Portoro is proud to have recently been featured in Redfin's Blog! We described our own behind the scenes approach to maximizing value in challenging times by increasing occupancy. Take a read below to hear what our team had to say and click here to view the full article published by Redfin.
Originally Published on August 11, 2023 by Holly Hooper
Maximizing value in challenging times with consistent occupancy
“During challenging times, it’s often the core and simplest strategies that produce the most consistent value and return to homeowners. While a small percentage of all homes can hold the same rates year-over-year, or even increase them, that’s not the case for a majority of homes,” says Portoro.
“Every home in the short-term rental market is its own product line with 365 opportunities to generate a sale. That means that occupancy is the primary driver of revenue, and not nightly rates. Smart property management means having the operational infrastructure to successfully produce a full calendar even at lower daily rates.
This helps the property manager and homeowner achieve the following:
- Total revenue generated close to or at year-over-year expectations
- Ability to maintain the property as an STR under portfolio (avoid long term rental (LTR) discussion)
- Steady stream of income to maintain operations, housekeeping, and vendor relations”