CCIM · Des Moines, IA · Member since 2014 · 341 posts · 170 votes
My family and I are about to buy our first STR in Florida. We are purchasing in a nice community, so I'm making the assumption that the possibility of theft from outside parties (non-tenants) will be low. But what if a tenant takes a particular liking to my gaming system or my rustic chic lamp? Doubtful that they'll be taking off with my fridge... What tactics do you use to make sure that doesn't happen or gets noticed when it does? I thought of having my cleaning crew do an inventory, but how realistic is that? And same thing with damage? I'm not worried about going after the renters for the the small items that get damaged. I've taken my kids to a lot of Airbnbs and know that things can get broken. But the bigger/non-typical damage.
What's your experience been? Are there better questions that I should be answering?
Real Estate Agent · USA · Member since 2016 · 909 posts · 1k+ votes
6y
The good news is, this doesn’t happen often at all. The bad news, in my opinion, is it’s just kinda the cost or doing business. In 5 years across 6 vacation rentals, we have only had theft or damage a handful of times. Although towels etc do have a way or disappearing.
Real Estate Agent · USA · Member since 2016 · 909 posts · 1k+ votes
6y
The good news is, this doesn’t happen often at all. The bad news, in my opinion, is it’s just kinda the cost or doing business. In 5 years across 6 vacation rentals, we have only had theft or damage a handful of times. Although towels etc do have a way or disappearing.
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
6y
What she said ^^^. It's a cost of doing business. I have a lot of nude paintings that have disappeared from my places. It's just a cost of doing business. It's not like I'm losing much money. I buy them on eBay for 2-3 bucks and make the frames myself for about a dollar. I also bought a bunch of adult DVD's and printed out some advertising on labels and put them on the jacket of the DVD's. I leave them in my STRs. They are always gone when the tenants move out.
I rent to refinery contractors. Big burly guys with neck tats that drive jacked up 4x4s. Welders, fitters, boilermakers and other such ruffians.
In the 3 years we have been active, we have lost a waffle maker, 2 pillow cases, 1 bath towel and 1 beach towel.
Have had one small piece of trim knocked loose, fridge door was ajar and had some ice build up, and the worst was someone broke the locking mechanism on a window. AirBNB refunded the cost of a replacement.
Just be ready to take care of things as they pop up!
CCIM · Des Moines, IA · Member since 2014 · 341 posts · 170 votes
6y
@Michael Baum, @Avery Carl. I appreciate your feedback. I totally expect towels and things to go missing, not a huge deal. I need to do some research on just how nice of furniture to put in the place. It will be around $250/night 6-bed house, so not a cheap rental, but not a small house either. Don't want to over-furnish and spend my future profit, but don't want to skimp and not get the full rent value, and have furniture that wears too fast.
@Paul Sandhu You certainly have a different clientele... A good friend of mine is a pipeline welder, so I'm aware of the type of renter. But they make a decent income and are willing to pay good money for their rentals.
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
6y
Hey @Chase Keller, our home is similar. We sleep 10 at $289 a night. I suggest that you scour Craigslist/OfferUp/LetGo for USA made furniture used. That is what we did and it is doing very well and we didn't pay a ton for it either.
I also use the Zinus Green Tea mattresses and they have been awesome. Everyone likes them.
Real Estate Agent · USA · Member since 2016 · 909 posts · 1k+ votes
6y
@Chase Keller the sale section of wayfair.com always has some really good deals on nice modern furniture in a lot of different styles/themes. It’s as nice as it needs to be! No need for expensive vintage furniture or anything like that.
Investor · Shelton, CT · Member since 2016 · 218 posts · 225 votes
6y
@Chase Keller this is why we treat our cleaning crew as if the ground they walk on is sacred. They are your eyes and ears on the ground and if trained properly will do a rough inventory on each turnover. Your property is by no means cheap so keep in mind you’re getting a different genre, if you will, of clientele. It’s not as if recent parolees will be booking that will steal all your forks and spoons. Lol
I've had vacation rentals at the beach for almost 30 years. The amount of rent being paid doesn't seem to matter. I've had more damage in the last 10 than the prior 20 years. People just seemed more respectful and appreciative a generation ago. So do not put anything in the house that you really care about.
