Luxury Home Staging: Is it optional?

Depending on the market, what we consider “luxury” is absolutely subjective. In some cities in the U.S., “luxury” can mean $700K while in some other places, such as New York City, we’re looking at $5M plus. Because of this, there is no magic number set for which properties deserve staging. Whether or not a listing needs staging is dependent on the value of the property specifically in that market. A home can possess everything a buyer wants without staging but as any good agent understands, the sale of a home is all about the feeling buyers have when walking through what can potentially be their living quarters. The debate on whether staging a luxury listing is optional or not has been an ongoing discussion for sellers and agent’s in the high-end market. We are here to set the record straight…

What does home staging do for the potential buyer?

Most people have trouble visualizing what a listing could feel like once it is furnished. That being a major understatement, you must look at these homes as the buyer yourself. Stand in their shoes for a moment and consider what they might be concerned about when looking at their potential home. ‘Can our family be comfortable in this living room?’. ‘Will a king bed overwhelm the space?’. These are questions that may come to mind when walking through a property as a buyer. When a home is staged, instead of wondering how their family will function in the space, they can already see what kind of lifestyle the listing they’re standing in has to offer.

A top producing agent’s perspective:

“As one of the top luxury real estate agents in Miami, I have sold many listings unstaged and even pre-constructed. Is it possible to sell luxury without staging? Sure. Does that mean it is smartest to avoid it? Definitely not. I always recommend to all agents and sellers working on luxury listings to make sure the home is staged. Why? Results. Based on data from my personal sales, there is an automatic 6-8% increase in the value of the property when it is staged. Time and time again we’ve had homes that sat on the market for a while go under contract just thirty days after having it staged. The results speak for themselves and from my perspective, staging is no longer optional in the luxury market. People buy emotionally and staging puts them in the picture requiring zero imagination from the buyer.” - Angel Nicolas, The Nicolas Group | Compass

Staging to enhance a listing’s online presence

One of the most important parts of selling luxury nowadays is making sure the listing is presented well online. Your most powerful tools on platforms like Realtor.com and Zillow are photos and videos. Having professionally developed imagery is a given in this market but making sure the photos are taken after the home is staged has been somewhat of an afterthought to some. When the photos you display on real estate platforms are staged, they get more attention from buyers who are scrolling through. Again, imagine being the buyer -are you going to stop scrolling on a photo of an empty room or a sophistically curated space? We know the answer. While staging is very impactful for people visiting your listing, it is even more significant at building your online presence which will, in turn, result in more viewings and a faster sale.

Selling Luxury Faster

Apart from the benefits staging will bring to your online presence, the overall value of your home, and viewing experience, it will also expedite the process of getting your home sold. After all, the ultimate goal when it comes to all efforts you put into your listing is getting sold. That’s why we’re here, right? There is a substantial amount of research and data that argues staging decreases the time your listing sits on the market. According to the Real Estate Staging Association, properties that are staged before being listed sell 73% faster, on average, than their non-staged counterparts.

Optional? Yes or No?

Taking into account what we’ve learned about what luxury home staging does for sellers, agents, and buyers, we can refer back to the question: Is staging optional for luxury listings? Well, are you legally obligated to stage your luxury listing? No. Is it impossible to sell without it? No, but at the end of the day you must ask yourself ‘do I want top dollar for my listing?’ and ‘do I mind having it sit on the market for a while?’ If you answered yes to either or both of those questions, you should consider staging. The small investment is always worth way more in the end. Many sellers will be okay reducing their listing a few 100K dollars but refuse to look into staging their home which can help avoid a price reduction and carrying costs. Staging will most likely be a small fraction of carrying costs and price reductions on a luxury listing. The decision is up to you but we all know what the smarter choice is here...

Written by Jordan Toste