Vacation Rental Management in Whistler BC
Own A Piece of Whistler & Generate Passive Income
Millions of visitors a year flock to Whistler, BC to partake in the skiing, sightseeing, nightlife, and cultural festivities this small town has to offer. These visitors must be staying somewhere, right? Historically, most visitors stay in hotels, but the travel and accommodation world has drastically changed in recent years. Far more people are utilizing Other Peoples Homes (OPH) then ever before. Online Travel Agencies (OTA) such as sites like Airbnb, VRBO, and HomeAway allow for “hosts” (landlords) to create semi-passive income by booking guests through their platform. The OTAs take care of the payment processing and provide $1,000,000 in insurance, in case anything goes wrong. These properties are referred to as “Vacation Rentals”, or “Short Term Rentals”.
By renting out your recreational property when you’re not using it allows for you to significantly offset the cost of ownership – often times you can generate substantial cash flow if the property is heavily rented. With the rise in real estate prices and property taxes it makes more sense than ever to create side money from sites like Airbnb.
Who Will Manage The Airbnb Property?
The increase of short-term rental properties in Whistler has allowed for the rise of Airbnb property management companies that specialize in marketing and operating hotel-style accommodations. These companies provide full-service vacation rental management services in Whistler to out-of-town homeowners. They will provide the marketing, guest communication and support, photography, and professional cleaning services to ensure your property is maximizing revenue and offering a stellar guest experience. At the end of every month you should expect your share of the bookings (often 70% of the total bookings) and a report on the bookings that occurred in that month.
Why You Should Hire Lifty Life Hospitality
Are you thinking of renting out your vacation property in Whistler, BC, but don’t have the time or energy to manage it yourself? You might want to consider hiring Lifty Life Hospitality. This vacation rental management company provides a range of services to make owning a vacation rental property a hassle-free experience.
One of the biggest benefits of working with Lifty Life Hospitality is that they take care of everything. From booking and marketing to cleaning and maintenance, the company handles all aspects of your rental property. This means you can relax and enjoy the income from your property without worrying about the details.
Lifty Life Hospitality has a wealth of experience in the vacation rental industry, and this expertise can benefit property owners greatly. With their deep understanding of the local market, they can help you maximize your rental income and ensure that your property is always in demand.
When you work with Lifty Life Hospitality, your guests will have access to 24/7 support. This means that if they have any issues or concerns, they can get in touch with the company at any time. This level of support can lead to happier guests and better reviews, which can ultimately lead to more bookings for your property.
Another advantage of working with Lifty Life Hospitality is their use of advanced technology. They have an online booking system and automated cleaning and maintenance schedules that streamline the management process. This means your property is always clean and well-maintained, and you have access to the latest tools and resources to keep it running smoothly.
Overall, if you’re looking for a stress-free way to rent out your vacation property in Whistler, BC, Lifty Life Hospitality could be the perfect solution. Their comprehensive management services, industry expertise, 24/7 support, and advanced technology can help you maximize your rental income and ensure your guests have a positive experience.
“I’ve seen firsthand the benefits of using a management company for vacation rental properties. From streamlining operations and maximizing rental income to providing guests with top-notch support, a management company can take care of everything so property owners can focus on enjoying the fruits of their investment.”
Connor Griffiths, CEO of Lifty Life HospitalityWhat To Look For In A Vacation Rental Manager
- Transparency and Resources: Lifty Life emphasizes transparency in its operations and offers a plethora of resources, including revenue estimates, custom revenue reports, investment guides, amenity checklists, insurance and realtor recommendations, and an onboarding guide to assist homeowners in making informed decisions.
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Technology and Efficiency: The importance of modern Property Management Software (PMS) is underscored, with Lifty Life leveraging cloud-based solutions to enhance management efficiency, transparency, and homeowner control over their properties.
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Dynamic Pricing Strategy: Lifty Life employs a sophisticated dynamic pricing model that adjusts rates based on demand, seasonal changes, and other factors, moving away from the static pricing models of traditional property management.
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Homeowner Usage Flexibility: Unlike many property management companies that restrict homeowner usage to maximize rental income, Lifty Life allows unlimited homeowner usage, providing a more flexible and owner-centric approach.
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24/7 Guest Communication: Lifty Life offers round-the-clock guest communication, ensuring that guests receive timely assistance and support, thereby enhancing their overall experience.
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Digital Guest Experience: The company modernizes the guest experience by providing digital boarding passes and guidebooks, ensuring that all information provided is current and easily accessible.
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Marketing Expertise: Lifty Life takes a unique approach to marketing, with professional photography and tailored branding for each property, overseen by a skilled marketing team, to effectively showcase and market individual properties.
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Service Offering Diversity: Lifty Life offers tiered service levels (White Glove, Full Service, Shared Hosting) to cater to different homeowner needs and preferences, allowing for a more personalized management experience.
