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

Welcome back to the short-term rental riches podcast the more flexibility we have with our properties the more options our guests have to rent it the higher our occupancy should be so we’re gonna talk this week about one way where we might actually be able to create multiple listings out of one so it’s quite possible that you might have the ability to create more than one listing that out of the one listing that you have right now a single family home for example what am I talking about here I’m gonna jump to the point links listings so maybe have a single family home that has a guest house in the back maybe you have a country home out in the forest and you also have a rentable tree house or you have a single family home or some sort of multi family property where you have more than one unit in the same area maybe have an RV parked in a place that has electrical hookups and water hook ups if all these properties if these units are in the same location well then we can actually create a joint listing so for example in the single family home scenario we have a single family home we have a guest house in the back well it may be that we have one listing on Airbnb for the gas house and we have another listing for the single family home but we really should have a third listing the combines both of those that way you can accommodate different types of gas you could accommodate a little bigger party edition things you want to consider here but I’m exploring this right now so I want to share with you guys this week to see if you might have the opportunity to do this as well so I have a single family home that actually has a guest house it’s fully separate the back in also has a granny flat upstairs that’s totally separate has its own kitchen. N. and has its own entrance and so I’m experimenting combining the 2 listings and you might be thinking all that sounds complicated for you know if one gets booked them we’ve got to make sure the other counter doesn’t get booked right away but Airbnb has this feature already and so do most of the better property management software platforms available so I’m experimenting with this and essentially it’s going to go from a 3 bedroom home in a one bedroom apartment to a potentially a 4 bedroom home now there’s lots of things that we need to do here right this new listing needs to have all of these pictures so I need to combine both of them hopefully have a floor plan for your existing last seen but you want to add both those floor plans if you’re running out both the spaces at the same time. You’re going to want to consider where you want your guests to check and remember we want to be able to monitor the check an entrance with the security camera on the exterior so we know that not too many gas for showing up or that our guests aren’t showing up with pets or anything like that take that into consideration when you set this up on Airbnb they’re gonna call it apparently is seen and then a child listing and so if you book one or the other it’s going to block the other one and you can go ahead and link that on your calendar so essentially just creates like 3 listings out of 2 now if you’re using software like property management software and pricing software and guide books all things and I highly recommend we talk a lot about on this channel well you are going to have a few actresses script shin fees if you’re creating a third listing so you might want to test this out if it doesn’t really work that well then maybe they cancel it but it doesn’t take that much time test out so something I’m experimenting with an eye in the passive not light rain teen to huge parties. I I just it’s just been easier as I’ve been scaling on for operations side but now that we have a lot of good systems in place the rules and and are additional contracts in our security cameras all these things I’m a little more comfortable with that so I’m going to be accommodating more people but I’m also going to be applying in an extra gas charge so in this example the 3 bedroom home in the one bedroom apartment there’s 4 bedrooms there I’m going to listed for let’s say 6 people and up to 8 with 4 beds 4 couples it could be but after 6 people I’m gonna go ahead and apply an additional charge per person up to 8 people so what that will do is it’s going to likely did her a little larger groups but it still gives large groups opportunity to book this property one other thing that I’m going to be doing is because I’m going to be a common in larger groups I want a little more time to make sure the gas coming or going to be good gas so what you can do on Airbnb or your property management software or your pricing software for use and that is you can shorten your booking window in other words you can have a 2 day gap before gas can check in your property and so that’s what I’m gonna do with this one I’m gonna make it so that no gas can check in last minute essentially there’s me to day gap I’ll give us plenty of time to make sure that this larger group calming are going to be a a good gas and it’s going to be a good fit now I’m excited about this because most my properties of kind of traditionally gone to to smaller properties but a lot of bigger properties you can bring out further in advance so by being able to accommodate more people in the same space I’m hoping to fill up some of my calendar a little further out now see how this goes I’ve got lots of other properties multi family properties I talk a lot about them this channel 2 and while. Like those because of economies of scale and all that but with the multi family property you have this ability as well let’s say you have a 4 plex and right now you have 4 individual listings and there won’t you could create a fifth one that allows someone to rent all 4 of those can be really good for a wedding coming to town it can be good for a family reunion or big family gathering of some sort it can really accommodate a lot of different situations you just want to make sure that because your company more people the same time that you’ve got some of those other measures in place so I’m gonna be experimenting with this I think if you guys have a property that fits this sort of model we have the ability to add this additional wing or combined listing give it a shot I think it’s worth checking out because in the end the the more options we give our gas or potential gas the higher our occupancy should be right and now course you can charge more for these larger units and stuff like that so I’m excited check it out if you guys have a property that might fit this model. Check it out explore see how it works out for you and until next time one there so much money to be made the short term rentals but it all starts by having the right property if you guys haven’t yet seen my free ebook on our website rest methods.com head over there and get a copy it’s going to break down what I look for in a property in some great short cuts so that you don’t have to spend hours and hours researching at over rest methods.com and you can grab your free copy there if you want a crash course in everything I’ve really learned to short term rentals in over 5 years managing over 15000 Gasol recorded on our last live event I am happy to say we broke it down really nicely into a bunch of different modules that you can watch at your own pace it takes you from start to finish from finding a property we talk about analyzing the property but then also some of the more important pieces how to find your team and how to set up everything so that you can run your operation is passively as possible and free up your time you can find that it rests methods.com forward slash virtual.

RELATED PODCAST EPISODES

• Episode 94: Are You Automating Too Much?
• Episode 70: Must-Have Photos in Your Listings
• Episode 54: Looking for Help Managing Your Properties?
• Episode 50: The Secret to Accomplishing Anything (Special 50th Episode)
• Episode 34: Keep Track of Your Rental Income and Expenses‬‪‬‬‪‬