Is there a direct correlation between how uniquely furnished a property is and its revenue? 

There completely is. An easy way to explain it is this: there are typically 3 types of guests that you’re going to attract depending on the furniture and the quality of your property.

If you’ve got a great condo downtown but it’s sparsely decorated, you’re going to attract the person who just needs a place to sleep so they’re looking at the lowest rate. They don’t care about the experience, they don’t care if the kitchen is completely empty, they just need a place to sleep so they’re not going to spend anything over and above that.

Then there’s the next person who wants the comfort. They want to be able to go there and at least have the same quality of stay as what they would have at home, so they would want cable tv, good furniture, a comfortable bed, those kinds of things. 

Then there is the person who is willing to pay a premium, and that would be for a place that has furniture that’s better than what they have at home, or a tv that’s better than what they have at home. They want thought out and strategically placed decor to provide and create an experience. Most people don’t have that within their home so when they are going out or travelling and willing to spend their hard earned dollars, you’ve got a much bigger opportunity by providing an experience vs saving on what you spend on the furniture on the front end. 

You’ve got a better opportunity to double your income by spending on furniture on the front end. I’ve seen a complete correlation consistently across all our properties. 

How much does it cost to furnish an Airbnb? What is an average budget for furnishing a property?

Budget depends on the place but is typically $10,000-$15,000.

What is an approximate return on investment on unique vs. standard, Ikea-type furnishing?

Something that’s properly furnished and staged and presentable can easily double your return on investment.

What’s your current process to furnish a property? 

I have 3 different levels of furnishing a property. 

If someone wants a premium, luxury, high-end experience for their guests or if they want to maximize their return on revenue, I typically connect those people with a designer I work with. He then works with them to furnish their property.

Other people want mid-range furnishings and don’t have a huge budget to work with, I have someone who helps me select decor items, then I do the shopping for kitchen stuff and linens because those are the things I can do as a non-decorator.

Then there’s the person who has no budget, and they’re getting me and my decisions. I think I can do an ok job but I’m definitely not the best person for it.

So there’s no service right now that does it all?

No.

{There is now!]

What are some common mistakes owners make when it comes to furniture and decor?

The biggest mistake owners make is looking at furnishing from a price perspective instead of an experience perspective. They should think of furnishing it as being equal to or better than the hotel down the street. That’s the biggest mistake.

As Canadians, we have such a deep sense of being able to do things ourselves but the reality is most people can’t do furniture really well, you can go on Airbnb and quickly see it. There’s 20% of the listings that look really well put together, everything else is a mish-mash of old furniture put together just to have the items in the space.
Why do you think owners are hesitant to create a uniquely furnished property?

Most homeowners think: how much am I going to put into it and what’s my return on investment. They always want to drive down their investment because they think it’s going to provide the same amount of returns, which is completely incorrect.

Something that’s properly furnished and staged and presentable can easily double your return on investment. But oftentimes when I sit down with homeowners and look at what their competitors are generating for revenue, they take that number and they hold it as concrete and then try to reduce their input of furniture investment as much as possible. 

I understand their thinking - they want to maximize their return - but as soon as a guest looks at the furniture in the photos, they can tell it’s the same Ikea furniture, it puts off future potential guests and diminishes their return on investment so much.

So it’s a mistake not to uniquely furnish because it doesn’t draw as many potential guests to their property listing? 

Yes, exactly.


In Part 3 of our interview with Coleman, we’ll get his thoughts on the future of short-term rentals post-Covid.

Coleman Washbrook manages 35 listings in the Edmonton area and can be contacted via email (coleman@raisingstandards.co) or Facebook (@RaisingStandardsAB). ​

Architectural Digest's home tours are always inspirational. Here's a recent favourite.
What do you think? Should we use this home as inspiration for a Room Maker living room package?

Imagine a long day of travelling to start a new chapter in your life. You arrive at the doorstep of your new home, feeling tired and a little overwhelmed, and open the door to find it furnished, with beautiful decor and everything you need inside. You feel happy and relieved that everything has been taken care of for you.

Room Maker can make that happen. We can furnish your future home with furniture and decor packages chosen by you, online and in the comfort of your home. 

Our curated room packages offer full apartment or house furniture sets for every room in your  home. These sets include furniture, decor, and housewares. We deliver, install, and stage all your Room Maker purchases. We have a variety of packages to suit your style, whether it’s industrial, farmhouse, boho or midcentury modern.

You don’t have to set foot inside your future home at any point in the process, just turn the key, open the door and enjoy your new home immediately. All of our packages are delivered and installed within three weeks from the order date. 

Let Room Maker help you start a new chapter in your life by furnishing your new home  and making your relocation as easy as possible. Visit us at www.roommaker.ca to find the right room packages for your new home.

​

Part of the excitement of moving into a new condo is furnishing and decorating your new home. You may already have some furniture or perhaps you're starting from scratch; either way, keep the following tips in mind.

Be realistic about the amount of space you have. You don’t want your condo to feel cramped by filling it with an oversized couch, a California king bed or a 7 piece dining room suite when the square footage just isn’t there. 

Before going out to shop for new furniture, measure out the space carefully. Make a scale drawing of each room including windows and doors and anything else that occupies floor space (like a column or bulkhead). Only then should you decide what pieces you need to purchase.

To keep your condo looking spacious and roomy opt for pieces better scaled to a small space. This means taking note of furniture details. For example a couch with a rolled back will take up more room when placed against a wall than one with a flat back and a chair with a busy pattern demands more visual space than one with a neutral colour scheme.

Keep multiple functions in mind when selecting furnishings for your condo. Take the humble ottoman for instance -- many not only provide storage space but they can also serve as footstools, extra seating and coffee tables.  

Selecting furniture and decor for a new home can be tricky, we get it. That's why we came up with our curated room packages with each item meticulously selected to coordinate with the overall theme. Take a look on our Make My Room page and find the room that best suits your style and your space. If the package needs a small tweak to fit, just let us know and we will try to accommodate.