Use easy to clean slipcovers on all upholstered pieces. Loose back cushions are a must if you allow pets. The sofa or chair arms will take a beating so buy arm covers if you buy new. In beach areas expect lots of wet towels, bathing suits, iced glasses on surfaces so go with painted or laminate for tables, side tables. Anything scrubbable. IKEA is excellent for side pieces. Great price and you can paint the ready to finish ones in sharp colors that make the decor fun.
You can't go cheap but you can go cheaper. Hit the sales. Buy 4 or 5 sets of silverware. Teaspoons disappear. Forks get bent from prying something open. Use the extra sets as replacements. Corelle dishware is almost indestructible. I lost a house in Hurricane Michael and the only items left on my lot were 2 Corelle cereal bowls and a casserole dish cover. Buy extra board games on sale and plan to replace. They take a beating.
You can't go cheap on outdoor furniture. Cast aluminum and stainless steel fastenings only for beach areas. Powder coated steel will rust. Cheaper resin chairs break easily.
Small kitchen appliances will go missing some years. But I believe in a well stocked kitchen though with a crock pot, waffle iron, griddle, blender, salad spinner, snow cone maker, etc. Just part of doing business.
Ditto Michael Baum on those Zinus memory foam mattresses. Can't be beat. I start the season with two waterproof matress covers. Usually end up with only one left. IDK if they became stained and thrown out or the cleaners lose track of them, the mattresses have remained clean. I've used better comforters and cheaper ones and don't seem to get more than a few years use on either type. Watch the sales and plan to replace.
Self management wasn't possible 30 years ago unless you lived there so I've had a variety of PMs through the years. Most had to be prodded to actually file insurance claims but it does help fix things like a shelf being ripped off a freezer door, broken dining room chairs, and fan blades that had balloons taped to them, etc. Also TDI does not cover out and out theft. All the owner knows is that it's "gone". The cleaners cannot be expected to inventory. PM inspectors are supposed to catch missing and damaged items but they don't. Ideally you would eyeball your property yourself.
The bottom line is people are on vacation and want to enjoy themselves. You want to provide a quality experience. Keep the decor fun but simple and not fussy. Adults are busy talking, kids are maybe not being watched as closely, teens are gathered and get goofier than usual so stuff happens. If you are going to use your property as your own second home, you have to remind yourself that the rental use is also your business and roll with the punches.
Thanks @Glenna Wood, lots of good insight. We will be using as a 'second home'. But we've had rentals for 10+ years, including our previous homes, so we understand that we have to treat it like a business.
@Vincent Chen We are looking right around Disney. We go a couple/few times a year anyway, so this is an easy first STR for us. We have talked about it before in other places we go a lot; NYC, Colorado, Bahamas, etc. But we'll start by Disney and learn from that.
@Chase Keller I didn't read through all the responses, but here is what I have learned over the last 20 years:
Don't put amazing/expensive things in your home. Get the big TV, but the off brand. Home Goods and Costco sell great art work. If you really like something, screw it into the wall.
We learned a long time ago that discounted (mostly last minute) rentals usually bring in the trashy people (here in South Florida). The money was not worth the headache.
I wish you luck in the Disney area. We looked hard there a year ago. Which neighborhoods are you considering?
Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
6y
It's hard to prepare for these types of events that can't be foreseen. It may or may not happen, and chances are that (hopefully) it won't happen. If it does, there isn't much that can be done, unfortunately. Best of luck on your rental.
CCIM · Des Moines, IA · Member since 2014 · 341 posts · 170 votes
6y
Thanks @Frank Borzen and @Marlen Weber. I appreciate the feedback. We are looking in the Kissimmee area generally and focusing on the Windsor Hills community right now.
