In the short-term rental riches will discuss investing in real estate with a specific focus on short term rentals quick action items to wire. Scale your portfolio I’m your host Tim Hubbard.

Welcome back everyone in the short-term rental riches pod because hope you’re doing well out there got a real quick episode for you today very important if you guys have short term rentals or you are planning on acquiring short term rentals this is going to pop up we’re talking about third party bookings and what exactly is a third party booking and should you accept them or not shell it’s a third party booking for someone else and this is quite common actually so this could be a younger family member booking for one of their older parents it could be a friend trying to book for another friend to maybe one friend lives in town and the finding the spot for their friends come to visit it could be a business person that’s coming in it could be someone that was displaced by insurance and the insurance company is trying to find a short term rental for their client so it could be a whole bunch of different things but some of these could turn out to be good reservations and some of these could turn out to be very bad so which ones are good which ones are bad first of all Airbnb doesn’t actually even allow third party bookings unless it is a designated company enrolled in one of their babies a little programs where companies have already gone through a vetting process and they’re allowed to book on behalf of others but they have to go through a little process for that otherwise booking third party is not allowed on Airbnb and if you have someone that comes in the books as a third party and there’s damage in your property afterwards could be from a party could be from whatever. Airbnb host policy isn’t going to apply in terms of insurance and and recouping costs for that you want to be really careful with that so I would say there are good reservations to third parties as can be the business people but again you want to make sure that these reservations are verified you want the identity. And contact info for the person that’s going to be staying at your property and this is just up to you guys I’ve done some of them before and it worked out really well but in general we just say now oftentimes will find someone’s booking for someone else that is an old enough and then maybe they want to have a party it just exposes you to quite a bit of risk unless you can get all of their contact info and their ID and verify that it’s them the other time or scenario where it might work out for you is if you actually met them at the property and you can verify they are who they say they are now my whole goal with with real estate in general and and most all the businesses I get into is just I like to be able to scale things and so for meeting someone at the property that’s not scalable so if you’re renting out a unit that you’re close by in your managing personally and your perhaps meeting each gas maybe it’s like a guest house on your house or something where you live so you’re much more prudent with who stays there the network and you can get some good you can get some good extra bookings for that potentially and for me you know we’ve gotten great ones from businesses and from insurance but in general I just say no to this to the third party bookings there’s too much to process there’s too much risk and a lot of times there’s some kind of weird reason going on there why the person isn’t actually booking themselves and then the other thing that pops up if you do have a third party booking and let’s say you’re accepting a ton about concern not spending it time and time to time on each reservation you want to make sure you have the right contact info if one person was making the reservation but another person is staying there then it could get conflicting with who to contact and so on and so on and the reality is if someone wasn’t able to. Upload their credit card online to make a booking for themselves than they might be kind of a difficult gassed you know if they’re completely not tech savvy and you’re sending all of your messages online then that could create another challenge now let’s flip this around real quickly just a quick tip on the travelling side because we’ve had some gas show up to our properties that thought they booked with us directly and they got scams it’s sad when people spend thousands of dollars to someone that was avid advertising our properties on Craig’s list and they showed up to one of our properties. Expecting to get the check and info and we had never heard from them before cell on the travelling side I think you guys probably know this but just make sure you are making your travel reservations through the actual platform and directly with the host of that property because that is unfortunate and the more the world becomes accustomed to short term rentals the more these little scam me things are going to pop up unfortunately that just kind of happens with a lot of industries that are maturing he pulls figure out that there’s a little bit of wiggle room there’s a way to get around some rules and to take advantage. And that’s just unfortunate but that is the reality so be extra cautious with that until next time I hope you have a wonderful week. Want to get on the fast track to financial freedom through short term rentals what all searching the properties you. You want to make sure that you fired the right. To give you my. There is no charge to you for being one of our subscribers just the rest methods. R. E. S. T.

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• Episode 25: Increasing Your Listing Exposure Without the Headache
• Episode 24: Essential “House Rules” For Your STR
• Episode 21: Money coming your way! (And Industry Updates)
• Episode 19: Where do we stand in the current crisis?
• Episode 08: How to Price Your Short-Term Rental Perfectly – EVERYDAY!