All Forum Posts by: Jamie Banks

I recommend targeting other potential tenants because the home is larger. For my 3+ bedroom homes I house traveling or relocating families, work crews, and displaced families. Listing the property on Zillow, Airbnb, and insurance relocation sites like ALE Solutions should help you get it rented @Vincenzo Peter Manzella

The short answer is that for MTRs it's really hard to estimate for 2 reasons. 1. There's no one MTR site so tools like Airdna don't have access to the data to pull vacancy rates. 2. MTRs can be operated by working directly with businesses, that's my strategy. My vacancy rates wouldn't be shown because I don't run my businesses using the OTAs. 

I study a given market's supply, rental rates, comp properties, etc. for a few months to truly understand the MTR market before I choose to invest there. 

I don't operate in the Bay Area but from my experience operating MTRs in different markets large companies use third party placement companies or have large contracts with large housing providers. I target small and midsize companies who care more about cost than larger companies because they may be more willing to work with another housing supplier if they're able to offer lower rates. 

I haven't used Furnished Finder's waiver but I've used similar services in the past. I collect both a security deposit and purchase a damage protection waiver. However, my portfolio is mostly B2B and the businesses I work with are comfortable paying the nonrefundable fee plus the refundable security deposit. 

I have spares of each set of bedding in the cleaner's closet to make the turnover easier on my cleaner. My cleaner brings the linens back and puts them in the closet either before the next tenant moves in or during the 1 month cleaning for the new tenant. 

 I agree with you! I'm 100% self taught through 30 Day Stay and learning from my peers and mentors in the space. I realize that everyone will run a MTR business differently and I prefer to learn from different operators and develop my own technique 

After being in the MTR industry for 1.5 years, I've finally found a software solution to manage my midterm rentals: Monday.com! 

As operators, we know that there's no perfect software that we can use to manage MTRs so I created my own through Monday. Monday is very customizable and can be a strong force for systemizing and automating your workflows. 

Here's a few ways I use Monday.com to manage my MTR business

1️⃣ Housing Requests

Most of my housing requests come from my corporate and other direct contacts. Because of this, traditional softwares like Hospitable and Owner Rez weren't able to track all of my leads. Now, each time a lead is received a form is filled out with the lead's information that adds the lead into my Monday.com workflow. From there, the leads get automated emails during various stages of the process!

2️⃣ Guest Management

Monday has a CRM that allows you to automate emails and texts messages (with select providers). Through Monday, I've set up automations to send messages and perform certain actions through the guest's stay. For example, 2 days before check in I provide a welcome email with what to expect - this is all automated through Monday. 

3️⃣ Maintenance Requests

My guests / tenants use a form to submit maintenance requests, from there both my team and the tenant gets automated messages to ensure everyone is updated on the request. Based on certain criteria like where the maintenance requests is located, Monday will automatically categorize the requests so my team knows if it's an emergency or if the request can be handled the next business day.

Check out the link below to see a demo of a Monday workspace that I built for a client to see how Monday can transform your MTR business!

https://www.loom.com/share/8f63ab81778e47529f12d9b6db19589c

This is very possible but as mentioned, very market specific. 

I operate in a few markets and two of them are Philadelphia, PA and Reston, VA. In Philly, my current tenant is paying 3x the long term rent through CRS (a temporary housing provider) because he lost his home due to a fire.

However, in Reston, long term rental rates are a lot higher and the MTR rates are closer to 1.5 - 2x long term rent. 

I've been on the LL diaries podcast and am not knocking other hosts but keep in mind that a lot of hosts entered into the market in 2020 or earlier where rental rates in the Sunbelt markets like Nashville, Austin, Houston, Charlotte, etc. had very low rent rates. I can see the rates they're advertising being possible BUT I doubt that they'd had the same spread if they were signing leases in today's market. 

I have a list for my properties but most of it is market specific. I would be careful about sourcing these types of lists from other operators, it takes awhile to build relationships with various companies and most of the company contacts don't like their information being passed around

There's no one way to analyze MTRs. Unlike STRs, a platform that analyzes vacancy, pricing, etc. does not exist. 

I'm an operator who works in a few markets and one of my virtual assistants pulls data and comparable properties from Furnished Finder, Airbnb, and other sources for data. From there I look at changes over time, a lot of times the STR data can give you a lot of insight on MTRs. For example, if there's more smaller units on the OTAs then it can be a good indicator to purchase larger units for MTR since there's less inventory of larger units.

Essentially, you'll have to pick apart the STR data. Here's a screenshot of the data I pulled together on one of my markets. My business uses Monday.com to track the data which then will create graphs and other visualizations