Short Term Rental Riches

They are never fun to get but YOU WILL get them; the dreaded “Negative Review.” Our guests are not always right, but it’s our job to make them feel that way. Seeing a negative comment about your beautiful property can be difficult. It’s tempting to argue and act defensive but that will NOT help your case. Let’s talk this week about:  What to do when you get a negative review Tips for how to best respond Addressing future potential guests The private comments How responding to all reviews helps your profile (and occupancy) For more info on finding the best properties get our free guide and more at www.restmethods.com If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” 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.

There are multiple house keeping options for your short-term rentals, but not all of them will be the best fit or make the most sense for you. Depending on what stage you are in with your business and how many rentals you have will most likely determine the best fit for you. There are pros and cons to each method and Tim has explored them all (and currently uses multiple methods in multiple cities)! Last week we discussed hiring a company and individual on a per clean basis and this week we’ll look at the alternative; building your own housekeeping team. Listen in as Tim discusses:  Is this the right option for you? Why The pros and cons Why your own team will help you scale If you missed last week check out episode 44 - Should We Hire a Housekeeping Company or An Individual? For more info on finding the best properties get our free guide and more at www.restmethods.com  If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” 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.

There are multiple house keeping options for your short-term rentals but not all of them will be the best fit or make the most sense for you. Depending on what stage you are in with your business and how many rentals you have will most likely determine the best fit for you. There are pros and cons to each method and Tim has explored them all (and currently uses multiple methods in multiple cities)! Over the next 2 weeks we’ll provide some insight into which option may be right for you and some things to consider. In part one Tim covers: Hiring a professional company - pros and cons Is this the option for you?  Limitations to hiring a company Upside to hiring an individual and paying per clean   For more info on finding the best properties get our free guide and more at www.restmethods.com If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” 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.

You may have heard of these little bugs. Little bugs that have the potential to wreak havoc on your short-term rental(s). Little bugs that only seem to come out at night like the boogie man! They’re what you think of when a bed just doesn’t look that inviting or when you get a random itch at night in an unfamiliar accommodation. Yes, this week Tim dives into his encounters with bed bugs! He’ll break down: Where do they come from?  How to get rid of them  Tim’s experience in one of his rentals How do you handle your guests…  For more info on finding the best properties get our free guide and more at www.restmethods.com If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” 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.

Almost every real estate investor has been or will be involved with property improvements, repairs, or general maintenance at some point which means they’ve had to talk and deal with contractors. Tim is no exception. He has worked with almost 200 different contractors in different cities in the US and other countries! Tune in this week as we cover some basic rules you NEED to follow:   3 tips for getting good estimates from contractors 3 tips for working with contractors How to ensure you’re not getting ripped off A recent example where Tim saved over $20,000 for one job How to find good contractors   For more info on finding the best properties get our free guide and more at www.restmethods.com   If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”   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.

Covid-19 has had tremendous effects on the whole world. Many of those effects have been obvious but there are few underlying changes that could potentially have a big impact on our housing supply and demand. When the supply and demand changes so does the price of each individual market. Tune in this week as Tim discusses a few Covid impacts you may not have considered such as:   What happens if roommates get their own place? Divorces A baby boom?! Seeking more home space for office      For more info on finding the best properties get our free guide and more at www.restmethods.com    If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”   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.

There’s no doubt about it, your properties will require maintenance. Broken glasses, scuffed walls, stains on rugs, etc. Let’s take a deeper dive into your rentals and expected maintenance in the long run:    Top 3 things that will cause damage Luggage racks Airbnb prevents users from booking under the age of 25 (without 3 positive reviews) Blocking the calendar for routine maintenance The danger of getting behind!   Refer to Episode 12 on budgeting for furniture and Episode 18 on having reserves to cover those costs. Episode 24 for our recommended house rules to protect you from any potential damage.   For more info on finding the best properties get our free guide and more at www.restmethods.com   If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”   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.

Is there anything anymore that doesn’t require a password? Not really. From banking to your Kindle account and everything in between - you can’t access it without a username and password. It’s not different for the short term rental industry. We have countless subscriptions  to manage and have consistent access, too. So, let's discuss some best practices this week. You can literally save days of your life by using one of these handy tools!   What passwords you need for your STR How to manage them and some useful pointers Which one Tim personally uses  How to share them effortlessly with your team  Is it really secure to use one of these apps?    The password app I use: Keeper - www.keepersecurity.com   For more info on finding the best properties get our free guide and more at www.restmethods.com   If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”   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.

Often when we hear about real estate it’s usually referring to housing and the places we live in. But real estate goes so much further than that! Changing the use of real estate (much like converting long term rentals into nightly rentals) is where value is created. Let’s broaden our horizons a bit in this episode as we discuss some of the likely “less conventional” uses for real estate and why we would change the use in the first place.    Trends leading  to changes in the use of real estate Are STRs increasing the value of our residential real estate?  10 alternate uses for real estate you may not have thought about   For more info on finding the best properties get our free guide and more at www.restmethods.com   If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”   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.

We mentioned it before but now it’s official! Some of the world’s largest hotels are now using self check in. Tune in for a brief first hand encounter as Tim discusses his experience using keyless entry at the Bellagio Hotel in Las Vegas, Nevada compared with a more remote self check in at an Airbnb in the wine country of Northern California.   Self check in in northern California wine country VS. the Bellagio by MGM Grand Why management will get easier as people get accustomed to less personal interaction   For more info on finding the best properties get our free guide and more at www.restmethods.com   If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”   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.