Episode 241 · June 25, 2024

15 Riskiest Holidays to Rent out Your Airbnb

🎙️ Short Term Rental Riches with Tim Hubbard ⏱️ 12:02
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In this episode, we'll explore the top 15 riskiest holidays for short-term rentals and provide valuable insights on how to navigate these challenging periods. From Christmas gatherings to Halloween parties, we'll cover everything you need to know to protect your property and ensure a smooth rental experience.

Our team has managed tens of thousands of guests across multiple cities and countries, and we've seen firsthand the challenges that come with high-risk rental days. With our extensive experience, we've developed a comprehensive approach to safeguard properties during these times. We'll discuss the importance of setting appropriate minimum night policies, thoroughly vetting guests, and implementing robust security measures. Whether you're a seasoned host or just starting, these tips will help you make informed decisions and keep your rental property safe and profitable throughout the year. 

In this episode, you'll learn:

  • Minimum Night Policy: Ensure you have a minimum stay requirement of at least 2-3 nights during high-risk holidays to deter one-night parties and potential property damage.

  • Guest Vetting: Screen your guests carefully by reviewing their profiles, previous reviews, and the purpose of their stay. Clear communication can help you address any concerns upfront.

  • Security Measures: Increase security deposits and ensure comprehensive insurance coverage to protect against potential damages during these holidays.

  • House Rules and Agreements: Clearly outline your house rules and require guests to sign rental agreements that include clauses about parties, noise levels, and property use.

  • Noise Monitoring: Install noise monitors to detect potential disturbances early, allowing you to address issues before they escalate.

 

Thanks for watching! Managing short-term rentals during high-risk holidays can be challenging, but with the right strategies in place, you can protect your property and maximize your profits. Be sure to implement these tips and adjust your policies as needed based on your experiences. Don't forget to check out www.strriches.com for more resources and AI prompts that can help streamline your property management process.

Need help managing your short-term rental and you don't want to go it alone? Shoot us a message here and we'll see if we can help.

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📝 Full episode transcript

this week we're just going to jump right into it some days are riskier than others when it comes to running out our short-term runnels what am I talking about so let's compare an average Wednesday of any given week compared to I don't know Halloween or New Year's Eve obviously these two days are very different they may be attracting very different guests you might want those guests but you might not so let's talk about some of the things to consider before accepting guests on these days the

first thing is what is your minimum night policy if you're allowing One Nights well then you got to be extra careful with these days because someone will book them and yes they will have a party you might on the other hand only allow three night minimums or four nights uh and these holidays might be a really big money maker for you but either way we've got to make sure that our properties are protected there's a lot of things that go into that from vetting our guests

to deposits to Insurance on our property to getting rental agreements signed to our house rules to having a noise monitor our property we've talked about all these things in regards to protecting our property so if you're just joining us for the first time I'm glad you're here my team and I have managed tens of thousands of guests in multiple cities almost 20 now and in multiple countries so we've learned a lot and I'm glad you're here we've got all of our resources at strr riches.com we

also have a really cool bot there where you can just go in and ask it hey what episodes have you done on protecting your property so let's say you've already got all of those protection steps in place and you're trying to decide how risky it really is for your property to rent on one of these 15 holidays so a couple other things to consider is that some holidays are more celebrated in hot climates versus cold climates right so think 4th of July it's much more celebrated

in a hot climate than it is maybe in a winter climate so you got to look at your individual property and sort of Judge that and you should know if you happen to live in that area if you're not operating your properties remotely what the sort of holiday climate is like the other thing you want to consider is the size of your property right so the larger the property the more people you're going to allow and the bigger a party could be but again this might

be a really big money maker for you you just want to make sure you have your property protected and you have all those things in place before accepting reservation the other thing to consider is that some holidays or some days that we think about as holidays aren't actually granted off from work and so some of the more risky days might not seem that risky but because most people have them off it provides an opportunity for them to celebrate a little bit more so so with all

those things considered let's go ahead and jump in to the 15 riskiest days to be renting out your property and number one Christmas I know what you're thinking Christmas is a family gathering time where people are peaceful and yes that's very true that's why it's the first these are ranked in order of least risky to most risky Christmas is generally not a huge red flag day but most people have it off right and so they could be celebrating a little bit more second up is New

Year's Day now not to be confused with New Year's Eve where most people are celebrating before the ball drops before the hour Chang for the day changes uh and so this is New Year's Day which most people are probably a little bit more tired if they were hanging out it is a day that's most often granted off or it's a Federal holiday so we got to keep that in mind but it's not quite as risky as some of the others so let's jump into number three

