Driving Towards FIRE,  Investing In Retirement

Investing in Real Estate: Short Term Rentals (Part 5, the Finale) MAINTAINING

Investing in Real Estate: Short Term Rentals (Part 5, the Finale)…MAINTAINING

As we depart Nashville (sorry Nashville Fam, not enough time to visit) on to our next stop, we wanted to share the finale to our Short Term Rentals Mini Series.

1. Plan for updates, general maintenance, and upgrades at least every 3 months. Depending on your guest turnover, things WILL wear down.

2. Improvements. What additions can you add that separates your place from your completion? What would you like to have as a guest?

3. Refresh your AirBnB and VRBO listing. It’s best to do this at least twice a year or if you’ve added something new for your guests! Promote, promote, promote.

4. Keep in close contact with your cleaning team. Ask them what’s missing for them to keep your space top notch. Keep that communication open and allow them to be involved so they feel apart of your success.

5. Speaking of cleaning team, if you had a phenomenal year with high remarks for cleaning….GIVE THEM A BONUS. And I’m not talking about a Christmas ham. Your success is their success. A dirty STR/VR is not something you can easily overcome.

6. Schedule contractor work or services during your “off season”. Instead of taking away revenue during your busy season, it’s much easy to do this when it’s slow.

7. Don’t forget to refresh your properties pictures. If you’ve added new and shiny things, show them off.

8. Deep cleaning. Do this as often as needed, but even some of the best cleaners miss things from time to time.

9. Pricing. Review pricing at least weekly. This is one of the things that keeps us the busiest. Stay aggressive but offer discounts. PLAN HOLIDAY PRICING WAAAAY IN ADVANCE. I promise, guests will book Thanksgiving 6 months in advance. If your prices aren’t set, you could lose some revenue.

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