Challenge: Help newly retired couple maximize guaranteed income and have more time to enjoy new phase of life.
Background
Newly retired Dean and Lisa purchased their Scottsdale vacation home in 2017. For their first year, they managed it as a short-term rental on their own. However, home maintenance and guest requests quickly overwhelmed the couple. Their second home became a burden. It became hard to spend time with family and travel during the new phase of their lives. They wondered what they could do to maximize guaranteed income without hassle.
During their short-term rental management experience, Dean and Lisa found it difficult to keep up with repairs, general maintenance, and landscaping while visiting family out of state. Once the pandemic hit, they also struggled to stay on top of stringent safety and cleaning protocols needed to ensure guests’ safety. Performance-wise, they knew their home had the potential for more bookings. They knew they were missing out on younger groups of travelers.
Dean and Lisa had never worked with a vacation rental management company before. However, they were interested in AvantStay when they learned about its flexible management options, premium home care, and around-the-clock guest support.
Solution
Once Dean and Lisa discovered the master lease management option, they were excited to partner with AvantStay. With this option, they would maximize guaranteed income, regardless of bookings or the season.
The two also discussed their concerns about maintenance and guest support with the AvantStay team. They were thrilled to learn that AvantStay would take care of everything from maintenance, utilities, surveillance, and cleaning to 24/7 guest support and in-app upgrades and experiences.
During the initial design consultation, the AvantStay team saw an opportunity to increase occupancy. They swapped out the unused office space for a second seating area with sleeper sofas. They also purchased all new furniture and design elements to modernize the home and appeal to a younger demographic. The large backyard, patio, and swimming pool also provided a great opportunity to create a fun space for guests to gather and entertain.
Property performance
Time with AvantStay: 37 months
Occupancy rate: 74%
Weekend occupancy rate: 95.2%
Rental income: $120,000 per year
Results: short-term rental income increased
Going on three years with AvantStay, Dean and Lisa couldn’t be more confident in our partnership.
“We went from an occupancy rate of 40% to 74% since we partnered with AvantStay,” said Dean. “Their talented interior designers gave us free design recommendations that actually helped us bring in more bookings and better reviews.”
“We love our guests, but since working with AvantStay we’ve been able to spend more time with family and our new grandkids, and less time worrying about bookings, guest requests, and upkeep,” said Lisa.
The two are frequent travelers, and also enjoy using AvantStay’s Vacation Club credits to rent out other AvantStay homes in places like Hawaii and Palm Springs.
Interested in learning more about how AvantStay can increase your occupancy rate and short-term rental income? Our team of vacation rental management experts is here to help. Get started today!
