Furniture Row and Rental Real Estate

24 04 2009
Furniture Row is a national chain of furniture stores that built an extremely successful business on a unique idea.  Most people believe Furniture Row is a group of independent stores that have banded together to give the customer ease in shopping and to take advantage of shared marketing costs.
While both of those things are accomplished in each Furniture Row, there is actually just one owner.
There success is directly attributable to the unique idea.
In rental real estate a unique idea can be VERY profitable.  As an example, a few years back we had a property that was “too nice” to rent.  Instead of selling it off, we turned it into “corporate housing” and were able to charge way more rent by furnishing it, equiping it with housewares and linens, and providing maid service.  The property was jumped on (as a rental) by major corporations looking for shorter term housing for their executives in transition.
I am often accused of being the master of turning lemons into lemonade.  I guess you would say I wear that creativity badge with honor.  Before you walk away from a property, step out of your comfort zone and think about what might be possible.
Here are some examples:
Corporate Housing
Seasonal Housing
Student Housing
Multiple Family Housing
Office Space
Office/Housing combination
One of my goals in life is to cause people to leave their comfort zone every once in a while.
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