Welcome to the Short-Term Rental Riches, in this second installment of our three-part series, we focus on the critical steps you need to take after receiving an inquiry for a longer guest stay. In the first part of our series, we explored strategic listing placements and optimized copywriting to attract longer-term guests. Now, as inquiries start rolling in, we shift our focus to the meticulous process of running tenant background checks. The transition from guest to tenant varies across states, typically kicking in after 28 days. Now, it's time to change how you manage things. Property owners need to handle longer stays with the same care as they do for long-term leases. Buckle up as we guide you through securing your property, from checking guest reviews to running comprehensive background checks. In this episode, you'll learn: Strategic Background Checks Crafting a Comprehensive Lease Payment Processing Strategies Deposit Dile

Welcome back to the Short Term Rental Riches Podcast! In this episode, we dive into the dynamic world of medium-term rentals. Discover invaluable insights and strategies to optimize your property for stays lasting a month or more. From choosing the right platforms to streamlining communication and setting competitive prices, this episode is your comprehensive guide to transforming your short-term rentals into lucrative medium-term opportunities. In this episode, you'll learn: Adapting Policies for Medium-Term Success Targeting the Right Audience Listing on the Right Platforms Alternative Guest Sources Instant Book and Visibility Stay tuned for the upcoming episodes in this three-part series. Subscribe for weekly insights that will elevate your short-term rental game. If you're navigating the evolving landscape of property rentals, this podcast is your ultimate resource.  If you found this episode helpful, d

Have you ever been left scratching your head, wondering why guests, who seemingly had a perfect stay, end up giving a less-than-stellar review? It's a scenario that perplexes many hosts, but fear not - we've got the answers and strategies to ensure it happens less frequently.  So, what are the reasons behind this inconsistency, and how can you ensure your property consistently earns those 5-star ratings? Stick around as we explore five crucial factors and provide actionable strategies to transform your guest reviews.  In this episode, you’ll learn: The importance of setting the right expectations Effective communication strategies The critical role of cleanliness Secrets of handling minor maintenance issues As we conclude this eye-opening episode, remember that mastering guest reviews is an ongoing journey. By implementing the strategies discussed here and honing your communication skills, you're on the path

This week's episode is a special treat as I'm joined by industry experts Bill Faeth, Jasper Ribbers, Shawn Moore, and Will Slickers. Get ready for a deep dive into the top three criteria for selecting profitable short-term rental properties and efficient management strategies. We've condensed the panel discussion for this episode, focusing on marketability, location, and proximity. If you want the full hour and a half of expert insights, head over to restmethods.com/panel. Let's unlock the secrets to short-term rental success! In this episode, you’ll learn: Top three criteria for selecting profitable short-term rental properties Efficient management and maintenance strategies Unforeseen expenses Challenges for new hosts Future trends in short-term rentals Head over to restmethods.com/panel for the extended version. Connect with our expert

Bonjour! Welcome to another exciting episode of the Short Term Rental Riches podcast. I've just returned from my adventures in beautiful France, and it's time to share some valuable insights with you. We'll explore how to enhance your property for an exceptional guest experience. So, let's jump right in! In this episode, we will cover: The importance of guest expectations and how it can make or break their stay Dealing with unexpected weather conditions Enhancing your property's entrance for a seamless arrival experience. Simplifying Wi-Fi access As property owners, it's essential to create a welcoming environment for our guests. I'll also share some tips based on my personal experiences to help you avoid common pitfalls and ensure your guests leave with unforgettable memories. Travel is a powerful way to open our minds and see t

In today's episode, we're diving deep into the world of super properties with the incredible Bill Faeth, a real estate veteran who has mastered the art of creating unforgettable experiences in short-term rental properties. So, whether you're a seasoned pro or just getting started, fasten your seatbelts because we're about to embark on a journey to discover the secrets of supercharging your short-term rental properties. Stay with us as we uncover the strategies that can turn your rentals into memorable, five-star experiences for your guests. In this episode, we will cover the following key points: Understanding Super Properties Discover how to stack value in your properties to create unforgettable experiences for your guests Learn the secrets to achieving consistency in property management Find out how to assemble and manage the ideal team of cleaning and maintenance professionals Explore the signifi

The world is becoming a more accessible place for everyone, and this is leading to a surge in travel demand. This is great news for short-term rental hosts, as it means there are more potential guests out there looking for places to stay. In this episode, we discuss the five major reasons why it's easier than ever to travel. From seamless planning and payments to effortless arrival and connectivity! We explore how this trend is impacting the short-term rental industry and what it means for hosts and guests alike. In this episode, we'll cover: The five major reasons why travel is easier than ever before. How the rise of easy travel is impacting the short-term rental industry. How guests are benefiting from the ease of travel. The future of travel and how it will continue to evolve. If you're a short-term ren

Welcome back, everyone, to the Short Term Rental Riches Podcast! We've got another exciting episode lined up for you today as we dive deep into the world of short-term rentals. Our guest for this episode is none other than Luke Carl, the host of the Short Term Rental Management Podcast and the Director of Education for the Short Term Shop. Luke brings a wealth of knowledge and experience to the table, and we're thrilled to have him on the show. In this episode, Luke takes us on a journey through his real estate ventures, starting with buying his first house and gradually venturing into the world of short-term rentals. He shares stories of early Airbnb adoption, property management, and the birth of the Short Term Shop. Luke's insights and experiences are invaluable for both newcomers and seasoned short-term rental hosts.  In this episode, we'll cover: Luke's Real Estate Portfolio Property Management Challenges of

Welcome back to the Short-Term Rental Riches Podcast! Every week, we're your trusted source for quick, actionable real estate tips, tailored specifically for the world of short-term rentals. In this episode, we're diving into the AI revolution that's been making waves across the industry. From market analysis to crafting the perfect listing, we're exploring seven ingenious ways to leverage artificial intelligence for your short-term rental portfolio or your quest to acquire the next lucrative property.  So don't let the tech jargon intimidate you – we've got user-friendly solutions in store. As we've seen with Airbnb's CEO announcing a transformative AI-centric approach, the future is here, and AI is at the heart of it. Plus, we'll share our five-step process for extracting optimal results from AI, ensuring you're well-prepared to harness its potential. Join us as we unlock the secrets to AI success in the short-term rental ga

The key to success in the short-term rental business is exposure, high reservations, and maximizing your income. And one way to achieve this is by expanding your listing reach beyond Airbnb or VRBO. This week, we're putting the spotlight on Furnished Finder, a platform initially designed for traveling nurses but now catering to a broader audience. Whether you're a pro or new to the platform, this episode will unveil the potential benefits of incorporating Furnished Finder into your property portfolio. Stay tuned for a deep dive into this game-changing platform! Welcome back to the Short-Term Rental Riches Podcast! We're thrilled to have you with us for another week of valuable insights and strategies. In the ever-evolving world of short-term rentals, there's always something exciting to discuss. If you're new to the podcast, be sure to explore our previous episodes and check out strriches.com for a treasure trove of resources, including the tools and programs I personally use

