Whether you are on the management side of a short term rental or you have your own short term rental and hope to hire a manager someday, understanding rental management agreement contracts is essential.
We’re going to discuss the top 5 things that you may not think about in your contract:
In the contract, there will be an agreement that maintenance under a certain price point will be under the manager’s discretion to get it done without having to bother the owner. You want to have this fleshed out beforehand so it doesn’t become an issue or point of contention down the line.
In the contract between the manager and the owner, the manager is going to require the owner to carry at all times (and at the owner’s expense) public liability insurance. The owner needs to be covered and the manager or their business also needs to be listed as insured. Any insurance agent will be able to walk you...
We’re going to get down and dirty with cleaning!
Jill Mason is the founder and CEO of VRScheduler.com. She’s been working with property managers and cleaning companies for over four years to make them more efficient and accurate, and she’s recently pivoted into staff training with her new cleaning certification program.
Cleaning is not just about tidiness—it is about keeping your team and your guests safe.
Once COVID-19 arrived, many property managers were trying to figure out how to get their staff back out onto the field safely. Jill’s company, VRScheduler, combed through all of the information coming out of the WHO, the CDC, Department of Labor resources, and more to build out a comprehensive online course that is understandable for anyone. It’s filled with all of the protocols you need to know to keep yourself and others from getting sick.
As an example of what you might find in the course, it outlines very specific guidelines for deciding...
We’re always looking for great ways to elevate our guest experience, and one easy way to do that (and make more money!) is by offering concierge services.
Meghan Alfonso is the CEO and founder of GAT—otherwise known as Girl (or Guy) About Town—which is an Arizona concierge company that mainly focuses on incoming bachelorette parties and large groups. She started her business expecting it to be mainly consulting, but it has since grown tremendously.
We talk about what concierge services you could offer, how to handle setbacks in this line of work, reaching out to local businesses for referrals, and more. Hear who she got started, and how you can incorporate concierge services into your existing short term rental business, or even make it a full-time gig.
What if you could simplify the way you run your short term rental business?
Margot Schmorak is the CEO and co-founder of Hostfully, a property management software company that services thousands of properties worldwide and helps you do just that. Hostfully helps to automate guest communications, distribution across multiple platforms, and integrates with other companies in the vacation rental space. They empower property managers with an essential platform to be able to make choices about how they run their business.
One of the biggest opportunities for property managers is to do your own direct marketing. Google will be coming in soon and they will go around many of the top booking platforms such as Airbnb. You need to be prepared for that instead of trying to react. Working with a company like Hostfully will help you structure your data in a way that Google can read it.
There are so many variables when it comes to growing your business: the regulatory environment, the...
Are you interested in hopping into the rental world full time but unsure of where to start or how the numbers will shake out?
The world of co-hosting is an amazing place to start, especially if you are interested in the short term rental or vacation property world. Your income can be whatever you make it. We’re going to dive into the exact numbers and hours invested into a property and outline how you can make supplemental income all the way to full-time income in order to replace your career.
Keep in mind, our numbers are based on our Cincinnati, Ohio market. These numbers are also going to be conservative, based on our slow season. So let’s break down one example:
Basic 1 Bed/1 Bath.Tastefully decorated, not dated. Basic amenities (parking/wifi).
$2000/mo Short Term, $1100/mo Long Term
Monthly Time Commitment:
When people talk about starting a new business, one topic that doesn’t get enough attention is choosing your customers — but this is imperative to running a successful business.
When we talk about customers here, we’re referring to hosting clients — the owner of the property who you are partnering with. Co-hosting is one of the biggest opportunities out there for building a business, and you can start making money right away. But your success in that depends greatly on who you choose to work with.
What happens when you choose clients who you are incredibly aligned with? When your clients know who you are, like you, and trust you, they let you do your job and trust in your expertise. You’ll also be more likely to have the properties and amenities match your level of standards. And best of all, they will help you enhance your brand, leading to a positive reputation you can build upon.
So how do you find these aligned clients?...
Things are opening back up in the US! While we all take a moment for a collective sigh of relief, remember that COVID-19 hasn’t gone anywhere just yet. How can you prepare yourselves for a second wave and potential future stay-at-home orders?
To talk about that we have returning guest Steve Trover. He’s been in the vacation rental industry for over 20 years, so we lean on him and his expertise in preparing for the future. Nobody saw COVID-19 coming, but now that it’s here we have a chance to look ahead and prepare for what could potentially come in the future.
If you’re going to be in business, you have to be prepared for disruptions to occur. Make sure you have capital set aside so it doesn’t put you out of business.
You also need to be prepared to pivot. If we have another wave, we will likely see short term rentals halt — but we will still see mid- to long-term rentals be completely viable. Think about what that...
How do you juggle owning two businesses, starting your first short term rental, and filming a TV show at the same time?
Brad and Heather Fox are a married couple who own Fox Homes & Realty and Foxwell Design. Brad is a general contractor and broker and Heather is a designer. They were crazy enough to take on their first short term vacation rental while filming a show for HGTV.
They have been living and breathing real estate for the past 15 years. They had started as realtors before moving on to renovation and eventually starting their own general contractor company. They decided they wanted a vacation home — but they wanted others to help them pay for it. That meant that short term rentals were going to be their next adventure.
Not only did they decide to open a short term rental while operating two businesses, but due to delays, they ended up building it while filming the first season of HGTV’s Stay or Sell. They share the story of how...
How do you scale renting a single room into a whole fleet of short-term rental properties? That’s exactly what today’s guest did.
Catherine Williamson is one half of the very popular blog Beginning in the Middle. She and her husband are designers, renovators, and Airbnb Superhosts. In 2013, they moved from New York City to Columbus, Ohio, where they noticed a gap in the market for unique, well-designed spaces. They decided to pursue their passion for design and hospitality and have been working together to restore old homes ever since.
While living in New York City, the pace of the city started to burn them out and they questioned the kind of life they wanted to live. They decided to move to Columbus to have a better life. While looking at their finances, they made the decision to rent out a room on Airbnb to make a little extra money — and they didn’t expect how rewarding it was going to feel.
After a few months of renting out a...
Is downtime in your business leaving you feeling down?
Don’t worry! We’re going to outline 5 things you can do during a downtime — whether it’s a slow season, you need to take a break from hosting, or for any other reason — to make your listing even better when you’re rarin’ to go.