Hardest Lessons Learned from Short Term Rentals

[Wendy Schultz]

What have been your hardest lessons learned in short term rentals? I'd be curious to hear the experiences that others have had. I'd say my hardest lesson learned is overestimating how quickly a new property will reach my revenue goals. I haven't allowed for much of a ramp up period and as a result, haven't budgeted the funds to cover the expenses in the beginning. I'm getting much smarter now though. How about you? 

[Tim Schroeder]

I learned Julie's lesson about WiFi passwords quickly. Stick with defaults.

HVAC systems are a pain in the ***. If it's old, replace it the day you close. 

I thought people would like my fancy touch-screen Ecobee thermostats but they have trouble with them and they're not as easy as Nest. I'll buy Nest next time. But I do like the WiFi remote-control aspect. I also have remote-control door locks, cameras, and motion sensors. I love them all.

Linens are expensive, and you need three sets

Guests are hard on linens, you'll be replacing them on a regular basis

Guests will call the "Emergency Number" a.k.a. my cell phone, for stupid stuff like "how do I use the spa?". I learned to use Do Not Disturb on my phone very quickly.

Your cleaners are your best friends. Get a good one and treat them well.

It's not "passive income" like they say. It's a hospitality business and it's a lot of work in the beginning -- like several hours every day after work for months, then it settles down then takes maybe 3-4 hours a week. But if done right, the returns are WAY more than most people make on LTR's.