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Flexible Contract Terms: The company offers flexible contract terms, allowing homeowners to cancel, pause, or modify services as needed without rigid annual or multi-year commitments.
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Partnership Approach: Lifty Life views its relationship with homeowners as a flexible partnership, adaptable to changing business needs and circumstances, emphasizing mutual benefit and flexibility.
What is Full-Service Vacation Rental Management?
Full-service vacation rental management is a company that takes care of every aspect of your Airbnb, VRBO & Homeaway business.
Typical Services Include:
- Guest Communication & Support
- Guest Check In / Check Out
- Professional Photography
- Staging & Design Consultations
- Hotel Quality Bed Linens & Towels
- Professional Cleaning
- General Property Upkeep & Light Maintenance
- Accounting & Bookkeeping
How Much Does Vacation Rental Management Cost?
The great thing about most reputable property management companies are they charge based on commission. So you pay only when they get you a booking. These means the homeowner owes no overhead to the management company. Conventional management companies charge between 40 – 50%, but the new age of property managers charge between 30 – 35%. The sudden shift in pricing is a direct result of the “Cost of Acquisition” becoming much lower now that most marketing initiatives are done online. Lifty Life Hospitality provides vacation property management services for 25%.
How Much Revenue Do Vacation Rentals Generate?
Of course, every property is different. It tends on the type of property, number of bedrooms, the amenities, etc. But to give some ideas of what Whistler Airbnb properties are generating we have provided some estimates. These numbers are before management commission fees.
| Property Type | Annual Revenue |
|---|---|
| Studio Condo | $38,000 – $50,000 |
| One Bedroom Condo | $42,000 – $57,000 |
| Two Bedroom Condo | $64,000 – $73,000 |
| Three Bedroom Condo | $73,000 – $102,000 |
| Luxury Chalet | $153,000 – $202,000 |
How Do I Acquire My First Vacation Rental Property?
Research and find a reputable realtor who understands the Whistler market, specifically the vacation rental business. Your realtor should a in-depth understanding of how vacation rentals operate in Whistler, the differences in zoning and phases, and strata restrictions.
Phase 1 Zoning: Phase 1 provides unlimited owner usage and allows the property to be self-managed or professionally managed with a property management company. Phase 1 is the most relaxed zoning in Whistler. This zoning therefore goes for a premium in the real estate market which is justified because of the higher earning potential and flexibility.
Phase 2 Zoning: Phase 2 has restricted usage of up to 28 days in the Summer and 28 days in the winter. Properties in this category must be property managed by a hotel manager and entered into the rental pool. Properties in this zoning are more restrictive, harder to finance, and often have higher monthly fees. Phase 2 is best avoided on an investment basis.
Each neighborhood and apartment building has unique ownership restrictions that potential homeowners should become similar with. Ownership styles include freehold, leasehold, strata, and cooperative. Beyond the ownership style and zoning there are buildings with strata bylaws that may impact the potential for short term rental such as buildings for resident use only. Contact a realtor or reach out to Lifty Life to get some insight into the housing market in Whistler.
Once you’ve bought property in Whistler and you know the zoning allows for nightly rentals, apply for your business license so you can legally operate in Whistler. Short term rental business licenses are only provided to homes zoned for such use. The process is pretty straightforward and should cost around $165 per year to maintain the license. If you choose to hire a property management company then this fee may be waived since you will act under their license.
Looking to by a property in Whistler? Speak with one of oure recommended realtor’s who understands the vacation rental industry and all that is involved it making the right investment purchase! Call Nick at (604) 245-2568
What are the Whistler Neighbourhoods?
Whistler has a variety of unique neighbourhoods that make for excellent Airbnbs. The locations best for Airbnb are located near the ski lifts, restaurants, and shopping such as Whistler Village, Upper Village, and Creekside. Most of the remaining neighbourhoods require driving to the lifts and are dominated by detached luxury homes.
The majority of the 3000 + active vacation rentals are centralized in the Creekside and Whistler Village neighborhoods.
Long Term Rental vs Short Term Rental?
You may be wondering if instead of putting your property in the short term rental market you should put it in the long term market. The answer isn’t so simply but either way we suggest protecting your investment and operating your rental using a professional rental property management company.
Long term rentals in Whistler are tricky because the population is so transient. Many renters will only stay the season or year which makes it hard to find reliable, steady renters. Furthermore the quality of tenants can often be poor. The majority of residents in Whistler are young and work in non-professional careers. Residents often need to sublet their rental to pay for rent which often happens without owner approval.
With short term, also known as vacation rentals, you have much more visibility into who is in your unit, greater earning potential, and higher quality tenants. The challenge is it can often require more work. This work is removed when hiring a rental property management company.
How Do I Get Started?
Check out our full guide on setting up your listing! Lifty Lifes blog has tons of great resources to help you be successful on Airbnb, either with a property manager or by self-managing.
