Landlord Diaries Episode 104 Recap: Mid-Term Rental Opportunities, Strategies, and Success Stories
Welcome to The Landlord Diaries (opens in new tab), 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 (opens in new tab) 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 (opens in new tab), 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 (opens in new tab), 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 (opens in new tab) 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 (opens in new tab) 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 (opens in new tab), 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 (opens in new tab) today to list your property (opens in new tab) and connect with reliable tenants. For more tips and stories, subscribe to the Landlord Diaries podcast (opens in new tab) and join our community of successful landlords.
Episode 104 Transcript
Welcome to the Landlord Diaries, where we talk about midterm rentals and the opportunities behind them. We'll share landlord stories, talk about maximizing investment potential, and discuss how to live the very best landlord life. This podcast is proudly brought to you by Furnished Finder, the leader and largest online marketplace for midterm rentals.
Remember to like and subscribe if you enjoy our content. It's your sassy host team of the Furnished Finder podcast, The Landlord Diaries. We've got Kelly Bailey here and Katie Lyon coming to you from Furnished Finder. Marketing team and midterm rental hosts ourselves. Katie, we talked to Leslie. What did you gather from Leslie today?
Leslie is a great example of how you can do this and also have a great career. Leslie's a real estate investor investing in Florida, but she's also a mental health professional living in New York. So not only is she doing it long distance, but she's doing it. It's just as something to add some extra income and extra investment strategy to her life.
And she does it really well. She focuses very much on high quality relationships, very clear communication, and she takes such good care of her tenants and it is coming back to her tenfold with such a good experience with her midterm rentals and a growing portfolio. So it was great to talk with her.
We talk about everything from different ways to screen your tenant with hard screenings and then having, meaningful conversations, way to ways to be upfront about things in your property that might not be perfect and how to work around that. So she was great. And we know you will enjoy this.
Today, we talk with Leslie Garcia who operates a mental wellness practice in New York City and is a midterm rental host in Edgewater, Florida. Her first midterm rental is going so well that she will be adding another soon. Leslie, so great to see you. We've met you in person recently at the midterm rental summit, and now we're talking with you on the podcast.
How are you today? It's going great. It's great. It's so good to meet both of you in person and to be here. Thank you for having me. How are you? Doing well. We knew Leslie before the midterm rental summit, but we got to catch up with, I think around 20 of our podcast guests. It was so fun to, to say hello to everyone in person and just have a great time networking and touching up on all the things, midterm rentals.
What were your biggest takeaways from the summit, Leslie? The biggest takeaway is that the real estate. State field is so diverse. There are so many ways that you can position yourself and pivot and still make an impact in a community. Let's get, let's go back to the beginning. How long have you been a midterm rental host and around how many stays have you had through furnished finder so far?
I started in summer 2021. I've had approximately five to six days through furnished finder. And I think a lot of your stays average three to six months and your first guest was a six month booking that you still are friends with. So tell us that story. That is correct. My first guest she is a traveling nurse.
Actually she retired and then she came back. She wound up living in the area, she fell in love with the area, so she came back while she was purchasing, searching for her home, and finally closed. And we are friends, we lived in the area, we still keep in touch as well. If I need anything as far as to look over the home or pick up mail, she'll do it for me.
So we became close friends, absolutely, it was a great experience. I love that. All right. So Leslie, we're going to jump into the details of your portfolio and why you decided on the location of your properties in just a little bit. But first I know the demand statistics are one of the things that you really enjoy on Furnished Finder.
So tell us your journey about how that tool helped you and how that led to you purchasing your first midterm. So when I started looking, it was first, Let me just share how it all started. The vision all started. I wanted to add a different component to my mental health practice.
And I thought about housing and I made sure that whichever home I purchased, I had no idea where it would be, but it had to be near water. And I wanted to serve the healthcare professional community like myself. And I knew that I wanted to have a setting that really resembles wellness. So I'll start there, but I had no clue.
And then afterwards during the pandemic, I knew that the market was shift. I didn't know it would be so drastic and dramatic, but I said, this is the time I need to start searching. But I always, I always was intentional about searching near water. After doing research, getting involved in real estate communities, I found this announcement about Edgewater.
Someone purchased near Edgewater. I did some research and I reached out to the person. That person connected me to an amazing realtor. To this day, we are friends. And I knew when I wanted to make this purchase and also finally just promote it, Furnished Finder would be my go to because it was really catered to traveling healthcare professionals.
