STR Breakdown

  1. INTRODUCTION
    1. Welcome To The Short Term Rental Blueprint Course
    2. Overview
    3. What is a Short Term Rental?
      1. A form of non-permanent housing that allows a tenant to experience a geographic location without sacrificing many of the conveniences one has their primary residence. It also allows landlords and business operators a way to pay for necessary building upkeep, source better quality tenants with lower risk, provide more sustainable jobs to their local marketplace wile often increasing their revenues, taxable income, and profits.
      2. Tenants can lease an entire space, so they can experience as many of the comforts of home as they like, so while they’re traveling, they don’t feel like they’re traveling.
    4. How Much Money Can I Really Make?
    5. Why Am I Teaching This?
    6. Is it Legal?
    7. How Long Until I Make Money?
  2. THE WHY OF SHORT TERM RENTALS
    1. What You ARE and What You Are NOT
      1. Need to know:
        1. How to attract the right renters
          1. Whom do we serve?
          2. What are their desires? What are their needs?
        2. Where and how to market
          1. What’s the most efficient channel to use to command the highest price and the best customers to serve
        3. How to set up the property to best meet their needs
          1. Need to understand the ideal guest (avatar)
        4. The right contacts in your community
        5. How to market the property effectively
      2. NOT an AirBNB business
        1. We create our own brand
        2. Short-term Apartments
        3. Vacation Rental
        4. Corporate Housing
        5. Executive Rental
        6. Executive Apartment
        7. Temporary Housing
        8. Serviced Apartments
          1. 9 Why’s of Serviced Apartments
            1. Corporate
            2. Life Events
            3. Entertainment Events
            4. Medical
            5. Military
            6. Seasonal/Tourist
            7. Academic
            8. Emergency
            9. Voluntary Relocation
            10. Other
    2. Corporate Renters and Life Events
      1. Corporate
        1. Training sessions/continuing ed
        2. Sales people
        3. Contractors/Construction Crews
        4. Speakers, Presenters for Training Events
        5. Non-Profits
        6. Meetings with Members of “Branch” Offices
        7. Team Meetings
        8. Mergers & Acquisitions
      2. Life Events
        1. Weddings
        2. Funerals
        3. Graduations
        4. Reunions – school, family, old friends, military
        5. Holiday gatherings
        6. Adoptions, Births
        7. Home Remodeling
        8. Check with:
          1. Event planners
          2. Wedding planners
          3. Local newspapers
          4. High Schools / Colleges
          5. Facebook targeting “Planning to visit”
    3. Entertainment, Medical, Military, and Seasonal
      1. Entertainment
        1. Need to take precautions – coming to party
        2. Concerts
        3. Sporting Events
        4. Festivals
        5. Grand Prix
        6. Street Fairs
        7. Art Shows
        8. Theater
        9. Film Industry (crews working on films)
        10. Find them?
          1. Event organizers
          2. Casting directors
          3. Theater Box offices
          4. Local newspapers
          5. Facebook targeting
          6. Event online pages, groups, websites
          7. Group managers
          8. Gallery/Venue Managers
          9. Visitors’ Bureau
      2. Medical
        1. Long-term hospitalization – family or spouse as renters
        2. Long-term recovery/therapy after procedure – patient as renter
        3. Emergency – Elderly patient being relocated to assisted living
        4. Traveling nurses
        5. Locus doctors, PAs, NPs
        6. Where to find?
          1. ED Staff
          2. Surgeons, PTs, Oncologists
          3. Doctor’s Offices
          4. HR Managers
          5. Hospital Patient Svcs / Social Svcs Offices
      3. Military
        1. Temporary duty assignments
        2. Upcoming move / reassignment