Welcome back to the Short-Term Rental Riches podcast. In this episode, we're diving deep into the world of short-term rentals with a true industry expert, Shawn Moore. Shawn is the host of the Vacation Rental Revolution podcast, an author, and the founder of Vodacy. With 23 years of experience in real estate investing and short-term rentals, Shawn has a wealth of knowledge to share. Join us for an insightful conversation where Shawn discusses how he stumbled upon the world of short-term rentals by accident, the evolution of the industry, and the keys to success in this ever-growing market. From choosing the right property to finding the perfect management partner, Shawn shares valuable insights to help you thrive in the short-term rental business. In this episode, you'll learn: The three phases of short-term rental success: Acquisition, Management, and Marketing. The importance of curating a unique guest experience.</

Welcome back to the show! I'm thrilled to have you here as we explore the exciting intersection of technology and short-term rentals. In today's episode, we're delving into the essential tools and tech that can supercharge your property management game. Whether you're a seasoned host or just starting out, these insights will help you save time and boost your efficiency. By investing a bit of time in strategizing and adopting technology, we can unlock a world of possibilities for our short-term rental businesses. I understand that we all have busy lives, but trust me, dedicating a few minutes to optimize your processes can pay off immensely in the long run. So, let's dive in and discover how you can make your short-term rental venture a tech-savvy success! In this episode, you'll learn: Streamline Your Workflow The One Thing Principle Browse Smarter Investigate Alternative Methods We hope you found these tech and too

Welcome to a milestone episode, #200! It's hard to believe that for almost four years, we've been sharing valuable insights about short-term rentals every week. In this special episode, we take a moment to reflect on the incredible journey we've had so far. From the early days of traditional rentals to the exciting world of short-term rentals, we've covered it all. Whether you're a seasoned host or just starting, our real-world experience and advice are here to help you succeed. Join us as we share the highs and lows, from property purchases to international travels, and discover how short-term rentals can be a game-changer for your real estate journey. Thank you for being part of our community, with listeners from around the globe, and let's look forward to the next 200 episodes of Short-Term Rental Riches! This episode covers: Reflecting on 4 years of weekly episodes dedicated to short-term rentals Going from traditional rentals

In this exciting episode, we're diving into Part 2 of our Q&A series, where we address your most pressing questions about the dynamic world of short-term rentals. Whether you're a seasoned host or just starting in the industry, this episode will provide you with valuable knowledge to enhance your success. In this episode, we'll: Discover the tasks you can delegate to virtual assistants in the short-term rental industry. Explore the differences between Relay Bank and Mercury Bank for property management. Get insights into how using multiple platforms affects your property's SEO and ranking on Airbnb. Learn about review removal strategies and why persistence matters. Find out if using a HELOC to buy a rental property is a good idea. Join us as we unravel the intricacies of the short-term rental business, share industry secrets, and equip you with the to

Imagine getting started in the short-term rental industry over 26 years ago. Yeah, way before Airbnb even existed. How would you do your research? What tools would you use to help manage and operate? Things would be much different, wouldn’t they? Now imagine if you were still working in the industry day in and day out… Our guest this week is just that person. Steve Trover experience in the short-term rental world from building a management portfolio of 400 properties, developing new purpose-built STRs, the former president of the most recognized short-term rental conference; the VRMA. The list goes on… I had the pleasure of interviewing Steve and am looking forward to sharing some of his expert insights including: New Construction and purpose-built STRs How access to data has changed but doesn’t tell the whole story How to know if you need to hire someone What to look for with your firs

We get quite a lot of questions and the topics range. I try to lump them together and create a podcast for the ones we get asked most often but I thought it would be fun to do a rapid-fire Q&A for this week’s episode. The real world is much like school was when we were growing up – we often don’t ask enough questions. And the only way we can become comfortable with what we are doing is by uncovering the answers and diving deeper. So I encourage any of you who have been listening in over the last couple of years to let us know what’s on your mind! And hopefully this week we will be able to answer some of the questions you *wanted* to ask. No question is a stupid question! This weeks topics range from: - Service Animals and our right to refuse them - Lease arbitrage - Airbnb Tax

Join us on this week's episode of the Short-Term Rental Riches podcast as we dive into a fascinating topic that's poised to reshape the world of real estate: the impact of autonomous vehicles. In the ever-evolving landscape of real estate investing, demographic shifts and societal changes play a pivotal role in shaping supply, demand, and property values. Think of the seismic shift brought about by remote work – a game-changer for our society. But there's another transformative shift on the horizon, one that's not as far away as you might think, and it's going to have a profound impact on real estate that might not be on your radar just yet. I recently returned from California, where the beauty of the state was a striking backdrop to ponder the future of real estate. Drawing on personal experiences and industry insights, we'll delve into the realm of autonomous vehicles – a revolutionary development that's quickly gaining momentum. From Tesla's strides in s

Bang bang bang goes the nail gun from the construction project next door. And… There’s not much you can do about it. That’s the reality when our neighbor starts a new renovation project or the lot next door finally sees some framing going up to support a new construction home or building. While this might freshen up your neighborhood it might also create a not-so-good experience for your next short-term guest. If they don’t know about it, that is. Many times construction is out of our control so we need to be proactive. This week we’ll discuss what you should be doing to make sure those 5-star reviews keep on coming even when things are out of your control. Stay tuned as we unravel how to: Appropriately Planning Being proactive HOAs (the good and the bad) Your neighbors new project Making it right when you drop the ball Need help managing your short-term re

Nearly every large real estate deal you see was accomplished through the efforts of more than just one person. Nearly every hotel, shopping center, large apartment complex, mall, you name it - these deals take a lot of work and thus require a lot of finances and brain power. Most of the time on this show we talk about individual deals like a vacation rental or urban short-term rental. Or even smaller apartment buildings. But what if we want to go bigger? 50, 100, 200+ rentals in the same deal. How can we do that? And what does that look like in the short-term rental world? As the visibility for short-term rentals continues to grow among investors and venture capital firms realizing the serious potential and returns that can be made through STRs, larger deals are happening. In fact, I’m in the midst of one myself. So this week I want to share with you: What’s a syndication? What do these larger deals look like? How are larger deals

These days there are so many resources and experts for every industry…. After spending years in the STR industry I feel very fortunate to have access to some of the most seasoned experts in the space. Avery is one of those people. She is the host of the “Short Term Show” which is arguably one of the most recognized podcasts in our space. She has been featured on almost every short-term rental industry resource. She wears a lot of hats. From her position as CEO at the Short Term Shop where they’ve connected owners with profitable STRs generating over $1 billion in revenue to managing her own personal portfolio. We dove deep on several subjects that you will find helpful! Stay tuned as we unravel how to: As a STR sales agency - the current market outlook Benefit to being in an owners market Supply & Demand Growth Mode vs. Cruise Mode the “enemy method” Established vs. Emerging Va

Let's face reality here… there’s no getting around your property tax. You have to pay for it. But, that doesn’t mean you have to pay all of it! Many people have been caught off guard lately at their huge property tax increases. This week we’ll break down why this is happening. We’re going to go one step further too because unfortunately, your taxes don’t stop with just property tax. Yes, those of us that have the luxury of being involved in the short-term rental world also have a special tax we have to pay; the TOT tax. We’ll break that all down this week as well as: The upside to having extra short-term rental taxes Remitting your STR taxes Why property taxes are on the rise The highest and lowest states How to save on your property taxes I’m excited to announce the dates are out for our upcoming virtual event! We’ll be meeting with a panel of industry experts where you c

