Challenge: Convert a savvy investor’s retirement property into a profitable vacation rental.
Randy Radesic has an eye for a good investment. He was quick to jump into the housing market when mortgage rates were low, successfully buying and flipping a few homes in the Phoenix Area. He kept one property to use during his retirement, but eventually started to wonder if this valuable asset could be put to better use as a vacation rental.
After contacting a few property managers, Randy was quickly turned off by high fees and lack of clarity on how they would generate rental income. One manager’s fees eventually totaled 40% of his rental income – plus an extra $1000 just to get started. “She couldn’t even tell me how she was going to market the property,” Randy says. “How are you going to make money off a property you don’t promote?"
Randy was still determined to get some income out of his investment in the years before his retirement, and he took to the internet looking for alternatives to traditional property managers. Evolve caught his eye right away.
After his bad experiences with property managers and hidden fees, Randy was thrilled to discover that Evolve offered a simple 10% booking fee. He was also pleased that we understood how to make a property perform by creating an optimized property listing with a rock-solid marketing plan.
Evolve got to work by scheduling a professional photographer (at no cost to Randy) and developing dynamic nightly rates to ensure his home would stay booked throughout the year. We listed his property on top websites like VRBO, TripAdvisor and Airbnb, and our team of Travel Advisors started responding to inquiries almost immediately.
Randy was especially impressed by how well Evolve communicates with him. “I laid out my rules, and if a traveler asks for something a bit unusual, Evolve always calls me to make sure it’s okay. Trust is a hard thing to come by, and they’ve got mine.”
Evolve has certainly delivered in the profitable investment category: we’ve rented Randy’s property for 203 nights during his first 9 months with us, and earned him an incredible $35,540 in rental income. The bookings continue to roll in and the property is outperforming similar long-term rentals in the area by over 65%.
Randy has been so impressed that he’s considering purchasing a few more homes to keep solely as vacation rentals. He’s even seeking out new clients on our behalf by telling all the vacation homeowners he knows that Evolve is the best investment he’s ever made!