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
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
Disclaimer for WNC Realty & Rentals Last updated: May 01, 2023
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