May 19, 2016
Homeowner Makes 33% More and Gets Better Vacation Rental Management Service for his Shores of Panama Condo
Help a Shores of Panama homeowner find a better vacation rental manager to increase revenue and provide better care for his vacation home.
Gene and his wife are busy professionals with a condo in the Shores of Panama.
When the market crashed, their home lost about $100,000 in value. Wanting to supplement some of that loss while waiting for the market to go back up, Gene and his wife decided to start renting out the home in 2007.
Gene hoped that by renting out the condo, they could cover about seventy five percent of their expenses through renting while still enjoying the condo for their personal use.
As Gene was a mechanical contractor and his wife was a registered nurse, they simply didn’t have the extra 8.4 hours a week that HomeAway estimates is necessary to self-manage their property at an effective level.
As a result, Gene and his wife rented out the home and used a management company that was recommended to them by the condo.
Unfortunately, however, Gene wasn’t making enough money with the company he started using. The money wasn’t enough to cover his expenses, and Gene continued to lose a lot of money on the property.
Not only was the management company not producing enough income, Gene wasn’t even happy with the quality of the service.
The home wasn’t cleaned well, and when Gene would visit the condo, he would spend at least two days of his vacation cleaning the home to his standards and doing repairs and maintenance.
“I am very particular,” he said. “If there’s a scratch on the wall, I want it touched up. I don’t like dust on the ceiling fans. If guests are paying money to rent my place, I want it to be nicer than what they have at home.”
Unfortunately, the company he was using wasn’t providing that.
While browsing Facebook one day, Gene saw a post about a company called Rented.com that promised to find him a better management solution.
rented.com could help Gene find and compare local property managers in his area and earn guaranteed rental income.
By listing his home in the Rented.com marketplace for free, Gene could receive competitive offers of income and full-service management from local, vetted property managers.
Gene decided to get offers and see what other property managers could offer compared to his current solution.
They explained that they could create a private profile in the marketplace that professional managers could use to make offers.
After 7 days, Rented.com could return to Gene with two types of offers:
1. Shared Success Offers:
Here, managers could compete by offering their lowest commission rate and projected gross income. As all managers using Rented.com’s platform use the same contract, Gene could easy and accurately compare prices of various managers in his area while knowing that he wouldn’t have to pay anymore for things like light marketing, maintenance, cleaning, and occupancy taxes.
2. Guaranteed Income Offers:
With guaranteed rental offers, a property manager would essentially buy all of Gene’s available rental weeks. Regardless of occupancy, Gene would get a guaranteed, fixed rent payment every month. The manager would also pay for things like marketing, cleaning, maintenance, accounting, occupancy taxes, and more.
Paul and Monika explained how Gene could get these types of offers with Rented.com:
- Create a profile.
A Rented.com associate builds a private profile for the property on our platform. Using the profile, managers make competitive offers over the course of 7 days.
- Compare offers.
Homeowners can compare offers with what they’re making in their current rental situation. If a homeowner is interested in an offer, they can message and speak with the management company to learn more about them and their local operations.
- Get paid!
After signing the standard agreement, start receiving monthly checks!
Gene went through Rented.com’s platform to see what he could make. His best offer was a guarantee of $24,000 per year from a multi-regional company with a local presence in Panama City Beach.
Not only was this over 33% more than he was making with his other management company; it was also guaranteed.
Gene spoke with the new property management company’s representative and went ahead with the deal.
Not only is Gene now making more money, he has also been extremely happy with the management.
Gene’s check is directly deposited into his bank account on the first day of every month, and the home is now cleaned and maintained to his high standards.
“I like that the company hires permanent cleaners that are paid yearly and not just temps who are paid a certain amount for each unit.”
“I have been to my condo once since the new company took over, and for the first time, I got to go down to the beach to do what I want to do. I didn’t have to clean or do maintenance like I did with the old company.”
Since using Rented.com, Gene says, “I don’t have to worry about the income! I don’t even worry about my condo anymore. Now that I get guaranteed income, I basically own the place for $3,000 a year—and we get to vacation in it for 5 weeks out of the year!”
That’s why Gene can now…
Relax. It’s rented.
Want to see if Rented.com can also help you make more and get better care for your condo? Call us at (470) 424-9656, or chat with us below!