I also am a healthcare professional and I also wanted to support the brand. And once I did that, From there, it was just, it still is amazing. Okay. And just a quick detour here guys, cause this is a really interesting fact is Furnished Finder started focused on all travel nurses. And when we say travel nurse nurses, we're really talking about travel medical professionals because it's not just nurses.
However, as the site is growing and really as. Midterm rentals are growing as we all shift to a digital culture. And we have so many relocations going on, things like that. The number of tenants that are not medical professionals is increasing so, so much that medical professionals are actually less than 50 percent of the tenant base on furnished finder right now.
And that's not because they're shrinking. It's because the rest of it is. Booming, which is great news for everybody. So Leslie's focused on medical professionals, which is a really solid strategy, but it is not the only one. So just remember that we hear all the time, but what if my property is not right for a medical professional?
And I'm like, okay, great. There's still plenty out there for you. So just don't. I don't want anybody to forget that because it's so big. Yeah. So now we'll dive back into Edgewater, Florida. And one thing that I found interesting, and Katie says this a lot, the like Furnished Finder. com forward slash stats.
It's a great starting place to research. Would my area be good for midterm rentals? But midterm rentals is a lot of soft data. There's not a ton. Of hard data, like you have for short term rentals or long term rentals. And one thing that Leslie found is that the stats were actually low in Edgewater, but that didn't hold her back and tell us How happy you are on the other side of that and what that journey was like for you, Leslie.
Yes. Now going back to the question about the analytics, I actually was not aware until I purchased the first property that it was about approximately eight minutes from a hospital and then about close to 25 minutes from other major hospitals. And that was through looking through the stats as well. And the Edgewater location was not really popular at that time on Furnished Finder.
So it was, I was able to leverage, it was to it, to my advantage as well. And because I'm part of the community, I knew quite a few healthcare professionals, traveling healthcare professionals that also use Furnished Finder and they also circulated my property within their network. But even though it's a low number, But there were also low listings at that time.
Yeah, a low demand does not mean no demand, right? Like you can have all you have to do is you just want to make sure that you match or that there is enough demand for the area or for the. Specific area or niche you're going to. But one of my favorite sayings in business, and it's a little bit cheesy, but is that the riches are in the niches.
And it doesn't work if you say it, riches are in the niches. So that's what I'm going to say. It's always pronounced niche. But it's true. It's like you, especially with midterms, you only need on average four tenants a year, right? So you don't need. An insane amount of demand. You just need it balanced.
That is correct. And also the first guest actually two guests, they shared my contact information with their recruiter as well. And that helped as well. So you don't really need much exposure. You just really need the right people and treat them right as well. Make the stay memorable. And they would continue to share with their network.
And I think you also out, you didn't know this, but I think through hosting on Furnished Finder, you now know that road bikers come to your area as well. Have you hosted some road bikers or other travelers other than medical professionals? I have going back to the statistics that you shared. Now I am noticing that people are inquiring and wanting to book the listing and they're, they tend to be retirees.
Or snowbirds as well. And then there is NASCAR not too far in Daytona Beach and they also have these bike events, very famous bike events as well. So they take advantage of the event and extend their stay. I had no idea, knowing I had no idea. Yeah, that's awesome. And are you fully midterm rentals with 30 plus day says, or do you hybrid at all with the short term rental strategy?
I hybrid in the beginning, but my ideal is it's just fully midterm right now. Only when necessary. I love that. And that's always an option, right? As long as it's, as long as it's, as long as it's legal in the area that you're in, you can always add, there's nothing wrong with doing both of them. That's just like we say, there's nothing wrong with having your property on multiple marketing sites either.
The fact is just that you're getting yourself out there as much as you can. All right, Leslie, I want to talk about one of the things that you have done really well. We get asked the question a lot, and I think it's a hot topic of how do you market your space? And I think a lot of people, when they think, how do I market my space?
Think, okay, what is my headline? What are my, what's my pictures like? What is my description? And those things are all critical, but really it also starts with how you're attracting the type of tenant you want. And that starts with how do you make your property? What's the vibe? What's the feel?
And for those of you who are watching on YouTube, you're already going to get Leslie's vibe. She's like calm and cool and collected, but like very professional. But I can tell You're not a stressed out, like tightly wound person, right? So how do you use that to your advantage and how do you get that vibe into your space to make sure that you're attracting those tenants that are the type you want.
