Staging’s a Necessary Expense When Selling Luxury Real Estate

Successful projects often include custom-made artwork and furniture.

Whether it’s for a $500,000 South Florida condo or a $100 million-plus Beverly Hills mansion, hiring an interior designer to temporarily furnish, or stage, a property before it’s listed is a necessary expense in today’s real estate market, experts say.

That’s because staging is what tells the property’s story and wordlessly conveys information about the lifestyle a buyer could have if he or she lived there. 

“It’s not enough to just walk into a beautiful home and see the rooms. Buyers want to know how they’re going to live in that space,” she said. “Staging does that, and gives them a way to fall in love with the property.” Staging enhances a property’s beauty while masking its imperfections.

 “If most people walk into a barren room, it can feel very forlorn and lonely,” he said, noting that most people also can’t understand the scale or the flow of the space. “But if you walk into a space that feels inspiring, you carry that energy with you.”

Staging at the Higher End

Although staging is important at both moderate and ultra-luxury price points, the design process can be significantly different, from the initial pitch to the price to the choice of furnishings and artwork, experts say.

While an initial meeting with a seller or developer for a more modestly priced property might involve a quick walk-through of the space and conversation about who the potential buyer is, at the luxury level, the start of the process is more tailored, and akin to working with a private interior design client.

How Much It Costs… and Why It’s Worth It

Then there’s the price. At the lowest end, when staging for a home that’s $500,000 to $750,000, the typical fee is $3,500 to $5,000, which includes the design, installation and three months for furniture rental. After three months, the monthly rental fee is 10% of the initial charge—in this case, $350 to $500 per month—until the furniture is returned. But from there, these costs go up substantially.

While some designers price staging services by the size of the home, others go on the list price or sales price. In both cases, the cost works out about the same, with a $4 million home costing about $35,000 to stage—or just under 1% of the total cost—and much larger and more expensive homes costing $100,000 or more. Although expensive, it’s money well spent, because staging can help sell a home much faster, and contribute to a higher sales price.

Source: Mansion Global

Photography: Evan Joseph Photography

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