Why Using Real-Time Quantitative Data is So Critical for Your Investment Property

February 17th, 2022 Josh Hatter
No Vacancy | Coastal Vacation Properties

In areas like Charleston, which are full of both illegal and legal rental and vacation homes due to the amazing sights and views, property management companies are in abundance. So as a rental owner, how do you know which one to choose? Property management is a tough business; you have to constantly and consistently maintain, clean, watch check-in and check-out procedures, update pricing daily, and maintain your property, along with many other moving pieces. But we understand how to maximize your property’s performance at Coastal Vacation Properties (CVP). We are one of the only property management companies to use quantitative data to drive our decisions and outcomes. We don’t just use gut feeling or our experience. We constantly track real-time performance data and let that data drive pricing and maintenance decisions. This is why using a property management company in Charleston like CVP is critical to your bottom line!

Maximizing Profits

Most property management companies take into account things like peak times and off-seasons, but they do it in an umbrella type of way. From year to year, they use things like spring break, summer, and winter seasonal trends to guess their pricing. What they rarely take into consideration are current market trends using dynamic pricing that updates prices every day based on specific market data in order to maximize average daily prices. At CVP, we have been compiling our data for many years and can see trends as they happen with our dynamic pricing platform. And because we have, we can forecast accordingly for each new year instead of just going with standard peak and off-season rates like we see from so many of our competitors.

Minimizing Vacancies

Another essential part of maximizing your profits is minimizing vacancies. If you can’t forecast lulls, then there is no way to accommodate them. Sure, no one could have seen COVID coming, and the rental market took a hit. But a company like CVP can see when something big is about to hit and make adjustments to help the rental owners at least stay afloat. Although we all hope that COVID will soon be a thing of the past, we also know that there will always be things that will put a damper on rentals, and we seek to ensure that our renters do not suffer by being innovative and finding ways to overcome whatever comes our way. If your manager wasn’t a true partner to you during a global pandemic, why would you trust they would maximize your returns when things are going well?

Reviews and Ratings

When it comes to property management, the key to being successful lies in a property’s reviews and ratings. Not every guest will take the time to fill out a review, so many property owners don’t get the positive feedback that they deserve. At CVP, we are extremely diligent not only in ensuring that we take the right steps so that your guests always have a positive experience, but also in taking the time to follow up with them during and after their stay to ensure that they give your property the glowing reviews and ratings it deserves to maximize your ability to command the highest price possible. Long story short: your property is worth what a guest is willing to pay. They will only pay more if previous guests leave valuable feedback that shows they can expect a great experience.

Maintenance and Cleaning Standard of Care

Keeping track of data and information is not just about facts and figures; we pay close attention to and vet every vendor partner we work with to ensure that they do the highest-quality work, pay attention to the smallest details, and are there when you need them. We believe cleanliness is such an important part of the guest experience that all of our cleaners work directly for CVP. If something is critical to your success, why would you outsource it? The only way to maintain consistent quality control standards is by having a direct line of communication to the actual person doing the cleaning – not someone sitting in an office that takes time to correct a performance issue or solve a problem. We leave nothing to chance. We use only proven processes, including cleaning partners and service vendors.

The key to your success in being a rental owner rests with the management of your rental property. There are a variety of property management companies in Charleston, but none that compare to CVP. We never guess, use the status quo, or base thinking only on our experience. Our team is constantly tracking your property’s communication, ratings, and income trends and metrics and quantifying real-time data along with all of the many revolving pieces related to your rental property. Contact CVP today and let us maximize your profits and show you what a true partner is!

Josh Hatter

By: Josh Hatter

Josh Hatter moved to Charleston from the Washington, DC area in 1999 to complete a Business Administration degree at the College of Charleston. He graduated from the Moore School of Business at the University of South Carolina with an MBA in 2010.

After spending nearly 20 years of his professional career growing businesses primarily supporting the US Navy, he decided to rent a single bedroom out of his home in 2016. Since that single bedroom nearly 6 years ago, he has grown his portfolio into several businesses owning investment short-term rentals both alone and with partners, as well as managing a portfolio of nearly 100 bedrooms for clients to help them meet their long-term investment property goals.

He loves supporting his clients, growing their investments and hosting thousands of guests as they visit Charleston through his property management company, Coastal Vacation Properties.