        3. Visiting family members
        4. Civilian training personnel
        5. Where to find?
          1. Base housing offices
          2. HQ for training personnel
          3. Family assistance agencies
          4. Base & community websites
          5. Bulletin boards
          6. Local newspapers
      4. Seasonal / Vacationers
        1. Beach or ski
        2. Historical
        3. Outdoor/Nature – hiking, birding, whale watching, migrations, wildflowers, rafting, boating
        4. Hunting / fishing
        5. Wineries / Breweries
        6. Where to find?
          1. Visitors bureau
          2. Travel agents
          3. Traveler/Tourist Guides
          4. Venues – wineries, resorts, tour companies
          5. FB Ads
          6. Local newspapers / websites
        7. Note: Seasonal doesn’t have to just rent during season – can do year-round
    4. Academic and Emergency
      1. Academic
        1. Short-term training schools
          1. Technical schools
          2. Beauty schools
          3. Culinary schools
        2. Foreign students looking to acclimate before they go into housing
        3. Visiting professors, guest lecturers
        4. Researchers using libraries, archives
        5. Summer school students
      2. Emergency
        1. House fire
        2. Flood – natural disaster or plumbing
        3. Natural Disaster – wildfire, blizzard – both victims AND relieve workers/volunteers
        4. Storm damage to home
        5. Crime in home – robbery, etc
      3. Where to find?
        1. Insurance agents
        2. Local FEMA offices and relief orgs
        3. Local AAA club
        4. Plumbers, contractors, electricians
        5. Victims’ relief services
  3. THE WHAT OF SHORT TERM RENTALS
    1. What Type of Space Will Be Your STR?
      1. Determined by type of guests we want to attract
      2. Determined by what the location has to offer
        1. College Towns
        2. Pro sports teams
        3. Major event / festival (marathon, Mardi Gras, Ren Faire, etc)
        4. Major medical facility
        5. Corporate HQs
      3. Possible types
        1. Studio/Efficiency (Price: $1000/mo)
        2. 1BR (Price: $1500-2100)
        3. 2BR (Price: $2100-?)
        4. Small House (< 2000sf) (Price: $2500-?)
        5. “House Plus”
      4. Optimizing space
        1. Ensure beds don’t share walls with others
        2. Bedrooms should not adjoin
        3. Add multifunction furniture for more beds
          1. Fold-out ottoman single bed
            1. Great for older kids, moms love them
          2. Fold-out couches queen bed
        4. Storage space for supplies in the space (locked cabinet)
          1. Storage space may make more sense exterior, centrally located
    2. Finding The Right STR
      1. Phase 1: Acquisition – Finding the right STR
        1. Close to home (or close to trained team)
        2. Don’t buy – master lease / sublet
        3. Go after income, not assets
        4. Contact realtors, property managers, complex/condo rental offices
        5. Avoid REITs – go after owner-controlled properites
          1. One person or small company
          2. Dealing directly with “guy in charge”
          3. Easier, best bet for renting success
        6. City Management
          1. Some cities zone specifically for STRs – specify where and how
          2. Some cities have no ordinances for or against STRs
          3. Google “vacation rental [city name] ordinance” for location details
        7. Make it clear when talking to managers what we are doing
          1. Be up front about master leasing
          2. Use elevator pitch / audio business card
          3. “I would like my company to rent your property”
          4. “I will pay you rent, but I will find others to stay there”
          5. Goal is to get traditional lease with additional clause that allows for subleasing – see Section 2.2 13:26
    3. Building Your Unit
      1. Determine what type of unit you’ll be setting up – what type of person we’re serving, provide the same experience to them all