Thanksgiving Day again very similar to Christmas so not a huge risky day uh and some of these holidays are great money makers for short-term rentals uh and also times where you want to make sure that your minimum stay require IR m is 2 three four nights one of the challenging things with some of these holidays is that they change year overy year so the actual dates change I know that gets a little confusing especially if you're trying to plan ahead and make sure you're not overlooking

anything so we've written an amazing chat GPT prompt that gives you all these dates it gives you all the Red Flags uh it sorts by riskiness level uh so we've got that for you you can grab it in the link uh and in that dock we've also got tons of other AI prompts that my team and I use to write listing descriptions and all these cool stuff so so with that said you don't need to take notes for today's show you can grab all those just

grab the link below so Thanksgiving yes it's another day that most people have off and so because of that it could uh be a little more susceptible to parties but most of the time those are going to be more family gatherings the next one is also not that risky right it's Easter most people out there looking for eggs it's not a day that people have off but it is a day that is very often celebrated right uh the next one this is more for couples this

is Valentine's Day and so again not a super risky day uh aside from perhaps your bed frame get a little messed up or some paint blemishes on your wall if your headboard is not fastened to the wall you get my drift here most people are celebrating this as a couple uh also not a federal holiday day uh but one where people might be staying up a little later number six President's Day and most people actually do have this day off and it falls on a Monday

which means people have an extended weekend right and so a lot of times these extended weekends are a time where people are doing a little more planning they might have some more Parties number seven sort of a similar type of holiday but this is Martin Luther King day and this is another holiday that is granted off so most people have this off and it also is another Monday holiday meaning people have a longer weekend with all of these days these one day holidays you really just

want to make sure that your minimum stay is not just one day unless you are super confident in your abilities to vet every single guest uh and you're maybe there meeting them at the property these these days are a little more risky so our recommendation is really just to bump them from a one night minimum if you happen to have that to a two night uh the next one this ones get a little more risky this is Memorial Day and yes most people have this day

off as well this holiday also happens to fall on a Monday so people have a longer weekend it's also a holiday that's more celebrated and sort of the hotter climates people are outside barbecuing they could be getting loud staying in the jacuzzi staying in the pools perhaps bothering uh neighbors with noise so we we're getting a little bit riskier here we want to make sure of course we have all those things in there to protect our property and again we want to make sure that we're

not allowing any short stays around these holidays so next up number 10 this is juneth this is a national Independence Day it is a day that is given off to most people working so we want to be extra careful that our minimum stay strategies around these days are not too short next up Fourth of July also a summer party time Outdoors bar barbecues Spas pools drinking all these things can be a great Money Maker we just want to make sure our minimum stay as long enough

uh because if we have a two three four night minimum versus a one night right someone's not going to be partying at our property for three four nights uh without anyone knowing about it most people try to sneak these one-day Parties by uh so we just want to be careful with that so next up we have Veterans Day first of all shout out to all of you who served for our country thank you very much for for your service uh another federal holiday uh another opportunity

for some people to celebrate a little more than usual I would say you could easily argue that some of these days uh might get flopped around in this list but nonetheless they are all holidays or they all are days that people are celebrating so we want to make sure that we're not getting caught off guard these next three 13- 15 I can guarantee you are a little riskier so coming in number 13 we have Halloween this is actually not a Federal holiday so most people don't

have this off but it is a day where people are known for getting a little crazy right they're not themselves you put on a costume they've got a different personality going on people are drinking they're having a good time uh and these are also usually late parties and so so definitely want to make sure that around Halloween you're being extra careful with the guest you let in your property coming in at number 14 this is New Year's Eve celebrating the new year coming right and this

is not New Year's day but New Year's Eve and so this is definitely a late night party type of day because New Year's happens at midnight right so be careful with this one and coming at number 15 St Patrick's Day this is a drinking holiday you might be saying Tim this uh this is not the riskiest day and I would love to hear from you what you think is the riskiest day this was a list that are prompt created this is definitely a date that can

be risky right it's known for Guinness and Irish car bombs and you know having green paint and doing all that so it could be a little more wear and tear on your property as well I know there are other days out there other events that are really risky for your property and so we're going to jump into those things like is it okay to accept a bachelorette party uh is it okay to have birthday parties or events allowed at my property when do I want to

accept these and when do I not want to accept these days so we'll break that down in the future on a different list but until then make sure that your minimum night settings for all of these 15 days are not just one night it's a little too risky right you want to bump it up to at least two hopefully these are Big money-making days for you and your property where you're having people stay for a whole weekend three four nights maybe even a week at your

property of course we can find this information out by looking into sources like price Labs that show us historic booking Trends so I hope this review was helpful for you and if you haven't remembered some of these days I hope that you're being proactive and you'll jump back in remember you can get this list from us just by grabbing it in the link below as well as all of our other AI prompts and we've got a ton of really useful ones in there remember sometimes these

dates are changing year-over-year and it's little confusing if it falls on a Monday or Wednesday so go grab that uh make sure that your minimum night stay policies around these days are set up right uh and until next time I hope you have a fabulous week want to get on the fast track to Financial Freedom through short-term rentals well it all starts with the properties you acquire but you want to make sure that you acquire the right properties I want to give you my ebook that

will show you how to do just that there is no charge it's my gift to you for being one of our subscribers

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