Investments~Mangement~Sales
Why Furnished Rentals?
There are three key reasons to convert your long term rental (LTR) into a furnished rental (STR/MTR)
Why Furnish a Rental
Higher Rents
The #1 reason to furnish your rental property is that you can charge more rent. Especially when you pair your furnished rental with a professional manager like Vault Realty.
No Turns
You will now be hosting guests not housing tenants. Tenants cause expensive damage, leave trash and belongings behind. They generally eat the profit out of a rental when they leave because you have to complete a turn. Painting, repairs and trash outs are expensive!
Better Asset Protection
Vault is typically in a house at least 4 times per year. That is 4 times that we are putting eyes on the asset, that is 4 times that we are changing the air filter and smoke detector batteries. That's 4 times that we have an opportunity to make small repairs, keep up the house and bill guests back for any damage!
How Does it Work?
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Schedule a consultation -We will discuss the property, potential rents and our general philosophy for furnishing the unit
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Tour the property - We will estimate any repairs that need to be made before furnishing and can make the repairs for you if needed, provide an estimate and a timeline for furnishing and getting the property listed. Typically under 30 days total!
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List the Property - We list the property on all the sites to get the most eyes. We also network with insurance agents and general contractors to get direct leads to keep the houses full
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Coordinate Occupancy - We discuss the stay with guests get them checked in, meet their needs, clean up after they are gone and do it all over again!
What do I have to do?
Great question! All landlords want to know what their responsibilities are when Vault takes over management
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Startup - There is an expense associated with startup and furnishing. You are responsible for this expense but we can help you finance it!
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Utilities - As the owner you will be responsible for turning on and paying for the utilities
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Mortgage, Taxes and Insurance - You will be required to pay the mortgage, taxes and insurance. Note that there is special insurance for furnished rentals
That's really all you have to take care of. Put bills on auto pay and get a check every month!
Why Choose Vault?!?!?!?!?
I'm so glad you asked!
An independent Furnished Rental Underwriting company, Revedy, concluded in a recent live presentation, that if you hire a professional manager the landlord should see an additional 15-20% in monthly revenue. The manager pays for itself in many instances!
Vault uses three key points to maximize your revenue
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Tech - We use key software to maximize occupancy, control multiple booking sites and even monitor your HVAC system to make sure the guest isn't running the AC at 60 degrees in the summer.
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Service - We are hands on people and will manage your unit as our own (which we own several of)
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Knowledge - We have been in real estate for over two decades, we own our own furnished rentals in every market we offer management in. WE KNOW OUR STUFF!