Join us on this week's episode of the Short-Term Rental Riches podcast as we dive into a fascinating topic that's poised to reshape the world of real estate: the impact of autonomous vehicles. In the ever-evolving landscape of real estate investing, demographic shifts and societal changes play a pivotal role in shaping supply, demand, and property values. Think of the seismic shift brought about by remote work – a game-changer for our society. But there's another transformative shift on the horizon, one that's not as far away as you might think, and it's going to have a profound impact on real estate that might not be on your radar just yet. I recently returned from California, where the beauty of the state was a striking backdrop to ponder the future of real estate. Drawing on personal experiences and industry insights, we'll delve into the realm of autonomous vehicles – a revolutionary development that's quickly gaining momentum. From Tesla's strides in self-driving technology to the intriguing world of autonomous Ubers, the future is closer than you imagine. Discover how this technological wave will ripple through the fabric of real estate. The traditional mantra of "location, location, location" might take a backseat as the importance of access and commuting changes the game. Imagine a world with reduced traffic congestion, fewer parking garages, and a society on the move like never before. The dates for our Virtual Event in October are now up! [Find out more here]

Bang bang bang goes the nail gun from the construction project next door. And… There’s not much you can do about it. That’s the reality when our neighbor starts a new renovation project or the lot next door finally sees some framing going up to support a new construction home or building. While this might freshen up your neighborhood it might also create a not-so-good experience for your next short-term guest. If they don’t know about it, that is. Many times construction is out of our control so we need to be proactive. This week we’ll discuss what you should be doing to make sure those 5-star reviews keep on coming even when things are out of your control. Stay tuned as we unravel how to: Appropriately Planning Being proactive HOAs (the good and the bad) Your neighbors new project Making it right when you drop the ball 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. The dates for our Virtual Event in October are now up! Find out more here

Nearly every large real estate deal you see was accomplished through the efforts of more than just one person. Nearly every hotel, shopping center, large apartment complex, mall, you name it - these deals take a lot of work and thus require a lot of finances and brain power. Most of the time on this show we talk about individual deals like a vacation rental or urban short-term rental. Or even smaller apartment buildings. But what if we want to go bigger? 50, 100, 200+ rentals in the same deal. How can we do that? And what does that look like in the short-term rental world? As the visibility for short-term rentals continues to grow among investors and venture capital firms realizing the serious potential and returns that can be made through STRs, larger deals are happening. In fact, I’m in the midst of one myself. So this week I want to share with you: What’s a syndication? What do these larger deals look like? How are larger deals (typically) structured? Why these types of deals will continue to become more common 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 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.

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 :) 

These days there are so many resources and experts for every industry. They seem to come from all directions. Some even seem to become experts overnight (be careful). It’s no different in the short-term rental world. We’ve talked about some of those experts in the past, we’ve had some of them on the show, and we’re always discovering new ones and people to go-to. But does any of that really matter? It might… If you’re using the advice and research wisely then absolutely. We don’t want you to get into analysis paralysis but we do want you to get into the short-term rental world. For me, it’s been life-changing. I feel very fortunate to be doing what I love (from anywhere in the world). At the end of the day though our success comes down to one thing; property performance. And while expert and guru advice can be a huge help it still doesn’t help us figure out how well our properties are actually doing! No, that’s something we need to do for ourselves. So how exactly do we do that? Determine if our short-term rental is doing better than our neighbors. If it’s doing better than the average. We need a scorecard and this week I’ll fill you in on exactly what your property scorecard should have. Stay tuned as we unravel how to grade your properties success: Creating a comp set Comparing apples to apples Removing the “outliers” Insights you will gain You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more! Cheers, Your Short-Term Rental Expert Tim Hubbard P.S. Looking for help managing your property? Click here to find out how we can partner up  

If you’re building a short-term rental business or planning on adding another property or two in the future you might find yourself getting overwhelmed. The reality is, we can’t do it all ourselves! Not if we want to grow anyway. The first step for many of us is to hire someone to help with all the guest communications. We’ve talked about this before and how our company has been hiring lots of extremely talented help out of the Philipines and Mexico. It’s a big world out there though and since we can now work with others virtually easier than we’ve broadened our horizons and began hiring out of Eastern Europe. This week I want to share with you a new place you can look for virtual help and find extremely talented and capable team members at a fraction of what it might cost to hire in the USA. This week we’ll break down: Where to hire directly in Eastern Europe Why you should hire someone (even if you think you’re not ready) Benefits of hiring in Eastern Europe What to expect Some interview questions you’ll want to ask 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 many of you know we recently starting managing other properties - we’re really excited to bring on our new partners but as Ive been meeting with owners from all over the place (around the world) I'm finding that the competitive options differ quite a bit. Not just in services but in fees. Many fees that owners don’t even know are being charged. I looked up an example with Vacasa recently to illustrate the example and a $500 reservation had over $1100 in fees. So as we evaluate our options I thought it would be good to do a recap to make sure you’re totally aware of any and all “common” fees in the industry. Please note that not all property management companies charge all of these fees, and the specific fees and amounts can vary depending on the company's policies and the services provided. It's essential to carefully review and understand the fee structure of any property management agreement before entering into a contract. Short-term rental fees: Flat monthly management fee Cleaning fee per guest stay Booking/Reservation Fee per booking Advertising and marketing fee Technology/software fee for using property management software Furnishing and decor setup fee The maintenance fee for coordinating repairs and maintenance Seasonal rate adjustment fee for adjusting rental rates based on seasons or demand Guest communication fee Key exchange fee Administration fee for managing paperwork and documentation Monthly statement fee for providing financial reports Credit card processing fee for handling guest payments Inventory and inspection fee for conducting property inspections Security deposit management fee Late payment fee for managing overdue rental payments Cancellation fee for cancellations made by guests The utility management fee for managing utilities on behalf of the owner Emergency after-hours service fee for handling guest emergencies outside of regular business hours.  Remember: Your management fee comes off your GROSS income Who owns your reviews listings / whats your contract policy? Do you need to start over? That could be difficult in a down economy.. I’ve also worked with a lot of management companies more so on the Long term rental - sometimes it’s really hard to find the right one.. If you’re interested in help managing your properties and we’re a bit different in that we use my team to manage your properties 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 event, short-term rental playbook, Instagram, and more!