Working With a Traditional LTR Property Manager to do MTR Strategy Tips

[Shane Swart]

Hi All,

I am a long distance investor and have all traditional long term rentals with property managers managing them. I am currently renovating a three unit building that would be perfect for MTR as I know there is a high demand for furnished units for traveling nurses and this building is right next to a hospital. I know I could likely 2-3X my rent with the MTR strategy on this building.

My property manager is awesome at LTR and I have no intentions of switching. However, I have dropped it in conversation about exploring MTR and they don't seem overly enthused about it as I know in their eyes it means more turnover and perceived high maintaince tenants. I have a property manager because I prefer to be hands off with the tenant management, however I wouldn't mind assisting with posting on Furnished Finder and helping with marketing the property with the local Hospitals.

My question for the group: Has anyone had experience "selling" their property manager on the benefits of MTR and or hybrid managing a MTR with a property manager?

Any feedback is much appreciated!

[Nicole Heasley Beitenman]

That's tough. Yes, it's more work for them, but perhaps they don't realize it's also increased revenue. I would write a more detailed business plan including the increased fee they'll collect and the responsibilities you do and don't expect them to take on. Their hesitation may come more from not understanding your plan than it does from not wanting to take on extra work. Communication is always key.