For many years, I have been a property manager and sales agent on the Outer Banks. The scope of my service has changed and is ever-evolving. In large part, the majority of my clients are investors or multi-homeowners who live states away.
When I start working with a buyer, we dig deep to determine the real goals and expectations of owning a property on the Outer Banks, asking: Is this purchase your family's dream home? Does it need to have a specific layout for your family's needs? Is this purchase based solely on numbers and return on investment (ROI)? Is the primary goal to have the highest/best return, regardless of the amenities and location and if they differ from what you personally prefer?
If ROI is the primary goal, I help buyers understand data, projections, the value of under-performers and the expenses associated with owning rental property on the beach. After the goal is determined (and sometimes it shifts during the process), I work hard to find homes that best fit my client's needs.
Aside from sales and property management, I do an incredible amount of consulting work with existing property owners that have their homes listed with traditional property management firms. Often owners don't want to sell but only want to increase revenue and discover their home's fullest potential – making it more valuable. My consulting duties include rate management, heavily evaluating/manipulating rates and helping owners understand the process of setting and monitoring nightly/daily rates (based on yield management). I make simple and inexpensive upgrades to the property to set their property apart from the rest. The results are seen in bookings in the off-season when there is historically a lower demand and excess inventory. I also help facilitate marketing changes on current rental listings and ensure properties are getting maximum exposure.