May 3, 2016
Case Study: Homeowner Easily Switches Property Managers & Makes 300% More in Guaranteed Income
Help a Destin vacation rental owner find a new property manager that included professional asset care and an ample return on investment.
Nita, an experienced long term rental property investor, and her family live in the New Orleans area. While Nita typically invests in long term rental properties, she decided to try something new. In 2010, Nita bought her first short term rental property, a Destin townhouse, with the goal of generating additional income.
While Nita started by self-managing the Destin home from New Orleans, doing so proved difficult—even for this experienced investor.
Nita decided it was time to find a Destin rental manager on her own.
She found an online list of local property managers, and reached out to all of them. Nita ended up reaching out to about 35 property managers in her area, but she didn’t get many responses. Of the responses she received, many told her it wouldn’t be a good fit. Some complained that she didn’t have a pool, while others gave different excuses for why they didn’t want to manage her home.
Of the approximately 35 property managers she contacted, only 3 responded saying it could be a good fit. Nita decided to schedule appointments with all three to learn more about their companies, but only 1 property manager showed up to his scheduled appointment.
With an immediate need to rent out her home and start generating income, Nita placed her home with the that property manager.
Unfortunately, after only several months of working together, Nita realized she “was not happy at all with them.”
Not only did the manager build structures outside of Nita’s home without ever consulting her; the manager wasn’t even producing enough to render Nita happy with the income she was making.
The company struggled to rent out the home in critical months, and they were charging Nita heavy maintenance fees.
Nita knew she needed a change.
As Nita’s primary reason for purchasing the vacation home was to add to her portfolio of income-producing properties, she wanted to find a trustworthy property manager that would help her reach her financial goal of retiring in five years.
When she heard that Rented.com could help her easily find the best property manager for her home, she was intrigued. After having contacted 30+ property managers before, she liked that the property managers would now come to her with offers that were easy to compare.
Using the free online marketplace, Nita would be able to find, compare, and receive competitive offers from local professional managers. She’d likewise receive turnkey service while mitigating risk and generating the most competitive income.
Nita could also receive offers two ways:
- The rented.com shared success model, where property managers bid on properties with their lowest commission rates and highest projected gross income, or
- With guaranteed rental income, where property managers would essentially buy out her available rental weeks with fixed offers.
For Nita, the most compelling part of rented.com’s platform was the potential to earn guaranteed income.
“No one else had ever mentioned guaranteed income.”
Nita decided to create a private profile with rented.com to see what types of offers the home could get.
With Rented.com’s marketplace, instead of Nita having to pitch her property to managers and then vet each one, the managers would come to her with their highest and best offers of income and management service.
Working with Tanner Bruce, Rented.com’s Senior Associate, Nita listed her home on rented.com’s platform on December 14th. By December 20th, Nita was able to view the competitive offers from property managers.
Her highest offer of fixed rent was $20,000, effectively three times what she had made the year before on a variable basis with a competitor.
“[The offers were] double what other property managers were offering, and they were guaranteed.”
Nita is currently enjoying the certainty of property care and monthly, guaranteed direct deposits. Through her fixed rent arrangement, Nita found a better property manager, was able to guarantee 300% more income, and can now…
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