Challenge: Help a rookie vacation rental owner exceed his rental income goal.
Jon Crosby had always dreamed of owning a home in South Lake Tahoe, and a small windfall from the sale of the company he worked for finally gave him the opportunity. As a fan of the show ‘Vacation House for Free,’ Jon realized he could achieve his dream and diversify his investment portfolio at the same time, so he began looking for vacation rental properties in the Tahoe area.
During his search, Jon found a house for sale that had been operated as a vacation rental for years. Before buying the property, he asked the sellers if they would be willing to share some of their secrets for success. As this property would be Jon and his wife Leanna’s first plunge into vacation rental ownership, he wanted to feel confident about their ability to make a profit.
The existing owners told Jon about Evolve.
“The return on investment with Evolve is a no-brainer from a marketing, payment and booking management perspective. I just wish I had 5 more homes to rent out using their tools and services!”
By the time Jon called us, the previous owner had already explained many of the benefits of working with Evolve - the creation of a professional listing, the low 10% fee, the robust marketing coverage on every major listing site, and the dedicated team of Travel Advisors ready to answer every inquiry.
Jon and Leanna also love the flexibility we extend to our owners. They set their minimum age for renters at 30, but when an inquiry came in from a younger renter who was a police officer, we reached out to see if an exception could be made. Jon and Leanna know we’re always looking out for their valuable asset, but they enjoy working with a team that’s also focused on maximizing their rental income.
The previous owner had made close to $115,000 with Evolve over the two and a half years they were our client, which meant that Jon’s expectations were high. He hoped to see the property make at least $40,000 annually, but assumed the first year might be a bit slower.
Jon and Leanna’s listing has only been active for nine months, and we’ve already surpassed their rental goal by 45%. To date, they have made $58,130 in rental income from the property with an impressive 196 nights booked.
How did we improve so much over the previous owner’s earnings? Jon was willing to take our rate suggestions and other tips for making the property more appealing to renters, and now he and his wife are reaping the rewards!