Case study—How staging and photography transformed a 2BR apartment in Gramercy

It’s no secret that the NYC Property market is fiercely competitive. When it comes to condo rentals in the Flatiron District and Gramercy, presentation is everything. A well-staged home and high-quality photography can be the difference between an above-offer rental and a missed opportunity. In this case study, we explore how The Gene Team’s strategic approach helped a 2-bedroom unit in Gramercy secure multiple above-ask offers, highlighting the important role of professional staging and photography.

Imagine that you’ve got a stunning apartment in Gramercy—a 2-bedroom, 2-bathroom corner unit with sweeping city views, an outdoor terrace, and top-of-the-line appliances. Sounds like a dream, right? But the landlord is aiming for $7,000 per month and is even willing to cover the broker fee to attract tenants. Now, here’s the twist—what if we told you that not only did we get the desired rent, but we also had the incoming tenant cover the broker fee and even snagged an extra $100 per month?

How did we achieve this? Let’s take a look at the transformative power of staging and professional photography.

The property is a beautiful 2-bedroom, 2-bathroom Gramercy condo located on the 14th floor. This corner unit offers both North and East exposures, flooding the apartment with exceptional light throughout the day. Picture yourself enjoying your morning coffee on the roomy outdoor terrace that extends off the generously-sized kitchen, equipped with top-of-the-line appliances, ample counter space and cabinetry, and a breakfast bar. The living area and kitchen are flexible to accommodate any furniture arrangement, providing a comfortable space for both living and dining.

All it needed was a little bit of The Gene Team touch.

Our landlord initially aimed to cover the broker fee and get $7,000 for the unit. This may seem ambitious, especially considering a similar 2-bedroom unit in the same block was listed a month later in September 2023 for $5,500.

In New York City, recent legislation clarified by a June 2024 article from The City states that landlords are generally responsible for broker fees, unless tenants engage the brokers themselves. This update highlights the importance of landlords offering attractive properties that persuade tenants to willingly cover these costs. Broker fees usually amount to around 8-15% or one month’s rent, making our landlord’s success in securing above-ask rent while having the incoming tenant cover the fee a notable WIN.

So, how did we do it? We rolled up our sleeves and got to work, transforming the property’s presentation to maximize its appeal and value.

First things first—staging. According to a New York Times article on home staging in July 2022, a well-staged home can significantly influence buyer perceptions. We brought in our team of expert stagers who stylishly arranged the furniture to highlight the spaciousness and light of the unit. The result? A warm, inviting atmosphere that potential tenants could easily envision themselves living in.

Next up—professional photography. We all know that in the world of real estate, a picture is worth a thousand words, and potentially thousands of dollars for a landlord. Our photographer captured the condo's best features, from the sunlit rooms to the mod-con kitchen, creating a portfolio of stunning images that made the listing stand out. This approach not only drew more interest but also set the stage (pun intended) for higher offers.

With the apartment looking its best, we set out with a strategic rental plan. The NYC Property market can be tough, but we leveraged our understanding of market trends and the dynamics of broker fees. According to a 2024 BoomPay article, savvy landlords can pass on the broker fee to tenants, provided the property offers exceptional value.

In New York City, the real estate market is known for its fluctuations, with trends that can shape your rental strategy. As the housing supply struggles to keep up with the growing population and economic expansion, there has been a significant increase in tenants negotiating lower rental costs, according to Brick Underground—but not with The Gene Team.

We listed the condo at $7,000 but positioned it in a way that created urgency and demand. By offering to collect the broker fee from the incoming tenant, we sweetened the deal for our client while maintaining the property’s allure. The response was overwhelming.

Within days, the condo was not just generating interest but attracting multiple above-ask offers. The final rental price? $7,100 per month, with the tenant covering the broker fee. Compared to the nearby listing at $5,500, this was a remarkable outcome, proving the effectiveness of our strategy and our staging.

This case study demonstrates the significant impact of professional staging and photography on condo rentals in the Flatiron District NYC and Gramercy. By enhancing the property's presentation and leveraging market insights, The Gene Team pulled it out of the bag with above-ask offers. This success story shows just how powerful visuals can be—and that they can transform a listing and drive competitive interest.

At The Gene Team, we don't just list properties for rent—we nourish them to ensure they achieve optimal outcomes for our landlords, no matter what.