January 3, 2015
Finally start making money from a condo hotel!
There has been a rapid growth in the real estate market of Florida since 2005 and Florida underwent significant growth. Investors and developers changed the landscape of Florida by developing ocean front properties throughout the stretch of South Beach up to Fort Lauderdale. Investors from all over the world were attracted and Miami became one of the most sought after destinations for real estate investments. Eventually, investments started flowing into the Florida Real Estate Market which resulted in a huge and rising demand for luxury properties.
The real estate market of Florida transformed into a multinational one, with the property owners residing overseas and visiting Florida only on vacations. While residing overseas, their apartments were rented out in order to cover up for the billing costs and taxes. With this trend emerging, owners of luxury properties were worst hit and realized that their hotel program is extremely overpriced compared to the rentals. On a regular basis, a hotel charges marketing fees, credit card & franchise fees, high management fees and a fixed percentage of the owner revenue and the recurring monthly maintenance charges and the majority of the rental income in the hotel’s bank account. An increased number of owners started questioning themselves about the investments they made and the programs they chose if it was actually generating revenues to pay off their costs.
Eli Rouimi, the C.E.O. of EroRentals LLC, founded EroRentals, during the financial crisis of 2007, the same year during which Indianapolis Colts vs. Chicago Bears SuperBowl XLI Football game was conducted. With a backing from an M.B.A. graduate who was also a licensed real estate associate, the short term vacation rental firm was built owing to the enormous demand for vacation homes and condos. During the football game, the average rental contract per weekend ranged from a whopping $7000-$50000. The company had successfully provided vacation rental contracts for various celebrities and footballers, including Nick Lachey and Jessica Simpson!
EroRentals LLC was successful in helping hundreds of property owners in South Florida as they offered a more affordable alternative to the hotel program’s otherwise large management fees, thereby helping them save their properties from foreclosure. EroRentals LLC also manages privately owned units in major condo hotels and offers luxury accommodations in plush hotels such as The Fontainebleau, The Mondrian, The Trump Hotel, The Canyon Ranch and many other hotels, at a price of less than 50% of the prices quoted at the front desk!
The previously used regular hotel program had an average occupancy level of 40-55%, meanwhile, EroRentals broke this barrier to book an 80% annual occupancy rate. Making use of up-to-date tools and innovative marketing strategies, EroRentals is assuring that the needs of both condo owners and potential renters are fulfilled in the best possible manner, thereby gaining satisfaction at both ends. Each unit is taken care of by EroRentals as if it were one of their own investments. The EroRentals team understands and acknowledges the importance of integrity, quality of service and maintenance of the units as important measures to ensure a constant return in revenue.
The key innovation EroRentals launched in the market is the marketing tool they used which was never done before and adding a personal touch and approach to every property they maintained. Different referral programs, concierge, and corporate services, travel search engines, major international and national travel sites are some of the key players that helped EroRentals and its partners maximize their profits by offering travelers the best reservation rates in and around Florida.
To learn more about EroRentals or book any of their privately owned condo hotel suites, visit their website www.erorentals.com or they can be reached directly at 1-844-Ero-Rent (376-7368).