🏠3 Top Short Term Rental Opportunities + News & HowTo's | #030

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Today’s Insights

• Top Investment Properties

• Knowledge Rundown: 3 Part Series on Optimizing Your Airbnb for Long-Term Success - Part 1: Maintaining your Property

• Hot News: The Aftermath of NYC's Short-Term Rental Crackdown: One Year Later

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

New Releases

11823 Dogwood Dr, Garfield, AR 72732

Inviting lake area home in Lost Bridge Village that would make a great vacation rental or full time home. Located less than 1 mile to LBV pool and lake access and an easy drive to a boat launch. The property includes 4 lots for ample parking. The primary bedroom and bath are located on the main level and an additional two cozy guest bed rooms are upstairs with a shared bath. New deck, new roof this summer and additional parking added on the adjoining lots.

🏠Quick Stats:

• $329,000

• 3 BR / 2 BA

• 1,346 sq/ft

💰Projections:

• Average Daily Rate: $278

• Occupancy Rate: 40%

• Projected Revenue: $41,000/yr

• Projected Operating Expenses: $10,300/yr

• Projected Net Operating Income: $30,800/yr

• Projected Gross Yield: 12.5%

Price Reduction

5828 W Morten Ave, Glendale, AZ 85301

Move in ready beautiful located in the historic district of Sands estates. This beautiful home features 4 beds 2.75 baths and a full remodel throughout the home. Step inside with nothing more than your personal belongings. Both the exterior and interior have been painted. Step outside to your own oasis with a sparkling pool. NO HOA! with plenty parking for all your toys.

🏠Quick Stats:

• $489,000

• 4 BR / 2.75 BA

• 1,957 sq/ft

💰Projections:

• Average Daily Rate: $240

• Occupancy Rate: 66%

• Projected Revenue: $57,700/yr

• Projected Operating Expenses: $17,800/yr

• Projected Net Operating Income: $39,900/yr

• Projected Gross Yield: 11.8%

Over 90 Days + Price Reduction

64025 Dolomite Ct, Desert Hot Springs, CA 92240

Welcome to your dream home! This stunning 4-bedroom, 3-bathroom property boasts 2,698 square feet of luxurious living space. The open layout is perfect for entertaining, with seamless flow from the spacious living areas to the breathtaking backyard. Situated on a huge lot in a tranquil cul-de-sac, this home offers breathtaking mountain views, you will love the sunsets and a sparkling swimming pool. Additional features include a versatile bonus room and a charming detached casita, ideal for guests or a private office. In the backyard you can easily build an ADU , you also have RV access. The location is perfect 15 minutes from Down Town Palm Springs, close to golf courses right across from Mission Lakes Country Club. Don't miss out on this exceptional opportunity to own a slice of paradise!

🏠Quick Stats:

• $555,000

• 4 BR / 3 BA

• 2,698 sq/ft

💰Projections:

• Average Daily Rate: $579

• Occupancy Rate: 43%

• Projected Revenue: $91,500/yr

• Projected Operating Expenses: $28,800/yr

• Projected Net Operating Income: $62,600/yr

• Projected Gross Yield: 16.5%

Knowledge Rundown

Optimizing Your Airbnb for Long-Term Success

Part 1: Maintaining your Property

The Key to Long-Term Success

Alright, fellow Airbnb owners, let’s talk about something that doesn’t get the same level of glamour as decor and design but is just as important for your long-term success: property maintenance. You might think of maintenance as the boring stuff you’d rather not deal with, but here’s the reality – it’s your secret weapon for keeping your place in tip-top shape, avoiding costly disasters, and ensuring that your Airbnb remains the five-star experience guests rave about.

So, how do you become a maintenance master? Let’s break it down.

Routine Maintenance Checklist: The To-Do List You Can’t Ignore

First things first – routine maintenance. Think of this like getting your car’s oil changed. If you ignore it, you’re setting yourself up for a big, expensive mess down the road. But if you stay on top of it, everything runs smoothly, and you’re a maintenance ninja.

Here’s your checklist of essentials:

• HVAC upkeep: Make sure you’re replacing air filters every 1-3 months (depending on use) and getting the system serviced annually. There’s nothing worse than guests complaining about a sweltering house in July because the AC broke down.

• Plumbing checks: Test for leaks under sinks, check faucets for proper water pressure, and ensure that drains aren’t clogged. A small drip now can turn into a mini flood later, so nip it in the bud.

• Appliance inspections: Your dishwasher, washer, dryer, and fridge are the unsung heroes of your Airbnb. Give them some love by checking seals, cleaning filters, and ensuring they’re running efficiently.

• Roof and gutters: Have your roof inspected annually, and clean out the gutters regularly. Water damage is like the villain in a horror movie – it sneaks up on you when you least expect it, so make sure you’re staying ahead of it.

Doing these routine checks might not be the most exciting part of owning an Airbnb, but it’s a small effort for massive peace of mind.

Preventative Measures: Stay One Step Ahead

Now, let’s talk about the art of preventing problems before they even happen. You’re not just a host – you’re a fortune teller, predicting what could go wrong and stopping it in its tracks.

For example, consider installing a smart thermostat to monitor the temperature and ensure your HVAC system isn’t overworked when the place is empty. Smart water sensors are another great investment – they’ll alert you at the first sign of a leak, so you can fix the problem before it turns into an all-out flood.

Speaking of water damage, make sure your bathrooms have proper ventilation to prevent mold buildup. And if you live in a humid area, a dehumidifier can be a game-changer in keeping moisture levels down. Mold is like that guest who overstays their welcome – it’s sneaky, annoying, and tough to get rid of once it’s settled in. Prevention is the way to go.

Hiring the Right Help: Your Backup Team

Even the most diligent host can’t handle everything on their own. That’s where your team of experts comes in – the contractors, cleaners, and handymen who keep your property running smoothly while you focus on other parts of the business.

Start by building relationships with reliable service providers. Don’t wait until something breaks to find a plumber or electrician – have a few trusted professionals on speed dial so you can handle any issues quickly. And don’t skimp on your cleaning team – good cleaners not only keep your place spotless but also serve as the first line of defense for spotting small maintenance issues before they become big problems.

Ask for referrals from fellow hosts or property managers, and make sure you communicate your standards clearly. A good relationship with your service providers can make all the difference between a well-maintained property and one that’s constantly falling apart.

Putting It All Together

Maintaining your property might not be as exciting as designing it, but it’s the backbone of your success. By staying on top of routine maintenance, taking preventative measures, and hiring the right help, you’ll keep your Airbnb running smoothly and avoid those dreaded emergency repair calls.

Remember, a well-maintained property isn’t just about avoiding problems – it’s about ensuring a great guest experience every time. And that, my friend, is the key to long-term success in the short-term rental game.

Hot News

The Aftermath of NYC's Short-Term Rental Crackdown: One Year Later

In September 2023, New York City started cracking down on short-term rentals, enforcing policies rooted in Local Law 18 and requiring host registration. 

The crackdown was aimed at curbing the proliferation of illegal short-term rentals and combating what city officials see as the negative impacts of STRs, namely growing rental costs and housing shortages for local New Yorkers. 

New STR requirements implemented by the crackdown included: 

• Short-term rental hosts must be present during the stay.

• Rentals may only host a maximum of two guests. 

• Guests must have full access to the unit. 

• Hosts must provide documentation to prove they live on-site.

At the time of its implementation, there were widespread concerns about how this law would reshape the short-term rental market in one of the world's most popular cities for tourists and business travelers alike.

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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