I’ve been talking a lot about vacation rentals lately.
No, I haven’t gone out and bought one…yet. But, I want to!
And interesting factoid… Nearly 45 percent of all real estate purchases in the United States are made by people in search of profit. Investing in a short-term rental property is a great way to generate a steady income stream.
With the use of websites like AirBnB, just about anyone can turn a condo or house into a short term rental property. This is a great source of income for many families, and can be for you too!
But, most investors think that managing a short-term rental property is just too much work. The reality is, it’s not easier or harder than any other rental, you just need the right management in place.
There are a lot of options out there, but I’ve recently stumbled upon some software such as Rentbelly, which helps you manage property like this and makes it a lot easier.
The biggest hurdle that you will have to overcome as a short-term rental property owner is keeping enough bookings. This hurdle can be overcome with the development of a comprehensive marketing strategy.
Here are some essential tips for properly managing your short-term rental property.
1. Get A Feel Of What’s Happening In Your Local Area
Renting out your property in the off season can be a bit difficult. The only way to combat the lull that occurs during this low season is by staying up to speed on the events happening in your city. Knowing what events are coming up in your area can help you market your rental to the right audience.
Running targeted Facebook ads is a great way to connect with prospective customers. These ads allow you to target Facebook used based on things like their occupation, location and age. Once you know what type of event is happening in your area, you can make decisions regarding what type of people may attend this event. With this information, you can fine tune your Facebook ads and get more bookings.
2. Set The Right Minimum Stay Requirements
Setting the right minimum stay limit is crucial when trying to make money with your short-term rental. Ideally, you will want a higher minimum stay limit. While this may initially deter certain consumers, it will allow you to make more money in the long run.
Accepting a one night booking in the middle of a week can make you miss out on a one week booking later on. Realizing that short-term rental success is a numbers game is your first step to achieving your financial goals. Setting a minimum stay of three to four nights will guarantee that each booking will have a higher value overall.
3. Focus On Keeping Your Property Well-Maintained
In the world of short-term rentals, only the most pristine properties get consistent bookings. This is why you will need to devote time and money into keeping your rental property in good shape. If you are like most property owners, you simply don’t have the time to do this work on your own.
Instead of letting your short-term rental fall into a state of disrepair, you need to hire professionals to perform essential maintenance. With a minimal investment, you can avoid extensive repairs and keep your property booked solid.
4. It’s All About Great Customer Service
If your short-term rental is located in a larger city, chances are there is a lot of competition. Finding a way to set your property apart from competitors is something you need to view as a priority. One of the best ways to do this is by going above and beyond for your guests on a consistent basis.
Anytime a guest calls you with a problem, you need to address it in a timely manner. By providing guests with this type of service, you will be able to get great reviews from them. These reviews are like gold when it comes to attracting new bookings for your property.
Top 10 Black Real Estate Accounts To Follow On Instagram
From real estate investing to startups, Instagram’s become a goldmine for budding entrepreneurs, offering quick, motivational content across a variety of sectors.
In our “Top 10” article series, we highlight some of the best accounts in different spaces. In this piece, we highlight the top black real estate accounts to follow.
A bonafide real estate influencer, Jay Morrison’s built the Jay Morrison Academy, an Inc. 5000 business that teaches financial literacy. He made history in 2018 when he raised close to $10M in one week for #TREF, the then-largest black-owned real estate crowdfund in the country.
Known for: Jay Morrison Academy, Corner Classes and
Chicago Real Estate Mogul: Here’s How You Flip Houses
Chicago-based Sean Conlon is a real estate investor extraordinaire. He started his career in the early ’90s, quickly becoming the top residential realtor in the nation with nine figures in annual volume.
Conlon’s the host of CNBC’s real estate show The Deed. On this show, he helps investors flip properties and intercept the issues that come up along the way. His main advice is to “always have a plan B” and “hold investments for at least five years.”
Considering that “shelter” has yet to be disrupted, real estate to date remains an asset class that will never go out of style.
While many real estate shows make flipping look easy, Conlon’s program, the Chicago Tribune described it, sheds a different light: “A nerve-wracking endeavor where grit is essential and profits are far from assured.”
“Trust but verify,” he says about people and his money. (Good one, Sean.) In this video, Conlon gives some insights into how to become a real estate investment master.
Take a look.
VIDEO: 4 Myths About Real Estate, Debunked!
From bubbles to recessions to risk, there are tons of myths surrounding real estate investments. Fortunately for you (and other WealthLAB addicts), most of them are untrue. In this video, WealthLAB’s investor/author Philip Michael debunks four myths about real estate investing.
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Top 10 Black Real Estate Accounts To Follow On Instagram
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The No. 1 Strategy To Build A Rental Property Empire
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