Earn an Income while using your Investment Property in Melbourne
About Peter, Elwood, VIC
Peter and Katy have a 1 bedroom investment property in Elwood. They engaged Ready Set Host as they had decided to move to Tasmania, and their tenant has just moved out.
This was perfect timing as Katy was still employed in Melbourne and needed to have frequent use of their investment property, while also earning revenue from the property when she wasn't using it.
Peter and Kay engaged Ready Set Host as they didn't have the experience, time or resources necessary to manage their property for short stays residing in Tasmania.
Why Ready Set Host
Ready Set Host are experts in the Short Stay Market in Melbourne and are able to analyse the market and develop a custom strategy to ensure you earn more no matter your requirements.
Katy was using many week days leaving many gaps throughout the year, but Peter also wanted to bring in the best revenue possible for the investment property.
Execution and Delivery
We developed a custom strategy for the property, to allow us to book as many dates as possible and provide Katy with the ability to use the property when she needed.
- Katy used 55 days over 237 days from Oct 2019 to May 2020.
- Katy occupied the property for 23% of the time the property was available over 19 seperate stays.
- The property was booked by guests for 67 nights during that period, with an occupancy rate of 37%, booked around the 19 seperate unavailable dates.
- Peter's property earned an average of $473 per week, and the estimated long term rate for this property is $330 per week before agency fees and marketing costs.
- Peter and his Katy earned 43% more through short stays over long term rent, with heavy use of the property.