        1. Studio
        2. 1BR
        3. 2BR
        4. House
        5. House-Plus
      2. Build the team
        1. Designer for designing space, selecting, purchasing, installing all furnishings
          1. Oversees initial cleaning of unit, if needed
          2. Chooses furnishings, housewares, appliances, decor
            1. Furniture must be chosen around needs of guests we serve
            2. Can help or hurt success, esp w/ bed counts
            3. Must have:
              1. Ottoman sleepers that fold out
              2. King-size beds
              3. Multifunction, attractive pieces – sleeper sofas, lift-top coffee tables, nesting tables, etc
            4. Kitchen must-haves
              1. Britta water filter
              2. Tea kettle
              3. Cookie sheets
              4. Rice cooker
              5. Nice set of knives
              6. Salad spinner
              7. Blender, mixer, other helpful tools
              8. Plenty of utensils
              9. Decent dishes themed to overall unit theme
            5. Family/Kids/Babies Must-haves
              1. Pack N Play
              2. Stroller
              3. High chair and booster chairs
              4. Dirt Devil vacuum
              5. NO carpeting
              6. Kid friendly kitchen stuff – sippy cups, plastic/nonbreakable dishes, kid-sized silverware
              7. Stain-resistant upholstery
              8. Anchored furniture – wall anchors in place
          3. Oversees delivery of furniture & appliances
          4. Oversees setup / assembly of furniture & appliances
          5. Stocks kitchen, bath, linen closet, book cases, etc.
          6. Makes bed, hangs art work, hangs curtains, places decorations
          7. Decides placement of TVs
        2. Tech guru for installations & upkeep
          1. High-tech STR
          2. Tech saves you money
          3. Good tech = happy renters, tech makes you money
          4. Someone has to install, troubleshoot, synch it all – no one brand does it all
          5. Makes unit mgmt easier
          6. Makes arrival/departure easier
          7. Saves money
          8. Makes unit more impressive to guests
          9. Makes you money – better reviews –> more money
          10. Must have:
            1. TVs
              1. Wall-mounted
              2. 4K flatscreen high-def
              3. Roku Express with dead-simple remote
                1. MUST be simple – color-coded
              4. Basic cable (for local news) or HD antenna
              5. Netflix/Hulu/Amazon streaming
              6. Apple TV
            2. Great WIFI that works
              1. Fastest speed
              2. Best router
              3. Best modem
              4. Separate modem and router
              5. Do NOT share service over multiple units – if it goes down in one, it will go down for all
              6. Include screen shot of speed to post on the listing
            3. Home Automation – climate / environment control, alarms, access
              1. Thermostat (Nest)
              2. Smoke/Fire/CO2 (Nest Protect)
              3. Noise (Noise Aware)
              4. Water Leaks (Samsung Smart Things Water Leak Sensor)
              5. Lights (motion detection sensors)
              6. Entry Access (Locks) (Vivint)
                1. Keyless entry – phone becomes key
                2. No keys to lose/return/forget/copy
                3. More secure
                4. Keep a real key in a lock box
            4. Dry cleaning machines (SWASH system)
            5. USB “Smart” Furniture
              1. Furniture that hides USB charging stations
        3. Cleaning squad / service (TurnoverBNB)
          1. Ask the 4 questions
            1. 1. Do you have a business? What is your business name?
            2. 2. Do you have insurance?
            3. 3. Do you bring your own cleaning supplies?
            4. 4. Do you work 7 days a week?
        4. Exterminator?
        5. You, family & friends for move-in and other activities
    4. Trial Run-Through
      1. Try it out before renting
      2. Bring friends and family like who will be staying there
      3. Stay at least 24 hours
      4. Mess with everything, try everything, live there
      5. Make a mess – live large – and then test out cleaners
      6. Check all tech, all appliances, all batteries, remote sensors, etc.
      7. Use all charging stations
      8. Test HVAC, etc
      9. Check temperature on hot water tank
      10. Check blinds / window treatments
      11. Test all drawers & cabinets – doors, no sticks or squeaks
      12. Test all windows and doors for smooth, quiet operation
      13. Make sure it moves/works the way it should – if it’s not supposed to move, make sure it doesn’t
      14. Test out rooms to make sure they work, all pull-out furniture – linens, room to move, etc.
      15. Use all amenities in the complex
      16. Live like a guest would live, so you know what they will experience
      17. Check noise levels on different days (may need to let guests know about noise on some days)
      18. Check out local features – grocery stores, restaurants, etc.
  4. THE WHEN OF SHORT TERM RENTALS
    1. When to Rent and How Best To Do It
  5. THE WHO OF SHORT TERM RENTALS
    1. In the beginning, do as much as we can by ourselves to reduce costs and also understand how to best do everything)
      1. Build a team that communicates well, knows their job and does it, doesn’t need to be micromanaged, wants a leader not a mother, helps build the business
      2. Business depends on the team
    2. Who You Need on Your Team, When You Need Them, and Why
      1. Designer (When? ASAP)
        1. Designs
        2. Sets up
      2. Tech Guru
        1. Sets up tech
        2. Keeps tech updated
        3. Troubleshooting
      3. Cleaning service (from the start)
        1. Reliable
        2. Thorough – attention to detail
          1. Inside of fridge every time
          2. Wipe cabinets every time
          3. Empty dishwasher
          4. Run garbage disposal and clean
          5. Deep-clean bathrooms and kitchen
          6. Dust EVERYTHING
          7. Clean ceiling fans, blinds, floors
          8. See cleaning checklist
          9. Need to be reliable, dependable
          10. Try out several to find best one
          11. May have to check out a lot of them
          12. Huge benefit to landlords
          13. Clean ALL the time
          14. Makes it look like the picture ALL the time
          15. Landlords will never find their properties in better condition than your STRs
      4. Maintenance (When? ASAP)
        1. Keeps everything running up to snuff
          1. Air filters, batteries, electronics, ceiling fans, appliances, doors, windows, furniture, cabinets, drawers, walls and floors, bath and kitchen fixtures
