Have you heard the old adage, “How do you eat an elephant?” The answer to the question is, “bite by bite.” While no one “eats” elephants, this old adage shows that you have to tackle big tasks bit by bit, piece by piece.
A corporate rental requires a lot of stuff, after all, the average cost of furnishing a 800 square foot property is about $8-10,000… more if you have a office and additional bedrooms.
To furnish your corporate rental, take to heart these tips:
1. Furnish your property by shopping at three locations: Remember time is money and if you’re furnishing a place you’ll want to do it fast and cost-effectively. Sure, you can look for bargains and run around, waste gas, and end up waiting around for multiple deliveries, or you can shop for your items in three stores and be done (recommended). Here are the three places you should go to furnish your corporate rentals:
-A big furniture/discount warehouse – try to get everything from one location and with one delivery fee and hassle
-Target or Walmart where you can buy just about everything you need in terms of linens, kitchen supplies (unless you buy the standard Kitchen Kit, which is recommended), decorations, etc.
-Best Buy or a big electronic box store where you can buy all your electronics in one swoop.
2. Don’t get carried away. Remember, a $5,000 couch won’t get you more rent money, so buy the nicest couch you find with the smallest price tag.
3. Negotiate. Negotiate. Negotiate. If you’re going to buy all your furniture or electronics in one place, ask the store manager if you can have a 10% discount or if they’ll waive the delivery fee. They want ALL your business, don’t they?
4. Understand how your home will be utilized. Some homes are larger and may be used for entertaining while others will be used simply for a single person traveling on business. If you think your property may be one used for entertaining you may need to spend a little more on furnishing the home with extra dishes and silverware, serving pieces and utensils, etc.
5. Keep things fresh. There are things that get used a lot in a home and can get icky with wear. You don’t want to furnish a rental home with oven gloves that are burned or stained kitchen rags. Buy those items at a low cost and replace between tenants or as needed.
6. Don’t use garage sale finds in your rental. While it’s tempting to want to furnish on the cheap and use old items from your house or a garage sale find, the best course is to simply buy everything new. Don’t risk turning off a tenant and potentially getting a bad review because you decided to cut corners and put your old dingy blender in the property.
7. DIY when possible. Try to purchase items that don’t require installation or assembly or that can easily be done by yourself. Remember to account for assembly fees in your budget and when considering purchasing specific items. Something you think will save you money may end up costing you more in the end.
These are some simple strategies to help you get started furnishing your corporate rental. Remember the goal is to keep it simple and cost-effective. Don’t spend too much time running around and stressing yourself out. Be strategic in your approach and you’ll find that furnishing a corporate rental is much easier than you think.
- Should you play “Let’s Make a Deal” with renters, buyers and everyone in between?
- Rent Negotiating Strategies – how to get renters to pay your rate
- Negotiating Strategies: How to get renters to pay what you’re asking
- Worried About Selling Your Home During the Holiday Season?
- How to Design a Furnished Rental