At Holy Cow Phuket, we regularly work with property owners who are frustrated with their previous management companies or self-managing experience. The reasons vary: some are tired of opacity, some can’t figure out why the numbers don’t add up despite high occupancy, and some simply want to stop spending their personal time on it.
We don’t promise the moon. But we know how to work with numbers — and we’re ready to show them openly. Below are five real stories with real results. Names have been changed at clients’ request; everything else is as it happened.
Case #1. Studio 30 sqm, ReLife The Windy
Switching from a Freelance Manager
The situation. Marina purchased a studio at ReLife The Windy and handed it over to a freelancer who promised a 10% commission on bookings — three times lower than the standard market rate. At first glance — a bargain. After a year of work, Marina decided to count.
Before Holy Cow
| Metric | Result |
|---|---|
| Occupancy | 52% |
| ADR (average daily rate) | 940 THB |
| Annual Revenue | 178,412 THB |
| Net Income | 160,570 THB |
| Yield on purchase price (4,200,000 THB) | 3.8% |
After Holy Cow
| Metric | Result |
|---|---|
| Occupancy | 64.5% |
| ADR (average daily rate) | 1,689 THB |
| Annual Revenue | 397,632 THB |
| Net Income | 238,579 THB |
| Yield on purchase price (4,200,000 THB) | 5.7% |
Result
| Net income growth | +78,009 THB |
| Growth in percentage | +48.6% |
| Yield growth | from 3.8% to 5.7% |
Comment. The freelancer’s low commission turned out to be an expensive arrangement. Without professional pricing tools, access to all major OTA channels, or systematic review management, the ADR stalled at 940 THB — despite the property having significantly higher market potential. The actual savings on commission were many times offset by losses in revenue. This is a classic story: what you should count is not the commission, but the net income at the end of the year.
Case #2. 2-Bedroom Apartment 70 sqm, NBC
Switching from Self-Management
The situation. Vladimir managed the apartment himself — listed it on Airbnb, handled messages, checked guests in, arranged cleaning. He paid no commission to anyone, but also had no proper management tools: pricing was set by gut feeling, occupancy hovered at 59%, while the property was clearly capable of more.
Before Holy Cow
| Metric | Result |
|---|---|
| Occupancy | 59% |
| ADR (average daily rate) | 1,658 THB |
| Annual Revenue | 357,050 THB |
| Net Income | 357,050 THB |
| Yield on purchase price (6,500,000 THB) | 5.5% |
After Holy Cow
| Metric | Result |
|---|---|
| Occupancy | 75% |
| ADR (average daily rate) | 2,254 THB |
| Annual Revenue | 617,032 THB |
| Net Income | 493,626 THB |
| Yield on purchase price (6,500,000 THB) | 7.6% |
Result
| Net income growth | +136,576 THB |
| Growth in percentage | +38.2% |
| Yield growth | from 5.5% to 7.6% |
Comment. Self-management seems like a commission saving — until you actually start counting. 59% occupancy vs 75%, ADR 1,658 vs 2,254 THB — the difference isn’t in the commission, it’s in the absence of a system: dynamic pricing, multi-channel distribution, review management. Vladimir pays us a commission and earns 136,576 THB more per year. Plus he no longer spends time messaging guests, handling late-night check-ins, or searching for cleaners.
Case #3. 2 Mountain-View Apartments, Mida Grande (Panora)
Switching from Developer’s Rental Pool
The situation. Vadim owns two mountain-view apartments at Mida Grande and had been in the developer’s rental pool for several years. What his apartments were renting for, what the real occupancy was, what was being deducted from revenue — he had no idea. He knew only one number: the annual payout, once a year.
Before Holy Cow
| Metric | Result |
|---|---|
| Occupancy | Unknown |
| ADR | Unknown |
| Revenue | Unknown |
| Net Income (from 2 apartments) | 156,800 THB |
| Yield on purchase price (7,200,000 THB) | 2.2% |
After Holy Cow
| Metric | Result |
|---|---|
| Occupancy | 55.2% |
| ADR (average daily rate) | 2,220 THB |
| Annual Revenue | 594,983 THB |
| Net Income (from 2 apartments) | 386,738 THB |
| Yield on purchase price (7,200,000 THB) | 5.4% |
Result
| Net income growth | +229,938 THB |
| Growth in percentage | +146.6% |
| Yield growth | from 2.2% to 5.4% |
Comment. This is perhaps the most telling case. View apartments are the most liquid property type in Phuket. In the rental pool, they were subsidising the entire pool, wearing down faster than everything else, and receiving an averaged income on par with far less attractive units. After switching, each apartment started working for its own owner — and the results followed quickly. For the first time, Vadim could also see real numbers: occupancy, ADR, what goes in and what comes out. That alone changes how you relate to your investment.