This week we had the pleasure of interviewing Brooke Pfautz on the show. Brooke is an author and short-term rental industry expert. His experience ranges from building custom short-term rentals to growing a portfolio of 500 properties in just five years and now to providing software services. The episode is jam-packed with insights and lessons learned from Brooke’s journey including: Top mistakes property managers make (and how any STR owner can learn from them) Tips on hiring Growing pains Changes in property management You can find out more about everything Brooke and his company have to offer by visiting his website here. I also highly encourage you to check out his books which are packed full of expert advice. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we c

We have some many great examples of businesses that have shaped the way we live today. From the invention of the first automobile to the smartphones we rely on so much each and every day. We’ve seen some amazing progress in our lifetimes and I’m excited to see what is around the corner. There is a darker side though. Many businesses have failed. In fact, most businesses have failed. This is exactly what I love about real estate though. We don’t have to be a rocket scientist to make it work; it just comes down to the numbers. Ok… so maybe it’s not quite that simple. We still have to have a good understanding of our market, regulations, and supply and demand. If we get this right though we should be good to go for the long run. While other businesses don’t have it so easy. I’ve been revisiting a classic book this week, perhaps one of the most recognized and influential motivat

These days there are so many resources and experts for every industry. They seem to come from all directions. Some even seem to become experts overnight (be careful). It’s no different in the short-term rental world. We’ve talked about some of those experts in the past, we’ve had some of them on the show, and we’re always discovering new ones and people to go-to. But does any of that really matter? It might… If you’re using the advice and research wisely then absolutely. We don’t want you to get into analysis paralysis but we do want you to get into the short-term rental world. For me, it’s been life-changing. I feel very fortunate to be doing what I love (from anywhere in the world). At the end of the day though our success comes down to one thing; property performance. And while expert and guru advice can be a huge help it still doesn’t help us figure out how well our properties are actually doing! No,

If you’re building a short-term rental business or planning on adding another property or two in the future you might find yourself getting overwhelmed. The reality is, we can’t do it all ourselves! Not if we want to grow anyway. The first step for many of us is to hire someone to help with all the guest communications. We’ve talked about this before and how our company has been hiring lots of extremely talented help out of the Philipines and Mexico. It’s a big world out there though and since we can now work with others virtually easier than we’ve broadened our horizons and began hiring out of Eastern Europe. This week I want to share with you a new place you can look for virtual help and find extremely talented and capable team members at a fraction of what it might cost to hire in the USA. This week we’ll break down: Where to hire directly in Eastern Europe Why you should hire someone (even if you think you’re not ready) Be

As many of you know we recently starting managing other properties - we’re really excited to bring on our new partners but as Ive been meeting with owners from all over the place (around the world) I'm finding that the competitive options differ quite a bit. Not just in services but in fees. Many fees that owners don’t even know are being charged. I looked up an example with Vacasa recently to illustrate the example and a $500 reservation had over $1100 in fees. So as we evaluate our options I thought it would be good to do a recap to make sure you’re totally aware of any and all “common” fees in the industry. Please note that not all property management companies charge all of these fees, and the specific fees and amounts can vary depending on the company's policies and the services provided. It's essential to carefully review and understand the fee structure of any property management agreement before entering into a contract. Short-term rental fees:</p

We would all love to have our properties 100% occupied but many times a 100% occupancy rate is a clear sign that we are not charging enough money per night. What if we increased our rates 20% per night and, even with a lower occupancy, were making more money? And then we have to think about the opposite equation. What if we have a low vacancy, does it make sense to offer a long term discount to try and increase our revenues? I know, it’s odd to hear the word discount and increased revenues in the same sentence but with the latest travel trends showing that guests are opting for longer stays this can be a reality. Many people give out discounts because of the fear of not getting booked but, oftentimes, caving into that fear ends up earning less profit at the end of the day. Whether you are using your pricing tools or not, you might want to stop first and think if offering discounts works out to your advantage. I know, I know… You

One of the biggest components of a short-term rental is the turnover between guests and all that dirty laundry. Sometimes you can hardly tell your guests even used the linens and others, well… I’ll let your imagination run with that one Either way it’s something we have to deal with and the bigger the property the more laundry we have. For some of us it’s pretty easy; your housekeeper shows up, throws it in the washer, cleans the property and has fresh linens to replace before they’re done cleaning. But for others properties this isn’t so easy… What happens if you have 3+ bedrooms? There is too much laundry for one load, so what happens then? Well maybe you’re housekeeper thinks they can fit it all in one… so they try anyway. Or maybe it’s obvious they’re going to do multiple loads so they end up waiting around for the second load to finish even after they’ve finished cleaning the property. Whether you’re working with a professional housekeeping com

“I’m going to turn the thermostat as cold as it will go.” Your guest thinks to themself stepping in from the hot summer sun. Regardless whether or not your property is at a cool temperature - some guests will still turn down the thermostat…all the way. This ins’t just a challenge for your equipment, it can also be a challenge for you pocket book. Air conditioning and heat are usually one of the largest utility expenses for most properties. And those bills get even worse if your property is not properly equipped. Whoa that’s a tongue twister–say that one 3x fast. “Property is not properly equipped” Ok down to the point. The easier the thermostat is to use the easier it is for you guests. And they are not all created equally. In my personal portfolio we use multiple different brands. But, I now have a favorite. I purchased a dozen or so of them and we’ve tested them… All is looking good so I figur

Even if an older, short-term rental property is not perfect in terms of its amenities or aesthetics, it can still earn perfect five-star reviews on Airbnb. It can still outperform a brand new, well-designed competing property by leveraging five key concepts. The money is in the details. On a last-minute trip to Miami for a friends wedding I stayed at a guest house in a nice little neighborhood near my friends wedding venue. The neighborhood was nice but the property… egh, not so nice. But it had everything I needed. It met my expectations. One slight little hiccup however, and it would have been really easy to slip this Airbnb a less than perfect review. I left a glowing 5-start review though for 5 basic reasons! All of which we’ll cover in this weeks episode. Stay tuned as we dive into the five things you can do to make sure your non-perfect property gets perfect reviews—everytime. Are you enjoying the pod

Before we can determine whether or not a real estate investment will be a successful one we need to first look at the bigger picture. We need to know and understand the demographics and fundamentals driving each market.  Once we know what real estate markets are ripe for investment it drastically helps to narrow down our options. With a market decided, we can go hunting. But it’s not always easy to determine what makes a “good” market for investment. This comes with practice, education, and experience. So when I’m doing my market research I turn to advice from some of the industry’s leading experts. This week we had the luxury of interviewing someone who’s education has been a big influence in my life. Education that has saved me from putting my money in real estate markets that were too risky (and that’s evident now as prices fall). I’ve gone to several

