Systems on setting up short-term rentals

[Leon Lee]

Fellow STR investors

As I am in the middle of setting up my fourth STRs and have another three to finish by the end of year, I wonder whether you all have any kind of systems to streamline the setup process? I have a full-time job and balancing the job and my small business seems to be critical too before the retirement. These are small projects I referred to on setting up a STR:

1. cosmetic repairs, i.e., replace toilets, replace shower drain flange.

2. Installation of curtains, mirrors, etc..

3. Assemble furnitures, mount TVs

It seems that if I contract out all of these small projects, it can easily costs thousands of dollars. On the one hand, I am trying to do the majority of these projects, especially those that I am good at, but on the other hand, I heard constantly that we should focus on only things that we are the best at. If you hire handymen to do these projects, do you have a list of fees for these small projects, or you pay them by hours? 

Any thoughts will be greatly appreciated!

Lee

[Joshua Strickland]

I’m all for a good fixer upper project, but it actually hurts your business in the long run.

By hiring these projects out you get the ooportunity to better relationship with your local handyman, plumber, 
electrician, etc. This way when you call them with an emergency you aren’t a new face, but rather a loyal paying customer. Treat them right and pay them a fair wage so they will look forward to your call. Makes your life a lot easier in the long run. I also try not to nickel and dime my vendors, but rather set clear expectations up front.

For example: I’ve even offered to pay an extra fee for them to include pictures of their work so I know it’s been done properly. 99% of the time they decline and say that it isn’t necessary and it sets you off on the right foot.

Also if they do bad work, the. At least you learned who not to use in the future.