SHOW NOTES & LESSONS

What you want to look for when acquiring properties for you STRs or your Portfolio:

Look for a Neighborhood that Looks & Feels Good.

Check it out at all times of the Day and Night.

#1 Thing - as always - Location, Location, Location!

How's the Parking?  At night?  I look for Designated Parking!

What to Avoid:

Noise! - Whether it's being backed-up to a busy street or barking dogs, noise is one of your worst enemies when it comes to renting out a property.

Bathrooms - Optimally, one bathroom for each bedroom.  At the very least, no bathrooms that force you to walk through bedrooms.  No good!  Masters need their own bathrooms, always!

No converted rooms or quirky floorplans.  A house has to have flow & it has to be re-sellable.  You have to be able to sell fast and quirky floorplans and converted rooms JUST DON'T SELL WELL.

Stairs should be wide and clear, and everything should be standard.  Steps' risers...

The comfort of your guests during their stay inside your vacation rental is paramount for the success of your business. Whether your property is in the US, the EU, or Canada, your AC or HVAC unit(s) needs to be working optimally to make it comfortable and convenient for your guests. This way you can not only keep guests happy but also keep a tab on your monthly energy bills.

Monthly Cleaning of Filters

Filters in air conditioners catch a lot of dust all the time form the environment. It is imperative to clean the filters of your air conditioners once a month to make sure that your air conditioning is working at an optimal level.  Because you may or may not be in your unit all the time, you need to come up with a way to remind yourself and your maintenance staff to change these filters every single month like clockwork.  If your STR is in your home, you can install thermostats with lights reminding you to change the filters.  This is especially necessary...

SHOW NOTES & LESSONS

What to do when the neighbor's dog won't stop barking...

First, knock on your neighbor's door and try to talk to them.

If they aren't home, leave a note. Give them time to fix it.

Check your HOA or city ordinances. Follow their guidelines, which usually asks you to contact the police or a local authority, make written notices, keep a (video) log, and follow up.

Reminder: Do your due diligence before signing on the line!

That airport didn't just go up overnight and that dog has most likely been there the entire time. Make certain you do your due diligence BEFORE you rent or buy a property. Know your neighbors. Knock on their door. Ask questions like, "is there anything you wish you were aware of before you bought your home? Is there anything you think I should know?

Michelle has an entire list of what type of house not to buy!

We split this episode into two parts because Michelle began going into the Types of Things She Avoids when Purchasing or Renting a...

If you have small children in your family, you know how difficult it can be to plan and enjoy a vacation along with them.  A vast majority of guests who use Short-Term or Vacation Rentals are families with kids.  If you want to attract large numbers of guests to your property, like people with children, it is imperative that you make your properties family-friendly.  Families look for a place where they can feel at home, enjoy, and relax during their stay but have the peace of knowing that their kids aren’t going to be stuck in a “touch-free” zone.  You know, “Don’t touch that!  Don’t touch that!”  Yeah, a “touch-free” zone.  Here are some useful tips to make your vacation rental Family Friendly.

Provide Safety and Security

Families with small kids are always worried about the safety and security of their children. If you want to attract families, it is important to make your...

SHOW NOTES & LESSONS

If a family likes your home and they enjoy their vacation destination, they can potentially come back year after year after year!  Make certain you do all you can to make your place family-friendly so you can build that "fan base."

Provide Safety and Security

Cover Sharp Corners and Secure Furniture

Have Gates for the Staircase

Toys and Games

Have Essentials for Children and Infants

·        High Chair

·        Portable Crib

·        Inexpensive Strollers

·        Baby Bath

·        Baby Monitors

·        Sippy Cups

Offer Discounts on Next Year's Booking

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Show Transcript

[00:01] Over the last two centuries, nearly 90...

Summer season is in full swing and tourists are out there enjoying warm weather and beaches. As a Short-Term Rental or Vacation Rental Owner, you know to take advantage of the season your region is known for to maximize your profits.  When you’re in a sunny area, like Florida, this is it.  When you’re in skiing country, it’s the winter.  But what attracts guests to other Areas?  What attracts them to the mountains?  More importantly, what will attract them to your property?

