All Forum Posts by: Erica Muller

@Andrew Taylor Then there is the question of the work distribution after everything is split 50/50. Who is going to handle the booking inquiries and deal with the guests and issues? The booking process and dealing with inquires is almost a full time job in and of itself and if done correctly and in a timely manner you will lose tons of bookings. If I was a part of that deal, I would rather be on the money side than the labor side of that. It's a lot of work. 

@Darren Wendroff What part of Orlando? This makes a huge difference as to the long term strategy. Certain parts of this city are on the decline. 

@Cresundo Whitaker I am not too familiar with the Atlanta area in great detail but one of my colleagues is very heavily invested in that area. He currently owns over 50 homes there. What he has told me is that the market is starting to peak there and it's becoming more and more difficult to acquire homes. There's still stuff out there but you are not coming in at the beginning of the boom, more toward the end. I'm happy to connect you with him if you want to chat more in detail about Atlanta. He's definitely the go to guy for it. All of the options you mentioned are fantastic by the way. 

@Michael Yu Welcome to BP!! I send out a list of wholesale properties (off market inventory) about once a week. I'm happy to add you to that list. Everything has built in equity for either flipping or you can hold. Just PM if you want me to add you. 

Best of luck! 

A general licensed contractor or do you need something more specialized? I use different people for different things. 

@Account Closed I have a good contact for you that could answer this in detail. I will PM you her info. She's a VR specialist in San Diego and does both management and sales for VR's. 

@Hannah Hammond Congrats on your decision! I recommend the San Diego area for the following reasons: 

The beach cities (Oceanside, Carlsbad, Encinitas, all the way down to Mission Bay area) are great if you want a single family. If you're looking for a condo, then Oceanside and the complex North Coast Village would be a good place to start. This particular oceanfront complex is in demand with renters because it's within 1 hr to LA (Disneyland/Anaheim) and 35 min to downtown San Diego attractions (Seaworld, Zoo etc). Families seek out the complex for well appointed rentals that are affordable. The complex is also very family friendly (pools, spas, gym, putting green, rec room, gated security and parking...). These are all currently approved for short term renting. 

I'm in Orlando but I have a great property management/Real estate (vacation rental specialist) in that area that I would be happy to connect you with. Just DM if you'd like more details and of course, best of luck in this new endeavor!! 

@Andy Whitcomb They are sending video responses to everyone that inquires. Individual ones, usually using their laptop built in cam to record it. Videos are about 2-3 minutes in length but they are claiming it's increasing their bookings. The reality is, if you don't respond within an hour or so, the renter is on to someone else unless you're one of the only gigs in town so any type of way to differentiate yourself from your competition gives you a leg up. 

Also, one of the things we discussed at the last VRSS conference was profiling your guests. Doing a quick google search of them and finding out what they like and being able to cater to that, just like a 5 star hotel would. A Canadian owner has been doing this for years with all of her guests and she claims that it's resulted in repeated bookings time after time. For example, a quick google search of your guest could turn up a lot of information such as their dietary requirements, hobbies and interests, birthdays etc. She tries to include something special that will appeal to them when they get there in order to personalize their stay. If a guest eats gluten free, she includes a list of gluten free bakeries and restaurants in the area as well as a box of gluten free cookies to welcome them along with some bottled water in the refrigerator etc. It's all about creating a guest experience in order to get the repeat bookings. Traditionally year one on vacation rentals is slow but what sets apart the successful ones from the unsuccessful ones is year two-three and how many repeat bookings they are getting. Repeat stays are the holy grail of vacation rentals, it's pretty much guaranteed income. 

This may all sound like a lot of work, it definitely is, but if you are making a living from vacation rentals and this is your bread and butter, you have to treat it like a hospitality business. Not just a home on Airbnb and you will be successful :) 

Best of luck to you @Thomas Cardona!! 

@Marc Knapp Seasonal renting is a great option is the market you're in supports it. Snow bird season is Florida is from Oct-April and the summer's are actually pretty hard to rent in most location except Central Florida, where summer is one of the peak seasons (school is out and families are at Disney). Wellington, FL has a great market for season rentals during polo season. This is when everyone is in town for Polo and all of the rentals are booked. Polo season lasts about three months but the rents from those three months pay the expenses the entire year. 

I'm unclear what you mean by a small monthly fee, is this on top of the rent?