Why Don't High-End Properties Invest In Rental Furnishings in Vancouver?

Why Don't High-End Properties Invest In Rental Furnishings in Vancouver?

Our Vancouver Area market has some of the most expensive properties in Canada, and quite possibly North America. I have had the opportunity to stage many high-end properties in the $4 and $5 million dollar category and from 3600 square feet to 7500 square feet. When you are looking at providing some or all of the rental furnishings for properties in the higher-end price range you need to think a bit differently about how to service this client.

I'll share with you what I have learned about some strategies to keep in mind:

• not every room in a vacant property of this size needs to be staged - key areas are always the main floor and at a minimum the master bedroom and ensuite
• if you are only adding enhancement rentals to their existing furnishings this can be a cost-effective route for them to go - but they may also make out better if you do the shopping for them for some enhancements since the property is likely to stay on the market for awhile
• properties in the higher-end price range that are going to stay on the market much longer than lower-priced properties could remain on the market for a year or longer. Therefore, most clients are not going to pay for what they consider 'expensive rentals' for this long a time period
• if you know a property could be on the market for a very long time you might suggest purchasing some furnishings rather than renting (rentals may exceed the cost of purchasing)
• since there will be fewer prospective buyers be really clear on who the target market is and stage the home with this group in mind (in certain areas in Vancouver higher end homes are often targeted to the Asian or Chinese buyer and Iranian/Persian)

Interestingly enough in many higher-end homes you would think the existing furnishings would be breathtaking - well in fact they can take your breathe away but not necessarily in a good way! Many clients will have expensive but dated furnishings that aren't the best to use for staging. But all fantastic stagers know we can make anything look better and we can indeed work with what the client has! Our role is to make the best recommendations for the property to assist the home owner in making the sale they are looking for.