May 6, 2024Oversee’s approach to property management and positive experiences.
30A remains an irresistible magnet for both vacationers seeking respite and savvy property investors. Its harmonious blend of pristine landscapes and opulent amenities continues to enchant visitors and residents alike.
Michael B. Emerick, broker, and co-founder of Oversee, offers insight into the challenges, triumphs, and distinctive qualities that define Oversee’s success story. Through his narrative, he encapsulates the essence of Oversee’s ethos: ‘Our family manages. Your family unwinds.’
Working within a budget, which neighborhood offers the best return?
MICHAEL: Fortunately, the market tends to balance the return relative to the home’s price. For instance, a $3,000,000 home in WaterColor can gross around $155,000, while a $1,500,000 home in Seagrove can gross around $75,000. In the example above, WaterColor’s return is higher, but once you factor out the HOA cost, it brings them even closer.
I always recommend looking for a home in your budget that your family would enjoy vacationing to. Where do you want to be? What do you love to be close to when you visit the beach?
Okay, what makes a home stand-out?
MICHAEL: The key to success lies in offering a superior product and service compared to neighboring properties. Renters have a budget and seek the best value for their money. If a neighboring property offers similar amenities and furnishings but has a private pool at a similar price point, you may lose bookings to them.
To outperform the market, assess neighboring listings and find ways to objectively surpass your competition. Consider factors like bedding arrangements, furnishing upgrades, entertainment options, pet-friendliness, and other amenities.
What are some issues you see buyers run into when searching for their home?
MICHAEL: I see two categories. Wild (rental) projections and pitfalls. With dozens and dozens of rental management companies along 30A, you have the opportunity to get your hands on lots of free rental projections.
Due to the competitiveness of 30A, projections are often inched higher and higher to get a foot in the door of a new listing. However, the more accurate projections may have been left by the wayside because they do not reinforce a higher home sales price.
The best tool a buyer has to combat this is to ask for actuals. If it’s a new home or it has not been on the rental market, ask for actuals of a comparable home and make sure you analyze the reasoning given if there’s a discrepancy between actuals and projections.
For those aiming for market or above-market returns, here are a few pitfalls to avoid:
– Avoid purchasing a 3-bedroom, 1-bath property and leaving it as is.
– Opt for versatile bedding arrangements rather than all queen beds in a 4-bedroom home.
– Keep up with necessary property maintenance to avoid negative reviews.
Can you avoid these issues?
MICHAEL: Yes, work with a company that cares about their reputation and the community they live and work in. At Oversee we value our people, our honest numbers, and our cost transparency.
One more thing. In 2024 we clinched Diamond for Perfect in Walton County Best Rental Management Company, 50+ homes! Sure, it feels great, but the real winners are the homeowners and our guests.
Read the other parts of our behind the scenes interview on Oversee’s property management approach:
Behind The Scenes Interview Part 1
Behind The Scenes Interview Part 3
