Landlord Diaries Episode 104 Recap: Mid-Term Rental Opportunities, Strategies, and Success Stories
Landlord Diaries Episode 104 Recap: Mid-Term Rental Opportunities, Strategies, and Success Stories
Welcome to The Landlord Diaries, where we delve into the exciting world of mid-term rentals and explore the opportunities they present. We share landlord stories, discuss ways to maximize investment potential, and offer tips for living your best landlord life. Proudly brought to you by Furnished Finder, the leader and largest online marketplace for mid-term rentals.
Today, your hosts, Kelly Bailey and Katie Lyon, from the Furnished Finder team members and mid-term rental hosts themselves, dived into a conversation with Leslie Garcia, a successful real estate investor and mental health professional. Leslie shares her journey and insights on balancing a full-time career with mid-term rental investments.
The journey of Leslie Garcia:
Leslie Garcia is a shining example of how to succeed in mid-term rentals while maintaining a thriving career. As a mental health professional based in New York and a real estate investor in Florida, Leslie has mastered long-distance property management. Her focus on high-quality relationships, clear communication, and excellent tenant care has resulted in a flourishing portfolio and great experiences with her mid-term rentals.
Mid-Term rentals: A practical investment strategy
Leslie began her mid-term rental journey in the summer of 2021 and has since had approximately five to six stays through Furnished Finder, with most status averaging three to six months. Her first guest, a traveling nurse, became a close friend and continues to assist Leslie with her property.
Leslie highlights the importance of thorough tenant screening and honest communication about the property. By setting clear expectations and maintaining transparency, she has built a network of reliable tenants and enjoys high occupancy rates.
Location and market research:
When selecting a location for her mid-term rentals, Leslie prioritized properties near water and healthcare facilities. Her research led her to Edgewater Florida, where she found a property close to several hospitals. Her research on Furnished Finder, was a part of her strategic approach and paid off as she attracted a steady stream of tenants through her network and the platform.
Marketing and creating the right atmosphere:
One of Leslie's key strategies is creating a wellness-focused environment in her rentals. She incorporates yoga mats, wellness libraries, neutral colors, and proximity to water to provide a restorative experience for her tenants. This thoughtful approach resonates with healthcare professionals and retirees, her primary target audience.
Leveraging Furnished Finder tools:
Leslie emphasizes the importance of using Furnished Finder’s demand statistics to guide her investment decisions. She also leveraged her network and platform tools to attract tenants.
Handling challenges and enhancing tenant experience:
Leslie shares a valuable lesson about addressing potential property issues. For example, she informs tenants about the nearby cargo train and its schedule, ensuring transparency and proactive communication. This approach helps set realistic expectations and enhances tenant satisfaction.
Securing five-star reviews:
Maintaining high standards and clear communication are crucial for securing five-star reviews. Leslie checks in with tenants periodically and addresses any issues promptly. Following up with tenants after their stay and expressing appreciation fosters positive relationships and encourages glowing reviews.
Screening tenants is a critical step:
Tenant screening is a vital part of the rental process. Leslie's approach involves the combination of tenant screenings and meaningful conversations to ensure a good fit. Clear communication and setting boundaries help manage expectations and create a positive experience for both landlord and tenant.
Final Thoughts:
Leslie Garcia’s story is a testament to the potential of mid-term rentals as a profitable and fulfilling investment strategy. By prioritizing tenant care, leveraging Furnished Finder’s tools, and creating a wellness-focused environment, Leslie has built a successful portfolio that complements her career.
For those considering mid-term rentals, Leslie’s experience offers valuable insights and inspiration. Whether you're a seasoned landlord or just getting started, remember that thoughtful marketing, clear communication, and a focus on tenant well-being are key to success.
Visit Furnished Finder today to list your property and connect with reliable tenants. For more tips and stories, subscribe to the Landlord Diaries podcast and join our community of successful landlords.