The world of Real Estate is comprised of many different types of properties. Aside from the basics (condo, semi, detached, urban, etc), there are the sub-categories of standard/builder grade, executive, and custom/luxury. These categories can intermingle – there can be an 1800sqft luxury urban condo, just as there can be a 4000sqft standard / builder “executive” style home. Size doesn’t necessarily make it a luxury property, nor does the price tag.
Just as there are a wide range of properties, there are a wide range of home stagers. When choosing a Real Estate Stager for a luxury property, ensure that they are qualified with a certified professional staging designation, have their business properly insured, and continue to stay current and learn with ongoing specialized training. The best opportunity to get the highest sale price for a home is within the first week(s) that it launches onto the market. So the right combination of Professional Real Estate Stager and Expert Realtor is critically important.
Isn’t a Luxury Property just an Expensive House?
Above and beyond the price tag, certain elements and characteristics help classify a home into the luxury category. Definitely, sheer square footage and land size can propel a property into the luxury realm. A home that boasts 10,000sqft on five manicured acres with a gated entrance definitely qualifies. So too can elements such as the exclusivity of the neighborhood, or the lifestyle the property enables.
Traditionally, luxury properties were listed on the market as is: some updated and modern, some traditional and opulent- but basically the home had to “speak for itself”. Consequently, it was not uncommon that a property would take months, even years to sell, and this formed people’s expectations that luxury homes were difficult to sell. Luxury Residences can sell quickly, and they do! There is no reason why a property should languish on the market for months, only to eventually be sold well under asking… The key to a successful sale is to pinpoint the needs and wishes of the prospective buyer; then create an irresistible first impression and a strong emotional connection for them.
When a homeowner decides to sell their property, they select a realtor that is very familiar with and has successfully sold similar properties. So too should their decision be in choosing a professional stager. But some might ask “Isn’t staging, staging? The same, but simply on a larger scale?”
- The qualities and experience of a Luxury Specialist will go far beyond simply having fancy inventory, and wealthy clients:
- The stager must be able to lead and mobilize a team
- The stager must have access to top quality service providers and resources
- The stager must be able to assess the property from the perspective of the
buyer, and implement the missing elements
- The right stager will have the expertise to leverage the property and play a
significant role in its successful sale
- They will know how to design and implement a plan to achieve it.
Luxury buyers have time and luxury of being selective and discriminating. When buyers are drawn in by the lifestyle a home offers, and make the emotional connection of visualizing themselves living there – then price will not be an issue. If they love it and want it – they will gladly pay for it.
Estate Sale: This home no longer had residents, and had been listed for over 18 months unsuccessfully. Once staged and brought back to life, it sold in less than 3 weeks, it was sold fully furnished, as is, with a 5 day closing. Photo Credit: Victor Wei, Winsold
When consulting on these properties, we fully address the unique characteristics of these residences. There are three factors though, that can influence the recommendations given: timeline, architectural style, and budget.
- Where some recommendations would be a simple quick fix in a regular home, they could take months in a luxury residence. Depending on the timeline available, some items on the list would be modified or noted as a recommendation, but with an alternate, more immediate solution suggested.
- Many homes in this category have a very specific architectural style: it is not realistic to attempt to neutralize the home in many cases. You aren’t going to take the “Spanish” out of the Villa, or the “Frank” out of the Lloyd Wright. It is what it is – celebrate it! The property must be curated to appeal to its specific prospective buyer.
- Budget is relative: even a 1-3% staging budget to prepare a property can go quickly when the scale is so large. When homes remain unsold in this bracket, listing prices are decreased in $100 Thousand, or $1/4 Million increments. So yes, staging investments are always worthwhile especially at these levels.
This Luxury Property: Is a 25 Acre Equestrian property offering a very specific lifestyle.
Photo Credit: Victor Wei, Winsold
These properties often have a global reach, and buyers may be from a foreign country, therefore highest quality photos and video tours are essential. Often the evening photography is the most effective – rooms get cast with a warm glow, candles can be lit, exteriors look majestic, and the whole ambiance is much more inviting. It is not unusual for luxury properties to sell fully-furnished, turn-key. Obviously the buyer loved the way it was presented, and it is much easier for them to purchase the furnishings already in place, then to try to re-create the ambiance that captured their attention.
Luxury properties, opulent mansions, sprawling residences, and ultra-chic city condo suites all have unique features and characteristics that put them in a class and category of their own. So too do the sellers, and buyers that own them – as well as the realtors and staging specialists that market them. When the ultimate combination of members come together as a team, these properties can be presented beautifully, marketed effectively, and sold very successfully.