June 21, 2023

Furnished Finder Insights From The First Ever Mid-Term Rental Summit

The Mid-Term Rental Summit, which took place at the end of April 2023, was an incredible opportunity and experience for anyone considering, or already in, the mid-term rental market. The list of speakers spanned a diverse range of specialties. This article is a summary of some of the highlights:

Furnished Finder's CEO, Brian Payne, provided some insights into the data behind the booming mid-term rental market and specifics within the Furnished Finder website traffic.

Furnished Finder Statistics pulled from 2022:

  • 1.1 million users monthly.
  • 5.8 million total messages were sent via the Furnished Finder platform between interested renters and landlords.
  • Over 200,000 properties are currently available nationwide.
  • 10 of the top 40 cities in demand based on booking requests are: Austin, Las Vegas, Honolulu, Atlanta, Tacoma, Tucson, St. Louis, Miami, Columbus, and Omaha.
  • 3 of the top 10 searched cities: San Diego, Nashville, and Phoenix.
  • Which size works best for monthly mid-term rentals?
    1. ○Based on demand, one-bedroom apartments are the most sought after. They typically rent for $1600–$2400.
  • The statistic that was quite surprising was that 40% of travelers have a lead time of 14 days or less. Whether that means they're taking these travel contracts at the last minute or they simply waited till the last minute, landlords on Furnished Finder can rest assured there is always an immediate need for housing.
  • Pets: 43.2% of travelers want to travel with their pets, but only 35% of the properties on Furnished Finder allow pets. This means that if you'd like a leg up on your competition, allowing pets is an easy way to stand out.
  • Keycheck, Furnished Finder's sister company:
    1. ○44,000 tenant screenings were done.

Tax Strategies with Amanda Han and Matt McFarlan

https://www.keystonecpa.com/

Authors of the book: Tax Strategies for the Savvy Real Estate Investor: Powerful Techniques Anyone Can Use to Deduct More, Invest Smarter, and Pay Far Less to the IRS!

Tax deductions, or the lack thereof, are the silent killers of many landlords' cash flow. When considering the numerous taxes we are burdened with, such as federal taxes, state taxes, payroll taxes, and so on, taking advantage of what is already allowable in terms of tax write offs is critical. Things like home offices, business travel expenses, car payments, depreciation, business meals, and so on are frequently overlooked, resulting in lost profits.

They advise taking the time to invest in and work with a tax strategist rather than just a CPA. A tax strategist understands and can assist you in taking advantage of every possible tax deduction.

PriceLabs

PriceLabs Co-Founder, Anurag Verma, detailed how mid-term rental demand is older than COVID! It's nothing new; it's only gained notoriety recently thanks to COVID.

The Pricelabs website and service help landlords strategically price their properties with the goal of avoiding vacancies and maximizing profit, for example, by offering higher rents for someone booking far in advance and lower rents as a vacancy nears.

Some statistics he shared regarding mid-term rentals confirmed what many landlords already know: seasonality does not really affect mid-term rentals. Traveling professionals and families that are relocating happen year-round.

Rafa Loza, The Arbitrage King

Most of Rafa Loza's portfolio consists of arbitrage properties. He emphasized that acquiring these rental properties starts with clear communication. Letting the owner or property manager know exactly what you do and why you and your business will make fantastic tenants is step one.

Arbitrage properties are a wonderful strategy to get into the property rental market without having to put down a deposit on a mortgage. Often times, you can negotiate one or two months free rent, which enables you to cash flow immediately.

Katie Lyon, Furnished Finder's Marketing Director, shares her pitch with property managers and owners, which is very similar to what Rafa Loza uses as well:

First, she introduces herself and tells them she has a weird question, which is if they do corporate leases. Regardless of their response, she continues by explaining what she does and how she is in a unique situation. She explains that she works with traveling nurses, relocating families, and other professionals looking for 30-day or longer stays. Her typical tenant stays for 3-6 months, and she emphasizes that she doesn't do short-term rentals, Airbnb, or bachelorette parties, but rather tries to provide high-quality, stable housing for these traveling professionals. She explains that she will essentially rent, furnish, and sublease the apartment. Katie continues the conversation by providing any remaining details, providing references as needed, and attempting to reassure them that she, as a business, will be an incredible, dependable, long-term tenant who will take better care of the property than most normal tenants.

Zeona McIntyre and Sarah Weaver

Authors of the Bigger Pockets book, 30-Day Stay: A Real Estate Investor’s Guide to Mastering the Medium-Term Rental

https://www.zeonamcintyre.com/

https://www.sarahdweaver.com/

Be sure to check out Zeona and Sarah in Episodes 15 and 16 of The Landlord Diaries.

The big takeaway from their presentation regarding "location, location, location" When it comes to choosing the best market for your real estate investment strategy, several key factors serve as reliable indicators of the area's potential. Population growth, job growth, wage and income growth, rental rate increases, home value increases, and crime rates are all important factors in determining a market's attractiveness. Investors can assess the potential for long-term profitability and success by carefully analyzing these factors. Areas with thriving economies, expanding job opportunities, rising incomes, and a growing population are generally regarded as prime real estate investment targets. Monitoring rental and home value trends, as well as crime rates, provides valuable insights into a market's stability and desirability.

However, while thorough research is essential, some investors suffer from analysis paralysis and overthinking, causing them to miss out on lucrative opportunities. Most markets, in fact, have the potential to generate positive returns if approached strategically and with due diligence. Rather than getting bogged down in endless research and deliberation, taking action based on sound analysis and a well-defined investment strategy is frequently the key to success.