If you have been investing in real estate for a while you know it has a lot of moving pieces.  Especially if you have ever remodeled a property. All those tiny little expenses need to be recorded. From the miscellaneous screws you bought at your local Home Depot to the new, fresh vanity for your master bathroom. Don’t forget the gas you paid for on the way to the home goods store; that should be expensed too. So maybe you’re not doing the remodel yourself. If you’re like me, when I started I definitely got my hands dirty. I’m not saying I knew exactly what I was doing but that’s where I started anyway. It was fantastic graduating to the point where I could pay professionals to do professional work. No more uneven grout lines or crooked tiles. But of course hiring professionals costs money… and yep, that money has to be tracked too. If you’re

There is a lot to learn in the short term rental industry. The environment is constantly changing; new tools, tips, markets to look for, and best practices to incorporate into your short term rental (or your upcoming purchase.  Too much to learn in fact that there is no way for me to process it all myself. So to change things up a bit i’ve decided to bring on a few other experts in the space. This week we meet with my friend and former Airbnb employee Danny Rusteen. Danny is also the author of the best selling book “Optimize your BNB” and has a new book coming out soon I’m excited to talk about “profitable properties - Airbnb Insider secrets.” Danny doesn’t just talk the talk, he also owns and operates arguably one of the best performing properties in all of Medellin, Colombia. Medellin is no small city… thousands of Airbnb’s are actively listed there and it takes work to get to the top of that list. He brings a ton of va

There is a lot to learn in the short term rental industry. The environment is constantly changing; new tools, tips, markets to look for, and best practices to incorporate into your short term rental (or your upcoming purchase. Too much to learn in fact that there is no way for me to process it all myself. So to change things up a bit i’ve decided to bring on a few other experts in the space. This week we meet with Jonathan Farber. John is the real deal. He also happens to spend half of his year in Medellin, Colombia where I ran into him and have had the pleasure to meet up with several times afterwards for dinner and drinks. I’ll let John tell his own story on the episode but just know that he brings some EXPERT tips. Join us this week as we discuss with a fellow short term rental expert:  Why having virtual team members is necessary <li dir="ltr" aria-l

When I first got started with my real estate investment career the idea of a turn-key rental always sounded enticing to me. Turn-key property = a property you can purchase that is renovated, rented, and professionally managed all in one spot. Easy peasy. Problem was, after visiting multiple states and markets, I wasn’t able to find many opportunities that led to decent returns. In fact, some of the so-called “opportunities” weren’t earning any cash-on-cash return at all. That’s what led me to start investing in short term rentals. It was a natural progression after having used them during my world travels time and time again.  Now years later, after over 25,000 guests have passed through my personal portfolio and for the first time I’m witnessing a potential turn-key short term rental investment opportunity just beyond the horizon.  An opportunity to purch

Your short-term rental operations don’t stop the moment your guests check out. Nope.  Actually, in many ways, they are just beginning. Much like a new born baby you have to care, protect, and monitor your STR for its whole life. You have to make sure it stays clean. You have to make sure it stays smoke-free. You have to make sure that it's warm when it needs to be and cool when it’s heating up outside. And much like how a child's experiences impact its future experiences—so do guest bookings.  Every single reservation that comes through your property impacts future bookings in the way of a review. Over time, your property builds a solid foundation (hopefully a positive one) and allows for the good times to keep on coming. So in a way, while a short-term rental and a baby may seem like two very different things, both require a significant amount of attention and care to ensure that they live out successful and enjo

You made it. You successfully set up and advertised your short term rental property and you are ready for your first guests. The day has finally come and all of that hard work is about to pay off. You are slightly nervous though since you know just how important the initial reviews to any STR can be. The guest arrives and… they can’t get it! Even though you sent them the carefully laid out check in instructions, created a unique digital lock code for them, and were there for them every step of the way.  They just can’t, for whatever reason, get the lock to open. Let me save you the trouble of guessing why… user error! Yes, as simple as it is to use digital locks these days they are all different and STRs attract guests of all ages and nationalities and sometimes our guests just can’t seem to enter the codes right. Leaving off a digit. Not entering a pound sign or hitting an unlock button. Trying to open the door before it’s actually unlocked causing

The returns we earn on our short term rentals is a direct result of how efficiently and effectively we manage our short term rentals; there is a lot that goes into it. At the root of it all lies hospitality but since we don’t have on-site staff like a hotel might, we have to offer the best hospitality in other ways—virtually. There is also a fine line between too much automation and not enough. My team and I break down all of our operations into three parts: (1) before guest check in (2) during guest check in (3) at guest checkout / post-checkout. Make sure to check out last week’s episode (episode 174) on why I believe virtual management is the future of all management. On today’s episode we’ll talk about the steps involved that need to take place BEFORE your guests even arrive. Stay tuned as I break down for you: <p d

An exciting thing is happening in the real estate industry; the technology sector has finally entered and embraced this age-old industry.  Today we have improved processes and efficiencies across the board and, for many, higher investment returns. Companies like Blackstone for example, have acquired nearly $600 billion in real estate world wide.  That just wasn't possible to manage in the recent past.  This week I will be discussing why I beleive virtual management is the future of all property management. I've been scaling slowly but have certainly learned a lot over the years. After managing over 25,000 guests with my team and I don’t want you to make the same mistakes I’ve made.  It’s important to always remember there are two sides to every story. So from the less exciting side, today’s story reads… <

There is a lot to learn in the short-term rental industry. The environment is constantly changing; new tools, tips, markets to look for, and best practices to incorporate into your short-term rental (or your upcoming purchase). Too much to learn in fact that there is no way for me to process it all myself. So to change things up a bit, I've decided to bring on a few other experts in the space in the coming weeks. And if I had to name one of the industry’s most well known experts… a man that literally wrote the book on Airbnb..ing, that would be Jasper Ribbers. Jasper is the host of one of the industry’s top podcasts; “Get Paid for your Pad” and also wrote the book Get Paid for Your Pad years ago before many even knew what Airbnb was! In fact, I read Jasper’s book years ago before I got started with my first Airbnb. This week’s interview is packed full of EXPERT tips. Everything from why you should have an “am

Bring a sense of wonder to your guests from the moment they set foot on your property. Just like judging a book by its cover, a guest formulates an opinion of your short-term rental property the moment they set eyes upon it. The interior is likely the most important to renters, but the home's exterior can play a big role in catching the eye of your traveling guests, too! You want your place to look inviting to guests so they can picture themselves feeling at home - or someone else’s nice home! Today we’ll talk about creating the best first impression by presenting a charming curb appeal. Why it is so important and how your home’s exterior can set the mood for a marvelous stay. We will discuss: What is curb appeal? How curb appeal differs with STRs <p dir="lt

Having a highly cash flowing short-term rental is not only liberating but it’s motivating. When the cash is rolling in, occupancy is staying high, and the times are good, it seems like there is nothing but blue skies ahead and your next STR is always in sight. Until… something changes that stops you in your tracks. “I knew it was good to be true,” you mumble under your breath. Your Airbnb is banned! An ordinance or regulation changes and you can no longer rent your property as you were. What do you do now?  While visiting friends and fellow short-term rental owners in Lancaster, Pennsylvania we visited a beautiful wedding venue with a huge barn turned into four or five short-term rentals. The perfect cash flowing machine until the city shut him down.  I have my own properties that have been restricted and it’s not fun. I want to talk about this week how you can handle changing times. Let's discuss: <l