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Great question. I wanted to attract really my colleagues and my peers. We go through a lot of stress in healthcare professionals. The healthcare professionals have a huge burnout, right? And it was, I manifested the space, the way it would look, the vibe. When I purchased it I came all the way from New York City.
I did not know anyone in the area, but I wanted to feel the vibe in the home, even in the neighborhood as well. And I knew that it had to be a place where people restore, refuel, and refresh themselves as well. And with that I added yoga mats. There are a lot of yoga mats. Mindset and wellness. I added a wellness library.
So a lot of books that connects to wellness. There are candles as well. Just a very neutral, a neutral color and being very close to the water helped tremendously. So it really connected to the brand. What I believe in having a stress management lifestyle as well, because you're always pouring out into the community.
So I was hoping that this place would be somewhat of a mini respite and it can restore and pour into the people that stay in there. I think you summed it up fantastic on your Furnished Finder headline. Listen to this guys. It's two bedroom bath Wellness Stay near Hospitals River. And beaches. I don't know about you, but if I'm a medical professional or a retiree that sounds like somewhere I want to be.
So well done, Leslie, for sure. Anything else you want to highlight about the Furnished Finder process that really makes you stand out in your area? I would say really the wellness component. A lot, very I'm going to be doing a professional listing with professional photos as well. I wanted to be there when the photographer was there.
So I can highlight some of the, I would say the features that I think would attract my audience. For me, I believe it's important to, to be hands on. I know some people are hands off, they don't, they're not tired, but I need to be. Hands on because I know the population that I want to serve because I'm part of the population as well.
So yes. Oh, I'm on your listening right now. I see your wellness library. That's pretty cool that you highlighted it in your photos. So great job. Looks like a five star review. So that's something, we don't always talk about on the show how important it is to secure five star reviews and something that I want to add is I've noticed a trend recently in my own homes.
Reminder, I have eight midterm rentals in and around the Austin, Texas area. And at least three of my guests have been stays that the guest was not happy in their first midterm rental, and it wasn't necessarily a Furnished Finder listing, but guys be good hosts out there. If you are listening to this show, make sure you are a five star host on Furnish And one thing that these guests emphasized was that.
The communication just wasn't very clear. I didn't know how much noise there was going to be close to, this busy road, or there's a smell in the home that hasn't left and they just don't seem like they're going to address it. Those are really big. Ozonators is a great answer. Hire your cleaners to wipe down your walls with vinegar or whatever it is.
Dave and I just had our first like close insurance claim. We had a one of our guests forgot to open the flue in well, she didn't forget she actually opened it, but it's a tricky one So it didn't open properly. So we had a bit of soot throughout the entire house The nice thing is all it took, was to wipe everything down with vinegar and treat it with our cleaners But those are things that are important if your guests are noticing something They're going to stay longer if you address it And so we've had at least three stays with guests that have said I don't know I noticed you're a five star host on Furnished Finder.
So we really feel confident that you're going to take great care of us when other our other host hasn't. And then sometimes I'll negotiate it. And they prove that they're good tenants because they say I've already paid, through the end of this month. So I I can't just leave, but I would love to move to your property in this like in a month.
And so if I already have a vacancy, I'll negotiate with them and say, Hey, I want to get you out of there if I can. So I'll cover. At our mortgage or whatever so that you can meet in the middle and make sure that they have the best option for them at that time being. So Leslie, you have five star review on on your listing.
How do you make sure and secure those on Furnished Finder? Just to your point, communication again, I'm a clinical social worker. I'm a therapist. I believe that is one of my strong points is to be a very good active listener and just check in a way setting boundaries. It's also another, a, another hot topic that we hear a lot, especially with my clients in therapy.
So setting boundaries where I don't want to be too involved and let them enjoy their stay, but just checking if there's anything that they need are they're doing okay. And then even afterwards, just to, Hey how are you? Happy holidays. So keep that communication going. And that's, that has worked for me.
And if there is an issue immediately take care of it. I immediately take care of it. Hey, it's host Kelly Bailey. I'm going to interrupt our podcast real quick for the best way to accomplish a five star review. This is an insider tip. Okay. I do most of my property management from my office. Furnished Finder on mobile.
So I'm gonna actually read you guys what I send to my tenants when I want a five star review. First, I text them and I say, hey, did you have a five star experience and if not, What would you have changed? So that gives them the opportunity to communicate what they would have changed off record. If they say it was amazing, we would love to leave you a five star review, then I send them this text.
