Managing Midterm Rentals Remotely: Top Tips and Strategies
Are you wondering if it's possible to manage a midterm rental or Airbnb that's located hours away from your home? The answer is yes, and it's definitely worth it. In this post, we'll share how we successfully manage our midterm rental in Lake Tahoe, which is over four hours away from us in San Jose. We also manage properties in Joshua Tree, California, Branson, Missouri, and Columbus, Ohio. Here are our top tips on managing midterm rentals or Airbnbs remotely.
Key Takeaways:
Leverage Technology and Automation: Utilize smart locks, security cameras, lockboxes, and Wi-Fi thermostats to manage your rental properties remotely, ensuring control and convenience.
Understand Your Market: Research and list your property on multiple platforms like Airbnb, VRBO, and Furnished Finder to maximize bookings, and network with other operators and insurance specialists to fill vacancies.
Build a Strong Network: Establish connections with other operators and vendors to share resources, referrals, and leads, ensuring your property stays booked and prioritized for insurance relocations.
Set Proper Expectations: Acknowledge that managing an Airbnb can be like a second job and be prepared to hire out tasks, especially when dealing with unexpected issues, to save time and reduce stress.
Efficient Vendor Management: Follow the "hire fast, fire faster, promote fastest" approach to find motivated vendors who understand your business needs and are willing to perform well for the pay offered.
Tech and Automation: Your Best Friends
The key to managing rentals remotely is leveraging tech and automation. First, invest in a Schlage smart lock. This allows you to control the lock from your phone and automatically assign codes to guests, vendors, and your team. You can lock and unlock the door remotely if any problems arise.
Next, install security cameras. They help you monitor your property and ensure that guests are adhering to your house rules. Having multiple cameras provides extra peace of mind.
Another essential item is a lockbox on the property with spare keys. This ensures that you or your vendors can access keys when needed without hassle.
Lastly, use a Wi-Fi thermostat, like the Nest thermostat. This allows you to control the temperature remotely, set schedules, and save on energy costs, which is especially useful when you can’t be there to manage it in person.
Understanding Your Market
It's crucial to understand the market where your rental is located. Are you targeting Airbnb, VRBO, Booking.com, or Furnished Finder users? You might need to list on multiple platforms to ensure your property stays booked.
For instance, South Lake Tahoe can be challenging, so we also rely on insurance claims to find tenants. Networking is vital here. Connect with other operators and insurance relocation specialists to help fill vacancies and ensure everyone benefits from shared leads.
Building a Strong Network
Your network is key to finding the best vendors and tenant leads. Connect with other operators, especially those in your market, to share resources and referrals. This way, if their properties are booked or don’t meet a client's needs, you can step in and vice versa. This collaboration helps you stay booked and climb higher on the priority list of insurance relocation specialists.
Setting Proper Expectations
Setting the right expectations for yourself and your business is crucial. Running an Airbnb is more hands-on than it might seem. It can turn into a second job, but with the right approach, it can be rewarding.
Be prepared to hire out tasks, especially if you live far from the property. For example, dealing with unexpected issues like a mice infestation can be time-consuming. Hiring someone to handle these problems saves you time and stress.
Hiring and Managing Vendors
When it comes to vendors, follow Gary Vaynerchuk’s advice: hire fast, fire faster, and promote fastest. Don’t waste time trying to make unfit vendors work out. Find those who understand your business and are motivated by the pay you offer. No one will care about your business as much as you do, so ensure it's worth it for them to perform well.
Conclusion
Managing midterm rentals remotely is entirely possible with the right tools, network, and mindset. Leveraging technology and automation makes day-to-day management easier. Understanding your market and building a strong network ensures consistent bookings. Setting proper expectations helps you navigate the challenges, and efficient vendor management keeps everything running smoothly. Whether your rental is nearby or across the country, these tips will help you manage it effectively and profitably.
Remember, the effort is worth it, especially if the location is desirable or financially rewarding. If you found these tips helpful, make sure to like and subscribe for more content on managing midterm rentals and real estate investing. For more detailed insights, check out our next video on calculating potential earnings for your midterm rental.
