How do conversations normally go between you and landlords when it’s time to talk about buying furniture for rental properties? Are they happy to spend a little extra, or are you frequently reminded to go with the most cost-effective option?
At the end of the day, rental properties are investments. While landlords want to see as much profit as possible, the idea of having to spend money to make money can be hard to get across. They want to see cash coming in, not going out.
As a property agent, what do you do when you’re hit with this scenario?
There are many ways to save money on furniture without compromising on quality. The amount of options available means you can find products and services to suit a range of budgets and styles.
In this blog, we list some of the key ways to save landlords money when buying furniture for rental properties. If you’re ever in a jam, make sure to bookmark this blog so you can always refer back to it.
Buy Durable Products
We’ve said this before in our blogs, but it’s a point that’s worth hammering home. If you buy cheap, you buy twice. Furniture in rental properties doesn’t belong to the end user, so you have no real idea of how well it will be treated.
Residents slump down on sofas after a hard day at work, they’re heavy-handed when they’re stressed out, and every now and again, accidents happen which can lead to breakages.
Furniture designed for the rental market is extra durable. We won’t deny the initial cost for specialist pieces is a touch more, but if you have to visit general high street furniture suppliers every year or so to replace items, your landlords clearly aren’t getting their money’s worth.
When you’re buying furniture for a rental property, durability is key. It greatly reduces replenishment costs and saves you a lot of time (which can be spent elsewhere for your client).
Even though you’re asked to source furniture, landlords will still often look for themselves to see what’s out there.
If they come back saying they’ve found a great sofa for £200, ask them if they’d be happy to have it their own home. When they say no, ask why, and you’ll convince them not to buy it without even trying.
Take a Look at Furniture Packs
If there’s one sure-fire way to save money when buying furniture for a rental property, it’s by putting together a bundle. Landlord furniture packs are a great way to keep costs down, as suppliers can sell products for a better price when they’re bought in bulk.
Not only that, furniture packs are put together based on style. This means every item in the collection compliments each other, so you don’t have to worry about any piece of furniture looking out of place with the rest.
There’s always a possibility an item can break — no matter how sturdy it is. To make sure pieces in a landlord furniture pack can be replaced, you should ask suppliers if they have enough surplus stock or if they keep designs on file. By doing this, you can rest easy knowing any replenishment pieces won’t stick out like a sore thumb.
You can email a few different packs to your client based on what you think the local market will prefer, and pick the one that:
Fits the budget
Will appeal most to your clients’ tenants
Has a guarantee/warranty
While buying individual pieces could be the better option for replenishment, focusing on packs is a great way to save money if a property is about to go on the rental market for the first time. You immediately cover all the basics a tenant will need at a price your client will love.
Use a Full Service Supplier
How annoying is it when you find furniture both you and the landlord are keen on, only to discover the supplier won’t work with you?
Yeah, they’ll happily deliver an item to the property, but they won’t take away any old pieces. Instead, you’ve got to arrange for someone else to come and pick old furniture up, which only adds to the ongoing costs and wastes more time.
Maybe the supplier will deliver furniture to the front door, but putting pieces together and making sure they’re installed correctly isn’t in the driver's job description. Now, you’ve either got to put everything together yourself or employ a tradesperson to give you a hand.
Or perhaps they’ll gladly take away old furniture and provide installation services, but if you’re not around to take delivery, they won’t find a quick and easy solution, such as picking the keys up from you.
A full service provider ensures the entire job is done, and done correctly. Finding the right supplier means you don’t have to organise different pick-ups and drop-offs or pay more external partners to help out.
When you do go for a full service option, remember to check the supplier’s policies and credentials as well. Any furniture that’s removed should be ethically disposed of to prevent as much harm to the environment as possible.
Should Buying Furniture for a Rental Property be Difficult?
Honestly, no. It shouldn’t. Nor should it be expensive.
As the rental market in the UK continues to grow, there are more and more ways you can save your clients money when buying furniture for a rental property without having to take a step down in quality.
Durability, putting together furniture packs and sourcing help from full service providers are just some of the key ways to lower costs for landlords. Any supplier would be happy to discuss your needs to find the best solution.
If you’d like to learn more about how we can help with the needs for you, your clients and their tenants, we’re always on hand for a chat.
Make sure to email a member of the LOFT team today or call us on 0161 872 2363.