Watch Out For “Location, Location, Location” Tunnel Vision
When designing a vacation rental strategy, success is found with five (or more) main amenity points. It is common to hear, “location, location, location,” in the business, but the perception of view and location often improperly shadows the importance of offering other supporting & unique amenities.
Focus On 5 (or more) Main Points of Amenities & Features
We have found offering five (or more) main and unique amenities will provide most vacation home owners with a healthy calendar and a robust rental rate… no matter the location and size of the property. Real estate pricing often leads buyers, and even some inexperienced agents, to believe a large oceanfront home is the best bet for producing rental income. This is often incorrect.
One of my most prized vacation rental accounts was a small, but beautiful, 2 bedroom beach house. The property was in demand nearly year round as it had little competition due to the unique size. This allowed for a solid 10 month rental season and for a very attractive rental rate for the home owner… in some cases much higher production than a 3 or 4 bedroom property. The home featured special amenities such as a Netflix movie device, a decked out & comfortable porch, wireless internet, flat screen TVs, pet friendly access, and totally remodeled baths & kitchen. A free book exchange added a great touch and a cabinet of board, dice, and card games provided the extra details guests seek while searching for the next vacation.
Not Just Rental Price
This is what is often misunderstood by managers and even some home owners; guests desire more than a low price and a place near the beach. Guests wish for relaxation, ample options, and value added features… even if they will not use them. Marketing these features properly captures a guest during the search and validates value when considering an above average price.
Guiding our clients with affordable and powerful marketing ideas which transform a property into a vacation experience is another service we offer at dunes properties. We invite you to explore more about our program!
by Wes Walker
Vice President of Rentals
Dunes Properties of Charleston
Related Reading for Vacation Rental Home Owners…
- View all tips for vacation rental owners
Reading the national news about real estate can cause buyers to wait for the market to bottom out before buying. The problem is that like the stock market, when the bottom is identified, prices are already going up! The national picture does NOT hold true for local markets. In fact, in the Charleston real estate market sales vary from North Charleston to Summerville to West Ashley to Mt. Pleasant! The December 2009 results show that in Charleston County the number of transaction increased by 31% and the average sales price increased by 6% over December 2008.
If you are looking for a single family detached home in Mt. Pleasant, now might be a great time to buy. Interest rates are low, prices are still moderate and inventory is good. Buyers are looking for homes that have at least 1800 square feet of living space with no more than 4 bedrooms and 3 baths. If that meets your overall specifications you have approximately 366 homes below $800,000. That’s a lot of homes to consider!
From one end of Mt. Pleasant to the other, there are great homes that can be yours. Your real estate professional can help you find the right home for you. Location, price and condition are important. Having a professional representing you is critical.
Contact Dunes Properties.