Short Term Rental Riches

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 Vacation rental markets You can find out more about Avery and The Short Term Shop by visiting her company website here. Don’t forget to check out her podcast, “The Short Term Show”

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 can get your questions answered. We’ll follow that up with a remote management workshop where we’ll unveil every system our company uses, how you can use the same ones, and EXACTLY how to actually set them up. Grab your spot here Your short-term rental expert, Tim

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 can help.

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 motivational books of all time, “Think and Grow Rich” by Napoleon Hill. Napoleon dedicated 25 years of his life to this timeless book, or what I would call, a handbook for living a successful life. In this, he also talks about failure and how most failures can be summed up into thirty separate items. For those of you that haven’t yet had the pleasure of reading this book, I want to sum up just seven of those 30 failures in what I can most closely relate to the short-term rental and real estate industry. P.S. If you ever make it down to Brazil you might want to take a little trip here :) 

Discover how to effectively assess your short-term rental's performance like a report card! The hosts discuss their insights from experiences in Medellin and emphasize the importance of networking in real estate. Learn to create a comparison set of similar properties, utilize dynamic pricing tools, and the art of analyzing market competition. This conversation is packed with strategies to avoid analysis paralysis and make empowered decisions for elevating your property’s success.

Feeling overwhelmed running your short-term rental business? Discover why bringing on a virtual team member may be your best move, even if you’re hesitant. Explore the perks of hiring talented individuals from Eastern Europe, and learn where to find them. Get tips on crafting effective job postings and essential interview questions to streamline your hiring process. With the right support, you'll boost your business growth and improve guest communications. Don’t go it alone—expand your horizons!

Discover the often-overlooked fees involved in property management for short-term rentals. From cleaning and booking fees to technology charges, the list is extensive. Uncover the shocking reality of charges that can far exceed your expectations, like a $500 reservation racking up over $1100 in fees. The discussion emphasizes the need for property owners to ask probing questions to ensure they fully understand costs before signing any agreements. Don't miss the insights on how these fees can vary dramatically between companies.

Discover the surprising truth about occupancy rates: maintaining 100% occupancy may actually mean you’re undercharging. Explore the possibilities of raising rates by 20% and still boosting profits, even with lower bookings. Delve into the impact of long-term discounts, with data showing how these can sometimes enhance revenue rather than diminish it. The conversation balances pricing strategies with real estate insights, encouraging hosts to assess their numbers before resorting to discounts. It's not just about enticing guests but ensuring sustainability!

Managing laundry in short-term rentals can be a major hassle. From overflowing laundry loads to time-consuming processes, it’s a challenge for many hosts. Solutions like in-house laundry or delivery services can streamline operations and boost guest satisfaction. Learn how one host upgraded to industrial-sized machines to tackle the demands of larger properties. It’s all about efficiency and maximizing your team's time while ensuring fresh linens for each guest!

Discover how smart thermostats can boost guest comfort while saving on energy costs. Learn about key features that make a thermostat user-friendly and efficient. The discussion highlights the types of HVAC issues to anticipate and provides recommendations for specific models, including a top pick for its affordability. Find out why proper equipment matters for keeping expenses in check, ensuring a seamless experience for both guests and property owners.