran into a cool web site http://www.meandmydata.com/ keeps track of inventory, medications and appointments as well as friends and family as well.
Video and audio are awesome. try http://www.meandmydata.com/
Kate Hart is so smart.
I still only buy things that I like ,so someday if I get stuck with it all I can sit in the midst of my treasures and smile. Since everything I own at the moment is in storage and not placed I could do that now - hope the fall picks up.
OMG Kathleen you are too nice. I am crazy to be doing this.... not smart :) Just got home from going to see a client in FLORIDA- yes a 2.5 hour flight from where I live. So tired but love that you love your treasures- most of my treasures are used in a home once and then find a home at my home (like the giant ceramic parrots- don't ask) Things will pick up after the Summer when kids are back in school. No worries. KH
Kate-
What a great blog and I agree 100%! Having an extensive inventory myself I have learned the hard way of what TO buy vs. what NOT to buy. I am gearing my business toward only vacant properties (will still do an occasional occupied for the right client). It's so easy to get caught up in the buying mode, and I try to be cautious about not going over board. I'm pleased to say that I earn approx. 70% of my income on my rental furnishings, and it has made good financial sense for me. While I wouldn't recommend everyone building a huge inventory, but if you are inclined to do it, then I would recommend as you said, think timeless style. I just spoke on this subject at the 2007 IAHSP Symposium and came up with my "7 C's of Building Inventory and Warehousing" 1. Contain (i.e. ability to store it easily) 2. Carry (if you spend too much time wrestling with it, then don't bother buying it!) 3. Changeable (how many ways can you use that funky table??) 4. Classic (in style and quality) 5. Collapsable (duh!) 6. Colorful 7. Crash, Crush, Child and Collision Proof!
I enjoy your posts, although I don't get much opportunity to get online these days - I'm too busy... productive that is!
Mary DeBella, Northwest Staging, Portland, OR
(I think I have about 450 pillows - of course this includes bed pillows and accessory pillows! I call them my "missing links" and they can work wonders in both occupied and vacant properties to suddenly make everything work. ) I do have an addiction to pillows :-)
Kate,
You have some really great advise for those of us with some experience and for the newbies as well.I have experience in staging occupied homes and I an now getting more and more involved in staging vacant homes. It seems that now since the real estate market is become a buyers market, sellers are recognizing they have to do whatever it takes to get a home sold, at least in Central Florida this seems to be the case. I do have a couple of specific business managing questions for you regarding a successful staging business.
After you stage a home do you maintain a key or some way of accessing the property to check on the inventory and condition of the stage? If so how often do you check in on your properties?
What would you say is the percentage of lost ,stolen or damaged items that you incurr from the items of your own inventory in your staged homes?
If an item turns up missing, damaged, etc. do you then bill the client full retail value (not to mention the cost and time to shop for the item)? Do you incorporate related expenses when quoting replacement costs, i.e. the time it took to locate a unique item? Also is this information(item values) disclosed initially at the beginning of the stage so clients know what they will pay if something goes missing or damaged?
Sorry for these loaded questions but I feel they are very valuable questions to be successful and protect our investments that we make into our staging business's. I want things to be as easy and comfortable for my clients as possible but still protecting my assetts.
Marla Rivera, www.RedesignsbyRagpickers.com, DeBary Florida
Alright...am I just outright crazy? 2 years later and I still love the shopping part!!!! HELP!!!! This can't be good :)
Mary DeBella - You need to do a blog on your work with those 450 pillows. I'm sure everyone would liike to see some of your photos too. Congrats on your award!!!
I like your 7C's - I already violated most of them, tho.
Nice article. Enjoyed the information. We are just starting to do vacant properties. There are a lot more considerations. Thanks.