Short Term Rental Riches

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: Your success depends on your management skill Your management should be doing this BEFORE a booking: Advertising  Property protection (Guest Verification) Pricing Communication  The little things matter…Hospitality  Making informed decisions If you are interested in partnering with me and my company “Midtown Stays” fill out a few quick questions here and I will personally reach out to you via zoom to find out more and chat. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!  

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… “Short term rental owner fails to manage his property professionally, or hire the right manager, and now has another job has to go back to his day-job because his expenses have exceeded income” So what do you do?  Option #1: You can catch all the latest youtube videos, blogs, and podcast episodes pulling out every tip and trick you’ve learned. This works for a lot of us (and recommended if you have the time) but a lot of us don’t have the time. Option #2: Explore virtual management options where you can use the expertise of established companies (or co-hosts) to manage your properties professionally and many times at a discounted rate compared to traditional STR managers. Option #3: You turn to your local property manager knowing they have a firm grasp on the local market but the 25% commission digs even deeper into your pocketbook.  Whatever way we go we need to be careful with who we entrust to help us with our properties and if we are managing them ourselves we need to make sure we don’t skip any steps–the same steps professionals dedicate their careers to staying on top of. My pick? Option #2. Let’s talk about what exactly virtual management is, why I think it’s the future for most STR owners, and what you need to know if you are interested in having your property virtually managed (or are planning on doing it for someone else). Stay tuned as I break down for you: Why Virtual management is the future  Virtual management Vs. Traditional Property Management Why choosing the right partner can make or break your rental performance Are the big box management companies, like Evolve, right for you?  How much does virtual management cost Are you interested in managing other people's properties?  What the onboarding process looks like (listener Q&A)  If you are interested in partnering with me and my company “Midtown Stays” you can find out more info here and I will personally reach out to you via zoom to find out more and chat.  Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

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 “ammo box” in your rental to how you can have a long lasting, successful partnership. Join us as I discuss with a friend and fellow short term rental expert more on:  Maximizing your experience at in-person conferences Why being a “digital nomad” has changed Midterm stay rental platforms and their potential evolution Tips for working with a partner  Tips for someone getting started today!  Future outlook of the STR industry Having an “ammo box” in all of your rentals  What living a “RICH” life really means Make sure to catch Jasper on his popular podcast: “Get Paid for Your Pad.” If you want to listen to the episode where Jasper interviewed Tim over two years ago you can listen in here from December 2020 episode #363. The crazy thing is… even though it's been years since the interview, the content we discussed is still relevant! Like predicting higher interest rates for example…  You can also find out how to work with Jasper and his partner Eric by going to https://www.overnightsuccess.io/ . There you will have more info on their excellent coaching programs, resources, and much more. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

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 Virtual curb appeal? Why it matters Bonus Tips on Boosting your curb appeal Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!  

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: Being proactive Where the rules are blurry  Four and a half back up options  Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!  

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 Your essential protections steps  How much of a deposit?  Is your deposit adequate to cover damages?  What happens if you have no deposit and no OTA protection Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!  

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 How to get started with them (for beginners) How to save time in the setup  Why now they are easier to use then ever Extra exposure Property protection What type of guests they will bring to your property Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

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  Opportunities & Risks Who this is right for Challenges Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

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 extra bonus tips straight from Airbnb Host Plus! We will discuss: Keeping quality comfort in mind Caring tips and when to replace them What I personally use and where to get the best  Bonus Tips for making a welcoming bed - Airbnb Host Plus! If you want to checkout the recommended video from a bedding expert see it here. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

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). I’ve found that Hotels (even with kitchens) don’t leave this for their guests either so after reviewing how much it was costing us we have decided to cut this expense. This week we will discuss: The consumable items we leave guests and whether they are all necessary Have you considered alternatives? Do you know how much they are costing you? Will forgetting something lead to a bad review Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!