Removing the Glass Ceiling (on Investment Properties)
When you own a rental property, there are certain expectations and obstacles that a landlord manages and costs, or potential costs, that follow. Tenant screening, collecting and recording rents, property liability insurance, evaluating risks for long-term tenants, and potential for problematic tenants— the ones who consistently complain of clogged toilet, blow the breakers, don’t upkeep the yard for the duration of their lease, disturb your neighbors, and the like. Almost anyone can look good on paper; However, the duration of their stay equals the duration of time that you, as landlord, will be required to be responsive to those tenants.
Best-case-scenario, you’ll have ‘good’ tenants who don’t fuss over things and you’ll collect rents every month— Easy, right? Right, to an extent. The Spokane housing market is healthy right now, and occupants are realizing their buying power and the financial benefits of property ownership… And in our humble opinion, although correlation does not equal causation, the likelihood of leasing to an unfavorable tenant, one who looks good on paper but requires a lot of your time and attention, is greatly increased by the majority of more favorable tenants choosing to purchase homes.
Did you know? Your home’s earning potential actually experiences ebbs and flows month-to-month, based upon several factors such as location, local attractions or landmarks, and seasonal tourism spikes. By exercising a long-term rental strategy you are, in essence, averaging the earning potential of your property and landing at a fair value to charge tenants each month— hoping that they’ll pay rent on time.
You’re placing a glass ceiling upon your earning potential
by implementing a set monthly rate to occupy that space.
By consulting a short-term property rental manager about applying a different model to your property, you will see that the average earning potential of your vacation or second home can be greatly increased, even exponentially in some circumstances! The higher-earning months can greatly increase the average earnings, especially during peak travel seasons, and the months that your property may experience ‘ebbs’ can still bring more profit than your standard monthly long-term lease rate. Additionally, when you implement a short-term rental strategy, you begin receiving rent prior to occupancy thus almost immediately recognizing profits on your investment property.
The most advantageous aspect of implementing a solid short-term rental strategy is that a short-term rental agency has your best interests in mind. Our success is based, solely, upon your success. We implement dynamic pricing, which helps us charge the highest rate for your rental for that occupancy, and we strive for maximum occupancy as well as best user ratings. Platforms, such as AirBnB and VRBO, reward their most active hosts — the ones with regularly-updated listings, are well-reviewed and have longevity with that platform— with Search Engine Optimization so that their listings show up first when travelers are looking for a place to stay. Property investors in the Spokane market who recognize this emerging market and participate first will be the ones who most benefit from the transition to short-term rental.
The short-term rental market is, literally, on our doorstep and here for the taking. It’s revolutionizing the investment property market in it’s entirety. STR’s are removing the glass ceiling on investment properties worldwide! Spokane is lucky to be a safe pocket where these new business strategies and changes are slow to enter, so the processes and strategies are tried and tested, and they become well-seasoned by the time they reach our economy. By analyzing this tried-and-true strategy, we’ve developed a program to provide property owners a ‘hands off’ approach to increasing investment property income and almost completely removing the time and work that comes with it. Call us today for your free analysis to reveal the earning potential of your investment property, and join the first-comers who will realize the long-term profitability of emerging into the short-term rental market.