Vacation Rentals Outline - Download a PDF
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Our History at WNC Realty & Rentals
(We’re here because we have a proven track record - Not based on theory)

• ​The secret is WORK.  It's a BUSINESS not an investment.
• Educate everyone on your team of  THE MISSION
• I've been a CREIA member for 20+ years
• I owned and managed many vacation rentals for 20 years
• Darlene - 35 years in the hotel/hospitality industry
• I managed seven vacation rentals before partnering with Darlene
• Now have 24 managed properties
• 4.96 overall rating on Airbnb
• 4.92 on Vrbo
• 1,000+ reservations per year
• Hosted over 8,000 guests in 2022​

More Numbers & Technology

• Avg length of stay (2022) was 3.9 nights
• The cancellation rate for 2022 is less than 5%
• We utilize apps that we have created which automatically email/text guests, apps for each maid service, individual client-owner calendar apps, as well as Weekly Openings/Closings apps
• Utilize cameras, internet-controlled thermostats, auto-responders, auto-emails, auto-texts
• Closing & opening inspections to ensure 5-Star quality

The history of vacation renting

• Started in the late 1600s mostly in coastal areas in Europe
• USA 1950s but really became popular by the 1990s
• Vrbo started in 1995
• Airbnb started in 2008
• Booking.com is the biggest and (in my opinion the most expensive in fees)
• AVL has always been a vacation destination since before George Vanderbilt arrived

How does a vacation rental differ from a long-term rental?

• A business versus an investment
• 2-3 times money revenue generated
• Scalable - Not Static
• Upfront investment
• Long-term commitment
• Enjoys the same property appreciation as a L-T rental

Which long-term rentals should NOT be converted to vacation rentals?

• Properties in an undesirable or bad location
• Properties in need of repairs or is outdated
• Can’t make the numbers work as a vacation rental
• Purchased at an inflated price
• Long-term revenue is very good right now as an owner

The IDEAL property for a vacation rental

• Location, location, location
• Amenities - VIEW, open-floor plan, game room, ensuites, large outdoor areas, fenced yard
• Low cost of ownership including purchase
• Low maintenance
• Flat or easy entryway
• Not close to neighbors
• Uber and Lyft accessible (Pizza delivery too)
• Modern appliances, fixtures, furnishings, lighting, etc
• No personal items of yours
• Great beds and linens
• Good cell service
• Fast Wi-Fi and private workspace
• No HOA
• City water and septic if possible

How do the laws differ between vacation rentals and long-term rentals?

• Vacation Rental Act - KNOW it frontwards and backward
• I.e.  180 days to honor all future reservations
• ALL monies are required to be kept in a trust account (Short or long-term)
• Whether you’re a Realtor or not the VRA applies to you
• Can’t manage other people’s property without a real estate license IF you take guest’s monies

How location affects your rentability

• The closer to AVL the more it rents.  PERIOD
• The further from AVL the less it rents. PERIOD
• A "VIEW" is GOLD!

 
What are the advantages/disadvantages of having a "pet-friendly" policy?

• Some homes have over 50% dogs
• DOGS only due to allergies
• Earns thousands in annually
• Use fee for deep cleaning and capital improvements 
• Pay maids more per dog to incentivize them

Fine Details

• How to set up a house
• Guest reservations - From initial contact through to the review
• What questions should I ask a potential vacation rental property manager/partner?
• What are the characteristics of a vacation property that makes it successful?
• How to make your vacation rental stand out from all the others.
• What accouterments do vacation renters expect in a vacation rental?

 What are the range of services we provide our partners?

• Create and maintain all marketing websites
• Provide NCDOR & county tax figures (Owner is responsible for reporting/paying taxes)
• Maintain a central calendar for all reservations for vendors and owners (an additional "app" fee will apply)  
• Manage and oversee the cleaning schedule of the maid staff
• Oversee all subcontractors (fee may apply)
• Recommend updates/upgrades to the owner
• Provide monthly profit and expenditure spreadsheet
• Be on-call 24/7 for guests/property emergencies
• Inspect and secure the property after guests' departure
• Inspect property before guests arrive to ensure 5-Star quality
• Perform site visits for quality control
• Inventory check and refills of property on a regular basis
• Oversee trust account and adhere to all applicable NC laws
• Closing comments and future 2023 prediction

Confessions and Predications

• I don’t read other’s books, I don’t comparison shop other’s nightly rates, nor do I talk with others about their vacation rentals
• I do compare our rates to the overall local market rates though
• 2020 compared to 2019 was UP 32%
• 2021 compared to 2020 was UP 54%
• 2022 compared to 2021 was DOWN 10.3%
• My 2023 prediction is a flat or slight decline in the AVL area compared to 2021 & 2022 but UP from 2019
• The secret is WORK​​
• Educate everyone on your team of  THE MISSION

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Contact us with questions or ideas.
​
Ron Mashburn
[email protected]
828-280-3655

Darlene Withman
[email protected]
231-557-8284