In the world of long-term rentals we do a lot of screening before we put a tenant in one of our properties. We don’t want someone getting in there not taking care of the property, and on top of that having a legal right to the property without some sort of financial reserve; that’s why we always get a deposit and in many cases first and last month's rent. In the world of short-term rentals however, many people are not getting security deposits. They are relying on Airbnb to cover their back should something go wrong. But what if Airbnb doesn’t cover your back? What can you do to add additional protection to your properties? This week we will discuss some additional insurance you may want to take out: Airbnb protection Every other OTA protection <p dir="ltr" role="pr

When the facts change, I change my mind. What do you do sir? This was a quote I heard and has stuck with me for years since an Int’l business class I took as a young buck. This is reality: things change. I’ve spoken before about Booking.com and how they weren’t right for us but… We’re now back on Booking.com! And I think you might want to use them for extra exposure for your short-term rental as well. They have also released a few new features I think you will find very handy since the last time we reviewed them. Stay tuned this week as we discuss: Why we went back on Booking.com <li style=

Have you thought about renting by the hour? I know what you’re thinking… Tim you have stooped too low. I’m not about to start running a brothel. Besides, even if I wanted to, that's not even legal. No, I’m not talking about running a brothel. The truth is there are lots of legal, productive, and lucrative ways to rent your short-term rental by the hour. The best part, if your property is already set up there not much more to do! The platform is here. So, let’s dive in! We will discuss: Is renting by the hour a good idea?  How the platform works

Coziness goes a long way when it comes to guest experience in your STRs. If there is one other important thing you should consider focusing on, it would be something relatively timeless: COMFORT. We are talking about linens, towels, mattresses and pillows. Having a superb quality of these coupled with proper care and some nice presentation can totally enhance the guest experience!  As traveling has been redefined, we see more inclusive stays across short-term rental properties lately. But some guest expectations remain the same. Regardless of the main reason why our guests are traveling, they are still coming to your short term rental to relax, so make sure you’re providing them the space to just do that! So in this week’s episode, we will talk about how to provide guests with a quality and comfortable stay in the form of these amenities. Tune in as I give you

As occupancy around the nation has slowed slightly (although not in all markets) we really need to consider our expenses. Afterall, we earn more if our expenses are less! There is one consumable item I have been using in my properties for years but just realized something… Maybe we don’t actually need it. Well, we’re now testing that theory. And the chances are you might not need to be leaving this consumable item as well (and I can guarantee it's something you are currently leaving). <span style= "font-weight:

It's quite possible that your short term rental is not the right size. I don’t necessarily mean the square footage, but more specifically the number of bedrooms. For example, when it comes to size, I have found little difference in the performance of an STR based on overall size. For example, I have studios as small as 250 square feet and then one bedroom in the same city up to 800 square feet and the performance is essentially the same. One isn’t noticeably outperforming the other. When you look at the number of bedrooms however, and not the size that is when things change. <span style="font-weig

One of the upsides to real estate investing vs. other investments, stocks for example, is that with real estate we can know when we buy a property if it’s a good investment or not. It all comes down to the numbers. While there are a lot of metrics out there to compare investments there are a few that are more important and one in particular that every conservative investor should have in their tool belt.If I had to choose just one metric, it would be the Cash-on-Cash (COC) return. This tells us how much cash we are actually making at the end of the day–which, to me as a conservative investor, is always more important than what we could make. By investing for appreciation for example. </span

What the heck is going on? If we look beyond the US borders most currencies are getting crushed against the dollar. I just got back from a 4-week Euro trip and the dollar for the first time in my life the US dollar was at parity with the euro! Just to put things in perspective, the first time I went to Europe one Euro equaled $1.50 (a 50% difference). And why does this all matter anyway. There has never been a time in my lifetime when the dollar has been as strong as it has now. What does that mean for Americans or those of us that are earning US dollars? It means everything is on sale! <span styl

What better way to find out exactly what Airbnb finds important than to be a guest. Shortly after you’ll receive a review request asking some specific questions. Questions that will help Airbnb figure out where you should rank against other properties in their search results. I just got back from a nice stay in Mexico (where I got to meet up with one of my receptionists as well). This week we’ll dissect the Airbnb review only from the side of the guest:  The required questions Additional info The order they ask the questions <li style="font-w

Do you know the one power tool that you can use to maximize your earnings and expedite the booking process, too? I am talking about Airbnb's Instant Book feature. Instant book is a hassle-free booking process that allows guests to book your listing automatically. It also improves guest experience on top of that. It is like hitting 3 birds with one stone. But let’s pause here for a second and rethink, are we using it effectively?  In this week’s episode, we will talk about the power of Instant booking. Is it a yay or is it a nay? Stay tuned as I break down for you the perks, the downsides, and everything between! We will discuss: Pros and Cons  <sp

Things are sounding a bit scary out there in the real estate world. Interest rates have surged, less people can afford to purchase, real estate prices are falling, and people are backing out of deals!According to Bloomberg, home prices are decelerating at the fastest rate in over a decade across major markets in the U.S., and homebuyers are in

It’s a great world for short term rental business but it definitely is no fairy tale! There are still lots of things that can’t be in our control which may affect the total guest service that we offer. For those that we can, it’s important to remedy them right away and see how we can make it right for our guests if there is a need for that. Hopefully, these two things can better the experience and guests continue on having a great stay. But not all guests can be understanding. We get the opposite, too! And they can hurt our business big time when it’s time to submit reviews and they give us a really bad one. With all my experience, Your property may be top of the charts when it comes to 99% of the experience but you will most likely see that measly 1% up on the review board. The good news is we can have these review

I believe communication is one of the main keys to success in life. But it’s more than just communication, it’s honest communication. After managing tens of thousands of guests, however, it's clear that we are not always receiving honest communication. It’s true, my team and I have been lied to–and if you have a short term rental it’s possible you have been lied to as well! This week we’re going to talk about dishonesty in the world of short term rental rentals and how it’s affecting you. Including: What does it actually mean to lie or be dishonest?  What about “white” lies… Aren’t those acceptable?  <span style= "font-weigh

We have an extra special guest this week that you will not want to miss! He is one of the leading authorities on taxes in the nation when it comes to building your wealth tax free. You may recognize the name, Tom Wheelwright, from his bestselling book Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes or because he is the CPA for Robert Kiyosaki! (author of Rich Dad Poor Dad). Tom is an excellent teacher; his goal is to help people achieve their financial dreams faster by permanently and legally reducing their taxes. He has been a contributor to <span style= "font-w

We have an extra special guest this week that you will not want to miss! He is one of the leading authorities on taxes in the nation when it comes to building your wealth tax free. You may recognize the name, Tom Wheelwright, from his bestselling book Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes or because he is the CPA for Robert Kiyosaki! (author of Rich Dad Poor Dad). Tom is an excellent teacher; his goal is to help people achieve their financial dreams faster by permanently and legally reducing their taxes. He has been a contributor to <span style= "font-w

There’s one thing that will guarantee you a bad review. It’s also something that you could encounter if you are not prepared! We have to always have backup plans for when the unexpected happens. On a recent trip to Eastern Europe I was staying in an Airbnb and this very thing happened. I got locked out! Even worse, it was in the middle of the night :( So this week I want to talk about the experience and what you can do to make sure your guests are never left stranded.  Are you enjoying the podcast? Please subscribe, leave

