Jake C. | Breckenridge, CO
Tech investor, entrepreneur, and owner of a 4 bedroom short-term rental in the prime French Street location of Breckenridge, Colorado
From Distressed Investor to Stress-Free Homeowner
EARNING $128,000 IN THE FIRST 12 MONTHS
Problem
Meet Jake: an investor, entrepreneur, and owner of a 4-bedroom vacation rental with a prime location in Breckenridge, Colorado.
Jake had high hopes of turning his short-term rental into a retirement asset, so it was only natural for him to hand it over to a traditional management company to take care of the day-to-day upkeep. After working with them for a summer, however, his hopes were quickly dashed.
He grew sick and tired of his current management company’s lack of accountability and flexibility towards his short-term rental priorities. He felt like there was no sense of connection with the people overseeing the home. After a particularly heated confrontation, Jake realized that it was time for a change.
4BR | 3.5 BA | 2021 sq. ft.
Jake Goes Local
Jake knew that the best advice he could get would come from fellow local short-term rental owners like him, so he asked for their guidance. During these talks, one name was recommended over and over: LocalVR.
Even during his first conversation with us, Jake was motivated for change but cautious about moving forward until he consulted a few of LocalVR’s current clients. It was obvious he’d been burned before, but after learning how we hold ourselves accountable to owner values by increasing revenue, making every guest feel at home, and providing a close sense of trust and business partnership, Jake’s mind was made up–it was time to Go Local.
Solution
We knew that LocalVR had the potential to turn things around for Jake. After the hassle of dealing with his last management company, we wanted to prove that we had what it took to support his retirement dreams. In no time at all, Jake’s listing was live and we began to integrate our processes for improving his property management experience, including:
Dedicated account manager
Customizing a comprehensive property inspection checklist
In-depth pricing analysis
Building trust was of the utmost priority, so the first order of business was introducing our dedicated account manager to ensure that Jake’s wishes were heard at every step of the process.
We also implemented our proprietary in-depth pricing analysis to increase occupancy and revenue. This, along with our custom photo-verification and inspection software that helps us to determine the needs of the property after every guest check-out, more than reassured Jake that his property was in the best of hands.
With LocalVR’s help, Jake’s property immediately saw a rise in demand and overall gross profits.
“This is a true business partnership. I have comfort [knowing] that things will be taken care of and that LocalVR is a business partner in this venture.”
Results
For Jake, switching over to LocalVR from his previous management company was a dream come true.
In his first year with us, the number of stays at his Breckenridge property increased by 40%, leading to an incredible gross revenue of $128,000. In 2022, he’s looking to surpass that number with an even longer booking window and 14% more guest occupancy than the year before.
Another boost to Jake’s confidence was knowing that LocalVR held themselves accountable to the property’s needs with detailed post-checkout inspections–with guests now leaving 5-star ratings 98% of the time!
Aside from the revenue gains, Jake was granted the flexibility that he was looking for from his committed account manager. While his old management company balked at his concerns, he now has the reassurance that someone is always available to answer any questions he has about the property, no matter what time of day or night.
After working with LocalVR, Jake’s fears for his retirement property have been put to rest and he can spend more time pursuing his entrepreneurial passions. Best of all, he finally found what he was always looking for in a management company: a true sense of business partnership.
