All Forum Posts by: Craig Gerulski

 Hey Michael!  I will be managing for other owners.  It will be 18 homes with about 16 owners.  

Hello!  I wanted to get feedback on managing short term rentals in Hawaii.  Is it required to have a brokers license or be listed under someone that does?  If so, any recommendations on brokers that would be willing to partner on something like this?  Appreciate it!

Thank you @Bryan Vukelich!

Hey Everyone!

I am going to manage some properties in Kauai next month and need to setup Trust Accounting at a local bank in Hawaii. Does anyone have recommendations on banks or have a contact I can reach out to set everything up? Thanks in advance!

Hey Everyone!  

I am going to manage some properties in Kauai next month and need to setup Trust Accounting at a local bank in Hawaii.  Does anyone have recommendations on banks or have a contact I can reach out to set everything up?  Thanks in advance!

Congrats! Effective remote management hinges on strong organization, reliable local contacts, and leveraging technology for efficient communication and oversight.  Also, how active/passive you want to be.

 Schlage encodes and ring cameras are by far the best!

When deciding between managing your own property or hiring a professional service, consider these key factors: your available time and expertise, knowledge of local regulations, property scale and location, access to reliable maintenance resources, tenant management capabilities, financial implications, emergency responsiveness, and personal preference for hands-on versus delegated management. These factors will help you determine which option best fits your needs and circumstances.

stimating operating costs for a short-term rental (STR) in a new construction can be challenging but here are some general rules of thumb and methods to help you get a ballpark figure:

1. Research Similar Properties: Look at existing STRs in the area you're considering. Find out their operating costs per month or annually. Websites like AirDNA can sometimes provide insights into average expenses for similar properties.
2. Consult with Local Experts: Reach out to property managers or owners of existing STRs in the area. They can often provide valuable insights into typical operating costs such as utilities, insurance, property taxes, and maintenance.
3. Factor in New Construction Costs: Consider the specifics of your new construction. For utilities, you can estimate based on the size and type of the property. For example, larger properties typically have higher utility costs. Factor in energy-efficient appliances and construction methods if applicable.
4. Insurance Estimates: Speak with insurance brokers who specialize in property insurance. They can give you estimates based on the type of property (single-family home, condo, etc.) and its location. New construction may sometimes have slightly higher insurance costs initially.
5. Property Taxes: Research property tax rates in the area where you plan to build. Contact the local tax assessor's office for an estimate. Taxes can vary significantly by location, so this is an important factor to consider.
6. Maintenance and Repairs: Plan for ongoing maintenance costs such as landscaping, cleaning services (if not done by yourself), and occasional repairs. A common rule of thumb is to budget around 1-2% of the property's value annually for maintenance.
7. Management Fees: If you plan to hire a property manager or use a property management service, factor in their fees as part of your operating costs.
8. Contingency Fund: Always include a contingency fund in your budget to account for unexpected expenses or fluctuations in operating costs.
9. Financial Modeling Tools: Consider using financial modeling tools or spreadsheets designed for real estate investment analysis. These tools can help you input various cost estimates and projections to arrive at a reasonable operating cost estimate.
10. Professional Consultation: If needed, consult with a real estate accountant or financial advisor who specializes in real estate investments. They can help you structure your budget and provide more precise estimates based on your specific circumstances.

Hiring a professional designer for short-term rentals can bring several benefits that enhance the overall guest experience and property profitability:

1. Enhanced Aesthetic Appeal: Professional designers can transform a space into an inviting and visually appealing environment. They have expertise in selecting furniture, decor, colors, and layouts that complement the property's style and appeal to potential guests.
2. Optimized Space Utilization: Designers can maximize the functionality of your rental property, ensuring that every space is utilized effectively. This might involve space-saving furniture solutions, clever storage options, and layouts that enhance flow and usability.
3. Strong Brand Identity: A well-designed property can help establish a strong brand identity for your short-term rental business. Consistent design elements across multiple properties can create a memorable experience for guests and build trust in your brand.
4. Increased Guest Satisfaction: A professionally designed space can significantly enhance the guest experience, leading to higher guest satisfaction scores and positive reviews. Guests are more likely to leave favorable comments and recommend your property to others.
5. Higher Occupancy Rates and Rates: Properties that are professionally designed often command higher occupancy rates and nightly rates. Guests are willing to pay more for a well-appointed and comfortable space that meets their expectations.
6. Efficient Turnover: Designers can help optimize the property for efficient turnover between guests. They may recommend durable materials and finishes that are easy to clean and maintain, reducing downtime between bookings.
7. Stay Competitive: In a competitive market, professionally designed properties stand out among the competition. They attract more attention from potential guests browsing listings online and can help differentiate your property from others in the area.
8. Long-term Investment: A well-designed property is a long-term investment that can pay off over time. It can help maintain or increase property value, appeal to a wider range of guests, and contribute to overall guest satisfaction and loyalty.

Overall, hiring a professional designer for your short-term rental can elevate the guest experience, improve occupancy rates and profitability, and position your property as a desirable option in the competitive vacation rental market.