Thank you so much for your willingness to leave us a five star review. The review section is towards the end of the listing. I insert my listing there. You can also send it from within your Furnished Finder dashboard, but I Then you can't customize the message, so that's why I do it this way. Then I send these three steps.
Complete all the fields on the form. The phone number will not be displayed, but is used for verification purposes. In the message, don't put your full name or hours. Nothing private like address, company name, et cetera. And then the dates of stay is one of the first questions that if you don't provide the dates of stay for them, it's because of our midterm rental guests, they can't remember when they moved in, then they're going to stop and be like, eh, I'll come back to this later.
So you stop and look up those dates of stay, provide it for them. And that's how you guarantee yourself a five star review. Don't forget to follow up. Sometimes it might take a time or two. So that's my tip. Let's get back to the show. It was interesting. I spent the night at a hotel this week and it was in a busy location and I was visiting somewhere that I I was going to Austin and I don't know Austin.
At all. I was going to, to Kelly's neck of the woods and you could literally drop me anywhere in, in Austin or the surrounding area. And I would be like, I don't know where I am. This is great. So the hotel that I picked was on a very busy street, which I know immediately, you're like, Oh, I'm going to sleep.
And right on the nightstand, there was this little card that says six street never sleeps, but we want to make sure you do. And they had a little pair of disposable earplugs with their brand on it. And I was like, that is genius. Genius. Because not only did I feel like, okay, they're not pretending like it's not a, it's not a challenge.
They're not trying to ignore it and be like, Oh no, it's never allowed here. But they're like, here, we know it. Here's a solution before you even asked for it. And I think that is something we can all keep in mind. There's nothing wrong with admitting your property is not perfect or the location is not perfect, but offer a solution.
And if it's something that's frequent offer a solution before there's even a chance to ask about the issue from the tenant. So that, that can often just. Make the difference. It's just a little bit of thoughtfulness and for traveling medical professionals especially don't forget those portable fans and blackout curtains.
Leslie, what did you want to add? And I wanted to add when I moved actually when I purchased and I was there to furnish and help set up, I realized there is a railroad station and I would hear it, but it wasn't loud. And so when people come in, I was like, do you hear the railroad? No, but my hearing is just.
Transcripts provided by Transcription Outsourcing, LLC. That's my hearing. So what I did, I would try to track the time that it's a cargo, it's actually a cargo train and would track the time and let them know it's a very, it's a very faint noise, but these are the times that the train is moving.
runs by and they wouldn't hear it. But that was me. That was my hearing, right? But just because there is probably someone who has outstanding hearing like myself, but at least they are aware. But not only that was a learned lesson when buying properties and wanting to attract traveling professionals or traveling healthcare professionals.
That was a learned lesson not to be close to a railroad. I'm going to spin it just a little bit because we have a conversation with Jessica Williams on episode 94 of the Landlord Diaries that says why her property next to a train was great for midterm rentals because she was saying that The communication is, hey, this is when the train operates, and I just communicate as long as you're not trying to sleep during those hours, then this will be a great place for you.
One of our newest investment properties, we try to look for properties on the MLS or on Zillow. Honestly, most of the properties I find are on Zillow. And we've bought all of them. Five of our doors, we have eight doors, but five properties cause two of them have ADUs in the back and one of them is a co host listing.
So five of our properties that we bought were within the last three years. And it's tough to find a good deal in Austin in the Temple Belton area, same thing, prices jumped. So I'm always looking for something that has a second unit if possible, and can. Cashflow anywhere from 500 to 1500 per, for that property per month.
So I didn't know it was near a train. I slept, I always like to sleep in our properties a couple of nights, see if anything's missing. If anything's not working properly, I was like, Oh my goodness, Dave. I heard a train five times last night. I wonder if that's going to be a problem. Now I was in the front bedroom, which is the guest bedroom.
So I was like, It'll probably be better in the master bedroom, but our first round of guests, they said, Oh, we definitely had a five star experience and they didn't mention anything about a train. So just because it's close to a railroad doesn't mean that it's going to affect people, which is really nice.
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Good. Yeah. All right, Leslie, I want to talk about how you screen tenants, why you think it's important, what your process looks like. Because I feel like that is a hurdle that a lot of newer landlords or even experienced landlords have is, you've, you connect with the tenant. You're like, okay.
We're good to go. And now I want to screen them. So tell us a little bit about why it's important to you. And and what your process looks like. Sure. Also utilizing the screening tool on Furnished Finder. I definitely utilize that. But I want to talk on the phone with everyone. And it's similar, I have to say, and I'll be honest, it's very similar when doing a discovery call for someone who's inquiring about counseling services at my practice.
