All Forum Posts by: Brandon Spurlock

Quote from @Bonnie Low:

I think you've captured it. Furnished finder is the primary source of leads from traveling medical professionals, though there are others like social media pages dedicated to travel nurses, for example. Furnished finder is pretty cheap and there are no fees because you don't actually book through their portal. It's just a lead gen source. Their communication platform is wonky, so be prepared for that. If you use Airbnb or another OTA you're going to pay their fees. Most people don't utilize a lease agreement for short term rentals but you absolutely will want to do this for an MTR due to tenant rights laws in your area. There's just a lot higher risk if you don't use one. Many people advertise on both because they tend to draw from a broader clientele if you use multiple platforms (i.e. more digital nomads on Airbnb). Whatever you do, don't skip the lease agreement and collecting a deposit. Those are far more necessary in the MTR space. 

That's a great point about including a lease, even with Airbnb. Would you advertise the need for a lease in your Airbnb listing in advance? Then once someone books, connect with them regarding the signing of a lease?

Thanks!

Quote from @Conner Olsen:

 Personally 95% of my bookings are on Airbnb and my payout is higher from Airbnb than furnished finder.

Are you finding that guests booking through Airbnb are willing to pay a higher rate? And then even with fees, you're net is better than the lower rates you're offering at FF?

Quote from @Nicole Heasley Beitenman:

 Why can't you use the same screening process for your AirBnB tenants that you would for your apartments.com and Furnished Finder tenants?

Good question. I always assumed that Airbnb didn't really have a screening process, but was more of a "booking site" for anyone who wanted to book. I've never heard anyone mention the ability to screen Airbnb guests. Is there a way to do that?

@Susan S Morris that's incredible, thanks so much for sharing your success! @John Mausteller I'd love to hear what you're seeing recently in that market with such houses, and perhaps be in touch with you for a future possible purchase!

That's a great thought, thanks @Kenny Smith! 

I'm a realtor/investor from Richmond, VA. Looking for some mid-term rental thoughts. Quick background: I currently rent 3 doors long-term. This would be my first crack at a mid-term rental.

I've got a property that I'd like to rent mid-term (30-90 days) to increase cash flow compared to a 12-month rental. Furnished Finder charges $99/year to advertise the property, and the landlord handles the rest (screening tenants, lease, rent collection, etc.). I'd likely use apartments.com to handle those details, as I do with my 12-month rentals. I'd assume the tenant base is mainly nurses and professionals.

The other option is to do a 30-day minimum on Airbnb, who collects a 3% fee, but handles the rest. A downfall of this process is the lack of tenant screening (background, credit, eviction checks) as far as I'm aware of. Feels like slightly more risk not being able to screen tenants outside of their personal Airbnb ratings/reviews.

Lastly, I could also market this by word-of-mouth to other realtors in the area and in my firm, as clients are always needing mid-term stays in between buying and selling their home. 

What else am I missing that may be a pro/con to FF vs. Airbnb? Are there other options that I'm not thinking of? Thanks!

Hi Susan! Fellow RVA Realtor here with Providence Hill Real Estate. Welcome to the forums!

So curious how these OBX Airbnbs are working for you. I've always heard, generally, that OBX are somewhat break even, but you get a couple weeks of "free" vacation each year during the off months. Are you getting much better returns using Airbnb instead of traditional beach realty groups?

Hi @Eliott Clark, yes there will! We hope to continue monthly meet-ups early in 2023. Stay tuned!

Phillip nailed it. With the high home prices lingering from the Spring, and current high interest rates, it's becoming increasingly difficult to cash flow in Richmond. Not impossible, but difficult. 

Utilizing the STR or MTR strategy can definitely help with the cash flow problem. Richmond JUST announced that they may be loosening their STR requirements, making it more investor friendly, but nothing is set yet. The rule currently states that an owner must occupy the home for at least half of the year. It sounds like they may remove that requirement. Keep on the look out for that.

@Qasim Naeem I'm happy to talk further if you'd like. I'm a full-time realtor and investor here in Richmond and have helped a number of BP investors.