Extended Stay Short Term Rental Property Managers?

[Wade Alderson]

I am just getting started doing extended stay short term rentals (I am about 3 months out from being up and running) but I might be moving in 2 years or so. My question is does anyone know if Evolve or Turnkey who will manage (in different ways) short term rentals do the same for extended stay? I mean it makes sense but since I do not actually have a unit up right now I don't want to call them so if you know I would love to hear what you have to say.

[Ethan Cooke]

@Wade Alderson - Yes, I think Evolve and Turnkey will do this for you. Last I checked, Evolve charges 10% of total revenue to manage marketing and guest bookings, and you can pay extra for them to also manage cleaners, re-stocking, etc. I imagine they would love to take 10% on a long-term rental since it’s less work for them. 

I encourage you to look for local property managers since you can probably find a better deal. I run several furnished rentals in San Francisco and just south, and I charge about 10% of revenue for marketing, communications, booking, maintenance and coordinating the cleaners. 

Good luck!

Ethan

[Luke Carl]

@Wade Alderson Just manage it yourself all you need is a smart phone. I self manage 13 properties in 3 different markets; 5 of which are vacation rentals. I’ve run 22 full marathons, I have a family and a day job. I also eat thunder and crap lightning.

[Julie McCoy]

Originally posted by @Luke Carl:

@Wade Alderson Just manage it yourself all you need is a smart phone. I self manage 13 properties in 3 different markets; 5 of which are vacation rentals. I’ve run 22 full marathons, I have a family and a day job. I also eat thunder and crap lightning.

 I thought you ate lightning and crapped thunder?  

Seriously, though, I agree with Lucas - during the time you're living there get a couple of good housekeepers lined up and a handyman, put up an electronic lock and off you go.  No need for a property manager, especially for longer term rentals.  You even have the luxury of being nearby in the beginning - you'll work out all the kinks with the first couple of guests, after that it's just keep doing what you're doing.

[Paul Sandhu]

@Luke Carl is also a reverend.  I hear his sermon every day.

But seriously, I would make sure that there are spare LED light bulbs, two toilet plungers (kitchen sink), an extra flapper for every toilet, a working vacuum cleaner, mouse traps, etc.  Before you move, I would cut back any encroaching trees, repair any masonry or concrete, and do any preventive maintenance on the septic or sewer system.  Also, change out all you light bulbs to LED bulbs.  If you can get your hands on some Chlordane, treat the exterior for bugs.  If you can't, well, that's too bad.  Treat it anyway with something that will last 5 years.  Also replace any borderline shingles and make sure the guttering is in top shape.  Water is one of your worst enemies, so are insects and rodents.  

I've gained 1.0" on my arms since I started lifting weights in September.  My loose shirts are now tight shirts. 

[Wade Alderson]

@Ethan Cooke for the very wise words of experience. Thanks for the heads up @Luke Carl I am not that kind of guy but if I can do it like you do I will give that a try. @Julie McCoy Thanks for the imput I was going to do the AirBNB thing but for the life of me can not imagine why anyone in their right mind would want to vacation in Oklahoma so before figuring that all out I was in talks with hotel house keepers and in the process of talking to my network to find reliable handy people (if there is one thing Oklahoma excells at it's half wits saying they can do something they have no experience at but are willing to waste your money pretending to learn how to do the job.) 

[Luke Carl]

@Wade Alderson if people don’t vacation in your market why would you want to do a short term rental?? What am I missing here? If you’re going to hire a PM on a condo you’re likely to break even every month if you’re lucky. VR PMs are generally very pricey. @Julie McCoy am I missing something here or does his plan not make sense?

Are there other condos in these buildings on AirBnB and are they making money? It’ll take you about 5 minutes to answer both of those questions and that’s all you need to know! 

In this case why bother with short term at all? Just buy properties that will cash flow with a tenant. Set it and forget it! 

