DJ and Margaret Wanted to Travel

Concerns and goals of the property owners

DJ and Margaret wanted to travel but couldn’t agree on whether to sell, rent long-term or keep the property.  Neither answer resonated completely with both!  They needed a solution they both felt comfortable about.

The lay of the land

Casa Flora is located in the highly sought after Altura Park area of Albuquerque.  It is a classic southwest, 3 bedroom, 2 bath Santa Fe style real adobe home.

Margaret was uncomfortable with the idea of selling or renting the property long-term.  She wanted to travel, but needed the security of knowing her home would still be there in the event traveling didn’t turn out to be what she anticipated.  DJ preferred to sell, but if they rented it out he needed to know it was in good hands.  The solution was to address the needs of both.  They needed a plan that allowed them to have a place available if they needed to return and the ability to generate income to cover expenses. They also needed to feel comfortable with an agency if they decided to go that route.

The how’s make all the difference

1. Offer the property as a Short Term Rental.  This plan allowed DJ and Margaret the ability to use their property anytime they needed it as long as the property was not previously committed to a guest.
2. Set up the property to properly accommodate the number of people the house could serve.  VMG made recommendations in areas such as functionality, décor, safety and more.
3. Set up a flexible arrangement in the event things changed.  VMG recommended a contract fully in place for the agreed timeline but one that could also easily be dissolved should DJ and Margaret decide they needed to return home.
4. Income generation.  VMG recommended a price strategy based on the owner’s established baseline, minimum price,  planned and dynamic events that would influence the price per night.  They needed a way to dynamically adjust prices to maximize income generation.
5. Hire a property manager that understood and worked exclusively in the STR space.  The property manager needed to provide the services of but not limited to, caring for their property, handling of inquires and bookings and conducting inspections and housekeeping services.

The goals reached and problems overcome

DJ and Margaret’s place was a complete success and very well received by every guest that stayed in their house.  Its stellar performance was above average in occupancy rates and consistent 5-star ratings.