Case Study: How We Achieved Success with the Property “Sweet Home Bearolina”

Background

Sweet Home Bearolina, our gem, is a 5-bedroom cabin that can accommodate up to 15 people. Situated away from the hustle and bustle, it compensates its distance with sweeping mountain views. We acquired the property two years ago when it was managed by a local company. At that time, the property had gross revenues of $95k per year, and it enjoyed high occupancy rates. Our objective was to break even with the operational fees. To meet our financial goals and maximize our returns, we set a revenue target of $135k per year.

Our Strategy

We aimed to exceed the previous revenue through the application of better pricing systems and social media marketing. Not only did we set up Instagram and Facebook pages to drive traffic, but we also relied on the property’s depreciation to offset our tax liability and streamline our earnings.

The Results

In the first year itself, we achieved a gross revenue of $145k while honoring the bookings made with the previous management company. By the second year, we were able to increase that figure to $212k, with 18% coming from direct bookings.

Testimonials

Our efforts didn’t go unnoticed. We received several positive testimonials from our guests, who appreciated not just the property but also our commitment to ensuring their satisfaction. Here’s what some of them had to say:

“Sweet Home Bearolina was absolutely amazing and more than met our expectations. The views were incredible and the cabin accommodated our multi-family Christmas vacation perfectly… Our host was extremely proactive and responsive in communicating with us…” – Christy

Conclusion

With a well-planned strategy and a focus on guest satisfaction, we successfully turned around the fortunes of Sweet Home Bearolina. We not only surpassed our revenue targets but also achieved a real estate professional status. This case study serves as a testament to the power of effective management and the possibilities of what can be achieved with the right approach.

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