Provisioning a Buy to Let Property

Last weekend's Wall Street Journal article about how to attract Canadian buyers was interesting reading, especially the part about "throw in the furnishings". Of course the odds are not good that those furnishings are quality, appropriate and in good repair. The real point of the journalist was that time-to-market is a priority consideration for buy-to-let investors.

Here at The Home Zone Company we provision high end winter or summer rental properties for absentee or investment group owners. By "high end" we mean those rentals that the owner intends to maintain in the top 20% of the weekly or monthly rental rates and run at no less than 90% occupancy during peak season for the area. By provision, we mean stock it and stage it from front door to back gate so that it is an attractive rental.

Our client's investment properties are not about fabulosity and vision -- they are about broad, generic appeal to an upper middle income family who want to live comfortably and stylishly while on holiday.

A good overview of the minimum furnishings required can be referenced at the Home Away website. For a more detailed look at what is working for our clients, here's the formula. Basically, you leverage the mindshare gained by furniture retailers that have done the marketing for you all year long...training the eye of the typical high end vacation property renter:

1. Living and Dining areas for Mountain or Country Properties = Restoration Hardware and warm color tones on walls and fabrics.
2. Living and Dining areas for Beach or Summer Only Properties = Williams and Sonoma and cool color tones on walls and fabrics.
3. Living and Dining areas for City Apartments = Design within Reach, Crate & Barrel using gold tones throughout.
4. Overstock.com for towels, bedding & kitchen appliances.
5. We use Wesley Allen for headboards because they are affordable, durable, easily cleaned, charming, custom colored and ship quickly.

What you don't want to do is recreate the same room in each of your properties. It is a little like playing chess - -you memorize patterns but apply them differently for each game.

While I'm giving away all my retail/leverage the marketing spend of others secrets, here are a few more decor practices that distinguish a high end rental.

1. Always provide headboards, feather beds and cotton blankets to any bed. Pillows = 2x the body capacity
2. Never use a full sized bed. Ever. Period.
3. A 3 seater sofa and 2 chairs is always superior to a sectional.
4. The best window covering is always a 2" wood venetian blind in the same color as the wall.
5. Plates = 2x the sleeping capacity, Bowls = 3x the sleeping capacity, Tableware = 4x and Glasses = 5x.
   

A final tip: the right look for what is selling, even in slow markets, is usually found at upscale home developments. We routinely sneak a peak at the staged homes by the developers at Crescent Communities, and so can you.

See you at the winter watering holes!