6 Replies Latest reply: Dec 5, 2019 9:18 AM by mauimakani RSS

    Done!  My Hawaii condo has sold.

    droptop Contributor

      It was a blast; I started in 2007 with one Maui condo, bought a second, sold the first in 2015, and closed earlier this month on the second.  A great side business.  Start as you intend to proceed is a good credo for many things in life, and the vacation rental business is no exception.

       

      Oh, sure, there were some curious changes at VRBO in the past few months that I didn't like, but in the end, the decision to call it a day was three-fold:  Hurricane Dorian and the PM advising it would take a generation to rebuild (our place is 50 feet from an ever-rising ocean, hurricane season now has six-to-nine storms, and Hawaii barely works on a clear day); increasing anger, backed by legislative efforts, towards folks who have vacation rentals (when local folks don't have a first house); and, my view that right now, anyway, it's not a good time to have a property in someone else's province, state, or country.  Lots of isolationism, it seems, in all the old, familiar places.

       

      I asked a stunningly silly high price, and someone paid it.  I'll not be looking back.

       

      The feeling that it was time hit me on a Friday.  Called the realtor Monday.  I wrote the listing Tuesday, it went live Thursday, and was sold Saturday.  Transitioned about $30K of guests to the owner's rental agency (no more rental by owner), and refunded all their money.  Went off without a hitch.

       

      In the two weeks since closing, I've deleted a bunch of Hawaii and other bookmarked sites that are no longer needed.  I checked in on this one today, and had a quick scan.  And here's my take, for what it's worth; all the topics listed today?  Not a lot of joy in there. This gig has changed, baby.

       

      It was a blast.  Glad I'm out.

       

      Next!

        • Re: Done!  My Hawaii condo has sold.
          bonesxxx Active Contributor

          Good luck DT.  You will be missed for both your counsel and your wit.

           

          Godspeed.

          • Re: Done!  My Hawaii condo has sold.
            calicalling Active Contributor

            Seems like a good time to be getting out of the VR business -- especially in HI.

             

            I hope you are able to replace all those VR and HI bookmarks with experiences, and hobbies, and bucket list items and make the most of that big fat check!

            • Re: Done!  My Hawaii condo has sold.
              margaret CommunityAmbassador

              Best of luck!

              • Re: Done!  My Hawaii condo has sold.
                ashevillelookout Senior Contributor

                Good luck in the future, and Happy Holidays!  A toast to your decision!

                • Re: Done!  My Hawaii condo has sold.
                  puttermac10 Contributor

                  Best wishes for your future.  I love managing my rental and interacting with my guests and many repeat guests...I have grown to hate (strong word I do not like) VRBO/Homeaway for they way they are involved in every aspect of my business...I just want advertising - a la carte is what they need to offer!

                  • Re: Done!  My Hawaii condo has sold.
                    mauimakani Contributor

                    droptop Congrats and best of luck. We've been with VRBO/HomeAway for the same length of time. The market for selling on Maui was right, We too listed as high as we could and closed last week. We had a great run leaving with record revenue, but the industry has significantly changed. When we started, we were truly sharing our home and there was no question of trust by either party. Many returned year after year, became friends who cared for our home as if it was their own. It is bittersweet as we will miss our favorite guests who returned year-after-year and sharing Maui with first time guests,

                     

                    The last couple of active storm seasons and the fire this summer which affected the one way in/out of S. Kihe/Wailea helped make it an easier decision.  We grew tired with the continuing marginalization of Owners over the last couple of years and the quality of new guests this past year. The mishandling of the payments in-house was the final straw and I started to keep an eye on the Seller's market.


                    I didn't think that the OTR/Owner relationship is going to get any better and I did not want to be another cog in someone else's mismanaged machine. The Golden Goose is tarnished!

                     

                    Thank you to the many Owners here who have selfishly shared their knowledge, supported other Owners and created a community.


                    Pomaika`i