Roomservice by CORT launch sale-and-rent back scheme for landlords
Submitted by Laura Shepherd on 12/02/2009 - Senior Marketing Manager
Roomservice by CORT, the leading furniture rental supplier owned by Berkshire Hathaway, has launched an innovative sale and rent back scheme to enable large scale residential landlords to take advantage of the benefits of renting, rather than owning, the furniture in their properties.
Under the scheme, Roomservice by CORT will purchase furniture less than 18 months old at a price ranging from book value to original cost and then rent it back to the landlord at an agreed monthly fee.
Roomservice by CORT is offering this unique sale and rentback scheme in order to introduce the concept of furniture rental to the UK residential property sector. In an effort to accelerate the growth of its new and expanded UK rental operation, Berkshire Hathaway and CORT have allocated a multi-million pound budget to purchasing new furniture. To further augment this programme, Roomservice by CORT has decided to invest some of these funds in purchasing existing furniture from landlords as a way to establish client relationships, rather than merely stocking its warehouses. As such, the sale and rentback offer will only be available for a limited period of time until the initial furniture budget has been allocated.
Roomservice by CORT highlights that residential landlords tie up a significant amount of capital in furniture, which is a non-strategic asset that depreciates very quickly and offers little residual value. In addition, in large portfolios the asset becomes increasingly difficult to manage with hidden costs of ownership including replacing damaged or worn furniture, storage, logistics and procurement. By renting furniture, landlords can free up this capital to invest in other aspects of their business.
For further information on Roomservice by CORT's sale and rentback service please call 020 8397 9344 or email email@example.com
Read the article on Property Week here