Things to Consider
Owning a vacation rental is a rewarding opportunity, but it can be challenging.
Here are some tips from Old North:
Not All Homes are STR's
A short-term rental (STR) is a home that is generally rented for under 30 days at a time. Your home may be a great weekend get-away for you, but it may not succeed on the short-term rental market. We are happy to assess your home before we move toward listing it, to let you know what sort of revenue we believe it could generate.
Occupancy Rates
Most homes with Old North Rental Group average about 50% occupancy throughout the year. During winter months, it may fluctuate toward 10-15%. And during summer months, it may be closer to 95%. Be cautious during the peak seasons to put some earnings away for the slower months.
Nightly Rate
We all want your home to rent for the most money possible. At Old North, we succeed when you succeed. But the key to this is to find the "sweet spot," where your home rents for the most money, while also keeping the occupancy rate to a maximum. This may mean that your home starts out lower than you had anticipated; but keeping a higher occupancy rate is the key to making the most money on your home.
25%
Commission
We openly advertise our commission rate, because it doesn't change. You should know what to expect from the company managing your rental, and we are proud to advertise what we offer.
Steps to Geting Started
Consultation
Reach out to us to take a look at your property and see what revenue it could generate on our program.
Signing the Contract
At Old North, we are open about our management agreements from the first moment we discuss with you. We offer a 25% commission rate, whether your home is only one bedroom or ten bedrooms. We offer a one-year contract, after which it will renew on one-month terms.
Deep Clean
Our housekeeping staff go into your home to ensure your home is clean from top to bottom before we start renting to guests.
For more information on the Old North Advantage, click here!