[Wade Alderson]

@Luke Carl I am SO VERY SORRY that I did not make myself clear. I want to go with Corporate Rentals with like extended short term that are 30 days or longer with things like Nurses, FDIC Agents, Oil Workers, you know those people who have to go into a hotspot to make things right and get paid BIG BUCKS for what they do and pay for like 3 months at a time.

[Paul Sandhu]

@Wade Alderson I hate to be the bearer of bad news, but this pool of nurses, FDIC agents and oil workers is not that big and they don't make as big of a buck as you think. I've rented to travelling nurses, I personally know 2 FDIC agents, and I've rented to about 1400 people associated with the oil and energy production industry. There have been about 20 people out of those 1400+ that I have rented to that make "BIG BUCKS", as you say. Of those 20 people, half of them travel with a $80,000 camper but they had mechanical issues with it when they rented from me, and that is why they rented from me.

98% of the people I rent to want something better than a motel that costs less money.  That is what I give them.  23 STRs, 82 beds.

[Wade Alderson]

@Paul Sandhu with respect from what I know to be true is that the average american has an income right around $30,000 per year (I know when I was working at Franklin Templeton Investments I was making a whole lot more but we are not talking about people like me, we are talking the "average"), My sister worked for the FDIC and I know she was making like $73,000 a year as one of there agents (she said she makes about average) who traveled to different banks to either get them back into regs or close them down (a whole lot of banks are outside their 3 month late payment so if there was ever a run on banks about 1/3rd of banks in America would not be FDIC insured), I can't speak for travel nurse directly but if the average nurse working in a hospital is making around $80,000 a year and there are 200,000 gypsy nurses I am thinking that focusing on furnished rentals with a 30 day minimum is a great way to get around uppinty pin heads who are looking for something to complain about and local regulations, and I think that by marketing to people who by the nature of the work they do are forced to reallocate is the smartest way to get more renters with less vacancies. But again, this is all just from my studies about how things work and my education is ever changing. If Dodd Frank had never come along I would still be flipping mobile homes and doing the "Seller Finance" trick. But those days are gone and we all have to be like sharks… we "Just Keep Swimming" or we die. And to be honest… I am just looking to generate the income to start investing in grade A Broker Grade A Life Settlement policies (I know a lot of uneducated (and some very clever people who make their money off of stocks or real estate) people bad mouth LIfe Settlements but if it's good enough for Warren Buffet than it's good enough for me. I am not looking to be making $1,000,000 a year I am just looking to be making what The Woodrow Wilson School at Princeton University calls "The Good Life" adjusted up (but never down) for the cost of living and as of 2018 that's around $80,000 a year. The Woodrow Wilson School at Princeton University has done study after study that pretty much proves that is the sweet spot and anything over that really is just bragging rights.

[Joe Lee]

Hi Wade, I just signed up here, and did a few searches and came across this. Sorry to bump an old thread, but Lucas is definitely right about managing yourself. There really isn't much to it. Especially if your gonna rent to the same crew Paul does. I rent to the same guys down in Texas and they want exactly what he said. Something better than a hotel, and a little bit cheaper. If your still getting into this, check out my site www.bluecollarhousing.com and give me a call. I'll put your places on there it wont cost you a penny. We aren't huge but working on it. 

[Ken Latchers]

The average American makes over $40,000 I am pretty sure. 

[Paul Sandhu]

I'll vouch for @Joe Lee.  He has a good website that is very specific to traveling refinery workers.  It just needs more traffic.

[Joe Lee]

Thanks Paul. I had put it on the back burner for past few months, been very busy with my rentals. Last quarter of 2018  and first part of this year has been brutal maintenance wise but I'm going back to work on the site. 

[Rhonda Blue]

Short term property management is a reality. Just like Long term rental property management. I have 4 Long Term Properties in Huntsville, AL and use Dietrich Rentals from the beginning for 10% management. I know the amount of effort managing my 5 STR is way more effort then year long leases that they manage.

Find a local company if you can.