Process of transitioning from STR to MTR!

[Colby Wartman]

Ive listened to Rob's youtube video, a couple of podcasts that have covered the topic but I am trying to find some specific processes/people that have gone through transition from STR into a more MTR. The podcast/youtube video did a great job of outlining what MTR is and how it works, but nothing for specific transitions from STR to MTR on the airbnb/vrbo platform. Looking for what it took to transition as it pertains to:

1. What needs to be done on AIRBNB? Do you still host on Airbnb?

2. Any changes any of you have done to the property to accommodate more MTR

3. Any other things you did regarding marketing/advertising for MTR!

4. Since its MTR now, you wouldn't have to collect lodging tax (state specific) but just collect rent?

Thank you so much!

[Travis Timmons]

I've switched a property from short term to medium term due a change in local laws at one of our properties. If you are in a medium to major city, it's as simple as listing it on furnished finder, checking the map as if you were a consumer, and setting rent based on comps. We've had half a dozen tenants and all of them came within a few days of listing on furnished finder. If you are at a distance, there is no expectation for potential tenants to see the place prior to move in. 

I will say that you can expect a better rent rate/higher demand if you are listing within 1-3 weeks of the move in/availability date. Most traveling medical professionals only get a couple of weeks notice after receiving a contract/job. There is far more demand than supply for a 1-2 week lead time. 

As for your questions - no changes to the property specifically. 1-2 bedroom units do better than 3+. If you take pets, there are a lot of applicants that have them. You can charge an additional 200-400 per month as a pet fee if you want to do that (I don't - not worth it to me). It's almost exactly like a long term tenant situation - screen the applicant, get proof of income/employment, ask for references, sign a lease. Most contracts are 13 weeks and more often than not your tenants will extend 1-3 months on their contract.