Calling in the stagers to maximise profits on distressed properties

It used to be housebuilders who employed house stagers to get their showhomes looking ticketyboo for the market.

Then investors got in on the act, buying up properties, giving them a quick refurb, and calling in the stagers to give the final polish – mirrors, fresh lilies, statement lightfittings – before selling on. When the market collapsed, the stagers disappeared, but 2015 has seen their return – although they are now more likely to be working for vulture capital companies.

In recent years, receivers appointed to sell on distressed properties paid little heed to interiors, and were inclined to sell properties as they were.

However, according to one estate agent dealing with repossessed property in central Dublin, loan purchasing companies like Lone Star and Kennedy Wilson are more likely to want to maximise sales by making properties look as good as possible when they go to market. Several large D4 properties were staged this year, with improvements generally costing €15,000-€25,000, he says.

These include homes in Ballsbridge and Sandymount. “These guys are in the business to make money,” says the agent, “so they are happy to put in the time and the investment. Do they get the money back? Definitely,” he says.

This week sees the launch of an intensively staged house at 31 Wellington Place, Ballsbridge (see page 1) where veteran decorator Helen Turkington was brought in. The house, which in frothier times was for sale at over €12 million, is now asking €4.65 million, curtains and all.