            1. Question: Do we need our own maintenance person for items that are ours, vs. the building’s?
      5. Linen and laundry service (When? At 5th or 6th unit – once we hit 45 check-ins/month ???)
        1. Get separate linen service
        2. Professional finishing – pressing, stain removal, starch, etc.
      6. Calendar Management (When? Once we have more than one property on more than one platform)
        1. Manages bookings across platforms
        2. Helps keep units booked
        3. Booking info shared
        4. Pricing remains relevant
        5. Midweek discounts
        6. Last-minute cancellations
      7. Booking & Guest Support (When? ASAP)
        1. Booking support – sales, get people in unit
        2. Guest support – customer support once they’ve booked
        3. Great job for VA!
      8. Inspector & Concierge / Runner (When? DYI until 20 units)
        1. Make sure everything is set up and running as it should be
        2. Little details – pillows, flowers, kitchen stuff, etc.
        3. Should be located close to units – 15-20 minutes
        4. Can serve as concierge, take care of guests’ requests/issues
        5. Great job for YOU in the beginning
  6. THE HOW OF SHORT TERM RENTALS
    1. Putting It All Together
      1. Automation
        1. Avoids communication issues
        2. Frees you up for other duties
        3. Ensures things run as smoothly as possible
        4. Requires human guidance and intervention
      2. Pricing and Calendar tools
        1. Everbooked (everbooked.come)
        2. Wheelhouse (usewheelhouse.com)
        3. Beyond Pricing (beyondpricing.com)
      3. Cleaning Services
        1. TurnoverBNB.com
        2. Maidthis.com
        3. Handy.com
        4. Individuals – live humans we find and interview
    2. Maintenance
      1. Handy.com
      2. TaskRabbit.com
      3. Individuals – specialists for various tasks
        1. Electronics
        2. Plumbing
        3. Drywall
        4. Handyman/General small jobs
        5. Pool, BBQ, jacuzzi
        6. Look at Yelp reviews
        7. Once find a good one, pay them well / keep them on retainer and keep them working for us
    3. Inspector
      1. Should be YOU or someone on internal team personally traied
      2. Can’t be outsourced well
      3. Should be well-paid – $3-4K/month
      4. Can give head of cleaning squad checklist for each unit to spot check after cleaning
    4. Linen Service
      1. Local to the area
      2. Vet them, take recommendation, check reviews, try different ones
      3. Find one you like and stick with them
      4. Bad reviews = problem – head off at the pass
    5. Booking & Guest Support
      1. Lodgify.com
      2. StreamlineVRS.com
      3. Guesty.com
      4. DIY at first, but ASAP when adding units
      5. Listing platforms won’t suffice – multiple inquiries from people for units
    6. Guest Guide
      1. Customized info about unit, location/complex, area – local amenities and activities
      2. Printed paper or digita/virtual
      3. Hostfully.com
      4. Coral.life
      5. Yourwelcome.com – tablet w/ info on it
    7. Theft
      1. Consumables aren’t theft
      2. Small items – charge extra
      3. Larger items – involve police
      4. ANY theft – leave bad reviews on platforms
      5. Inspector and/or cleaning service checklists will spot theft quickly
    8. Items left behind
      1. Contact individuals as soon as anything other than trash left ehind
      2. Take photo and text to them
      3. Ship to them – payment optional
      4. Create policy for both guests and cleaning service for handling lost/forgotten items
  7. FINANCING
    1. Intro
    2. Standard Debt
    3. Joint Venture
    4. Equity
    5. Recap
  8. FAQ
    1. Intro
    2. How Is This Different
    3. How Much To Set Up A Unit
    4. How To Get First Unit
    5. What Does a STR Look Like
    6. Really With No Property
    7. No Money
  9. CHECKLISTS
    1. Cleaning Checklist
    2. Maid Closet Inventory Checklist
  10. SHORT TERM RENTAL ROLODEX
    1. Intro
    2. Insurance
    3. Maintenance
    4. Hidden Marketplaces
    5. Interior Design
  11. BONUS: LIVE RECORDED VERSION
    1. Short Term Rental Blueprint -0 Why
  12. Short Term Rental Blueprint -0 What
  13. Short Term Rental Blueprint -0 When
  14. Short Term Rental Blueprint -0 Who
  15. Short Term Rental Blueprint -0 How
  16. BONUS: LISTS, CHECKLISTS AND WORKSHEETS