All Forum Posts by: Steve Smith

@Steve Smith

Get from your private lender a proof of funds letter

 I don't think there's any one convenient place for all those groups. The MTR space is still very nascent so the tools we take for granted in other niches aren't developed or are not well developed yet. Unfortunately, you have to work through a variety of resources. Anecdotally, travel nurses tend to book about 30 days in advance. This is because that's when they get their signed employment contracts. They don't want to book a place - which usually requires paying a deposit - until they know they have a signed contract. Insurance claims have a much shorter lead time in that when they need housing, they need it ASAP so usually if someone is reaching out to you, they're going to book something within days. I have been told that it can take up to 30 day to start getting traction when you list your property with some of the insurance placement agencies - IF You have a suitable property. For more on this strategy you should look into Rachel Gainsbrugh's coaching. As for the specific employer you mentioned, I'd reach out to them directly. I think this would vary depending on the employer. 

Depends on your market. Do you have people in your market who need a MTR for 2 months? Is there enough demand for those that you can have reasonable confidence of getting a booking for that gap? When we take a booking that leaves a gap like that, it’s always for a higher rate to make it worthwhile for reducing the value of the vacant gap.

I wouldn’t take the booking because of the gap it leaves. It’s very hard to fill a vacancy with a specific start and end date. You don’t want to take the booking and risk the unit not being rented during your gap. My policy is to only book a month in advance or two weeks in advance if the unit is vacant to reduce my vacancy. 

What is your lead time? My lead time is 2 months out, so I wouldn't accept the November booking and expect to get it filled in September.

I understand your concern about the gap and being that it's quite a ways out it seems like you can hold off for that longer booking you're hoping for. But who is your target market? Traveling nurses? Snow birds? Digital nomads? They each tend to have their own booking lead times and lengths of stay.

I don't think there will be an issue. The stay is over 30 days so that is fine.

How many over 30 day stays do you have vs 30 day only? Like how many 60 day stays?

If you have a couple but mostly 30 day then the risk is low.

Do you have an expectation or history of a long stay during that time period?

Who is your guest pool?