🏠3 Top Short Term Rental Opportunities + News & HowTo's | #023

Today’s Insights

• Top Investment Properties

• Knowledge Rundown: 3 Part Series on Maximizing Your Short Term Rental Profits - Part 3: Marketing Your Rental

• Hot News: Homebuyers Have Gained Nearly $30,000 in Purchasing Power Over the Last Month Thanks to Mortgage-Rate Drop

• Productivity: 5 Short Term Rental Tools to boost your productivity for Navigating the Business Side of Short Term Rentals.

New Releases

9133 Rusty Rifle Ave, Las Vegas, NV 89143

Welcome to a sought-after two-story home tucked away in Las Vegas' Spring Mountain Ranch community. With 5 bedrooms, a pool, and a 3-car garage, this property combines style and functionality in its 2,816 square feet. The main level features a formal front living room with a vaulted ceiling, an adjacent dining room, and an upgraded kitchen that seamlessly connects with a spacious family room anchored by a cozy fireplace. A guest bedroom is conveniently located on this level. Upstairs, a spacious loft, a luxurious primary suite with a balcony and custom closet and well-proportioned secondary bedrooms await. A laundry room completes this level. Outside, a low maintenance backyard with a covered patio awaits, offering a tranquil oasis. Enjoy the convenience of being near parks, schools, shopping, and easy freeway access from this desirable location.

🏠Quick Stats:

• $615,000

• 5 BR / 3 BA

• 2,816 sq/ft

💰Projections:

• Average Daily Rate: $518

• Occupancy Rate: 51%

• Projected Revenue: $96,000/yr

• Projected Operating Expenses: $29,900/yr

• Projected Net Operating Income: $66,000/yr

• Projected Gross Yield: 15.6%

Price Reduction

815 Westminster Rd, Traverse City, MI 49686

Located in a prime spot, this home offers walkable access to the college, beach, civic center, TART trail, and downtown Traverse City. Nestled in a sought-after neighborhood at the end of a quiet cul-de-sac, you'll enjoy minimal traffic. The main floor features three bedrooms, while the lower level includes two additional non-conforming bedrooms and an extra bath. This charming residence boasts fresh paint on the main level, a cozy brick fireplace, sleek contemporary concrete kitchen countertops, and a new hot water heater installed just two years ago. Step out from the kitchen to a private, fully fenced backyard deck, perfect for pets and relaxation.

🏠Quick Stats:

• $418,000

• 4 BR / 2 BA

• 2,151 sq/ft

💰Projections:

• Average Daily Rate: $505

• Occupancy Rate: 43%

• Projected Revenue: $78,500/yr

• Projected Operating Expenses: $24,000/yr

• Projected Net Operating Income: $54,500/yr

• Projected Gross Yield: 18.8%

Over 90 Days + Price Reduction

4521 S Vincennes Ave, Chicago, IL 60653

PRICE IMPROVEMENT: Welcome Home to this all Brick Single Family property in the heart of Bronzeville. A complete gut rehab which includes a new roof, electrical, HVAC and plumbing with all modern interior finishes. The property boasts 3 levels of living space with 5 bedrooms and 3.5 baths. The open living space on the main floor leads to the all new contemporary chef's kitchen with all new stainless steel appliances which is great for entertaining. The top floor has 3 nicely sized bedrooms which includes an ensuite master bedroom. The lower level of the home has two additional bedrooms and full bathroom. The property also includes a detached one car garage in the rear. Easy access to public transportation, Lake Shore Drive, 15 minutes from downtown Chicago & 5 minutes to a variety of Hyde Park's dining and shopping options. Schedule your private viewing today and see all this home has to offer!

🏠Quick Stats:

• $644,500

• 5 BR / 3.5 BA

• — sq/ft

💰Projections:

• Average Daily Rate: $554

• Occupancy Rate: 42%

• Projected Revenue: $85,200/yr

• Projected Operating Expenses: $27,800/yr

• Projected Net Operating Income: $57,400/yr

• Projected Gross Yield: 13.2%

Knowledge Rundown

Maximizing Your Short Term Rental Profits

Part 3: Marketing Your Rental

The Art of Attracting Guests

Alright, intrepid rental owners, let’s dive into the high-octane world of marketing your short-term rental. This is where you get to showcase your property to the world and make it irresistible to potential guests. Think of this as creating the ultimate dating profile for your rental – you want it to stand out, look its best, and attract the right kind of attention. Let’s break down the magic.