There are so many things to think about when we are getting ready to invest and start a short term rental (STR). I don’t claim to know all of them but after managing my over 21,000 guests my team and I have learned most of them. There is one component, however, that can’t just be “taught” with a few words or checklists. One component that does, seriously, make or break your short term rental. This week we are talking about the “Experience” your guests have. If you get it wrong it will show up in the form of negative reviews and you can kiss your high occupancy and high daily rates goodbye! <span st

We are talking about that yellow and red badge that shines bright next to your name and listing. The badge that sets you apart from the rest. The SuperHost status badge! Being a part of a distinguished group is generally a pretty good feeling. But when it comes to our short-term rentals and Airbnb not only do we get to feel good… but we make more money!  No wonder most of us aim to be a Superhost! In short term rentals, having that badge is adding an extra layer of trust and credibility to you and your listing and as a result, more people will book your property.  But is it as shiny as it looks and as glorious as it sounds? Is it really worth the struggle to comply with Airbnb’s strict requirements?  This week, we will talk about Airbnb Superhost status. We will look at the ups

If you missed last week make sure to jump back and check it out as we ran through (in a nutshell) the essential steps to getting your Airbnb ready. Everything that you need to physically do, that is. But we can’t stop there. A STR that no one can find is not going to make any money. So step two; get it ready online. Although this doesn’t take a long time, there may be more to it than you know. I’m going to walk through this week (in a nutshell) the nine step process for getting your Airbnb (or STR) ready and online to make sure it has the biggest reach and answers all of your guest’s questions so they don’t hesitate and hit that reserve button :)  This week we will discuss:  Getting st

It can be quite a process, but it doesn’t have to be. Setting up an Airbnb that is. After we have our perfect property ready to go we have to furnish it, install home automation tech, and provide details to our guests.  It’s crucial that we do not overlook anything because, as you know, our initial reviews can make or break the success of our STR. I recently got back from hopping around the US and one of the stops was in a city where I own properties and I was doing just this with one of my team members. So I'd like to break down the process for you in a nut-shell to make sure that you do not overlook anything during the initial setup. And if you haven’t set up your 1st STR yet well… then this can be your 15-minute handbook :)  This

I can’t believe it. This is our 150th episode! Wow, how time passes soo quickly. I thought we’d do something special and talk about a topic that’s not 100% real estate related but will, undoubtedly, change the markets we should be investing in and the type of guest we will be receiving in the future. Let’s talk about the human lifespan. Our population as a whole is getting older; it’s a fact.  And as our population ages, demographics change and that changes the fundamentals of our real estate investments and the decision we are making. Well… it should change our investment decisions! <span style="

Camera technology has really improved over the years. That’s really good news for us in the STR industry because security cameras not only help us protect our homes but they help us monitor our guests.Ok… before you go thinking that I have been spying on our guests let me explain a bit more what I mean by “monitoring” our guests. Cameras are NOT allowed inside our short-term rentals and that is obvious. But we can monitor our guests in other ways. We can see when they arrive. We can see how many people they arrive with. We can see if they, perhaps, are trying to sneak in one of their furry little pet friends when we have a no pet policy :) <

One of the first things most people think of when they think of renting their property on Airbnb is “Someone is going to destroy it!”Yes, this is possible but it’s very unlikely. The truth is, I actually think that long term rentals can be much more risky than short term rentals. I’ll explain shortly. I’ve been investing for over 12 years and throughout the years I have not been particularly biased towards any one specific type of real estate to invest in. I started my career as a commercial real estate broker working exclusively with investors and different real estate investment options.  The small team I worked with completed over 2 billion

Options are always good. Unlimited options? Even better!  That is what Airbnb is offering with its latest 2022 Summer Release. When you open it, you're presented with 56 categories that organize homes based on their style, location, or proximity to a travel activity. That is 5.3 million unique listings in 191 different countries around the globe!  Limitless possibilities are here to stay for the travel industry. The changing of work set-ups paved the way for “bleisure” stays (that’s business + leisure combined) and these beautiful, f<span style="font-weight

Keeping your STR updated and contemporary will help to increase your property value and get more bookings. These types of upgrades are essential in order for your property to stay competitive and relevant in the booming 21st-century short term rental market! But hold it just one minute! Before you start renovating, make sure you’re doing it for the right reasons! Sometimes, we think pumping more money into certain areas of the home will get higher rent, get a higher equity position in the house, and it simply does not happen! And then we ask, “Why??” Yes, I have gone through my fair share of renovations here and there. It is not an easy decision to make and in actuality, it's an even more difficult task to undertake! But I always think of the areas of my rental property to concentrate on for the best return of investment

I’m sure we all have experienced this: a guest changing his/her plans and asking you to change the date of their stay to a time that is outside of the cancellation penalty period.You approve this request only to find out that, well your guest is, after all, planning to cancel!  Well quite sadly, this is an ongoing tactic. We understand that guests want flexibility but if you just give in to these alteration requests without checking how it goes with your cancellation policies, then you are losing a lot of potential income there! Imagine, a Reddit post about this tactic in ULPT (Unethical Life Pro Tips) has 10,000 upvotes on exactly how to go around the host’s cancellation policy. They are talking about this at your expense! You definitely don’t have to fall for this! Remember that when a reservation is made on your listing

Investment philosophies should always revolve around returns that’s why we normally recommend areas of the US where the rent to value ratio (amount of rent we get back vs. purchase price) is higher. If you evaluate properties using this metric it’s an easy way to rule out a lot of areas; typically the areas with the highest cost of living. But when can these SAME CITIES actually make sense? Let’s talk about rental arbitrage and how the areas for rental arbitrage are often the opposite of the areas you would want to purchase or invest in but can still make you a fortune.   Why some markets are bad places to purchase but better for lease arbitrage A few examples of cities How w

It’s exciting hosting so many guests from all over the world in our properties. We are helping to facilitate a new way people are deciding to travel that is more experiential. We are helping others to build lifelong memories.But it’s not exactly easy. Things happen, and people have questions. Questions about our properties. Questions about the area our property is in. Questions about what we recommend they do while they are there. If you’ve been listening to the podcast for a while, then hopefully, you’ve figured out how to answer most of these questions BEFORE y

It’s often said that “the devil is in the details.” When it comes to short-term rentals, this could not be more true. One little hair could be the difference between your 3-star review and a perfect 5-star review that will keep guests coming back. So how do we ensure that we consistently get great reviews? We have to monitor the details! I know, that’s easier said than done. My team and I have managed over 20,000 guests over the years, and I know we have missed a lot of details. A dead battery in a TV remote, a loose door knob on the closet door, or mismatched hangars in the closet; there are a lot of details to consider. So I’m excited to talk this week about a program that can help us manag

We are currently doing hundreds of reservations a month, and something just dawned on me after looking at our cleaning fee and realizing it was likely too low...We may be losing thousands of dollars! And not just in lost potential revenue but because our cleaning expense is actually higher than our fee. So that brings up a good question, how much should you charge your guests? How do you calculate the right cleaning fee for your property? Should you look at the cleaning fee as a way to earn additional revenue, or should you charge just enough to cover your costs? What happens if your cleaning fee is too low or too high? There are a lot of things to consider when you set your cleaning fee for y

