The Outer Banks Home Owners Association (OBHOA) operates uniquely, advocating for property owners in the Outer Banks, particularly focusing on maximizing revenue and property value for vacation rental investors. Their collaboration with North River Properties, spearheaded by Gary and Rebecca Woodson, has led to the development and implementation of several groundbreaking programs tailored to the Outer Banks vacation rental market.
One such program is the “Like New” initiative, conceived over seven years ago by Gary and Rebecca Woodson. This initiative aimed to test the impact of maintaining vacation rental properties in impeccable condition throughout the season, rather than just renewing them during the offseason. By partnering with a local builder with extensive experience, they sought to combat the rapid depreciation typically associated with vacation rentals. The success of this experiment surpassed expectations, with properties under the “Like New” program often generating revenue spikes of over 30% compared to comparable rentals. Moreover, the resale values of these properties significantly outshine their counterparts, attracting discerning buyers impressed by their superior condition.
This success spurred the formation of the OBHOA Investor Group, where like-minded investors joined forces to uphold the “Like New” standard across all properties. This collaborative effort has fostered synergy among property owners, ensuring that house cleaners and maintenance staff adhere uncompromisingly to the high-quality standards set forth.
Additionally, OBHOA introduced the Certified Grade Beach House Program, offering guests assurance and confidence in their rental decisions by guaranteeing the quality and condition of the properties. Furthermore, the Virtual Walk-thru Beach House Tours, featuring detailed floor plans and immersive experiences, have revolutionized the guest booking process, catering to a wide range of potential guests and maximizing the rental potential of each property.
Through these innovative programs and partnerships, OBHOA, Gary and Rebecca Woodson, and North River Properties have not only prospered the Outer Banks vacation rental market but have also set a new standard of excellence in property management and guest experience.