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 to the shore terminal riches podcast today I’m going to answer a question that probably every single person I’ve ever talked to about short term rentals has asked me it’s the most intimidating piece of short term rentals for for many people for many investors and that is how much time does it really take to manage a short term rental and the answer dun dun dun it depends it depends that seems to be the answer for most questions but it really does the goal of my podcast stand my live events however is to make the amount of time you spend managing rentals as little as possible and all talk about how much time I’ve spent the past on my short terminals how much time I’m spending right now it is change there seems to be an evolution to your short term rentals so we’ll start off in the beginning and let’s just go over some of the reasons why this could be totally different for one person to another so first of all. It depends on the size of your property and the type of gas that you’re attracting let’s compare for example a small studio in an urban area that attracts a business gassed his check and then his average stays 2.5 to 3 days he checks in with self check in he gets his work done he maybe goes to some medians and a couple days to 3 days he flies out that’s a pretty easy gas to handle so there’s far less time involved with that gas than say a giant luxury vacation rental now of course the revenue that you earn from those is different if you have a big luxury vacation rental you’re gonna have a cast it’s gonna be more demanding and rightly so they’re paying in you know who knows thousands a day potentially and it’s also just a bigger property so there’s more things to track there’s more things to take care of there’s more things to consider verses a small little studio apartment so the type of gas definitely will impact the amount of time that you spend managing your business but not necessarily because what if you just hire a professional property management company well then it’s gonna be very similar to your traditional long term rentals they’re going to handle everything course you’re going to pay for their management it’s gonna be a higher percentage than your traditional long term rental but that’s one way to eliminate yourself from the equation almost entirely aside from the set up potentially and now the set up is a big piece of the puzzle to because the better you set up your property the last questions your guests are going to have the last potential issues all have therefore leading to less time to manage them so if you already have a bunch of rental. As in you then you already know this the more you add the better you get and the last time it takes to manage additional rentals that you add on and as you add rentals does the time involved increase again this this depends you might think yes of course them if you add more rentals than the time it takes you to manage Ms going increase but not necessarily because you increase in you scale your business your team should be scaling with you also saw a lot of times when we have maybe one or 2 rentals versus having 20. You may actually be doing more work than you would have been the 20 rentals because when you have so many of you have to set up systems you have to set up procedures and policies that help you manage all the rooms because you can’t do it all yourself so that’s what I’ve been teaching in my in my live events I’m I’m hoping I can do another one of those I I I’m not going to do one this year I just decided just because there’s so much uncertainty with everything going on with that pandemic and stuff but I hope to do one next year maybe maybe do a virtual one potentially but the whole purpose of that event is to help you guys find the best properties that have the best returns and that take the least amount of time to manage so hopefully I can do another one of those again soon they’re super fun great feedback but let’s consider a couple other things that are gonna impact amount of time that you’re spending on your rentals so we talked about the size of the property your type of gas how many properties you have if you’re using professional management company of course you’re going to be spending less time on it but there is sort of this like short term rental evolution with your properties when you first put a property on the market you can do everything you can to set it up perfectly but there may be a couple things that you overlook and your guests are going to let you know about that so in the beginning you’re gonna get more questions on your properties my original properties a started with short term rentals for example I’ve had for years now and we know what questions as guess ask and will continue to ask and so we have answers already prepared for them that either go out before they check in or that our receptionist team can handle I also have fabulous housekeepers to take care of those properties so I get very little questions from them it’s just. It’s smooth and steady that’s how it can be for any property any property any short term rental you can take yourself out of the equation completely almost and one of the nice things about short term rentals is that we are earning higher profits otherwise we wouldn’t be doing them right so we can afford to pay to have extra people on our team to handle the things that we don’t want to do so when you first get a property the it’ll take more time to manage a new property then it will one you’ve had for a long time and then as you add new properties you already have the experience from that initial one it’s just gonna get easier and easier and as you find the right people and maybe from the very beginning you really can eliminate yourself from the equation as much as you could with a traditional long term rental when I first got started I set up a few properties right off the bat I had housekeepers to handle the housekeeping I use gas the from our receptionist service which handles all the gas questions I wasn’t really doing very much from the beginning now I’ve spent a lot of time furnishing properties and designing properties I like to spend more of my time acquiring new properties but the day to day stuff the gas questions discounts that you have to give reviews. The cleaning maintenance all of these things I have people on my team to help with and so can you if you don’t already so if you have someone for all of those steps then your time can simply be reviewing the performance of the properties and that’s what I spend the majority of my time with it’s just reviewing the numbers and looking for ways that we can constantly improve most you know I I live in Columbia so I’m not anywhere near my properties to because they’re all in the US unfortunately I’m not in Columbia right now I wish I was but their borders are still locked down because coded I’m hoping to go back in September that’s when they’re opening up so I’m here in Tennessee where the majority of my properties are but I’m here mainly because I’m adding the new properties and I’m working on new projects of the day to day stuff my team helps me with so really for for years now I haven’t been responding to gas questions when there’s a big issue I want to know about it I saw a jump in and I’ll talk with my reservation team or mop rations manager to figure out what went wrong and how we can fix it but aside from the big issues and reading through our positive reviews and reviewing the numbers in the revenue that’s where I spend the majority of my time and that doesn’t take a whole lot of time now this all assumes that you have a great team in place and I can tell you for sure we we’ve gone through a lot of team members and so when you’re having to hire new team members that can take time but once you do they can handle everything for you in my van I I talk about how to find good team members and I’ll be talking about that in future podcasts as well but one of the beautiful things about having good T.. Members and especially for scaling you can have those people have been with you just train the new people so you can eliminate yourself from that too it’s just like any business really I mean we have to set up the systems especially for scaling because we can’t do them ourselves we just won’t have the time or the capacity and so we hire new people and that is the beautiful thing about being an entrepreneur so in a nutshell I can tell you there have been really years where I probably didn’t spend more than a few hours a week reviewing and working on my short term rental business but then there have been times where I spent all week acquiring new properties and furnishing and designing so in the beginning it’s gonna be more time because that’s when you do the set up the longer you’ve had your property the last time it’s going to require of you as long as you have the good team members so you really can you really can set this business up so that it’s just as passive as your long term rentals but so that you make way more revenue I think we’ve accommodated almost like 15000 gas now is crazy that’s so many cheese so we learn a lot we learn it quickly if we make a change and it doesn’t work we know very quickly because we have so many gas coming through so hopefully you’re finding all these podcasts helpful and it’s helping you with your business and it’s helping you build wealth if you haven’t already I’d really appreciate if you jump over to iTunes or stitcher wherever you’re listening just leave us a like and please share this with whoever you think might find value in that you know we learn better when we teach about the things and the concepts that we’ve heard so if you have so many think might find value in this share with them talk to me about it maybe take a screen shot of the podcaster some. Just send it to him and that’s gonna help you retain the information as well the cool thing about podcasts as we can go back and we can listen to any episode that we’ve already done we can listen to a multiple times and that will help us retain the information and put it into action that’s the biggest piece of the puzzle is taking information we learn and putting it into action so until next time I hope you’re staying safe and healthy out there 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 fire the right properties only 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. 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