If you own luxury rental properties and are looking for a way to reach more qualified tenants, there are a few different levers you can pull. One of the best options is home staging. Yet, only a percentage of luxury rental property owners go through the effort of utilizing this secret weapon.
In this article, we’re going to show you how to set yourself apart by learning how to leverage effective marketing and staging principles.
The Power of Staging
You’ve probably heard of home staging. And, perhaps, you’ve even done a little staging before. But the reality is that you probably don’t fully understand all of the benefits – otherwise, you’d be staging your luxury rental listings every time they go on the market.
Here are some of the benefits of staging:
- Evokes an emotional reaction. As LandlordStudio.com explains, “Staging a property can help your tenants better envision their stay there. You want a tenant to be able to imagine living in your property and it goes without saying that this is harder to do in a completely empty house. In contrast, a house that has been tastefully furnished can be aspirational for tenants who are looking for a home, and not just a house.” In other words, it evokes a reaction and casts a vision for what their lives would look like in the property.
- Gives you an edge. Less than half of luxury rental properties are staged during the listing phase. By staging, you gain an immediate competitive advantage over those properties.
- Allows you to charge a premium. When your property has a higher perceived value than other properties, you’re able to charge a premium for it. Thus, there’s a direct correlation between staging your property and being able to rent it out for more.
- Keeps your listing updated. One of the easiest ways to keep a property looking modern and updated (without constantly investing in expensive renovations) is to stage it with furnishings and artwork that are in style.
At the end of the day, staging your luxury rental property is a no-brainer. The real question is, where do you start?
4 Staging Tips for Luxury Rentals
As you think about staging your luxury rental property, here are several tips and best practices to keep in the back of your mind.
- Choose the Right Home Stager
Staging isn’t something you want to do on your own. If you don’t have a background in interior design and staging, you definitely want to hand this off to someone who does. And, for the record, that doesn’t mean any old staging company. You want a home stager who specializes in luxury staging.
“A luxury staging has the wow factor that takes your breath away and makes you want to keep looking,” designer Elizabeth Erin explains. “It is more than just decluttering and depersonalizing. It is about a targeted lifestyle appearance.”
You can learn a lot about a stager by studying their portfolio and having an in-depth conversation with them about their vision for your property.
- Prioritize Good Lighting
Good lighting is one of the secrets to showcasing your property in…well…the best light. More specifically, you should maximize natural light and views. Utilize sheer or light-filtering window treatments to prevent rooms from feeling dark and to provide maximum sunlight while still maintaining privacy. As for artificial lighting, go for a layered approach that blends task lighting, accent lighting, and ambient lighting.
- Highlight Unique Architectural Elements
Whether it’s a grand staircase, a custom-built fireplace, or intricate ceiling details, architectural features should take center stage. Draw attention to these elements through strategic lighting and thoughtful placement of furniture, ensuring they become focal points of admiration.
- Emphasize Premium Features
Modern luxury living often incorporates cutting-edge technology. Showcase high-end kitchen appliances, integrated sound systems, and smart home controls. Highlight the convenience and efficiency that these features bring to daily life, underscoring the property’s status as a state-of-the-art residence.
Adding it All Up
When it’s all said and done, staging your luxury rental property gives you a decisive advantage over other similar properties in your market. And when you understand how to do it correctly, you can even charge a premium for your properties. That’s what makes this one of the best kept secrets in the game!