- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Orange Beach, AL Property Management
Posted on 1/7/17 at 8:12 am to baldona
Posted on 1/7/17 at 8:12 am to baldona
quote:
The idea that all properties are on VRBO is simply false, especially at 18%. All vacation rental companies have their own website and their chief goal is to get leads to their company. Placing individual properties on VRBO, Airbnb, flipkey, etc. is only something your better companies do and that is because it takes time. Something that 18% with low end properties doesn't pay for.
I use turnkey vacation rentals (in a different market but their price is the same in Destin). 14% year one and then 18% thereafter. On all sites with upgraded listing.
Been awesome in cleaning, renting, and customer service
1
Posted on 1/7/17 at 9:15 am to MadDoggyStyle
quote:
When you say prime properties for beach condo's please be more specific. Do you mean a certain square footage, amenities, number of bedrooms? Which properties stand out? Would you consider Turquoise prime? Any others?
I don't know Orange Beach at all. When I say Prime I mean actual beach front less than 100 ft from the beach, like parallel to the beach not perpendicular. A lot of places are "beachfront" but could be a 15 minute walk out your front door to the beach because you are on the 15th floor and 200 yards from the beach even though nothing is actually in front of you. People learn quick what units are best. Location is key too, some areas are much more desired than others.
It also has to do with more unique units like corner or penthouse, or in smaller buildings that are very sought after. In condos some floors are prime also, like often the first floor or ground is not as good or the top floors may be less desirable than the 3rd or 4th.
Generally speaking large 3 and 4 bedroom condos are extremely desireable because they are more rare and fit larger families. But the right smaller units can be great too. There's a lot of intangibles that would be hard to explain without looking and knowing more about the area.
Posted on 1/7/17 at 9:28 am to igoringa
quote:
I use turnkey vacation rentals (in a different market but their price is the same in Destin). 14% year one and then 18% thereafter. On all sites with upgraded listing.
Been awesome in cleaning, renting, and customer service
I was not trying to say that its not possible to get great rentals at 18%, I was simply saying that is one part of the equation and way over considered IMO.
The management fee really comes down to 1 or 2 extra weeks rented a year difference, if paying 22% gets you one more week in the shoulder season that will often times cover that extra. On a unit that rents for $50k a year 4% is only $2000. That's 1.5 weeks in a 2 bedroom.
Another thing to consider is that most rental companies are moving to more and more fees to make their money, and making less off of rent. There are booking fees, admin fees, income tied into the cleaning fee, etc. So if your unit rents for a lot of weeks many companies are happy to take less opposed to a unit that may only rent for peak summer and spring break.
Posted on 1/7/17 at 9:30 am to baldona
(no message)
This post was edited on 12/21/21 at 10:57 am
Posted on 1/7/17 at 9:44 am to XanderCrews
I'm not an expert on Gulf Shores but Gulf Shores to Panama City is essentially the same market. Its the same season, same type of visitors, etc. Even within Gulf Shores and 30A a mile difference or one building to the next can make a huge difference though certainly.
Posted on 1/8/17 at 10:42 am to baldona
Thanks. Yeah, many of the newer condo's are forced to build so far away from the beach that it's a 15 minute hike to the beach, even though you are beach front, parallel to the beach. I've found some older properties that have great beach front but need to be remodeled and the outside of the buildings need some TLC. My concern is that some of these properties may go under if their HOA's collapse.
Posted on 1/8/17 at 5:23 pm to MadDoggyStyle
My unit is in Sugar Beach. It is an older building that isn't the prettiest, but it is kept up well and can withstand a good storm. The lender looks into the HOA and from my own research and their's it is a very healthy HOA.
Posted on 1/8/17 at 6:52 pm to jmarto1
I know where that is, but have never stayed there. Are you beach front or on one of the rear extensions? I've stayed in some older ones on east side of the OB Bridge that are great locations but just old and shabby. My concern is that if too many condo's in that complex are in that shape, owners may walk away and I'm stuck with re-assessments.
Posted on 1/8/17 at 9:56 pm to MadDoggyStyle
Beach front
Posted on 1/9/17 at 10:52 am to jmarto1
Fyi all I do is manage my own properties. But I have a lot of colleagues and friends in the business, it's always been this way but with vrbo and airbnb it has allowed so many little companies to compete that there is a massive competition over how low the management percentage can go. That doesn't mean it's a good thing for the owner to go with the lowest % you can find, and it's not close. Especially for 2 bedroom and under places because they are most likely gross renting under $50k.
It's rare to have the lowest cost management company rent it for the most. So you have to usually choose lower percentage and lower rent, or higher % and higher rent unless you have a prime property that a great company is willing to cut their earnings for.
It's rare to have the lowest cost management company rent it for the most. So you have to usually choose lower percentage and lower rent, or higher % and higher rent unless you have a prime property that a great company is willing to cut their earnings for.
Posted on 1/9/17 at 10:54 pm to baldona
I'd like to get to the point where my mother can manage the property(ies) when she retires. As of right now, I think a management company will help us get our feet wet a bit. I'm with many of you that 15% isn't always the way to go.
Posted on 6/28/17 at 11:19 pm to jmarto1
Thought I'd update how my venture with my 1 bedroom is going. We started renting in March and April was the last month we had to put money into it. Since then it has been pulling 3k-4k a month and 5k during the peak season. I am booked solid through mid-August. I was figuring this might be an equity play but it looks like it may turn a decent profit. After July I will have enough funds for the rest of the year's bills. I will build up 6-12 months of bills in the account and then look to start paying it off quicker.
Posted on 6/29/17 at 7:21 am to jmarto1
quote:
jmarto1
would you mind sharing a few more details with me via email? We are looking for an investment in the area and would like to converse with someone doing it.
rlcartie@gmail.com
Posted on 6/29/17 at 8:43 am to mandevilletiger34
Sure, I'll send a message in a bit. My realtor went above and beyond if you need a recommendation.
Posted on 6/29/17 at 8:51 am to jmarto1
Good to hear. Don't forget about property tax which is usually in the fall? It is in Florida anyway, but that's always a big expense.
Posted on 6/29/17 at 9:03 am to baldona
It is built in to the note right now. We are still prepared to come out of pocket as necessary, but it looks like it has started paying for itself as well as some of the planned upgrades. My mother works at Home Depot so she waits for a good deal so we can give it all stainless steel appliances. Smart TV's are the way to go! We have had a positive response to people being able to access Netflix and such. You just have to remind them to remove their account info.
Posted on 6/29/17 at 1:01 pm to jmarto1
Of course it is I forgot you had said note.
The only thing about "smart" tv's is you need to have crystal clear directions including how to go back to the home screen or to start over. Have those in multiple locations. Smart tv's are great for kids and younger adults, but you get grandma and her 3 friends staying in the shoulder or off season and they have no idea how to get the thing back to the tv when the previous guests left it on netflix or something.
The only thing about "smart" tv's is you need to have crystal clear directions including how to go back to the home screen or to start over. Have those in multiple locations. Smart tv's are great for kids and younger adults, but you get grandma and her 3 friends staying in the shoulder or off season and they have no idea how to get the thing back to the tv when the previous guests left it on netflix or something.
Posted on 6/29/17 at 3:23 pm to baldona
Very good point. I have a nice folder with all this type of info. Think about what you find when staying with a hotel and they have a folder with guest services.
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News