All Forum Posts by: Allen Duan

 Thanks Bonnie! Correction, I do manage many MTRs but most are in the Los Angeles area. We currently have one MTR in Las Vegas we manage.

Feasible? Yes of course. But it depends on many variables. What specific questions do you have?

I own a STR/MTR property management company here in SoCal. We have some properties in the OC and I know many other MTR operators there. So yes, it's feasible =)

MTR guests expect utilities to be included in the rent, just like STRs. You can set utility caps to encourage responsible use and protect you from huge bills. The guests/tenants pay the overage amount above the cap. Just make sure you have the right language in your lease for this.

Tried it years ago when we starting managing MTRs and had zero inquiries or bookings from them. Delisted and I've never looked back

Screen whenever you can, there's no reason not to. How much screening you do is the better question. Since these stays are shorter than LTR, it makes sense that tenants expect a less burdensome application process. For example, we do background checks but no proof of income/employment check. It's a business decision for you to make, everything has pros and cons.

Yes, just list on STR sites with 30 day minimum, simple and done. STR dynamic pricing tools aren't optimal for MTRs. You need to figure out our pricing strategy and use available tools to do what you want. Don't try to set it and forget it. This is a bad practice for STRs and even worse for MTRs.

How many bedrooms is the property? 90 day minimum will be difficult for a successful MTR. I'll give you some numbers for the MTRs we manage in Los Angeles.

1-2 bedroom MTRs stays are 1-3 months

3+ bedroom MTRs stays are 3-6 months, but often start less than 3 months and extend their stay

MTR marketing falls in 2 buckets. Listing sites like Airbnb and Furnished Finder, and B2B relationships for referrals, insurance, and corporate bookings. The specific tenant type to target depends on your property and market.

We don't require any insurance from the guests. Homeowner should have an adequate policy and you can use additional damage protection from services like Safely and Waivo.

Yes, security deposits are normal for MTRs and highly recommended. 

Any screening service that works for long term rentals works just as well for MTR.

I do my analysis my checking comps on Airbnb and using Pricelabs market data tools.

Let me know what else I can help with!

I don't know of anywhere with good data. You could use tools like Airdna and Pricelabs, filter for 30 min listings, and see what it tells you. Your best bet would be to connect with local operators and ask them. I also see our properties at 75-80% occupancy. I'm in Los Angeles, so keep in mind it may vary by market.

Urban markets are the best markets for MTRs. If you're asking if Furnished Finder is worth the financial cost, that's a no brainer. The price is so low, don't overthink it. 

The better question is how to use Furnished Finder successfully. It's very different than Airbnb so don't expect it to work the same. Think of FF as a glorified classifieds or Craigslist for furnished rentals. Some people will contact you directly about your property, but a lot of people post housing requests and you have to contact them.

This is a big challenge in the MTR space. Most property management apps are built for LTR or STR. Since MTR is similar to both in different ways, you'll need a custom tech stack to cover all your needs.

I agree with Miguel, build your system, then hire a virtual assistant and train them how to use it. This is what I've done. Happy to help you get started.