Vacation Property Owned For Investment
OBHOA Property Condition Report helps owners check & maintain the physical structure of their beach home; just as important is staying breast of the financial condition of a vacation investment property. Members use OBHOA Rental Performance Review & Monitoring to see if the income and expenses of their vacation rental are in line with what they should be.
Are you getting all the rental weeks you want? Is your cottage renting on average with other cottages similar to yours? Excessive maintenance and repair costs can rob your funds. Rentals priced incorrectly is lost income.Vacation weeks priced too high will not rent, or too low is giving away money.
Outer Banks tourist season is growing more popular for vacationers in spring, fall and winter. Now with a longer season and more vacationers; cottages are renting 24 weeks and more. There is however an increasing divide in the number of weeks rented between otherwise similar cottages. Today, many owners are only getting 8 to 12 weeks. This is less than the average beach cottage 20 years ago. The disparity between identical, adjacent cottages, is caused by evolving and somewhat complex factors. Property managers can produce different results, and owners are now able to significantly impact rental weeks with internet marketing directed specifically to their beach cottage.
OBHOA Rental Performance Monitoring can help owners with the benefits of marketing thru different channels. We monitor the level of weekly inquires, and results. Making sure the inquiry level is on par or exceeds other similar properties? We let you know if prospective vacationers are “jumping-off” becoming interested in other similar cottages because of better marketing. Or possibly vacationers want to make a reservation at your home but find it difficult for some reason? Sometimes simple changes make a significant difference.
Many property managers have over 400 homes with considerable pressure to spread around rentals. The direct by owner vacation rental websites now have over 50% of their inventory from property managers. It is very easy to get lost in the mass of homes. Our performance reviews look to see if that is occurring with your home.
Contact us today at: managment@obhoa.org OBHOA RPM is available to Priority Members