Optimizing Listings: Your Digital Curb Appeal

First, let’s talk about your listing. This is your property’s digital curb appeal, and it needs to make a stellar first impression. Here’s how to make it shine:

Photos Matter: Good photos are non-negotiable. Invest in professional photography – it’s worth every penny. Highlight the best features of your property with bright, well-lit photos. Show off the cozy bedroom, the sleek kitchen, and the inviting living space. Remember, people scroll through listings quickly, and you want your photos to stop them in their tracks.

Compelling Descriptions: Your words need to paint a picture. Describe not just what your property has, but how it feels to stay there. Instead of saying “2-bedroom apartment,” say “Cozy 2-bedroom apartment with stunning city views and a chic, modern design.” Use sensory language to help potential guests imagine themselves in your space.

Highlight Amenities: Make sure you list all the amenities your property offers. Free Wi-Fi, a fully stocked kitchen, washer and dryer – these details can be the deciding factor for a guest.

Leveraging Social Media: Your Rental’s Megaphone

Next, let’s talk about social media. This is your rental’s megaphone, and it’s a powerful tool for reaching a wider audience. Here’s how to use it effectively:

Instagram Brilliance: Instagram is all about the visuals. Post stunning photos of your rental, highlighting different features and aspects. Use stories to give potential guests a behind-the-scenes look or a virtual tour. Engage with followers by responding to comments and messages.

Facebook Engagement: Facebook is great for building a community around your rental. Create a page for your property and post regularly – updates, local events, guest testimonials, and special offers. Use Facebook ads to target specific demographics and reach potential guests who might not have found your listing otherwise.

Pinterest Inspiration: Pinterest is a hidden gem for rentals. Create boards with beautiful photos of your property, local attractions, and travel tips. Think of it as creating a mood board that potential guests can get lost in.

Getting Reviews: The Social Proof Powerhouse

Lastly, let’s talk about reviews. Positive reviews are gold. They’re the social proof that tells potential guests your rental is the real deal. Here’s how to maximize them:

Encourage Reviews: After a guest’s stay, send a friendly follow-up message thanking them and gently encouraging them to leave a review. Make it easy for them by providing a direct link to your review page.

Respond to Reviews: Engage with every review, whether it’s positive or negative. Thank guests for their kind words and address any issues raised in less-than-stellar reviews. Show that you’re attentive and committed to improving the guest experience.

Highlight Reviews: Feature glowing reviews in your listings and on social media. Potential guests are more likely to trust the experiences of past guests.

Putting It All Together

So, what’s the secret sauce for marketing your rental? It’s a mix of killer listings, smart use of social media, and stellar reviews. Make your property look and sound irresistible, leverage the reach of social media, and build a solid reputation with glowing reviews.

Remember, marketing isn’t just about getting people to see your rental – it’s about making them fall in love with it. When you get it right, you’ll see more bookings, happier guests, and a thriving rental business.

So go forth, channel your inner marketing guru, and watch your rental become the talk of the town.

Hot News

Homebuyers Have Gained Nearly $30,000 in Purchasing Power Over the Last Month Thanks to Mortgage-Rate Drop

House hunters should consider jumping into the market now, with last week’s soft jobs report sending mortgage rates to their lowest level since April 2023.

Daily average mortgage rates have dropped to their lowest level since April 2023, welcome news for homebuyers who have been waiting for affordability to improve. 

A homebuyer on a $3,000 monthly budget can afford a $466,000 home with a 6.35% mortgage rate, roughly the daily average on August 5. That buyer has gained nearly $30,000 in purchasing power over the last month alone: They could have purchased a $437,250 home with a 7.15% rate, roughly the daily average at the start of July. And that same buyer has gained more than $40,000 in purchasing power since April, when mortgage rates hit a five-month high of about 7.5%.

Continue Reading → Here

Productivity

5 Short Term Rental Tools to Supercharge Your Productivity for Navigating the Business Side of Short Term Rentals

1. Guestly: This platform streamlines operations with features like automated messaging, dynamic pricing, and channel management.

2. QuickBooks: Efficiently manage income, expenses, taxes, and generate financial reports to understand your business's performance.

3. Smoobu: Streamline communication with guests, automate messages, and manage inquiries efficiently.

4. Beyond Pricing: Optimize your rental rates based on market demand, seasonality, and competitor pricing.

5. Jobber: Efficiently schedule cleanings, maintenance, and repairs, ensuring your property is always ready for guests.

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