You can attract more guests to your property if you offer some exciting outdoor amenities to them.  Outdoor spaces in a property, whether it is in a mountainous region or near a beach, allow guests to have more fun during their stay.  You can score more bookings by adding these outdoor amenities to your property.

A Swimming Pool

Whether it belongs to your community or is in your back yard, a pool equals fun in warm destinations.  It...

SHOW NOTES & LESSONS

Outdoor spaces in a property, whether it is in a mountainous region or near a beach, allow guests to have more fun during their stay.  You can score more bookings by adding these outdoor amenities to your property.

What type of Outdoor Areas can attract Guests?

Swimming Pools in warm areas.

Jacuzzi and hot tubs in both, warmer and cooler climates.

Gardens, like a zen garden or just some chairs to chill.

Outdoor playgrounds for children or lots of toys for the pool.

A place for our four-legged furry friends.  If you allow pets, have a space outside (and in!) just for them!

An eating area is fantastic and if you can add a grill, it's even better.

Also, place these features prominently in your listings!  You want things in your title and on that first picture so you can get potential guests to look deeper into your property. 

NOTE:  Don't allow fear to dictate whether or not...

In this age of internet and social media, if you are not making clever use of digital marketing, you are certainly missing the bus on reaching some potential guests. This is particularly true for a business-focused Short Term Rentals. Obviously, we know the importance of professional pictures.  You must be using beautiful photos of your property to entice potential guests.  But… are you placing videos to promote your vacation rental, too? Videos catch the attention of large numbers of guests and have become very popular in the STR Industry, especially in vacation rentals.  It’s the latest trend!

Here are some tips to make the most of these promotional videos.

Photos are Good.  Videos are Better.

It is almost criminal not to make use of technology when it is available to you for free. By making promotional videos of your vacation rental, you can get two steps ahead of your competitors who are still trying to catch the attention of...

SHOW NOTES & LESSONS

WHAT CAN A GOOD NEIGHBORS DO FOR YOU?

01) Provide Safety & Security for you & your Guests.

02) Help with things like a dead car battery, allowing maintenance men in, keep spare keys, sign for packages, and stocking your inventory.

03) Communicate with guests when you can't.

04) Give you peace of mind.

05) Advocate for you with HOA & other organizations.

06) Stop loud parties, too many people, things getting stolen, or other strange activities.

07) Increase your Network: people you know.

WHAT THINGS CAN YOU DO TO BE A GOOD NEIGHBOR?

01) Do things for your neighbors like mow their lawns, bring over fresh baked goods, or get them souvenirs from your travels.

02) Show pride of ownership & take care of your property & theirs.

03) Be respectful & polite at all times.

04) Add rules so your guests are respectful, too. No pets or parties.

05) Let them know the Comings & Goings. Keep them informed.

06)...

SHOW NOTES & LESSONS

OVER 5 MILLION PEOPLE HAVE LEFT CALIFORNIA NOW DUBBED "THE CALIFORNIA EXODUS"

Although people are moving into the state while others are moving out, Cali has still lost more than 1 million people and the population continues to shrink.

Who's moving in?

Those making $200,000 plus per year with higher education from tax-burdened states like New Jersey, New York, and Illinois (also seeing massive Exoduses).

Who's moving out?

Those making $55,000 and below with no college education.

Where are they moving to?

States with much more affordable housing like Texas, Arizona, Nevada, and Oregon.

CALIFORNIA HAS 5 OF THE TOP 10 MOST EXPENSIVE RENTAL MARKETS

What a One Bedroom Rents for in:

Los Angeles $2249 month

San Francisco $3400 month

Las Vegas $925 month

Phoenix $945 month

What a Two Bedroom Rents for in:

Los Angeles $3200 month

San Francisco $4500 month

Las Vegas $1122 month

Phoenix $1137 month

...