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Should I furnish my rental property?
Sometimes we’ll get a call from a landlord or an investor that’s using our services or they’re self-managing.. they’ll want to find out if it makes sense for them to leave their stuff in the house. Maybe it’s more convenient for them to leave it if they’re moving out of it. Or maybe they really want to have it furnished to see if they can get more rent.
I wanted to answer this question for you. It’s very straightforward, very simple. And the answer really is no, unless there’s a few situations where it maybe appropriate. It’s a vacation or short term rental in an area with demand. So we don’t want to put a vacation rental in an area where it doesn’t make sense, and we furnish that and put all the money into furnishing it, because it’s just not going to work. It’s not going to make sense.
And so if there’s demand for the short term rental, for the vacation rental in a specific area, then yeah, a short term vacation rental should be furnished. That’s what’s going to be expected. And typically furnished with higher end stuff, not just stuff that’s left behind in the property.
Is an executive housing … It is executive housing in an area with demand. Again, there may be some areas in the cities or just outside where executives commonly come in. They stay for six months to a year. So it is a little bit longer term stay. But they leave all of their own furnishings, everything else at their home in a different location. If there’s a demand for that, and you’ve seen that working really well, that could also be an exception to our resounding no to that question.
So why not? Why not have it furnished? So there’s a few things here. People typically have their own stuff. People that are living in a location for six months, a year, two years usually they want to live in their own, sleep in their own beds, sit on their own couches, have their own furnishings. They don’t want to have someone else’s stuff left behind that they have to move into storage or use someone else’s stuff. They have their own stuff.
Number two is increased vacancy. Because you have a property on the market with stuff in it, oftentimes those tenants that have their own stuff will just pass by it, because you’re going to be looking for a very specific and select type of tenant that happens to not have any of their own things. Your stuff will walk away. It’s going to go. Okay? Unless you’re doing vacation rentals or executive style rentals, it’s going to walk away eventually. And tracking that stuff can be a hassle. Holding people accountable for it can be be a hassle. It’s going to walk away.
Also, you’re stuff’s going to get damaged. It just will. It’s going to be used and worn. If you happen to find the tenant that doesn’t have all their own stuff, then oftentimes it’s going to get broken anyway, and you’re going to have some challenges with it. So again, we say no to this question just about every time unless it happens to fit in that select group of properties where it could potentially make sense.
If you have any questions with this, feel free to reach out.