Property Overview

In early 2024, we purchased a 6-bedroom, 3-bathroom mid-century modern home in Norton Shores, MI, with the goal of turning it into a profitable short-term rental. After completing a full renovation, the property now boasts an inground pool, a game room with a pool table and wet bar, and can accommodate up to 14 guests, making it the perfect luxury getaway for large groups.

Challenge

When underwriting this property, we projected a rental income range of $125,000 to $145,000. To ensure we had the right strategy in place, we met with five of the most recognized property management companies in West Michigan. Although their fee structures were similar to ours, their rental income projections were significantly lower—around $90,000 to $105,000 for the first year. When we inquired about how they could achieve the higher end of the range, we found their pricing and marketing strategies lacking in creativity and effectiveness.

Fisher 3 Vacation Rentals is Born

We realized that to maximize the property’s potential, we needed more than just a “side hustle” management company—we needed a dedicated, results-driven team. Due to the lack of innovation in the industry, we decided to start our own property management company, Fisher 3 Vacation Rentals. In its first full year, this property generated $163,212!

This success is the result of our three-pronged approach:

Dynamic Revenue Management Strategy: We use a data-driven approach to dynamic pricing, creating detailed competitor sets and monthly pricing profiles tailored to each property. This strategy allows us to optimize for the highest possible average daily rate during peak season, while keeping occupancy high during slower months.

Off-Platform Marketing: While platforms like Airbnb and VRBO are essential, we don’t rely solely on them for business. We’ve developed a robust marketing plan, including cost-effective social media ads, email/text marketing, and local partnerships with wedding venues and organizations that bring in out-of-town visitors. These partnerships lead to Fisher 3 Vacation Rentals being the top recommendation for their guests.

Listing Optimization: Creating a listing on any OTA is simple, but standing out in a crowded marketplace requires a more strategic approach. We work with Michigan’s top STR photographer to capture the essence of the experiences our properties offer. Combined with a strong focus on SEO, our listings shine on all platforms, driving more visibility and bookings.

Results

Revenue Growth: While other management companies and rental tools projected incomes of $90,000 to $105,000, we exceeded $160,000 in revenue in the first 12 months, representing a 56% increase over the highest projections.

High Occupancy & Repeat Guests: With a 4.97-star rating across 30 reviews on Airbnb, the property has quickly gained traction. We are seeing repeat guests booking directly for the upcoming summer season, which is driving a strong forward-looking booking calendar.

Guest Satisfaction: The property has earned the Guest Favorite badge on Airbnb, reflecting exceptional guest experiences. Positive reviews and high ratings showcase the property’s appeal and our team’s commitment to providing an outstanding experience.

Conclusion

By trusting Fisher 3 Vacation Rentals

to manage this property, we’ve achieved outstanding results that far exceed industry projections. Through our personalized, data-driven approach to pricing, marketing, and guest experience, we’ve transformed this newly renovated property into a top-performing vacation rental. We’re proud of what we’ve accomplished and look forward to continuing to deliver exceptional results for the properties under our management.