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 is sure terminal richest podcast happier here as always great to have you with me it’s great to see so many downloads on our podcast it’s really exciting it’s it’s exciting to get feedback so keep sentiment if you guys like the podcast please share it with you everything cool find value and hopefully we’ll be able to continue providing you content for a long long time as we all scalar portfolios so today we’re talking about hiring our own the housekeeping staff by the hour last week if you missed it jump back we talked about hiring professional management company quite a few differences their pros and cons we’re talking about pain our staff this week by the hour and who is this for well this is for anyone that has enough rentals to justify it really so it’s really hard to hire someone by the hour if you’re only doing a couple cleanings a week but if you have a part time position at least you know multiple hours a day or into a full time position 8:00 hours were any time that you can basically full employee someone they’re gonna be motivated to stay with you because you have enough work for them and this is alternately where. Everyone will be depending on the size of our portfolios and so there’s a lot of pros and there’s a lot of cons and I’ve been doing this for a while and I’ve been doing the other models we talked about it hired housekeepers in multiple different ways and still use them based on the size of my portfolio in the different cities I have different housekeeping methods so let’s start off with the pros first of all our cost per unit to clean is going to be less if we’re paying by the hour if it’s not then try to go back to her and professional management company so that you don’t have to worry about that but that that is the ideas we scale we get economies of scale we can we can pay less on an hourly basis or we can have an overall cost per unit of cleaning that’ll be far far less mosa timed the professional housekeeping company and along with the lower costs we have more control we have control over the chemicals in that the cleaning supplies that we use we have control over the way our our our units are cleaned we have more control over our business in general so the pros of having our own team well some of them were obviously for pay my the hour then. We’re gonna be saving a lot on our per unit cleaning basis now we also have to buy supplies so remember that that comes as an extra provisional item and and they can get quite tasking really I always have storage places in each property but we’re actually I bought this commercial property I mentioned a couple times and we’re we’re doing like a centralized storage near Memphis because were a majority my units are and we’re gonna have backup everything’s me fantastic or actually putting a launch pad in there too because we’re doing so much land and and that’s that’s another piece to it but by hiring around team we can control all of these things so we have much more control we have a lower cost per unit cleaning and as we continue to scale that’s that’s really really important another beautiful thing about hiring her own team is that our employees or contractors that’s kind of a gray area if you’re providing the schedule in the working the same hours to talk with your attorney about that I am not a attorney myself so make sure you get professional advice on that whether or not the person you’ve hired is on a contract basis or an employee basis but one of the great things about having your own team is that they can hire new people and they can train new people and they can take on other roles may be outside of your typical housekeeping so you know doing inventory control and maybe talking with guests and and helping with part of the management so we just have way more control and we have a lower cost for cleaning unit in a nutshell that is a beautiful thing about hiring our own people now let’s get to the cons it’s not always easy managing people or finding the right people we talked in a prior for soda about hiring people so if you haven’t heard that one. Yet jump back on the podcast. And check that out and I’m sure you’ll be able to pick up a few tips for their for planned hiring some new people but that’s it’s not always easy to hire new people so that is a challenge in itself but when you do find good people they’re great to have on board and we can’t do this alone right so the better our team the more we can scale and the better it will work out. So you’re essentially running your own cleaning business if you if you hire your own team you’re buying all the supplies in your spine the people clean the unit so it’s almost like it’s its own business another challenge with hiring your old team members is that if work slows down or you don’t have enough work for them then they’re probably not gonna be very motivated to stay with you unfortunately and that’s why we have different options for housekeeping at different levels of our our portfolio size so if we have a few amount of units we’re gonna hire professional housekeeping companies most the time well we have a lot we’re going to be able to justify part time or full time positions and keep someone motivated paying by the hour so in a nutshell we have a lower cost for cleaning and we have full control over the supplies and our business and the ability to scale easier and hire people easier in the future but it all comes at a cost it’s difficult sometimes to manage people if there’s a downturn for whatever reason or if there’s a challenge with one of your team members and they can’t work for anymore you have to kind of start over with that versus a professional housekeeping company that maybe has lots of people on staff and they do all that for you so there’s a good option for everyone out there it’s awesome to find great housekeepers and great team members I have some that I’ve worked with for years and will continue to work together for years and that has helped me scale lot so I think as you scale your portfolio this is definitely an option if you’re not already doing that so hopefully that provided you a little insight into the differences between housekeeping options dismembered there’s a good option out there for everyone until next time hope you guys keep scaling hope you keep finding new property. And have a wonderful day. 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 acquired the right properties I want to give you my. How to show us that there is no charge to you for being one of our subscribers just the rest methods.com R. E. S. T.. methods.com.

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