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Get a free discovery call on the Short-Term Rental opportunity in your city
Get a free discovery call on the Short-Term Rental opportunity in your city
McGrath Sydney, a renowned real estate agency, was on the lookout to capitalise on the booming short-term rental market in the Sydney market. Recognising that they needed expertise to navigate this sector efficiently and grow quickly, they partnered with MadeComfy Pro to achieve their goal.
McGrath realised that to ensure an excellent ROI it was important to get to 50 properties under management as soon as possible.
Build a portfolio of over 50 short-term rental properties in less than a year, positioning them as a dominant player in the market
Navigate the short-term rental regulations in NSW, particularly the 180 day cap in the Sydney market
Ensuring the ROI could support one dedicated full time staff member and one part time employee
Build a profitable STR business within 12 months
Recognising the potential in the market, McGrath Sydney signed up for the Growth Package - a service designed to fast-track property acquisition, set-up, and management for short-term rentals. This meant that alongside their own prospecting, the MadeComfy sales team were able to use their expertise and knowledge of the short-term rental market in Sydney and the service provided by MadeComfy Pro and McGrath, to sign up property owners on behalf of McGrath Sydney for a small fee.
Additionally, the Property Performance team at MadeComfy planned to implement a robust reporting system to track the 180-cap and use different pricing strategies and tactics to ensure properties remain compliant, while maximising the revenue of all properties under management.
MadeComfy Pro, with its in-depth market analysis, targeted property owners looking to transition to short-term rentals, and then qualified properties through a series of discussions to find properties with a high potential yield for short-term rentals. To make the most of the Growth package, McGrath invested some additional budget with MadeComfy in order to fast track their growth and drive additional leads.
MadeComfy team provided detailed revenue forecasts for owners and signed them up to the service. Owners would also be required to sign a management agreement with McGrath Sydney who would own the asset. MadeComfy ensured that each property was available for the minimum required time, would be appealing to the short-term rental demographic and would be fully furnished with all essential amenities.
Using robust reporting MadeComfy’s Property Performance team tracks the caps and adjusts property prices and pricing strategies to maximise occupancy and revenue.
Detailed monthly reports provided insights into occupancy rates, revenue, and guest feedback, allowing McGrath Sydney to make informed decisions about XYZ.
Portfolio Expansion
McGrath Sydney successfully built a portfolio of 50+ properties, exceeding their initial target. Additionally, in partnership with MadeComfy Pro McGrath expanded to another market to offer short-term rental services in Brisbane.
Increased Revenue
With dynamic pricing and broader visibility, the properties maintained an occupancy rate that is X% higher than the market average.
Operational Efficiency
The guest management and housekeeping solutions provided by MadeComfy Pro meant McGrath Sydney didn't have to worry about the day-to-day operations, allowing them to focus on owner relationships, maintenance and further scaling their STR offering.
Portfolio Expansion
With this new STR business McGrath Sydney are now able to cater to new owners and investors who are wanting to list their property as a STR, as well retain existing clients looking to take advantage of the STR potential in the Sydney market.
