WIIRE 034: Management Tools for Midterm Rentals with Amelia & Grace

Hello everyone, welcome back to another podcast episode. This week we're talking about our favorite topic (again), mid-term rentals! This is not only one of our favorite topics but from the feedback we’ve been getting we are learning it is your favorite topic too (amazing!)! So in this week’s WIIRE podcast episode, we will be walking you through all of the software we use in our businesses to manage our MTRs!

We have learned so much about the various software tools as we have moved through the various stages of our businesses and we are so excited to be able to break down what has worked, what didn’t, and are sharing some of our best tips or running a successful MTR. When we each launched our businesses we didn’t have a ‘list’ of software tools, but instead, we learned as we went along so we’re going to save you a lot of legwork by sharing all of our research and lessons learned. Let’s dive in!

Tool #1: FurnishedFinder

This should be the very first place you go to market your MTR to potential tenants. They specifically target the traveling nurse niche of the market, along with some other traveling professionals, and will find so many leads from this one place! FurnishedFinder is the place for you to be when you are ready to list your property because this is where you will find so many leads. You will receive booking inquiries and housing requests, but it is also important to remember to be actively reaching out to potential leads, rather than waiting on them to reach out to you, first.

Tool #2: TenantCloud

TenantCloud is an amazing website that will help you move tenants off of FurnishedFinder and into a property management space with ease. Once you have found your lead on FurnishedFinder, you can migrate them over to TenantCloud, which allows you to do everything from creating leases, maintenance requests, communication, invoices, and accepting rental payments, and more, for a super budget-friendly price. Remember, it is super important to build a solid foundation for your REI business if you plan to scale and TenantCloud is a great way to start!

Tool #3: Hospitable

Hospitable allows you to keep all of your tenant's stays from all of the various platforms (FurnishedFinder, Airbnb, VRBO, etc.) in one place to avoid overbooking, and much more. The calendar feature in Hospitable is amazing but you can also set up notification settings, for example, every time a tenant moves Hospitable can notify your cleaner automatically - a total game-changer! You never have to schedule cleanings automatically. It also reminds you (or your property manager) to do things like send back a deposit, etc. So many features that can help take the thinking out of recurring tasks that are normally forgotten.

Best Tips for Running a Successful MTR

• Use keypad locks, for unit entry, instead of traditional key locks. Smart or basic, both work great!
• Provide your tenants with a Welcome Guide (or, shameless plug, get ours when you join MTR Profit Academy!)
• Get yourself a damn good cleaner, who is a good communicator and knows how to check in using technology!

If you want more info on MTR Profit Academy, check out our website or email us directly! We’re more than happy to help and would love to inside!

Alright, that is all we have for you this week. Thank you so much for listening, and we'll catch you in the next episode!

Resources:

• Join us inside MTR Profit Academy
• Visit FurnishedFinder to find leads for your properties
• Use TenantCloud to get organized
• Check out Hospitable for your biz
• Join our private Facebook Community
• Connect with us on Instagram