Do you know all the downsides to renting to long-term guests for stays over 30 days? If you haven’t really thought it through before - there are quite a few. Everything from the legalities and taxes you will owe to the way you manage your property change. Long-term stays are NOT well suited for all short-term rentals and markets. But on the flip side, there are a lot of benefits!So before we decide if we want to attract long-term stays, we need to truly understand if having long-term stays will be to our advantage…So this week, we will dive into this discussion and talk about: Pros of accepting long-t

What if you could travel for free? Without tax that is. Well, you likely can.   I stayed at the most remote Airbnb I’ve ever stayed at in my life. I literally could barely get to it. After putting the jeep in 4x4 and dredging up and down muddy roads with deep crater-like holes we finally made it. Not without, however, two gracious Colombian gentlemen helping to push us up a hill while I had the throttle to the floor and mud shot all over their ponchos. It’s hard to imagine a moment of peace after such an arrival. But it was peaceful. Staring out at the beautiful mountains where the clouds rolled by like waves in the sky. The rain spattered in from time to time but there was no noise to be washed out. Just the sound of nature and a crisp breeze.<span

I’ve been investing for over 12 years and have not been particularly biased to any one type of real estate to invest in. I started my career as a commercial real estate broker working exclusively with investors and different real estate investment options. The small team I worked with completed over 2 billion (with a B) in real estate transactions including everything from shopping centers, to warehouses, to apartment buildings. There are many, many different niches of real estate niches to invest in and within each “sector” of real estate lies even more sub-niches. Short-term rentals are just one sub-niche of the residential housing sector.  You may say… hey Tim… short-term rentals are part of the hospitality sector! And you would be right if you were referring to just STRs us

It’s hard to tell at first. Something seems a little fishy but not enough to lead you to believe that someone is out to fool you. Not from the start anyway. These days there aren’t many areas of life that haven’t been infiltrated by someone or something trying to take advantage where they can and ultimately take things that don’t belong to them. Scams happen with Airbnbs and short-term rentals as well. And there isn’t just one way they’re doing it. An important thing to take note of is that scammers are smart and always adapt.  Just recently, for example, a scam at the start of 2022 affected 587 individuals and tallied up to a whopping $2.7 million in lost money. $2.7M lost with just one fraudulent s

If you have had an STR for a while I’m sure you had some unexpected cleaning due to guests smoking in your listing or pets damaging your property. Not only is it frustrating when our properties aren’t treated with care but having to deal with the process to get reimbursed can be equally frustrating! And sometimes we just don’t have the time to file a complaint before our next guest checks in and we lose the possibility. Airbnb has had its “Host Guarantee” for many years but just last November, Airbnb dropped it and introduced AirCover - the “top-to-bottom” protection for Hosts. AirCover is a branded type of coverage that consists of Host Damage Protection and Host Liability Insurance. It actually covers a lot of stuff behind this simple name and is just one more reason to explo

Compared to the hotel industry, the short-term rental industry is still just a small share of the pie. Although it is growing! And not just growing but merging with the hotel industry. The hotel industry is taking note of the STR industry and vice versa. But at the end of the day, the hotel industry is still a giant and the travel industry’s leader. Some hotel chains have tens of thousands of rooms and so they have access to incredible data. Data on the return of work travel, data on the average length of stay and average price, and perhaps most interestingly, data on the future outlook of the travel industry as a whole!<span style= "font-weig

Whether you sold your house, decided not to rent your home any longer, are doing a major renovation, or dropped the ball and got some bad initial reviews with your short-term rental, you might want to consider deleting it. This week, we will talk about how to delete your Airbnb listing (not your entire account!) and what other different Airbnb alternatives are worth pursuing before making that final and irreversible decision. I have removed quite a few listings myself over the years and so this week I’ll share with you my experiences and some facts on: Why you might delete your listing Before and after

There are times when a man’s best friend gets promoted to its highest calling, as a crucial companion for members of the community. As a service animal. Today, a lot of people rely on them to help assist with disabilities. This higher calling however brings about a new set of rules you need to know in regards to your short-term rentals. By law, we have to make reasonable adjustments to accommodate service animals. But what about emotional support animals? (ESAs)How do you really know the difference between a service animal, an ESA, and a pet? And how do they exactly fit in our short-term rentals? It gets tricky.</spa

Have you considered putting out the welcome mat for the furry, four-legged travelers of the world? Well, there’s a pretty substantial market for pet-friendly vacation rentals. Study shows that more than half of pet owners bring their furry friends along on vacations and this is becoming the trend. According to Airbnb, the most popular amenities right now include wifi, free parking, and..a pet-friendly space! There is also growing evidence that pet-friendly properties are more lucrative than their non-pet neighbors. For starters, pet owners tend to stay longer in one location, meaning higher occupancy rates for your property, which also means maximizing the potential for earning in your listing.  The question of whether or not to allow pets, however, <sp

Why is it that we can have two identical properties right next to each other but one waaay outperforms the other? Just a small change in occupancy or our average daily rate has a big impact on our bottom line so we need to ensure our short-term rentals are advertised in the best way possible. Monitoring our properties against themselves or monitoring their performance, however, can be a bit confusing. There are so many changes we can make to our listings on Airbnb or wherever we have them listed but how do we know if they are actually going to make a difference? In short, we need to measure them. What doesn’t get measured can be managed, as the common saying goes. So this week we’re going to talk

I know the hesitation. You’re staring at your Airbnb listing wondering… is this the right title? Is this the best title? Did I charge the right cleaning fee? Should I change my photos and descriptions? Am I missing something? Because we rely so heavily on listings sites like Airbnb and VRBO to advertise our properties for rent as short-term rentals, it's important that we do what they want when it comes to our online listing setup. It’s only right that we do what they ask, isn’t it? Would your property be staying booked so easily without them? Hopefully! But for many of us, that’s not the case, after all, they do spend $100s of millions on advertising on our behalf :) And so when I say “do what they ask” I'm actually referring to

Operating short-term rentals will give you a new appreciation for the spaces we live in. It gets us thinking more about interior design but it also has us thinking about how durable our interior design will be. Or at least you should be thinking that if you already have a rental property. How well will your rental hold up to guests coming in and out on a regular basis? It would be hard to argue that every guest (or long-term tenant) will treat our properties exactly the way we do. As a result, we’re likely to get some additional wear and tear. But not all parts of a rental will receive the same amount of wear. Normal wear and tear are all based on usage and if there is one place I can guarantee your guests will always use, it's the bathr

I feel super fortunate to have been able to meet and become friends with some really big-time real estate investors. A friend of mine owns and manages roughly $400 million between himself and his investors’ portfolio so when he starts changing the way he does something my ears perk up. I’ll get to what he says shortly into this week’s episode but for now, I’d like to ask you if you can think of anywhere where a property costs less five years ago than it does today? I didn’t think so.  Prices have skyrocketed in most real estate markets. I know that is not news to most of you but what exactly is it that makes you think these properties are expensive? Yes, the price is certainly higher but are they actually more expensive? For me, a property is expensive when it no longer makes money. When it can’t cash flow. When the rents and income no longer exceed the expenses it takes to own the property. That is the po

