All Forum Posts by: Mike Shemp

Hi Ashely,

We manage our rental that is 7 hours away, and I remember the same feeling that you mentioned.  Here are some things to think about and consider:

• We only do AirBnB, and use Instagram and Facebook to help market it.  We didn't want the added stress of managing and syncing calendar entries across different platforms.
• I created AirBnB message templates for every scenario I could think of.  This way when the question comes in, I just pull up my template, change the name, and hit send.  Every time I get a new question I haven't seen before, I create a new template.
• For the sheets, I would not buy expensive.  I would by nice, but not too expensive and have a few sets on standby.  This way if your cleaner contacts you and says that a set of sheets is ruined for whatever reason, you have some at the ready in the owners closet, etc. that can be used.
• We have the "security deposit" feature enabled for our listing on AirBnB to help filter out anyone considering a big party or damaging the property.
• Make sure you always communicate through AirBnB messenger so all conversations are available for review by AirBnB customer service if needed.

Hope this little list of helps!
Mike

I won't sign up for it.  Also, there are some areas that have regulations where you have to keep the money in a trust account until the guest takes possession of the property, so it is of little value.

Mike

@Brian Buchanan - Yes - we finally did purchase a short-term rental property in Kitty Hawk back in April 2017, and remotely manage it from NJ.  It's been a great experience, and now we are looking for another one!

Mike

We had a DP2 policy, and switched to Proper.  The overall process with Proper was very positive, great communication, and I am very happy with them.

If you have any specific AirBnB questions, please let me know.  We started doing it a little while ago, and recently made SuperHost.  If you do go into AirBnB, make sure you have really good house rules!

Mike

You also want to avoid people without a profile pic, and last minute bookings, and 1 night bookings.

We also have the max security deposit on our listing, and also have our guests sign a rental agreement which indicates they will be responsible for all damages.

Mike

Sorry to hear that you are going through this, and thanks for sharing that additional language to add to the rental agreement!

How is the STR market in Branson? Are bookings pretty steady, or are there quiet times of the year? I know nothing about the area right now, but always looking for a good STR market.

Thanks in advance for any thoughts.

Mike

@Brandon Turner and @David Greene - you guys are really bringing the podcast to a new level.  You both work so well together and bringing value to each and every podcast.  With the two of you, and Rock, this was a tremendous podcast.  Nice job!

Hello! I recently looked at a duplex and wanted to get some thoughts on if these items should be factored into the offer price:

The water heaters were over 10 years old, both gas furnaces were over 10 years old, the water was not separately metered, the front porch (cement) had some cracks in it, and both units would need some paint and new carpeting.  Also the pro-forma shows rents at $500/month, but Rentometer and other sites put the rent closer to $800/month.

2 Questions I was hoping the BP community could help me with:

1.  Should the offer price reflect the future rent potential, or the past performance?  The realtor keeps mentioning how the current rents are too low and it "could" get $800/month (he thinks).

2.  Should the offer price factor in that new water heaters will be needed in near future, the new paint, new carpeting, and front porch repairs that will be needed?

Thank you in advance for any suggestions!

Mike

@Doug Pretorius - Sounds like good advice.  Thanks!