Short Term Rental Management

In this episode, Luke dives into the concept of "Go Day", the day that marks the beginning of the busy season for vacation rentals each year. He discusses how Go Day is crucial for setting the tone for the rest of the year. He shares advice on what property managers should expect during busy season and what kind of occupancy to aim for. Luke also breaks down the different "personalities" of each month throughout the year.    How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

In this episode of Short Term Rental Management, Luke focuses on the best times of year to buy and list a short term rental property. He discusses the cyclical nature of real estate and gives his personal opinion on the best time to buy your next STR. With a staggering 7.7 million listings on Airbnb, this episode explores the dynamics of the market and offers insights for potential investors looking to maximize rental potential.   How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

In today's episode of Short Term Rental Management, we celebrate the release of a new book, Smarter Short-Term Rentals, authored by the one and only Avery Carl! Smarter Short-Term Rentals is a more comprehensive guide compared to her first book, delving deeper into the day-to-day management of rental properties. She is the only author in this asset class to be published by a professional publisher, making her achievements even more remarkable.Throughout the episode, Luke emphasizes the importance of patience and continuous education in the real estate business. Many people enter the field expecting quick returns, but real estate requires long term commitment and effort. He also shares anecdotes about meeting people who struggle with their properties after a few years and stress the need to stay engaged and proactive.     How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

This week Luke dives into the challenges that second year hosts and short term rental managers often face, particularly the risk of complacency. He notes that many people start strong, eager to make a change in their lives, but after about 18 months, they can become too comfortable and neglect their properties. Luke emphasizes the importance of walking the fine line between being overly obsessed with your first property and completely forgetting about it. After putting a property into service, it's essential to keep an eye on its performance, especially regarding pricing and occupancy rates.      How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

In this episode of Short Term Rental Management, Luke dives into the topic of rental history and its relevance when purchasing a property for vacation rentals. He emphasizes that traditionally, past performance of a property is not a key factor in determining its future income potential because management strategies can significantly change the outcome. He discusses that times are changing, buyers are becoming more sophisticated, and in the current market properties with better rental histories might sell faster, even if it doesn't necessarily increase their value.     How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

In this episode, host Luke welcomed Larry Murray, a passionate short term rental investor and seasoned firefighter with over 40 years of experience. They delved into the mechanics of whole life insurance policies and how Larry used them to fund his real estate ventures. He explained the benefits of these policies and how they allowed him to access funds without the stringent requirements of traditional bank loans. They also discussed Larry's subsequent investments, including a 172-door apartment complex in Texas and a 17-unit property in Hot Springs, Arkansas. Larry emphasized the importance of having skin in the game and the reality of multifamily investing, which often involves significant time, effort, and financial commitment.   How to connect with Larry: https://www.ivorywolfproperties.com/     How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

This week Luke dove into the importance of alarm clocks and how they can inspire us to achieve our goals in the new year. He shared a memorable story from his early days as a runner, where he learned from successful individuals who woke up at the crack of dawn to fit in their workouts and manage their busy lives. This experience taught him that the common denominator among successful people is their commitment to rising early and making the most of their mornings. Luke provided practical tips for waking up earlier, such as gradually adjusting your wake up time and avoiding the snooze button. He also highlighted the mindset shift needed to view your alarm clock as a tool for success rather than a source of frustration.   How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

Welcome back to another episode of Short Term Rental Management! This week's episode is a deep dive into the world of entrepreneurship, specifically focusing on the concept of being a serial entrepreneur and how it relates to short term rental management. Luke discussed some of the challenges a serial entrepreneur might face, such as holding yourself accountable when you're self-employed and the necessity of having a solid task management system. He also stressed the importance of believing in yourself if you want to succeed as an entrepreneur. Luke shared some of his own experience with entrepreneurship driving for Uber and Lyft to save money for real estate investments and emphasized holding onto your properties rather than selling them off.   How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

On this week's episode Luke discussed the common misconceptions that many newcomers have regarding the industry and the importance of understanding the true role of a property manager. Luke emphasized that while real estate can indeed change lives, it requires hard work, integrity, and a commitment to ethical practices. He also touched on the growth potential in the property management industry, emphasizing that since the management space is not saturated with quality providers, there is a lot of room to build and scale your own company.   How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

In this episode, Luke shared the importance of community when it comes to owning short term rentals. He discussed the dynamics of living in a small town that attracts millions of vacationers each year and emphasized the importance of community and the role that short term rentals play in local economies. He also touched on the significance of tax dollars in funding local projects like beach restorations, erosion control and community sustainability.   How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA