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What do you need to know to stage for the Luxury Home Market?
Depending on your area, luxury homes can be defined as the top 10% of the price range says the Institute of Luxury Home Marketing. What makes a luxury home staging different? Well for sellers who understand merchandising and embrace the value that staging has to merchandise their residential real estate investment, the payoffs are maximizing sale price and minimizing time on the market. The higher the education and buying power, the more experience the luxury home client has in working with these concepts. The luxury home market is generally less affected by downturns in the market as far as pricing, but time on the market is generally longer as there are fewer buyers who can afford the luxury home. As a luxury home comes on the market, the importance of home staging is increased due to the fact that you may have fewer, but more focused showings and need to make the most of each showing to result in a sale. Actually this is true for any priced property, however, the luxury home seller can more easily make the transition from home to commodity that is merchandized and sold for a profit. A striking difference between luxury homes and lower priced homes would be open houses. Generally in lower price ranges open houses are common and will result in many of the neighbors coming to your home, as well as buyers and then those who just happened to drive by. Luxury home sellers don't often have open houses. They have privacy issues related to their personal belongings, family intrusion and public profile. A luxury home open house is more like an event planned with specific date, time and focus and results in exposure of the home to the target market for that price range and home, if held at all. It is likely to be lavish with refreshments and entertainment, and only happen once. Showings would be by appointment only and discretion is key. So how do you determine if your home staging professional is right for your luxury home staging? Understand that home staging started out as a hobby to many. There is nothing wrong with that if they are good at it, however, a professional home stager for luxury homes would have a business plan that included luxury home demographic. Their inventory and portfolio would be varied furniture and accessory types better suited for the style of the home and the demographic of the prospective buyer. The home stager where every home is a variation on the same style and furniture is NOT what a luxury home seller is looking for. They want the staging to match their home's style, architecture and demographic. This is very important for the home staging professional to understand if they are to be chosen by the luxury home owner. Curb appeal is so important and takes place on the internet these days. When the buyer finally gets to the home, the stylizing of the interior had better match the home style and architecture on the outside. These are sophisticated buyers and potentially chose your home because they like a certain style or architecture, thus that should be consistent throughout the home. The professional luxury home stager knows the difference. They know just how to merge the styles to give the seller the look their demographic is likely to be looking for, along with the perfect "match" to the home architecture and style. There are many techniques that a professional luxury home stager uses to enhance and showcase your luxury home. For the professional home stager looking to serve the luxury home market, there are classes targeting just that. Or you can find a mentor willing to teach you the ropes. Specialties will be the next big trend in the home staging industry. Find a specialty and add it to your business model and increase your bottom line next year. Just think how valuable that will be to your Realtor clients!!! It will enhance what they can offer their clients and increase business for both of you while satisfying a niche market client who knows the difference between average and luxury home staging and will value your expertise. WHAT WOULD YOU ADD TO A LUXURY HOME STAGING?
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Contributor's Note
Originally published in my blog on Active Rain at www.ActiveRain.com/terrylynn.
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My Active Rain Blog
 
Luxury Home Staging
Luxury Home Staging
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