Just to see if it's a good fit. And I would, when I speak to a traveling healthcare professionals, sometimes you just have to be realistic if there are any type of scans. So I'll ask questions like, Oh what type of EHR you guys are using at the other hospital, just different terminology, just to see how informed they are about health care.
And it always works for, it works out for me. And I've been in the mental health field for almost 20 years. And I love to do assessment. I've done forensic assessment. I've done family assessment. So assessment is my key is my strength. So 15 minutes, 20 minutes is all I need just to make sure if it's a good fit.
In addition to the screening, Tool that I use for furnished finder. I have to speak to the person over the phone. Yeah. That's a great tip. Like you're building a relationship with this person. And I think that also contributes to the five star stay. Like we're talking about it and just you're setting the groundwork For that communication, right?
You're establishing that relationship. I, in my head, I think about rentals in three buckets. You've got long term rentals that are like very transactional, right? It's okay, you're going to get someone in there and then you're going to knock on wood. You don't hear from them at all. Cause if you hear from them, something is broken.
You have short term rental where you're trying to make this huge experience and you want everything to be perfect. And you've got puzzles. I always use puzzles as. My metaphor here, but you've got puzzles, you've got games, you've got bikes or surf, like whatever you're trying to make it their experience.
Their vacation is perfect. Midterm rentals are all about that relationship, right? Cause you're housing these people and you're giving them a home. So I think that you are spot on by starting that relationship with a phone call, right? Because it's more personable. And I think that probably helps your occupancy rates.
A lot to just having that connection and that person ability, because people want, they want to know who they're renting from and they want to know they'll be taken care of. Yep. That's why it's important guys. Make sure your furnished finder landlord profile is filled out. And Dave and I even put a picture of ourselves in the photos.
We say, we're your five star host team. And we chose a fun picture that they could relate to. Kelly, what I love about your picture is you have a picture of you two with your dog. So it's Hey, look at us. We're human. Like we're real people. We're nice. Like it's very much reflective of you. So I love that.
Thank you. I just have one last question for Leslie, and then maybe you can tell us about your up and coming property after that. So I guess that's two questions. I snuck one in. So as a counselor, what tips do you have for hosts and midterm rental travelers on how to balance life well and avoid anxiety and burnout?
I learned this through a mentor of mine, practice the four D's and that is ditch, delay, Delegate and do now. And in the beginning, I definitely wanted, I know I am a person that needs to be hands on. That's just for me. It works for me. And that's going to alleviate some of the stress. But I realized, I don't know who said this, right?
You can do anything, but you don't have to do everything. So I had to really assess and reassess what can be delegated, right? What I can outsource and just really hone in on my strengths. Good tip. And then tell us about your new upcoming property. So the upcoming property it was not intentional.
It happened the same year and my amazing agent said, Hey, there is a property on the market and it's literally around the corner. And I said, what? And I took a look at it and I said I don't know how this is going to work, but we'll, we'll make it happen. And it literally is around the corner from the property.
Huge yard I thought about, just had the vision of what, it's a double lot actually, like how that lot can be utilized for wellness or some type of wellness activity. So I just, I went forth, I had a great team really advocating because listen, I just bought a property and you know how underwriting is very tough.
I know they scrutinize everything, but when I spoke to the lender and let them know who I am and what was my vision. It worked out. It really worked out. And I really believe it was through relationship building. Yeah, so that will be listed next. And that's in Edgewater as well, right? Correct. Correct. All right.
That's it for me, Katie. You got anything to wrap us up? No, I think this was so great. It's so great to connect with you and really dive into a little bit more of the soft side of midterm rentals, let's call it is, the communications, the relationships, the transparency and just your whole approach to it is fantastic and so well rounded that.
I think this is going to be so helpful to everyone. Let everybody know if they want to get in touch with you or connect the best way for them to do that. Sure. On social media, it's at counseling space and you can also email me, email as well. Info at counseling, p c. com. There we go. And don't forget we will have Leslie's landlord profile in the show notes.
It has been such a pleasure talking with you. We want to tell Furnished Finder host stories from all over the country. So if you look at the list and you're like, my state hasn't been covered yet, don't forget to reach out to us. If you've got nice professional photos on your listing and you've got a great story to tell that will encourage other landlords on Furnished Finder.