The fewer questions we receive from our guests the easier it is to manage our short-term rentals and if it’s easier it’s likely that we will continue doing it and building our portfolios! At the same time, receiving fewer questions also indicates that our guests have everything they need! So we talk a lot about communication on this channel and how to best serve our guests. One of those ways that we highly recommend is to have a digital guidebook. It’s not just about communication but it's how we are communicating and a digital guidebook allows us to relay information in a very easy and visibly pleasing way. Thi

There is quite a lot that goes into furnishing a property and I’m not just talking about the money. It takes some thought. A good design takes work and since it is such a crucial element to the success of your short-term rental you want to make sure you do it right. You may think you have the interior design skills your guests will be seeking out but are you sure? The first place we like to start is with a floor plan or what you could call our “road map” (see last week's episode #125). In addition to outsourcing your floor plans, you can easily hire someone on Fiverr or Upwork to help you with the virtual design!  Other sites are taking that even one step further… You

There is quite a lot that goes into furnishing a property and I’m not just talking about the money. It takes some thought. A good design takes work and since it is such a crucial element to the success of your short-term rental you want to make sure you do it right. The first place I always recommend starting is with a floor plan. It will save you time and money and also be an additional resource your guests will love (more on that later in the episode). A floor plan will allow you to make sure you’re not putting a couch in a space that doesn’t fit (episode 113 we talk specifically about couches). You won’t accidentally squash a work desk in a corner that doesn’t fit. I can almo

As our team continues to grow (we work with 10 people full-time and close to 20 on a regular basis) it’s a lot to keep track of! So how do you stay organized and make the best, most efficient use of you and your team’s time? I’m always playing around with different programs and ideas but think I may have finally figured out a fail-proof system.  If you have people that you work with then this episode is for you. I’ll break down my 3-piece formula for managing lots of people with a busy schedule. The formula helps to make sure that no notes or ideas are overlooked, progress is always being made, people are being held accountable, and perhaps the best thing about it… it takes hardly any time! Tune in this week as we discuss three tools and how to use them to better manage the people you work with:  <li style=

I’m just getting back from my 3-week tour in the US and reflecting back on some of the simple mistakes I made. I have been loosely looking for property in San Antonio, TX for a couple of years. I think it’s a fantastic market but I found a property I liked in a city where I don't currently have a property and am not currently working with anyone a brand new market for me you could say. I emailed the broker I was referred to and didn't get much help; bad start. I met them there and I knew more than they did; bad second encounter (although it does have something to say for how much you can learn from thousands of miles away). The second I left the property I was kicking myself for having begun the “pur

Are you getting what you paid for when it comes to purchasing a property? How do you actually know? After a recent (and quite hectic) visit to 7 cities in less than three weeks and meeting and viewing several properties I wanted to share some tips while they’re fresh in my mind. Inspections are super important especially if you are new to real estate - an unexpected sewer issue could cost you thousands of dollars for example!  In today’s super-competitive market good properties are being snatched up right after they hit the market BUT that doesn’t mean the property is as described. Properties can be misrepresented and so by doing your property inspections you can decrease your chances of getting into an investment that is different from what you expected. It’s a necessary step for all real estate investors at any level so this week we’ll discuss:  <li style="font-weight: 400;" aria-level="1

Since the invention of the air conditioner people have had the ability to live comfortably in hot areas. It wasn’t that long ago that the southern part of the USA, what's commonly referred to as “the sun belt” was more of a ghost town. Today it’s booming! In fact more retirees are choosing to live in areas in the sun belt than ever before. States like Arizona, Texas, Florida have all seen huge population growth over the past years.  Couple that with the fact that more people are working remotely than ever and I believe the “sun belt” offers lots of good investment options in the USA. It’s comprised of 22 metropolitan statistical areas (cities with over 1 million people each) so if you’re currently searching for your next potential property this might help you narrow things down. Lets discuss the move to warmer climates this week and I’ll also provide an easy go-to website for you this week to get some great annua

I was at the gym the other day about to start running on the treadmill when all of a sudden my phone would not connect to my Bluetooth headphones. Disaster, right?  Well it gets worse... Not only did it not connect, it completely shut down and wouldn’t restart! I was forced to do a factory reset and wipe it clean out of nowhere. Which means all my data, contacts, passwords, notes, everything I keep on my phone (which is essentially everything these days) disappeared.Only it wasn’t truly that bad… I have backups of everything.

Checking out a new city and want a brief overview? We’ve talked before about several places to go for short-term rental data but before we even get to that step we need to make sure the overall city or area where we are investing has good fundamentals. Should “crime” be one of those fundamentals? Is the city you are investing in “dangerous?” This week we’ll dive a little deeper into the subject of crime and your rentals but also talk about this a new tool to easily uncover things like population growth and employment. An easy tool to help us easily lots of general information about an area to make you more comfortable before pulling the trigger on a new property! In this week’s episode, let’s take a look at:  <li sty

Never have so few words packed such a punch. We’re talking about, on average, just 10 little short words. Ten little short words that comprise your short term rental listing’s title and ten little short words that could lead to a new reservation! If you have the title right, that is. People are normally looking at your main photo first but second to that they’ll notice your title. Is your property currently listed as “Two bedroom suite in ideal location!” While that doesn’t sound bad at first glance… it’s dropping the ball in all kinds of ways. You need to put some thought into your title and so this week (and after experimenting with all kinds of titles with my own properties) I want to give you

It’s a bit scary pulling the trigger on a new property purchase in an area you don’t know too well. Luckily we have quite a few options these days to get a great overview as to what the occupancy could be; a crucial metric in determining the success of our short-term rental. If no one stays there then obviously we’re not going to do well. So we have to get it right. We’ll talk this week about multiple tools that can all help us accomplish the same thing and by using them all we can make a confident prediction about a new market we may want to invest in.Stay tuned as we dive in to: <span style= "

When most people new to the idea of investing in short-term rentals think of a potential investment they think about a Vacation Rental and NOT a normal property that might also be an excellent STR. If you’ve been tuning in to this show for while hopefully you’ve recognized that there are all types of STRs and they call can be successful investments. Some, however, come with more risk. I’ve tended to always recommend properties with good exit plans (that can be easily rented long term if regulations change or occupancy is low; not a normal characteristic of a LARGE vacation rental. <span style= "fon

Supply in the US is at a historic low, in fact the lowest it has ever been in many markets! That’s one of the reasons prices are so high and also why a lot of people are considering selling. But, there is more to selling a property than just timing. If you are considering selling make sure it aligns with your bigger investment picture.  There are several questions we want to always ask ourselves and make sure we have the answers. Planning is a huge piece of any long term investment and also your path to wealth and financial freedom. So, let’s discuss the following to make sure you’ve considered your options.  Why EXACTLY are you selling? Can you use your proceeds better somewhere else? Can I keep my property AND still use the equity? Tax consequences Trying to time the market? Check out <a href= "https://www.amazon.com/Emerging-Real-Estat