Renting Mounted/Framed Photos...anyone ever done this?

takeflightphoto

My dentist has a new office building and approached me about making a proposal to him where I would hang several large mounted or framed prints of my photography in key locations. I'm meeting with him in a couple weeks and will show him a portfolio of work and samples of Gallery Wraps, SoftWraps, MetalPrints, and StandOffs, so he can select the style he'd like throughout the office.

What he wants to do, rather than buy outright, is to have a 'rental' program, where I come in every six months and change everything out. (Six months because his patients generally come twice a year and that way they'll see new stuff each time).

My quandary is just what to charge for this. Obviously I need to cover my material costs on the first rental period, but other than that, I'm floundering. I know in some larger cities, there are services that supply rental plants, aquariums, and other items that are not really office "furniture" but around here none of those to consult.

I'm guessing that I might develop other clientele where the ones coming out of the dentist can go when he gets a change, so the income continues on the first batch.

Has anyone else out there ever done this? Any ideas or suggestions? Rules of thumb for setting rental rates based on the retail value?

Snowgirl

I've never done this - although it's a brilliant concept. Whatever price you set keep in mind a bit of "wear and tear" on your works - dirt and dust, scratches from moving them around, etc. which would render them virtually unsellable. Just a thought.

Art Scott

I remember reading way back a couple of years that Andy was doing this in NYC..........hopefully he will come by and lend some assistance.

Depending on the payment schdule would really depend on how I charge.....the first monthly payment would have to cover at the very least all of my current costs with maybe lower monthly costs from there on....but those will have to not only ame enuff to pay for the next volume of photos but also put a reasonable amount of profit in my pocket so I can afford to get out and shoot fresh images for the upcoming months and years................

I would also put a clause in the contract that if anything does get damaged that the office will pay for it and also have a clause that all the prints are for sale to anyone that wants and to be nice you could give the dentist office a small commission for the sale: cash only....unless you want to chance a bad check.

Andy

I've done rental but in the form of 'leases' - 18 month leases to big brokerage firms. The beauty is, they autorenew- and with the chance in personnel all the time, most of the time my leases just keep on keepin' on.

Prices? Don't sell it short. It really depends on your fixed costs, your re-rentability, your market, your competition, etc.

But have a good agreement made up!

takeflightphoto

Andy wrote:

I've done rental but in the form of 'leases' - 18 month leases to big brokerage firms. The beauty is, they autorenew- and with the chance in personnel all the time, most of the time my leases just keep on keepin' on.

Prices? Don't sell it short. It really depends on your fixed costs, your re-rentability, your market, your competition, etc.

But have a good agreement made up!

Andy,

Rule of thumb, what is your 18 month lease fee in percentage of what you would sell the piece for? 50% of the retail value? 100%? something in between? I'm trying to figure out how long the amortization period should be for a picture, regardless of the dollar amount. I understand depreciation/wear and tear issues, and getting an agreement is not hard...my son is a law student and needs the practice

In the tool rental business, one day rent is between 2 and 4 % of the replacement value, so they have to rent it out for 25 - 50 days to pay it off. Furniture is all over the place. And you can't compare to housing.

thanks,

jon