All Forum Posts by: Zachary Deal

You still have a month but I do think MTRs in markets with a lot of competition can be a bit harder to get bookings on before you have reviews. I think lowering the price slightly until you get a few reviews is your best bet.

Hi @Sam Liu it's fairly common to charge an additional monthly pet fee for MTRs to account for any additional wear and tear on furniture. You could also consider a small security deposit as well.

I have stayed in STRs that provide local guides of top restaurants, activities, stores etc. It's a great touch and easy way to get a 5 star review. I also stayed at an Airbnb once that let you pick a bottle of wine from their wine rack...another awesome perk to consider!

As Nicole mentioned I'd try going to local RE Meetups to find other mid term investors in Baltimore. The BiggerPockets meetup section and Meetup.com can be great places to start!

Hey @Joshua Telles! Congrats on the new MTR. Understanding your local competition is critical to success and will allow you to accurately price and furnish your MTR. The most popular sites for MTR besides Furnished Finder tend to be Airbnb, VRBO, and Zillow. Facebook and ALE Solutions (for insurance placements) can be good places as well and I would recommend reaching out directly to the hospitals that are close by. Casting a wide net and exploring all avenues in your area (especially at first) is key to success in the MTR space.

As others have mentioned it can greatly depend on your area, strategy (D2C vs B2B), property type, level of furnishings, etc. Generally I think planning for 20% vacancy when starting out is smart as it can take some time to get traction on your property and aiming for 1.5 to 2 times the LTR rate. 

Definitely make sure to decorate your home well and get professional photos taken. It can make a big difference and help you stand out from the competition! 

You could try posting in the classifieds sections of BP for a cleaner but google may be the best bet.

I think $3,000 sounds like a reasonable starting point given the range on Furnished Finder. Have you check Airbnb/VRBO and Zillow?

I would recommend including utilities in the MTR. It will make it much easier for everyone and is generally expected to be included in the higher monthly rate (compared to an LTR)

I would recommend checking out Airbnb, Zillow and Furnished Finder to see what else is out there in terms of competition to get an idea of pricing and level of furnishings. 

I think casting a wide net is the best approach. As Lindsey mentioned Airbnb/VRBO and Zillow are very popular spots for posting MTRs. Furnished Finder is a great option as well. Some people do have success on Facebook pages but it can be a bit challenging as Lindsey mentioned. Reaching out to insurance placement companies like ALE solutions and forming a relationship with a rep can be lucrative too.