Latest / From Check In to Check Out / Beach Rental Classifications and how they impact the Rental Revenue
Transcript
- Thad: do you see much difference between ocean front properties versus second row? I mean they're so close. You wouldn't believe the difference. Yeah. There there's a huge difference when you're looking at buildings. So if you're looking at an ocean front condo and a second row condo, there's a big, big difference in revenue. Grayson: second row. I mean they're so close. You wouldn't believe the difference. There there's a huge difference when you're looking at buildings. So if you're looking at an ocean front condo and a second row condo, there's a big, big difference in revenue. Alright, Thad: All right, everybody. Welcome back from Check In to Check Out, the podcast brought to you by Elliott Beach Rentals. Grayson: everybody, welcome back from Check In to Check Out, the podcast brought to you by Elliott Beach Runnels. I'm Thad back here with Grayson and today we're gonna talk about some property classifications, just to make sure that when we're telling you what an ocean view property is, you know what that is. So we're gonna start in a couple different ways. The first way we're gonna start is kind of Thad: I'm Thad, back here with Grayson and today we're gonna talk about some property classifications, just to make sure that when we're telling you what an ocean view property is, you know what that is. So we're gonna start in a couple different ways. The first way we're gonna start is kind of Where the properties are situated and how we classify them, and then we'll get into views. So Grayson, there's a couple different ways we classify properties at Elliott Beach Rentals. What can you tell us about Grayson: where your properties are situated and how we classify them and then we'll get into views. So Grayson, there's a couple different ways we classify properties at Elliott Beach Rentals. What can you tell us about the way that they're situated, right? There's obviously ocean front. We'll start there. So you've got four different categories. You're either ocean front, Thad: the way that they're situated, right? There's obviously ocean front. We'll start there. So you've got four different categories. You're either oceanfront, Grayson: which is direct ocean front buildings or houses. You've got second row, which is directly across the street from the ocean front. Thad: Second row, which is directly across the street from the ocean front. You've got third row and back, which is everything behind second row, and then you have channel homes, which are only going to be down in Cherry Grove. Yeah, Grayson: You've got third row and back, which is everything behind second row, and then you have channel homes, which are only gonna be down in Cherry Grove. Yeah, and that's Thad: and that's kind an unique feature to Cherry Grove because it's the inlet that comes in through Cherry Grove and all those houses are built right on there. It's very cool. But let's talk Grayson: Let's talk. Thad: about revenue now when it comes to these properties. And this is this is somewhat straightforward, but it's still worth mentioning. Grayson: This is somewhat straightforward, but still worth mentioning. Thad: Tell us about the revenue disparity you see between the different classifications. So when you look into a condo building, you're gonna have ocean front, which is gonna be direct ocean front views from your balcony. Grayson: Tell us about the revenue disparity you see between the different classifications. So when you look into a condo building, you're gonna have ocean front, which is gonna be direct ocean front views from your balcony. Then you're gonna have ocean view, which means you may be able to see the ocean, but you're not directly ocean front. And then you may have a street side view, which is only gonna be showing, you know, the street from the balcony. So from a revenue standpoint, of course, direct ocean front is gonna be the number one. Thad: View, which means you may be able to see the ocean, but you're not directly ocean front, and then you may have a street side view, which is only going to be showing you know the street from the balcony. So, from a revenue standpoint, of course, direct ocean front is going to be the number one. That's going to bring in the most revenue, and then it's going to be followed by ocean view, and then the street side is going to be third because most people, you know, a lot of our guests, if they're in an ocean front building, their ocean front balcony is very important to them. They really like to be able to Grayson: that's gonna bring in the most revenue. And then it's gonna be followed by ocean view, and then the street side's gonna be third because most people, you know, a lot of our guests, if they're in an ocean front building, their ocean front balcony is very important to them. They really like to be able to Thad: wake up in the morning and be direct ocean front. So I would say those three ocean front, ocean