Sittard sometimes look at your calendar and see those little one day gaps and just know that man you could have a gas in there and you could even make money I know how you feel happens to me we’re gonna talk about one night stays this week and whether you should allow your guests to stay for one night or not and all the other things to consider so stay tuned let’s jump right in.

Welcome to 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 short-term rental richest podcast here we are another week glad you guys are back in a really important topic for anyone that has a short term rental or is considering having one and it has to do with our occupancy obviously having the highest occupancy possible it’s going to generate the most money but is it worth it to rent to a gas for one night as we’re gonna talk about this week. So if you already have short terminals I know you see those gaps in your calendar and if you’re not running for one night stays right now my body a little bit just seen those days that are booked because we’re basically leaving money on the table right our properties are sitting empty so this week we’re gonna talk about whether we should offer one night stays how we should price one night stays of 4 going to be a fax that one night stays will have on our housekeeping team and whether or not these one night stays are gonna tracked people trying to party or not in what we can do to prevent that. So let’s just start from the beginning here should we offer them well I think if you have the housekeeping resources available then yes but not yes across the board and of course this depends on the type of property that you have to so if you were running a more urban type property which is what most of mine are they’re not you know giant vacation rentals then we try to bring down every day that we can’t but because of covert mainly we stopped doing one night rentals because people were having more parties than they ever were because they were coming from the same city so we don’t do one nights on the weekends anymore doesn’t mean that we’re not going to start doing it again but we are doing them during the week and now if you’re using a pricing tool that automatically congestion pricing like price labs done seo or we’ll house well then you can set some these parameters up in there so that you’re only offering one night states during the week and that your pricing is different for those one night stays so if you’re not using a pricing tool yet I highly highly suggest you start using one because they really do help. Good news everyone travel is coming back and so I’m super excited to announce our next upcoming live event takes place in Memphis Tennessee it’s gonna be July 30 to August 1 and incredibly jam packed weekend packed with info and all the tools and all the resources and all the procedures that my team and I have put in place to manage over 15000 gas as you guys know I’ve acquired a multi $0 portfolio across several cities across several countries and I’m really excited to share everything with you guys everything I’ve been doing to acquire these properties to set him up like a pro and to operate them as passively as possible it’s going to be a ton of fun you’re gonna learn a ton and I really hope to see there all be flying back from Colombia and you can find out more information by heading to rest methods.com to save your spot there is limited space because we’re gonna be going through some my actual properties the last one sold out so I really hope you guys can make this one a look forward to seeing you in Memphis. A couple things to consider with pricing or short term rentals you know if we have a really high housekeeping costs it’s probably gonna deter short term rentals do you really want to calculate that out with your expenses and just make sure that it still makes sense for you but if you already have that team in place in the way I see it is if you have a night that’s empty well that’s a night with lost revenue and you should be ready in it if you can’t now I like I said we’re we’re not doing them on the weekends because usually were booked on the weekends we are minimum 2 night stay but also because that invites a little more parties on the weekend but there’s lots of things we can do to prevent that now if you have a good team and you’re monitoring your property closely will then you can use cameras on the exterior to make sure that not too many people go on your property so I still think you can do among the weekend as well if you’re not already booked up now there becomes a question how far own channel for one night rentals because we don’t want someone to book 2 months from now during some event period it’s really busy and they blocked the whole weekend so again these pricing tools will help you to be able to do that let’s say you know we’re only allow one night stays if it’s within the week or were only allow one night stays during the week or only allow one night stays if it’s between 2 long term bookings and it’s one individual day they call that and in order for the day not sure if that’s politically correct but that’s what they call the industry it’s basically a day between 2 other booked reservations a single individual day so some of the things that you’re going to want to consider and when you’re pricing it just remembered if your housekeeping fees really high well then someone’s probably not gonna book the one night because if you’re one night let’s say it’s 125 Bucks and your housekeeping fees 125 Bucks for 250 Bucks they might not. It seemed to feel like they’re getting as much value she might want to discount the 1 night stays and if your housekeeping fees also profit center and that you’re not using the whole 0 $25 to pay your housekeeping team maybe ever on staff well then you got to factor that in as well but we really gotta consider the housekeeping a fax here you know if we have let’s just take any given month let’s say we have 152 night stays well then we’re going to have 15 check outs right if those all become 1 night stays we have 30 well that’s twice the housekeeping work now that’s probably not going to happen I mean short term models typically have at least a few night average at least in the US the most markets I’ve seen but if we’re adding 1 night stays it’s gonna add a lot of housekeeping and we know that most of our gas typically you’re checking out on the weekends are checking out on Monday after weekend and so if we have limited housekeeping staff and we’re adding these 1 night stays will we have to remember there’s only so much they can do at the same time now if you’re working with professional housekeeping company well then that makes it easy and that’s 1 of the advantages of working with professional housekeeping companies they have more staff but you’ll just want to check with them and make sure that they have enough staff available if you tack on another 20 percent housekeeping work for example so really consider that and kind of how that weighs in and if you can if you can get longer reservations and your housekeeping expenses are high well then you’re gonna want to strive to do that first before you start taking the 1 night stays but if you have a lot in 2 days it’s definitely definitely worth it if you have a team in place because really it’s just money set on the table right so in a nutshell. You know it should you offer one night stays yes No depends on your property I think if you have the staff available we have the tools available to us to prevent parties so if it’s a last minute stay of its all last week stay and you have some gaps I would definitely try to fill them and use the pricing tools are going to help you to be able to coordinate all that charge right prices to make sure you don’t get a one night stay way out in the future or one night stay that’s blocking some important event date so definitely check that out that’ll help consider the impact it’s gonna have on our housekeeping team or the company you’re working with you want to make sure that they can handle the extra workload but at the end of the day I’d say if you’ve got the procedures in place and you have the team that absolutely do the one night stays it’s gonna add revenue you’re gonna fill in those gaps escalated keep scale keep get more properties. So hopefully they gave me a little bit inside and until next time have a wonderful day. 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.

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