After retiring, Jim and Laurel Whillock were looking for a way to earn extra income. As residents of Kailua-Kona on the Big Island of Hawaii, they decided to capitalize on their amazing location by investing in a vacation rental.
They purchased a lovely 1-bedroom condo on the beach and hired a property manager to help with the logistics of operating their vacation rental. During the first six months, the condo was only occupied 35% of the time, earning a meager $6,500 in rental income.
With the property manager charging a 43% commission, they knew a drastic change was needed to save their investment. They started searching online in hopes of finding a more cost-effective management solution.
Jim and Laurel's search eventually led them to Evolve.
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We joined Evolve for the opportunity to increase our rental income and lower our operating costs.”
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The staff has been very supportive! We would recommend Evolve to any owner who is seeking reliable reservations, an easy payment system and reasonable fees.”
Jim & Laurel Whillock, Evolve Homeowners
Solution
The Whillocks thought the low booking fee of 10% and Evolve’s willingness to invest in marketing was exactly what they were looking for.
“We joined Evolve for the opportunity to increase our rental income and lower our operating costs.”
Jim spoke with an Evolve Homeowner Consultant, and decided to sign up after learning how Evolve handles marketing, payments, traveler communication, and on-the-ground services.
Evolve performed a detailed analysis of the condo, created a high-performing listing with optimal nightly rates for the market, developed a custom marketing plan, and distributed their listing on leading vacation rental websites like HomeAway, VRBO, and Airbnb. All of this was done at no cost to Jim and Laurel.
Performance
Time with
Evolve
12 MONTHS
Nights
Booked
260
Total
Bookings
36
Rental
Income
$48,199
Income
Growth
242%
Results
It wasn’t long before it became clear that Evolve would easily outperform Jim and Laurel's former property manager. During the first six months, Evolve booked $22,246 in rental income for a 242% increase over the prior management company.
Evolve’s low booking fee of 10% allows Jim and Laurel to retain the vast majority of their rental income and their investment is now profitable. With their property in good hands, they are finally enjoying their retirement!
START EARNING MORE
Schedule a call with one of our vacation rental advisors to see if you qualify.
