Outperforming the Market
Ryan O’s property has been managed by Checkmate for 4 years and has beat the market each year.
Background
Ryan and Jamie bought their condo in Amelia Island intending to use it as a long-term rental. However, finding a long-term tenant was proving more difficult than they anticipated, and their lack of local presence made it challenging to consider other options. Plus, the market in their area had not been proven to out earn traditional long-term tenants. They knew the 3 bed, 3 bath property had so much untapped potential.
How We Helped
We originally reached out and offered to pay the rent for 18 months ourselves, in exchange for the opportunity to prove what the property could do as a short-term rental. This is known as rental arbitrage. Ryan was more than happy to have the property rented for a full year and meticulously managed by professionals. We took over and put in place a local team.
Results
A year and a half in, we had built a reputation for Ryan’s property as one of the premier short-term rentals in their area and the property had become a cash cow. When our agreement to provide rental arbitrage services was up, Ryan asked that we continue to manage and operate the property, but this time with him and his wife as our clients.
I have been with Chad for 4 years now! Before him I was with an onsite manager and was barely breaking even. I figured I'd try doing long term rentals, so Chad rented my property and asked if he could do Airbnb with it. After 2 years he showed me the numbers and I was shocked at how well it was doing.
So I switched over from having him rent it to having him manage it like he does with the rest of the properties in his portfolio and it has been a great source of income for me and my family. I recommend Checkmate Rentals to anyone with an STR.
See Other Case Studies
Success with Rental arbitrage
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Winning against big property managers
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Turning around a struggling property
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