Let's break down what each one entails so that you have a better idea of which would be the best for your particular listing. Also, some things to keep in mind if you do go the Virtual Renovation route.
Virtual Staging I think is the more commonly understood service, and it's traditional staging except it is VIRTUAL! What we do is we have 3D models of furniture - in our case, we work with designer-inspired models, brands like Pottery Barn, Restoration Hardware, Crate & Barrell, and other big designer brand names. So we have 3D models of the furniture, we drop them digitally into the image that you provide us, we add shadows and shading and so forth, and it ends up looking extremely realistic because of that whole process.
What does this does NOT do is change the actual structure of the room (or the photo) that you are providing to us. So we're not taking anything out or doing anything to the photo itself. (On a side note, we can remove existing furniture before we virtually stage it, but that is a separate process.)
Virtual Renovation - the main difference is that we are in fact changing some of the structural elements of the listing. Whether it's a house or a commercial space, we're changing things like floor color or floor type, wall color, ceiling color or ceiling type, adding walls, taking things away... basically, we're changing the entire structure of that space. You can see in this example a real-time demonstration of what it looks like to virtually renovate a space. We've done Virtual Renovation on the kitchen in this example, and you can see all of the structural aspects that have been changed.
At the end of the Virtual Renovation process, we do also do Virtual Staging - so, we add the furniture as well. In this respect it's similar to Virtual Staging. I like to call it "Virtual Staging 2.0".
One thing you must keep in mind if you are going to Virtually Renovate a space, is that it does need to be disclosed on the MLS. This is very important. Because the buyer needs to know that what they're seeing is a representation of what the home COULD be, and not what it actually is currently. Otherwise they're going to be thinking that they're buying something that they're not. Definitely make sure you disclose that an image is virtually renovated.
Virtual Renovation is also more expensive than Virtual Staging because there is more work involved, of course. If this does seem like an option for you and your listing - maybe you have an unfinished basement, a room that needs to be updated - give us a call. We offer free consultations.