Short Term Rental Riches

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 loo...

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 banne...

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...

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 w...

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 s...

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 ha...

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 thi...

It's quite possible that your short term rental is not the right size. I don't necessarily mean the square footage, but more specifically the number of bedrooms. For example, when it comes to size, I have found little difference in the performance of an STR based on overall size. For example, I have studios as small as 250 square feet and then one bedroom in the same city up to 800 square feet and...

One of the upsides to real estate investing vs. other investments, stocks for example, is that with real estate we can know when we buy a property if it's a good investment or not. It all comes down to the numbers. While there are a lot of metrics out there to compare investments there are a few that are more important and one in particular that every conservative investor should have in their too...

What the heck is going on? If we look beyond the US borders most currencies are getting crushed against the dollar. I just got back from a 4-week Euro trip and the dollar for the first time in my life the US dollar was at parity with the euro! Just to put things in perspective, the first time I went to Europe one Euro equaled $1.50 (a 50% difference). And why does this all matter anyway. There has...

What better way to find out exactly what Airbnb finds important than to be a guest. Shortly after you'll receive a review request asking some specific questions. Questions that will help Airbnb figure out where you should rank against other properties in their search results. I just got back from a nice stay in Mexico (where I got to meet up with one of my receptionists as well). This week we'll d...

Do you know the one power tool that you can use to maximize your earnings and expedite the booking process, too? I am talking about Airbnb's Instant Book feature. Instant book is a hassle-free booking process that allows guests to book your listing automatically. It also improves guest experience on top of that. It is like hitting 3 birds with one stone. But let's pause here for a second and rethi...

Things are sounding a bit scary out there in the real estate world. Interest rates have surged, less people can afford to purchase, real estate prices are falling, and people are backing out of deals! According to Bloomberg, home prices are decelerating at the fastest rate in over a decade across major markets in the U.S., and homebuyers are increasingly backing out of deals (a record 16% in July...

It's a great world for short term rental business but it definitely is no fairy tale! There are still lots of things that can't be in our control which may affect the total guest service that we offer. For those that we can, it's important to remedy them right away and see how we can make it right for our guests if there is a need for that. Hopefully, these two things can better the experience and...

I believe communication is one of the main keys to success in life. But it's more than just communication, it's honest communication. After managing tens of thousands of guests, however, it's clear that we are not always receiving honest communication. It's true, my team and I have been lied to–and if you have a short term rental it's possible you have been lied to as well! This week we're going t...

We have an extra special guest this week that you will not want to miss! He is one of the leading authorities on taxes in the nation when it comes to building your wealth tax free. You may recognize the name, Tom Wheelwright, from his bestselling book Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes or because he is the CPA for Robert Kiyosaki! (author of Rich Dad Po...

We have an extra special guest this week that you will not want to miss! He is one of the leading authorities on taxes in the nation when it comes to building your wealth tax free. You may recognize the name, Tom Wheelwright, from his bestselling book Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes or because he is the CPA for Robert Kiyosaki! (author of Rich Dad Po...

There's one thing that will guarantee you a bad review. It's also something that you could encounter if you are not prepared! We have to always have backup plans for when the unexpected happens. On a recent trip to Eastern Europe I was staying in an Airbnb and this very thing happened. I got locked out! Even worse, it was in the middle of the night :( So this week I want to talk about the experien...

There are so many things to think about when we are getting ready to invest and start a short term rental (STR). I don't claim to know all of them but after managing my over 21,000 guests my team and I have learned most of them. There is one component, however, that can't just be "taught" with a few words or checklists. One component that does, seriously, make or break your short term rental. This...

We are talking about that yellow and red badge that shines bright next to your name and listing. The badge that sets you apart from the rest. The SuperHost status badge! Being a part of a distinguished group is generally a pretty good feeling. But when it comes to our short-term rentals and Airbnb not only do we get to feel good… but we make more money!  No wonder most of us aim to be a Superhost!...

If you missed last week make sure to jump back and check it out as we ran through (in a nutshell) the essential steps to getting your Airbnb ready. Everything that you need to physically do, that is. But we can't stop there. A STR that no one can find is not going to make any money. So step two; get it ready online. Although this doesn't take a long time, there may be more to it than you know. I'm...

It can be quite a process, but it doesn't have to be. Setting up an Airbnb that is. After we have our perfect property ready to go we have to furnish it, install home automation tech, and provide details to our guests.  It's crucial that we do not overlook anything because, as you know, our initial reviews can make or break the success of our STR. I recently got back from hopping around the US and...

I can't believe it. This is our 150th episode! Wow, how time passes soo quickly. I thought we'd do something special and talk about a topic that's not 100% real estate related but will, undoubtedly, change the markets we should be investing in and the type of guest we will be receiving in the future. Let's talk about the human lifespan. Our population as a whole is getting older; it's a fact.  And...

Camera technology has really improved over the years. That's really good news for us in the STR industry because security cameras not only help us protect our homes but they help us monitor our guests. Ok… before you go thinking that I have been spying on our guests let me explain a bit more what I mean by "monitoring" our guests. Cameras are NOT allowed inside our short-term rentals and that is o...

One of the first things most people think of when they think of renting their property on Airbnb is "Someone is going to destroy it!" Yes, this is possible but it's very unlikely. The truth is, I actually think that long term rentals can be much more risky than short term rentals. I'll explain shortly. I've been investing for over 12 years and throughout the years I have not been particularly bias...