Hello,
I just received an email from a new property manager Coastal Carolina Vacations and Sales on a property .
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I rented back with my family in 2021 in Corolla. The property we had back then for a week in October of 2021 had been 2,700 with all fees and insurance. Then last year and earlier this year the old outfit wanted north of $4,500 not counting insurance.

Today out of the blue I get an email today and Coastal Carolina has the same property in October for around $3,500.
Has anyone else heard of these guys? Are they the new Vacasa just trying to get in at a cheaper rate?

thanks.

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Is this the outfit with an office in Kitty Hawk 2 doors up from Atlantic Realty. Their name sounds much like this one and if so they have been there 8-10 years.

Lots of things have made people in Corolla and Hatteras raise their rates by large amounts. Don't falsely assume the PM came up with all the price increases. When they find out the boom is over and you can't get those prices anymore they start coming down. Sometimes its new owners moving to a new PM. Lots of factors can be in play here.

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Yes, that is the place. There has been an office there for many years. I looked up the LLC and it was started in 2015 and there is a new owner as of 2021. I always thought they were discount PM's doing less for less.Maybe not.

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Coastal Carolina Vacations is the opposite of Vacasa. They are home grown and locally owned by an excellent team who left Village Realty after many years to recreate what made Village great once upon a time. Their office is in Nags Head.

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We have rental theough them at end of September.
So far they have been excellent to work with and are very responsive.
We actually booked through VRBO but Coastal Carolina is the “Owner”

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We have rental theough them at end of September.
So far they have been excellent to work with and are very responsive.
We actually booked through VRBO but Coastal Carolina is the “Owner”

The PM is the owner of the house? That is pretty unusual actually. Our company rents 550+ homes and not one is owned by the company itself.

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We have rental theough them at end of September.
So far they have been excellent to work with and are very responsive.
We actually booked through VRBO but Coastal Carolina is the “Owner”

The PM is the owner of the house? That is pretty unusual actually. Our company rents 550+ homes and not one is owned by the company itself.

The house next to us in Corolla is owned by the PM and not suprising they don't take very good care of it.

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We have rental theough them at end of September.
So far they have been excellent to work with and are very responsive.
We actually booked through VRBO but Coastal Carolina is the “Owner”

The PM is the owner of the house? That is pretty unusual actually. Our company rents 550+ homes and not one is owned by the company itself.

The house next to us in Corolla is owned by the PM and not suprising they don't take very good care of it.

Got an address?

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The PM is the owner of the house? That is pretty unusual actually. Our company rents 550+ homes and not one is owned by the company itself.

That's how Vacasa advertises on VRBO. If it was owner managed, then the owner's name would actually show, not Vacasa. Shady, but VRBO allows it or doesn't know it.

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Vrbo welcomes the use of their listing service by property management companies the same as by individual self-managing property owners. Many or most vacation rental homes on the Outer Banks are owned by individuals or families who hire a property manager to manage the property during its rental season. The property manager might use Vrbo as one of several tools for marketing the property. In most cases, guests deal exclusively with the property manager, not the owner. The signed lease is an agreement between the property manager and the guest, with no mention of the owner.

From Vrbo’s website: “Many of our vacation rentals are hosted by property management companies. They often manage multiple properties, and many use an external software system to integrate their information with our website. . . . In addition to Vrbo’s booking confirmation email, you may receive an email directly from the management company. . . . When you book a property hosted by a management company, you may see multiple charges on your card. The first payment is Vrbo’s service fee.”

If you find a property on Vrbo you want to reserve, it might be worthwhile to try to locate it on the property manager’s website and book directly.

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Private equity companies like Blackstone and Pretium Partners are buying up whole neighborhoods in many areas. They then rent the homes with significant attached fees for this and for that. They offer "rent-to-buy" plans that are more a scheme than a plan. Mainly, they suck all money out of the rental. They withhold maintenance. They let the homes fall apart.

I've helped a number of elders sell poorly maintained homes in Northeast Ohio. These are homes older folks couldn't keep up. They might be worth half or less of the homes around them. I have private equity coming in and doubling that price, cash, no inspection. I just sold a $45,000.00 dump with two feet of sewage in the basement for $90,000.00. It is AMAZING.

There is a significant concern regarding how this affects the health of a neighborhood both while they are there and should they go bankrupt. Bankruptcy is the approved, normal and natural end to private equity firms. Or at least to the myriad of their spun-off companies. They pull out all possible profits doing no or little maintenance. The houses deteriorate and they walk away. The cities appear to be blind to the huge issues that these private equity corporations are about to cause to their tax base.

If I saw private equity buying rental homes around me in the OBX I would seriously consider getting out of that area.

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I have been doing real estate since 1988 (35 yrs) and I was taught the "Rent to Own" scheme near day 1. It is a total racket the owner takes advantage over their buyer. More on that if anyone cares - avoid rent to own.

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We have rental theough them at end of September.
So far they have been excellent to work with and are very responsive.
We actually booked through VRBO but Coastal Carolina is the “Owner”

The PM is the owner of the house? That is pretty unusual actually. Our company rents 550+ homes and not one is owned by the company itself.

They do not own the homes. They are a PM who manages homes for the owners. They have been around for about 2 or 3 years at this point as I remember when the whole team left from Village Realty and started their own PM company. as far as VRBO, the PM's advertise these homes on that platform so they can market to a broader audience. If you find a home on VRBO that is managed by a PM, go directly to the PM website to book as you will save yourself money that VRBO tacks onto booking on their site for the same home.

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