The Outer Banks market is many things–cyclical, profitable–especially for rental property owners, and somewhat predictable . . . although as shoulder seasons extend we have found our ability to predict revenue has taken a hit. In a good way, of course. We’re seeing more rentals outside of the peak season than we ever have.
Profits and revenue go hand in hand and what is true for any business is certainly true for property management: it takes ongoing investment to maximize profits and revenue.
Because the Outer Banks is a cyclical market, we know things will be slow for the next couple of weeks–although we do have an early Easter this year. Knowing that rental activity at this time of the year will be light, it gives property owners a great opportunity to get the repairs and upkeep done that will keep your home looking and feeling great for your guests.
Some of these can be done by the weekend handyman–if you have time. But if you–as a property owner–don’t have the time or expertise, or if the work that needs to be done is more involved . . . time is getting short. It is really important to get in touch with a contractor and get your work scheduled quickly.
We’ve written about the resurgence of new home construction on the Outer Banks a number of times, and that does effect how soon a contractor can get to your project. We lost a number of construction workers during the recent downturn. The ones that stayed are the best, luckily, but the pool of contractors is a little smaller than it used to be.
If there is a major project you were waiting to start . . . it may be a little late for that. Not necessarily, but any project requiring permits will probably take at least two to three weeks longer.
This market is changing. The growth of the wedding industry on the Outer Banks, more special events in the shoulder seasons, all of that is having an effect, and often those effects are unanticipated. One of those unanticipated effects is the amount of time to get your property ready for the peak season has really become condensed.
If at all possible, your property should be ready for guests by May–a month that has become a huge part of the Outer Banks wedding scene.
If you are unsure about what your property needs, give us a call at our Corolla office (252-453-3000) and let’s talk about it. We know the Outer Banks market, we know the trends and we have a pretty good handle on what the future holds. Working together, we can create the best possible outcome for both of us–a few more weeks rented and a little more income.