Tatiana Tayler-Tate: Psychology of Space Interior Design and Short Term Rental Coaching for the Modern Entrepreneur http://www.tatiannataylortait.com/

Tatiana talked about the true worth of a beautiful home. Adding furnishings that make sense, are functional, add style and appeal, and aren't cluttered all help landlords get the highest rent possible for their properties.

She specializes in the psychology of space, which is the study of how people are influenced by their surroundings. In an urban environment, green or natural spaces can reduce the risk of depression by up to 68%. Stress can be increased by up to 35% in a cluttered or disorganized environment. This also applies to the images in your listing. If your pictures are disorganized, lack consistent lighting, photography style, editing, or (as obvious as it may seem) show your property in a disorganized state, viewers will likely pick up on that stressful, disorganized feeling and move on to another listing. The use of color can increase productivity by up to 25%. Accent walls, bright features, or colorful couches add visual appeal and a bit of fun.

Jesse Vasquez CEO of Airventure Hosting

Jesse has one of the leading MTR masterclasses and online training programs for building B2B clients for mid-term rentals by connecting with medical staffing recruiters and insurance agencies. https://www.airventurehosting.com/

Be sure to also check out Jesse on Episode 3 of The Landlord Diaries.

Jesse prefers to work in a more direct manner. In addition to using platforms to find tenants, he develops relationships with insurance companies, staffing agencies, and other corporate entities. This allows him to charge higher rents and scale his business more easily because he will always have a steady stream of tenants provided by these groups.

Panel Discussion featuring:

Noble Crawford brings together short- and mid-term rental operators and business owners who want to leverage government contracts to generate consistent revenue. https://hospitalitycashflow.com/ https://www.linkedin.com/in/noblecraw...

Author in the book: Hospitable Hosts 2

Dr. Rachel Gainsbrugh helps medical pros ditch burnout and create freedom with short-term and mid-Term rentals. https://www.shorttermgems.com/

Author in the book: Hospitable Hosts

JP Tuli, co-founder of CHB Skyline, is experienced in business development, mergers, and acquisitions, having structured more than 100 transactions (valued at over $500 million). https://www.chbskyline.com/

Aaron C. West - Owner of The West Experience Real Estate Group

One of Jesse Vasquez's mentors, Aaron, has a private show about becoming a multimillionaire, and he based his presentation on this Ben Stein quotation. The foundation of every achievement, success, and advancement in real life is a person's personal relationships. https://www.thewestexperience.com/

He emphasized the value of adopting the right mindset and relationship development. Everyone was urged to accept saying "yes" to opportunities and "no" to things that might limit them. Everyone felt rejuvenated, inspired, motivated, and positive when the day was over.

Conference Tips

Another Mid-Term Rental Summit will most definitely take place. Here are some ideas for getting the most out of your attendance at the next one:

Establish clear objectives: Before attending a conference, determine what you hope to accomplish. Having clear objectives will help you stay focused and make the most of your time, whether it's expanding your professional network, gaining insights into industry trends, or learning specific skills.

Research speakers and sessions: Review the conference agenda and identify sessions, workshops, or keynotes that align with your interests and goals. Research the speakers and their expertise to prioritize the sessions that are most relevant to you.

Engage with other conference attendees: networking is an important aspect of conferences. Take the initiative and approach other attendees during breaks or social events. Begin conversations with an introduction, open-ended questions, and genuine interest in their work or experiences. Remember to exchange contact information so that you can stay in touch after the event.

The Blinq app was clearly the most popular way to stay in touch because everyone at the conference was using it. It's essentially your digital business card, and those you network with can see all of your contact information that you've chosen to make available, such as social media handles, websites, phone numbers, and so on, with a quick scan of your personalized QR code. As you collect more contact information, it is saved within the Blinq app. A best practice is to add some notes to each contact, detailing the conversations you had with each contact and how you can help each other. Otherwise, you're likely to forget who's who and why you were interested in keeping in touch with them.

Attend interactive sessions: Look for workshops, panel discussions, or roundtable discussions that encourage active participation. These interactive formats frequently allow participants to ask questions, participate in discussions, and learn from both the presenters and the other participants.

Take detailed notes and ask questions: Take detailed notes during sessions to capture key insights and actionable takeaways. When appropriate, don't be afraid to ask questions. This not only clarifies any doubts, but it also demonstrates your active engagement and interest in the topic.

Make use of social media: Many conferences have hashtags or social media groups. Participate in these discussions, share your thoughts, and connect with attendees online. Engaging on social media platforms can help you expand your network and continue the conversation after the conference is over

Contacts should be followed up with: After the conference, make an effort to contact the people you met. Send personalized emails or LinkedIn messages that refer to your conversation or common interests. Over time, cultivating these relationships can lead to valuable collaborations, mentorships, or partnerships.

Reflect and apply: After the conference, take some time to think about what you've learned and how you can apply it to your own business or career. Determine specific action steps or strategies that you can implement based on the conference's insights.

Remember that attending is about more than just gaining knowledge; it is also about developing relationships and making meaningful connections. You can advance your professional development and stay ahead of the competition by approaching conferences with a proactive mindset and taking advantage of the opportunities they provide.

Listen to the Podcast here

www.furnishedfinder.com

Author : FF Team