I’ve got to say I am super excited that travel is rebounding it’s rebounding like it never has before not in my lifetime and you know it is you’re seen the YouTube videos on travel you’re seeing the Instagram posts from your friends the Facebook feeds the vacations that got postponed from 2 years ago that are happening now the weddings that are happening it’s all coming back the course this is happening in some places a lot quicker than others so I just want to talk about this week and why I’m really excited to be in the short terminal space and I think that you should be as well so let’s go ahead and just jump in.

Welcome to 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.

Travel is really coming back flights are booking up rates are going up and we’re seeing it everywhere friends are going on vacations and weddings are getting booked up I talked to a friend recently that that operates in the wedding resort space he’s booked up for 2 years and he owns and operates some really big resorts on the east coast they’re booked up so much that they’re buying enquiring Airbnb is now around the resource just to handle the demand we’re we’re seeing this everywhere my personal experience you know I know my family members in the U. S. have the vaccination and as a vaccinations are rolling out people are becoming more and more comfortable I’m in Columbia right now and they’re rolling out vaccinations as well a lot sooner than planned actually the other day a friend messaged me and said Hey if you’re at this age range of this age range you can go Yale mall really awesome all by the way but you don’t even need an appointment as long as you’re in a certain age range you can go in there and so course this is different all over the world but as these vaccinations rollout well people are becoming more confident the master starting to come off and people are just starting to resume their normal lives which includes travel and that is perfect for us in the short term rental space so how do we know this is a short term rental operators while my properties have been up in life this whole time some of them depending on the area did a little worse than others you guys probably know if you listen to this podcast for a while I have short terminals in 3 cities and so was that really scattered across U. S. too so it was interesting to see how this played out but we know now that our nightly rates are going up that’s because of demand this last may rents were up 21 percent over 2019 so they’re going up there going up and we. Also note the travels coming back or at least the confidence is coming back because people are booking really far in advance of their booking for summer next year so make sure if you haven’t already checked your pricing on your short terminals that it’s set up properly for demand next year now I always recommend using a pricing tool like price labs or you can use a wheel house will put the links in the show notes I use price labs.CO and it’s very easy to set higher pricing further out in the year or even next year I can set for example 3 months from now if there’s a reservation 3 months or greater from now that my prices increased by 20 percent so you can set it however you want if you use our pricing tools can be much much easier to make sure that your big event days or you’re really high demand days in whatever city or area you’re in aren’t underpriced if they’re all booking up right now amines are probably under price so that’s another way as short terminal operators we know we know travels coming back things are just they’re broken up and which properties are being booked well a lot of family vacations got delayed right if you were still working during cove in traveling and you were probably able to manage she goes you know to certain places I was traveling around but family vacations really got hit the hardest those got postponed and so those are coming back big time so if you have a vacation rental we know the vacation rentals did really good during cove it as well because they were a lot of times outside of city centres and things like that where people are a little more worried but those are still doing very very strong now just a quick note on that we don’t know if this demand is here to stay for the long run right we also don’t know how the economy’s gonna plant we printed trillions of dollars and that is going to have consequences no doubt about it we’ve never done. At before that much protein and so there are going to be things that happen as a result of that and if there is a recession well vacation rentals might get hit a little harder than other areas I’m going to do another podcast on what I think of the safest areas to be amassing animal release that soon but just keep that in mind if you’re looking at potential property and you can see all my gosh these average nightly rants as a short term rental can pay for the whole property in 3 months well just keep in mind it might not always be like that right we’ve got a lot of pent up demand but doesn’t mean that demands here to stay now the flip side of that talking about demand a lot of things change during covert right lot of people are working virtually more people than ever actually and that I do think is here to stay and that’s going to positively affect our rates are short term rentals and they’re gonna have more demand and so I’m excited about that it’s also awesome because it gives people the ability to just travel around right now explore other places if we do the same thing every day in the same spot we talk to the same people well that’s a little more difficult to learn and new ideas and new perspectives and that’s why I love traveling so much so I’m excited to do some traveling I’m actually kind of gearing up to leave Columbia here can visit the famine in the states and then I think I’m gonna head over to Eastern Europe like a bull Garia and of Romania in Georgia so if any of you out there live there or you have any friends that are there please connect us send me an email contact at rest methods.com it’s always more fun to meet up with people when we’re traveling I’m excited for that I hope you guys are excited for the demand that’s that’s coming in you have short terminals already I think you’re really well positioned so I think we’re ready Brian Chesky CEO. Of Airbnb in their latest quarterly earnings reports said we expect a travel rebound unlike anything we’ve ever seen before travels coming back an Airbnb is ready so the cool thing about Airbnb is that if you don’t have properties on there already or looking to get invested it’s really easy to set them up of course there’s a lot of things that go into it we talk about that on this channel but it’s easy to get started so if you’re not already invests in short term rentals I think now is a fantastic time to be in there one because travel demand is surging it’s really really high and because we have more people working from home than ever before and that’s going to consistently add demand to our short term rentals so with that said so I’m really excited for this rebound I’m also excited to be teaching my next live event yeah I haven’t done one since before cove it just because things are too uncertain but I know trial this is another reason why no travels back because we’ve had several dozen people register and they’re from all over the U. S. people flying into Memphis we’re gonna be together for one awesome weekend we’re gonna learn a ton we’re gonna go through some my properties so you can check that out at rest methods.com if you want to find out more about the live events until next time I hope you guys are ready with your short term rentals and I have a wonderful week. There’s 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 and I’m 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 61: Pro Tax Advice directly from my CPA (part one)‬
• Episode 56: Short-Term vs. Long-Term Rental? How Much Does it Really Cost?‬
• Episode 32: Why Hotels Are Envious of Short-Term Rentals (COVID Impacts)
• Episode 19: Where do we stand in the current crisis?
• Episode 04: Uncertain Regulation Changes? Must-Have BACK UP Strategies