Short Term Rental Riches

We get quite a lot of questions and the topics range. I try to lump them together and create a podcast for the ones we get asked most often but I thought it would be fun to do a rapid-fire Q&A for this week's episode. The real world is much like school was when we were growing up – we often don't ask enough questions. And the only way we can become comfortable with what we are doing is by uncoveri...

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 b...

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 shor...

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 smal...

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 indu...

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...

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...

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 exactl...

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 matte...

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 ext...

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 ill...

We would all love to have our properties 100% occupied but many times a 100% occupancy rate is a clear sign that we are not charging enough money per night. What if we increased our rates 20% per night and, even with a lower occupancy , were making more money? And then we have to think about the opposite equation. What if we have a low vacancy, does it make sense to offer a long term discount to t...

One of the biggest components of a short-term rental is the turnover between guests and all that dirty laundry. Sometimes you can hardly tell your guests even used the linens and others, well… I'll let your imagination run with that one Either way it's something we have to deal with and the bigger the property the more laundry we have. For some of us it's pretty easy; your housekeeper shows up, th...

"I'm going to turn the thermostat as cold as it will go." Your guest thinks to themself stepping in from the hot summer sun. Regardless whether or not your property is at a cool temperature - some guests will still turn down the thermostat…all the way. This ins't just a challenge for your equipment, it can also be a challenge for you pocket book. Air conditioning and heat are usually one of the la...

Even if an older, short-term rental property is not perfect in terms of its amenities or aesthetics, it can still earn perfect five-star reviews on Airbnb. It can still outperform a brand new, well-designed competing property by leveraging five key concepts. The money is in the details. On a last-minute trip to Miami for a friends wedding I stayed at a guest house in a nice little neighborhood nea...

Before we can determine whether or not a real estate investment will be a successful one we need to first look at the bigger picture. We need to know and understand the demographics and fundamentals driving each market.  Once we know what real estate markets are ripe for investment it drastically helps to narrow down our options. With a market decided, we can go hunting. But it's not always easy t...

If you have been investing in real estate for a while you know it has a lot of moving pieces.  Especially if you have ever remodeled a property. All those tiny little expenses need to be recorded. From the miscellaneous screws you bought at your local Home Depot to the new, fresh vanity for your master bathroom. Don't forget the gas you paid for on the way to the home goods store; that should be e...

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. This...

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. This...

When I first got started with my real estate investment career the idea of a turn-key rental always sounded enticing to me. Turn-key property = a property you can purchase that is renovated, rented, and professionally managed all in one spot. Easy peasy. Problem was, after visiting multiple states and markets, I wasn't able to find many opportunities that led to decent returns. In fact, some of th...

Your short-term rental operations don't stop the moment your guests check out. Nope.  Actually, in many ways, they are just beginning. Much like a new born baby you have to care, protect, and monitor your STR for its whole life. You have to make sure it stays clean. You have to make sure it stays smoke-free. You have to make sure that it's warm when it needs to be and cool when it's heating up out...

You made it. You successfully set up and advertised your short term rental property and you are ready for your first guests. The day has finally come and all of that hard work is about to pay off. You are slightly nervous though since you know just how important the initial reviews to any STR can be. The guest arrives and… they can't get it! Even though you sent them the carefully laid out check i...

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...

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 p...

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 t...