Case #4. 3 Villas in the Rawai Area
Switching from Developer’s Guaranteed Rental Program
The situation. Alexander owns three villas and had been participating in a developer’s guaranteed return program. The program promised a fixed annual percentage. In reality, the developer delivered only half of the obligations — leaving Alexander with a choice: pursue legal action for the unpaid amount (which, given lawsuit costs and a 3–5 year timeline, is practically pointless) or walk away and start working with a transparent partner.
Before Holy Cow
| Metric | Result |
|---|---|
| Occupancy | Unknown |
| ADR | Unknown |
| Revenue | Unknown |
| Net Income (from 3 villas) | 2,100,000 THB (only 50% of what the developer promised was actually paid) |
| Yield on purchase price (31,000,000 THB) | 6.8% (actual: 3.4%) |
After Holy Cow
| Metric | Result |
|---|---|
| Occupancy | 55% |
| ADR (average daily rate) | 4,452 THB |
| Annual Revenue | 2,955,000 THB |
| Net Income (from 3 villas) | 2,068,500 THB |
| Yield on purchase price (31,000,000 THB) | 6.7% |
Result
| Change in net income | −31,500 THB (−1.5%) vs amount paid / +1,018,500 THB (+48%) vs amount promised |
| Yield | from 6.8% (3.4% actual) to 6.7% |
Comment. There is no income increase in the first year — and we say that honestly. But context matters: the comparison is with what the developer actually paid out, having broken their own obligations by half. Compared to what was promised, Holy Cow already came close in year one, with real room to exceed it. At 55% occupancy, these villas have obvious upside. What Alexander has now: monthly reporting, monthly payouts, a clear picture of each villa’s performance, and the ability to plan — instead of waiting once a year to find out what the developer decides to pay.
Case #5. 2-Bedroom Apartment, Title The Legendary
Switching from an Agency That Promised 10–12% Annual Returns
The situation. Larisa purchased an apartment through a large agency that, during the sales process, promised rental yields of 10–12% annually. An unfortunately common promise in this market. The reality after one year of management by that agency looked quite different.
Before Holy Cow
| Metric | Result |
|---|---|
| Occupancy | 61% |
| ADR (average daily rate) | 1,989 THB |
| Annual Revenue | 442,850 THB |
| Net Income | 265,710 THB |
| Yield on purchase price (6,400,000 THB) | 4.1% |
After Holy Cow
| Metric | Result |
|---|---|
| Occupancy | 65.5% |
| ADR (average daily rate) | 2,454 THB |
| Annual Revenue | 586,650 THB |
| Net Income | 410,655 THB |
| Yield on purchase price (6,400,000 THB) | 6.4% |
Result
| Net income growth | +144,945 THB |
| Growth in percentage | +54.6% |
| Yield growth | from 4.1% to 6.4% |
Comment. Real estate agencies make their money on the transaction — and yield figures in their presentations are often drawn from best-case scenarios, not actual management practice. 10–12% annually in Phuket is achievable, but only with the right property, the right pricing, and professional management. In Larisa’s case, the agency had neither dynamic pricing tools nor the resources to work OTA channels at the required level. After switching, ADR grew by 23%, occupancy by 4.5 percentage points, and net income by more than half. 6.4% is an honest number with no marketing promises attached.
Summary Table
| Property | Previous Model | Income Before | Income After | Change |
|---|---|---|---|---|
| Studio, ReLife The Windy | Freelancer (10%) | 160,570 THB (3.8%) | 238,579 THB (5.7%) | +48.6% |
| 2-BR Apartment, NBC | Self-management | 357,050 THB (5.5%) | 493,626 THB (7.6%) | +38.2% |
| 2 Apartments, Mida Grande | Developer’s Rental Pool | 156,800 THB (2.2%) | 386,738 THB (5.4%) | +146.6% |
| 3 Villas, Rawai | Developer’s Guaranteed Return | 2,100,000 THB (paid 50% of promise) | 2,068,500 THB (6.7%) | −1.5% vs paid / +48% vs promised |
| 2-BR Apartment, Title The Legendary | Agency (promised 10–12%) | 265,710 THB (4.1%) | 410,655 THB (6.4%) | +54.6% |
What All These Stories Have in Common
Different properties, different starting situations, different results. But there is one common thread: in every case, the owner either didn’t know the real numbers behind their property, or wasn’t receiving the income they had expected — or both at once.
We don’t work miracles. We do our job: set the right price, work with all channels, look after the property, and report every month. That, as a rule, turns out to be enough.
Find Out Your Property’s Potential — Before Making a Decision
We prepare a free profitability calculation before you switch to us: real figures on occupancy, ADR, and net income for your property type and location — no obligation, no pressure. Simply so you can see the full picture.
Write to us: info@holycowphuket.com or +66 950 377 787 (WA, TG, Max) — and we’ll have the calculation ready within 24 hours.
Sincerely, Founder of Holy Cow Phuket Sergei Shaliapin
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