Furnished Finder? Is it worth it?

[Account Closed]

I'm contemplating whether to list all my units on Furnished Finder, but I'm unsure if it's a worthwhile decision. Could anyone share the advantages and disadvantages of joining this platform? I'm aware of the associated property fee, but I'm curious about other aspects, both positive and negative. If any hosts have experience with Furnished Finder, your insights would be invaluable in helping me make an informed decision.

[Allen Duan]

Quote from @Account Closed:

I'm contemplating whether to list all my units on Furnished Finder, but I'm unsure if it's a worthwhile decision. Could anyone share the advantages and disadvantages of joining this platform? I'm aware of the associated property fee, but I'm curious about other aspects, both positive and negative. If any hosts have experience with Furnished Finder, your insights would be invaluable in helping me make an informed decision.

At $99 a year, it's a no brainer. Don't overthink it.

[Matt Devincenzo]

Yes, it's very cheap considering. My furnished unit I received one lead this year on FF that worked out. My other leads were from Airbnb, so by far FF was not the primary booking lead/tool. But my FF cost was $100/yr where Airbnb ended up with 4-6X that amount, which I gladly pay for the ability to keep it full. So its another tool in the bucket.

[Jamie Banks]

Furnished Finder is one of the leading sources of tenants for my portfolio of 20+ properties. Some properties I manage have had tenants that were only sourced from Furnished Finder. Others have only gotten a few leads. Either way, in the medium term rental industry it's essential to list on as many platforms as possible. Furnished Finder's draw is that after paying the yearly fee, Furnished Finder doesn't take any commissions. Airbnb and the other OTAs charge at least 3% which ends up being much higher than $99 depending on your price point. It's worth the upfront expense. 

[Andrew Bosco]

I'd just post. What's the worst that you can do? No leads? Well, you found out marketing was poor, pricing off or there is supply/demand issues. Check out these links to check demand; 

1. Furnished Finder - General MTR Data
   1. Furnished Finder Traveler Search - manual way to see the competition
   2. Furnished Finder Budget Tool - Good overview of market. Similar to A, but with stipend input

[Bonnie Low]

Is your question about furnishing and listing a rental property or just about the listing itself? If you're contemplating converting your unit to a furnished one, that's a much bigger question. If it's simply a question of whether or not Furnished Finder is a good place to list your furnished property, then I would say yes without hesitation. But here's the thing you need to understand about FF. It does not work like Airbnb or the other OTAs. On those sites, you can list your property and guests can book it through that platform. Furnished Finder is a lead generation funnel only. So you can list it there and people can reach out to you, but the booking does not take place through FF. You need to manage the booking yourself and people do it in all sorts of ways. If you want to be successful on FF, you have to be proactive because there is no way for prospective guests to book your place if you aren't. In a nutshell, here's what happens:

- you list your property on FF ($99/yr)

- interested guest sees it. They will either be a matched lead (your property meets all their criteria) or an unmatched lead (your property meets some of their criteria)

- if a guest is really interested, they'll send you a message on FF. Note that the FF messaging platform is clunky and slow so you may not see messages right away. Occasionally, they may reach out to you via phone or text because your contact info is available to them.

- more often than not, YOU reach out to the interested guest. I recommend you do this off platform because FF is clunky and slow and there are no penalties for doing so, unlike Airbnb

- if it's a good fit for both of you, you proceed with whatever your process is (usually this will be an application, background check, lease, deposit)

I say all this just to show that yes, it's cheap to list it there and in my experience it is VERY effective, but it requires legwork and follow up on your part. And while it does require this work on your end, the typical length of stay is in the 30-90 day range so you're only doing it a few times per year. All my guests have been traveling medical professionals who sign 13-week contracts so I'm only re-leasing 4 times/year. I stay at max occupancy listing my unit on FF only. I do not use an OTA for my midterm rental. Hope this helps.

[Elisa Michals]

I have lots of luck with FF- for smaller units like a studio or one bedroom. It's not as great a lead for a furnished house... where insurance companies are a better fit.

[Joey Banasihan]

Hey @Account Closed! Great questions, many have spoke on this so I will try to keep mine brief but add as much value as I can :)

Advantages:

- Low Costs: I believe the overhead costs are minimal compared to other platforms. For me this includes subscription fee, property management fee, & background/screening fee.

- Less Competition: Most places that have furnish finder rentals are not as saturated as STR that do 30+ rentals. With low saturation in most areas, you can strategically put yourself a head of the competition.

- Quality of Tenants: I believe the type of tenants coming through are of higher quality; you will still must screen them appropriately, but overall the pool of applicants tend to be a better quality overal.

- More Passive:  This is still a hospitality service, but besides screening tenants, welcoming them into the home...you basically do not interact with them at all unless you need to. I have cleaners come through once a month and that is my touch point...but that is it and it has been the most passive strategy I have come across.

Disadvantages: 

- Screening Processes: You will need to build additional processes around screening these tenants like a LTR. Background checks, references, leases, etc. This can be time consuming and at times folks are looking for multiple options and can back out during the process before the lease.

- Leases: You will need to spend money and time creating a lease that adheres to state and local laws; often have it reviewed by an attorney to ensure you are protected.

- ROI: The return is better than a LTR but not as much as a STR can be. It sits in the middle, pending your amenitites and property. This can be diterrant for some folks with the extra expenses of furnishings and hospitality services you will provide.

Hope this helps!

[Colleen F.]

@Account Closed depends on the size and location of your unit. Smaller units close to the hospital if that hospital uses travelers it will work well. If larger other STR platforms are probably better. I wouldn't do all units I would test the best fit units and see how you do.

[Nicole Heasley Beitenman]

We've been on FF since August and have found 2 great tenants from it so far. Easily worth the $99. But I'd still diversify and list on multiple platforms.

[Yogesh Bhadane]

Hello All, I am curious if we can post unfurnished STR instead of fully furnished. Have you had any inquiries for not being furnished at all?

[Colleen F.]

@Yogesh Bhadane  I have not listed unfurnished units on furnished finder the name kind of goes against it,  but I have had requests off my other listings for shorter term stays.   You can just put in a zillow or other ad that you accept mid term stays or only do mid term stays. It is a bit difficult in my area because many places are only shorter term stays. not many yearlies. Why would you want furnishings moving in and out every couple months? Does alot of damage.  

[Yogesh Bhadane]

Thank you Collen for your response. I agree, moving furniture in and out could be headache. I guess, my question was around whether the clients would prefer semi finished vs fully furnished apartments and if there is any demand for that on website like furnished finder.

[Colleen F.]

@Yogesh Bhadane Fully furnished in most areas. Down to the linens and kitchenware.  You may find some areas where that isn't the case.   I think if you do longer term furnished like a roommate situation it is we supply the furniture, bring your own linens.  Otherwise it is you supply the furniture, linens, and kitchenware and starters for paper products. Our student rentals were 9 months, we didn't do linens except a matress cover. We didn't even supply pillows and they brought a lot of extra stuff in a fully furnished house. I can't tell you how many little appliance widgets like george forman grills etc were left behind.  Now for medium term rentals we supply it all except we don't go over the top and supply food items like oils and spices.

[Zachary Deal]

@Yogesh Bhadane I agree with Colleen. I think it would be very rare for anyone to list or request an unfurnished or even semi furnished medium or short term rental. I think the level of furnishings and amenities you supply (linens, kitchenware, smart locks etc) are factors that are sometimes overlooked when setting up an MTR are important to invest in to make your property as successful as possible