How to Pivot from Long Term Rentals to Short Term Vacation Rentals

THE Ten Identifiers to compare!

 

Have you had a challenge in this market finding the right investment property? Are you a landlord that is weary from covid restrictions, eviction moratoriums and just making your rental profitable – I mean isn’t that why you bought it in the first place?

I went from being buy and hold landlord to a vacation rental landlord and realized a 200% increase in the rent collections in the very first month!

I discovered a way to pivot from long term rentals to short term rentals, and I produced ten identifiers or questions to check out if your long-term rental can be converted to a long-term rental.

I have included the link below so you can have my ten identifiers with the comparison for long term vs short term rentals for each:

Click Here!

The top areas to analyze to see if your long-term rental can be converted to a short-term rental are:

Ø  Location

Ø  Lease Term

Ø  Rent/Rent Calculations

Ø  Marketing

Ø  Repairs/Maintenance

Ø  Holding Costs

Ø  Management

Ø  Startup Costs

Ø  Security Deposits

Ø  Size

In the link, you will find how I compare each of these ten identifiers as I like to call them to see if your long-term rental would make a profitable short-term rental.

A bonus consideration for short term rentals:  

Ø  Organization Skills

Ø  Hospitality Mindset

As a long-term landlord, you want to provide a rental for a tenant that does not affect the safety, health, and welfare of a tenant, but when you are a vacation rental host, you really need to up your game.  

You will be rated on:

v  Response times (you will be rated on that)  

v  Guest satisfaction – for great reviews, and repeat business

AND

v  Responsiveness to your guests wants and desires!

In the beginning, I had to time block my other activities. I was fielding booking requests, guest accommodations and making sure the check in process went smoothly for our guests.

Bonus Tips:

1.       Have a great (not good) and I do mean great cleaning staff – dependable is so important, the ability to get the job done in between guests. Do not cheap out here, this is the number one reason a guest may cancel or complain about your property.

2.      Create a fun welcome book with suggestions on where to eat, things to do

3.      If you don’t have a fantastic location – what amenities can you provide? For example, we were not on the water, or close to a major attraction – close but about 10–15-minute drive, so we added a hot tub!

4.      Pet friendly – if you do a search on any of the platforms, you will find most people are not pet friendly – we have found a way to make a pet friendly environment while cutting down on wear and tear by providing:

a.       Pet pads for the furniture

b.      Enclosed area outside

c.       Doggie needs – bowls, mats, and all-important doggie poop bags!

People love taking their pets with them, and you can really increase your bookings if you can find a way and can tolerate pets in the property it is a terrific way to have an advantage over the competition.

So, if you have been considering pivoting into the short-term vacation rental market, now is the time – and time for you to take action.

Download my ten identifiers and get started today!

Start Now!

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