Although occupancy means more revenue, high occupancy creates a higher-than-necessary need for maintenance and operating costs at high-end homes. In order to meet these costs, an increase in occupied nights is required. This results in more wear and tear on the property, higher utility costs, and a higher end-of-year investment to maintain the property to a level that allows it to command the highest possible rate.
Jay owns an exclusive ski-in, ski-out property in Utah's Deer Valley Resort in Park City. During his first year renting, he and his son managed all rentals. They priced the 7-bedroom exclusive property at the average market rate. From this, they received an enormous influx of bookings due to the overall quality of the property. However, at the end of the year they found that the wear and tear of the property and increased utility usage cost them roughly $50,000.
By adding resort-style service and strategic marketing, Natural Retreats was able to increase the average ski season nightly rate from $4,500 per night to nearly $8,500 per night.
In an effort to combat the expensive wear and tear on his property without sacrificing revenue, Jay partnered with Natural Retreats to appeal to a higher level of traveler. By adding resort-style service and strategic marketing, Natural Retreats was able to increase the average ski season nightly rate with peak season rates starting at $13,500.
Higher rates led to an increase in bottom-line revenues. Higher quality guests and lower occupancy meant lower maintenance costs and greater peace of mind over the long-term value of the property. This strategy also resulted in more time for owner use and greater availability for real estate showings.
Self-Managed Vacation Rental vs. Natural Retreats Property Management
Silver Star Condo
Park City, UT
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We want to be your vacation rental partner for years to come, but we believe in earning your long-term business—not locking you into an ironclad contract.
Plus, enjoy your vacation home whenever you like. We don’t limit the number of nights you can use for your own vacations—and it’s easy to reserve your preferred dates in your online owner account. Your home will always be yours.