• Staged homes sold for more than 6% above asking price. • A staging investment of 1% to 3% of asking price generates a return on investment of between 8% and 10%. • Homes staged prior to listing sold 79% faster than homes staged after listing. A real estate agent accidentally discovered this secret strategy when he met a wealthy executive who wanted to sell his condo. He was willing to hire the agent with one condition: the real estate agent had to agree to use the man’s secret method to sell the condo. The agent was naturally skeptical, but he knew selling the condo would bring a handsome commission. Conversely, if it did not work out, their agreement would expire, and the agent could walk away. The real estate agent decided to give it a shot and listed the condo. They priced the condo at $1.1 million, even though two similar condos in the same complex were listed for $979,000 and $939,000. The agent was not confident that the condo would sell for the $1.1 million price. On the other hand, the owner’s secret strategy was intriguing. The condo went on the market, and the agent waited to see what would happen. He began to doubt the strategy, as he was showing the condo regularly but was not receiving any offers. People were walking through and leaving. To make matters worse, most visiting agents thought the condo was overpriced. They could not understand why the owner was asking for so much more than comparable condos. After all, a similar condo around the corner was available for $150,000 less! They counseled their buyers to keep looking and left without making offers. The condo had no special features that set it apart from the others. This unit was not a penthouse. It was on the sixth floor of a 10-story complex. The other agents were well within their rights
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