Short Term Rental Riches

The world has gone remote. More people are working from home than ever before. Will this uninvited “work from home” experiment debunk some employers' stigma that employees who work from home are not productive? I believe it will. A change in our normal work environment means a whole lot for commercial real estate and the short-term rental industry. In this episode Tim will discuss some of these potential changes and what it means for your short-term rental;  Just how many people are working from home?  More “extended stay” reservations from remote workers What do longer reservations actually mean Impact on commercial real estate For more on Tim’s story on how he went remote email resillience@restmethods.com for a free copy of the Amazon #1 best seller “Resilience” For more resources on finding the best properties for short-term rental check out www.restmethods.com 

An easy way to gain more exposure for your short-term rental is to go on multiple channels or OTA’s (Online Travel Agencies). However, this can create a challenge with your calendars. For example, if someone books on booking.com, how would you integrate that with Airbnb? We want to prevent double bookings at all costs! Let’s talk about some easy ways to do that with channel managers: What is a channel manager?  Concerns for getting TOO much exposure Charging the right price on multiple channels Syncing (sharing) calendars with Airbnb & Homeaway via “iCal link” Property management software “direct links” Check out some of these software companies to streamline your calendars - one of the most important pieces of managing multiple short-term rentals; Smart BNB, My VR, Your Porter, iGMS, Booking Automation For more resources check out restmethods.com 

We are in the business of renting to people that we do not know personally. We have reviews to go off of but do we really know who’s staying in our properties? Well, not really. “House rules”, as Airbnb refers to them, are the first step in protecting ourselves from loss of income and protecting our properties from damage. It’s a section that every potential guest must read and agree to before they can even book.  Let’s discuss some of the essentials:  Tim’s rules he uses for every rental Enforcing rules Where to put them so they get noticed For help monitoring noise: https://noiseaware.io  For help monitoring smoke in your rental: https://www.freshairsensor.com  For more resources and events: resthmethods.com

It’s really difficult to outsource work or automate your business without a set of instructions, or operating procedures (SOP’s). We’ll talk about a really cool little tool that can help you do all of that and make the process easier than ever. Create a visual representation of all the systems in your business so you can step back and let someone else take over.  Tim uses this tool for so many things but just to name a few:  Reservation questions Employee procedures Emergency planning Housekeeping procedures Property info Cancelling policies & house rules Marketing Hiring Check it out: www.mindomo.com For more resources visit restmethods.com

If you are accepting longer than normal reservations with your short-term rental (30+ days) you’ll want to make sure you’re protected. After thirty days a guest will become a resident and with that comes a whole bunch of extra legal exposure. In this episode Tim will talk about the quickest way to provide an application, show a listing (without being there), approve a resident, and take rent and security deposits electronically. How to show a listing without being there Providing an easy application online Providing a lease & getting signatures Considerations for your lease Setting expectations Use cozy for rent payments and tenant screening: https://cozy.co/features-benefits For more resources check out restmethods.com

Things are changing so quickly it’s hard to keep up. Here are the latest updates on money you are likely ALREADY getting, necessary changes to your STR in the current market, financing available to you and some continued best practices for sticking through this pandemic and coming out stronger in the end.  Review of current best practices. Should I take local reservations?  Money coming your way What STR’s are doing the best?  Disaster funds available to you now! Long term planning  Check the following website for SBA lending and the EIDA grant mentioned: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options For more resources check out restmethods.com

It can be so discouraging. It can be so exciting. No matter which stage you're at in your real estate investment career financing will play a huge role.  You found the right deal but have no one to finance it? Well, look again. There is ALWAYS someone to finance it and without financing, unless you have all the cash, you probably won’t be doing the deal. Let’s delve into some potential financing “denials.” Tim has had his fair share, just listen… For more resources check out restmethods.com

We are living through unprecedented times, especially for us in the travel industry.  With all the uncertainty in the air I wanted to offer my perspective and give you the latest on my portfolio and my plans. Here’s what I will be doing to protect myself for the long run, including my ultimate back up plan.  Don’t be totally discouraged, there is also a bright side to this! Here are my thoughts on what you can do to stay positive, how we can use this time to our advantage and why we might come out positioned better than ever once we get through this. For more resources check out restmethods.com

Real estate is an amazing investment vehicle because it’s predictable. But, what happens when it’s not? What happens when the unexpected happens and there’s a fire, you lose a roof, or the HVAC system goes out? You need to have reserves. Your short-term rental guests will also create wear and tear on your property. How much should you budget for that?  How much should you budget for your short-term rental losses?  The biggest capital expenditure risks with your property Why you NEED reserves regardless For more resources check out restmethods.com

We learn when we make mistakes. The more guests you accommodate the more mistakes (or learning lessons) you will likely encounter, but let’s accept that as a benefit of our industry. Tim will explain why and how you can use mistakes to grow, improve your business and  make more money. The beautiful thing about the STR industry How to create perfection The “private reviews”  Pleasing the masses What areas do I commonly see mistakes? Listing descriptions errors Buying a property with “hopes” For more resources check out restmethods.com