By Debbie Boggs, Staging Studio Co-Founder
The last few days and weeks have been chaotic due to COVID-19, or coronavirus, and the foreseeable future looks pretty, well, unforeseeable. What does all of this mean for the staging and redesign industries, the real estate market, and for you as a small business owner? What can you do to protect yourself, your staff, and your business as we deal with the coronavirus outbreak?
It is important to look long-term in your business. There may be some momentary setbacks this year, but long-term your business can maintain high growth.
First, let your clients know that you are taking extra precautions. We have created an email template for you to customize with your logo and information. Download it for free here.
Homeowners hosting showings need to take extra precautions to avoid the spread of coronavirus. Add this downloadable infographic to your leave-behind folder to help them stay safe and healthy while selling their home.
In our 13 years of staging, we have ridden the wave quite a few times and seen high and low markets. We started our business in 2007, and within a few months, the recession was in full swing. That sounds like terrible timing, but our business grew that year and every year since, in spite of what the economy was doing, because the staging industry is incredibly resilient. This is because regardless of whether it is a seller’s market or a buyer’s market, staging plays a key role in netting the highest profits in home sales.
When the real estate market is down, we call it a buyer’s market. That means that there are more properties available than there are buyers, so buyers have more options and power. The competition among properties is stronger and only the most desirable ones get offers. Staging is pretty much a no-brainer in these times, because it helps a home stand out above the others.
Regardless of the type of market we are in, the staging business thrives. At the same time, you do need to diversify and make sure that you’re adapting to those different markets to broaden your base.
In a down market, sellers may choose to stay in their home and wait for the market to come back up before selling. Since they’re staying in their home longer, remodeling and redesign needs increase.
This is an opportunity for you to diversify your business and make it more resilient. If the market turns and we go into a time when home prices aren’t rising like they have been, consider adding redesign and color consultations to your service offerings. Our Staging Design Professional™ online certifications prepare you to offer redesign services along with your staging.
We need to be thinking not in terms of self-preservation, but community and global preservation. You may not be concerned about getting the coronavirus yourself, but you do need to be concerned about the vulnerable people around you, like the elderly, and the employees whose children may have their school temporarily closed.
Many businesses are now faced with, or soon will be faced with, the possibility of quarantine or social isolation.
A lot of the following suggestions apply to any disaster, and as a business owner you need to always have a contingency plan. Here are some practical things you can do to prepare and minimize the impact of coronavirus:
As a business person, you are looked to as the leader for your team. They need to feel that you are doing what you can to protect them and care for them.
If your employees don't feel like you're looking out for them, they will not feel comfortable communicating with you if they are ill or have been exposed to coronavirus. If they fear losing their job or not getting paid, they may risk coming to work sick and exposing you and the rest of your team to COVID-19.
We have said many times that the most expensive thing you will do as a business owner is to find, hire and train your staff. While it is difficult to pay someone for a couple of missed weeks due to isolation, it is even more expensive to hire and train a new person for that job.
Think outside the box on what can be handled remotely. Here are a few ideas:
We have not seen a major negative impact on the staging or redesign industries as of yet.
All that we have discussed here are good business practices that you should have in place whether there is a crisis or not, so you’re not losing sleep at night. The virus may add urgency, but these are all things that are important for the long-term health and security of your business.
We want you to reach that level of success where you do have the margins to absorb some losses if you need to. We are here to help you get there.
Thanks for stopping by our award-winning blog! If you loved what you learned, feel free to share and comment above. Questions? Ask away, we're here to help!
This is the beginning of a beautiful journey together into the world of staging and design.