Quote from @Jamie Banks:
When I started my MTR journey in January 2023 I would never have guessed that less than a year later I would manage over 20 MTRs and have over 80 MTRs total in my company's network. As I've grown my MTR business, operations has been my focus point. Here's a few tips that I've learned along the way:
- Invest in automations and technology. Having MTRs that are equipped with the tech you need (like keyless locks and cameras) helps make management easier. Whichever PMS (property management software) that you use make sure it integrates with your lock. I use Owner Rez and the Schlage Encode integrates so that the lock automatically assigns a code to each reservation and includes it in the check in instructions. Automations make managing easier and helps eliminate human error.
- Stay on top of your bookkeeping. From day 1, I have been using Baselane. Baselane is a bank that has bookkeeping and property management capabilities that are included for free. With Baselane I can set up a virtual account in about 30 seconds for each property that I manage that helps me stay organized and automatically tag transactions from each property's account to that property.
- Hire a great team. I operate in 7 markets and in each market we have a quality control manager or runner, a cleaner with at least 2 backups, and a handyman/woman. I also have at least 1 investor in each market who has MTRs in that market. Collaboration has been a huge tool for growing my business and having other investors to pass MTR leads to is very important. Especially when getting leads from insurance relocation companies you never want to say no!
Are there any others tips from fellow MTR operators?
Wow, this is amazing! I have 3 LTR properties, and just now doing my 1st MTR. You mentioned the Schlage Encode lock automatically assigns the code? Is there a certain software you use for this? I have used those locks and didn't know it can automatically assign codes. Plus what kind of security cameras do you install in your MTR?
