All Forum Posts by: Mel Hignell

@Paul Sandhu.

Yes, in my opinion my homes have more amenities than any other I’ve been to, and as someone who is service-based, I wouldn’t have it any other way. People often make the mistake of saying “well nobody is complaining so it’s all good.” Except there’s a quantifiable return on investment to doing it better, especially as the market becomes more saturated.

Here are a couple photos of one of my personal rentals in Portland.

https://imgur.com/gallery/gVQ3pdY

https://imgur.com/gallery/eKDoy1a

https://imgur.com/a/MFLhV5i

https://imgur.com/gallery/ROvvxIg

https://imgur.com/gallery/6ICkF7S

I’m sure you’ll agree it looks comfortable.

And keep in mind, vacancy rates can work against you. If you’re filling too quickly, it’s because your pricing is too low. Your highest weekly rate is what I charge nightly during peak season, and I would never, ever set a rate that doesn’t fluctuate with seasonality, holidays, day of week, etc.

I’m not here to say you’re doing anything wrong. I’m here to help those who want to get into this business do everything they can to keep the everyday traveler’s opinion of vacation rentals high, to the monetary benefit of all of us.

Hi, Dieggo! 

Thank you, kindly. 

Our list has been hand tailored over the eight years I’ve been designing vacation rentals, and is one of the most valuable items in the company. While I’m not able to share it at this time, i do recommend starting a list of the items in your home and placing value to each based on common pricing. The big stuff (sofas, tables, chairs, beds) are the easy items to account for and make up just a portion of the budget. It’s the small things—every potato peeler, cheese grater, curtain, painting, throw blanket, Qtip, Bluetooth stereo, wine glass, rug) that makes up a vast majority of money spent, and is the type of item that sets a rental apart. Due to the influx of rentals on the market, now, those of us who cater to the traveler’s experience, and budget for yearly upgrades, too—are who continue to make money in the slow times, which even international cities (we have a house in the mission district of San Francisco) now face. 

We also encourage people to keep in mind that time truly is money in this industry: the faster you're on the market the greater your ROI. As a for instance, our team is able to take an empty one-bedroom house to a full-blown rental, including initial clean and photos, in ten days or less. This is a massive value add, so make a plan and stick to it. You don't want to be two months down the road and still shopping for towels, which we've seen happen every time someone who hasn't designed hundreds of rentals says "I can do it for less". I've never seen it happen, but am happy to help guide a bit in the hopes someone will.

Good luck!  

@Paul Sandhu while this may be enough for the particular traveler you’re renting to, this is nowhere near enough to furnish a house that the typical airbnb traveler has come to expect.

We have a list of 185 items that go into each rentals we design, many of them multiple times. Promoting the “spend as little as possible now and just deliver what they need” model is a money waster. We recommend people do it once and do it right. Travelers deserve—and expect—to be comfortable in their space. An unhappy traveler may leave a negative review, which has a direct impact on profit and listing standing.

For those who want to do this seriously, don’t cheap out on the furnishings. Buy quality so you’re not replacing every year. Buy white, cotton linens you can bleach (skip the polyester, it doesn’t breathe). Buy duvet covers you can launder with each flip. Don’t skimp on the mattress - everyone in the world wants a good night’s sleep.

A well-furnished/designed home makes more money, always.

It depends on the size of the home, the income potential, the length of contract and how often the homeowner plans on using it for themselves. Our rates are between 20-30%. 

Hi, Gerich. 

I own a management company based in Portland (hi, fellow Oregonian!) and operating in a number of cities. We are currently looking at the Charleston area. I own a half dozen of my own personal rentals in Pdx, Sf and NOLA, and we manage hundreds more. We’d love to talk! 

Warmly, 

Mel