view, street side from a revenue standpoint. Grayson: wake up in the morning and be direct ocean front. So I would say out of those three, ocean front, ocean view, street side from a revenue standpoint. Thad: Yeah, yeah, and that's typically what we Grayson: Yeah, yeah, and that's typically what we see. Thad: see. A lot of people will still buy 'cause you can prices are better when you get Grayson: Yeah. Thad: a side view unit, but they're c they hope that it'll produce as much as an ocean front, and it's just really not the case, right? Grayson: They hope that it'll produce as much as an ocean front. It's just really not the case, right? Right. Yeah. The ocean fronts are going to produce more, and that's just that's just how it is. And you might have to pay a higher premium to be oceanfront. But at the end of the day, the payoff is going to be more than an ocean view. And I don't want to say it's substantial, but if you're comparing street side to ocean front or ocean view, I think there's a pretty big difference in that. Thad: Ocean view and I don't want to say it's substantial, but if you're comparing street side to ocean front or ocean view, I think there's a pretty big difference in that. Now when let's get it I want to talk do you see much difference between ocean front properties versus second row? I mean they're so close. You wouldn't believe the difference. Yeah. There there's a huge difference when you're looking at buildings. So if you're looking at an ocean front condo and a second row condo, there's a big, big difference in revenue. Grayson: second row. I mean they're so close. You wouldn't believe the difference. There there's a huge difference when you're looking at buildings. So if you're looking at an ocean front condo and a second row condo, there's a big, big difference in revenue. what I personally feel is if a guest wants to be direct ocean front, they're willing to pay a little more than to just be second row. Even like you said, it's it's only across the street, but you don't have that direct ocean front feel every day. Yeah and that's Thad: What I personally feel is if a guest wants to be direct oceanfront, they're willing to pay a little more than to just be second row. Even like you said, it's it's only across the street, but you don't have that direct oceanfront feel every day. Yeah, and that's drawing on my experience as a reservationist, I've felt the same thing 'cause people save up a lot for these this this one week or even a weekend that they get to spend in Myrtle Beach and when it's only a little bit more to be directly oceanfront versus Grayson: bit more to be directly ocean front versus ocean view or even just across the street. They're willing to pay for it. They're willing to pay for it and they want to wake up and see the sunrise over the Atlantic. Yep. Very true. Yeah. So just to recap real quick, when it comes to properties and where they're situated along the beach, we have Ocean Front, second row, third row and back, and channel homes. And to recap the views, Ocean Front, that'll be the highest revenue producing. Right. You know, all things considered equal. And then you have Thad: ocean view or even just across the street. They're willing to pay for it. They're willing to pay for it and they want to wake up and see the sunrise over the Atlantic. Yep. Very true. Yeah. So just to recap real quick, when it comes to properties and where they're situated along the beach, we have Ocean Front, second row, third row and back, and channel homes. And to recap the views, Ocean Front, that'll be the highest revenue producing, you know, all things considered equal. Then you have Ocean View, which is more of a side view to the ocean. Grayson: Ocean view, which is more of a side view to the ocean. You have like either s street view or e sometimes even marsh view in the channel. Right. And then that's that pretty much captures it, right? Yep, that's all the categories. and like I said, Thad: you have like either s street view or e sometimes even marsh view in the channel. And then that's that pretty much captures it, right? Yeah, that's all the categories. like I said Grayson: ocean front is the most sought after. And I think if you're looking to buy and it's within your budget and you're trying to compare an ocean view to an ocean front and you can make that ocean front happen, that's that's the way I would tell you to go. Thad: I think if you're looking to buy and it's within your budget and you're trying to compare an ocean view to an ocean front and you can make that ocean front happen, that's that's the way I would tell you to go. Yeah. That's great information. So Grayson: Great information. Thad: if you ever have any questions when you're if you're looking in the area, feel free to reach out to Grayson or I. We'd be happy to help you when it comes to either views or where the properties are situated and which ones can produce the most revenue for your short term vacation rental property. Thanks for joining. We'll see you next week.