Kama Cicero (opens in new tab), the dynamic owner and founder of Stars of Boston (opens in new tab), stumbled upon the world of mid-term rentals serendipitously. What began as a casual endeavor soon transformed into a passionate venture as she recognized the potential of the market and the difference her services could make in the lives of her clients. Her company, Stars of Boston, aptly named as an acronym for "Short Term Apartment Rental Solutions," has now become a go-to source for those seeking quality mid-term rental solutions in the Boston area.
The Allure of One-Bedroom and Studio Apartments
Boston, with its rich history and vibrant cultural scene, is a magnet for both professionals and tourists. However, the city's real estate market is notoriously expensive, making affordable living spaces a premium. Amidst this backdrop, one-bedroom and studio apartments have carved a niche for themselves, becoming the darlings of the rental market.
Affordability Meets Desirability
While there are many rental options in Boston, one-bedroom and studio apartments are particularly popular. Their small size not only makes them more affordable, but it also meets the needs of a large number of renters, ranging from young professionals to students and even medical patients seeking treatment at the city's renowned hospitals.
Room rentals in Boston's more desirable neighborhoods typically range from $1,900 to $2,500 per month. This may appear to be a steep price at first glance, but when you consider the amenities and prime locations that these rentals frequently occupy, the value proposition becomes clear. Studios, which provide a little more privacy and space, are slightly more expensive, with monthly rents ranging between $2,800 and $3,500.
Striking the Right Balance
The balance of these one-bedroom and studio apartments is what makes them so appealing. They provide a good balance of affordability, convenience, and quality. They serve as an entry point into Boston's otherwise intimidating rental market for many.
Furthermore, the nature of these units frequently means that they are housed in brownstones or other classic Bostonian structures. These early-nineteenth-century structures, with their brick facades, high ceilings, and spacious rooms, exude charm. Living in such a space provides more than just a place to sleep; it also provides an authentic Boston experience.
Embracing the Charm of Boston's Brownstones
The brownstones, which date from the early nineteenth century, are a testament to the city's rich architectural history. Because of their brick facades, high ceilings, and spacious interiors, they evoke a sense of nostalgia in both residents and visitors. But it's not just the physical features of these structures that captivate; it's the atmosphere they create. They have a warmth and coziness to them that contrasts sharply with the impersonal nature of modern high-rises.
Kama embarked on an innovative venture after recognizing the potential of these brownstones. Rather than renting out entire units, she pioneered the concept of room rentals within these historic structures. This meant that visitors could book individual rooms, some of which included shared amenities such as bathrooms and kitchens. On the surface, this may appear to be a difficult proposition. After all, would people be open to the idea of shared spaces in an age when privacy is highly valued?
The response was, as it turned out, overwhelmingly positive. The room rentals in the Brownstones appealed to a market segment seeking authenticity. For many, staying in a brownstone meant more than just a place to sleep; it meant experiencing Boston in its purest form. Instead of being a deterrent, the shared spaces added to the charm. It promoted a sense of community by encouraging guests to interact, share stories, and form connections.
Catering to a Diverse Clientele
Medical Tourism and Proximity to Hospitals
Boston is well known for its world-class medical facilities. Many families travel to the city in search of specialized medical care, and for them, location is everything. Stars of Boston properties, strategically located near these medical hubs, provide these families with more than just a place to stay during difficult times. Walking to appointments or being only a short commute away relieves some of the stress associated with medical visits.
The Traveling Nurse Phenomenon
The demands of the medical sector do not stop with patients. Traveling nurses, who frequently relocate to Boston for short- to medium-term assignments, seek comfortable and convenient accommodations. Recognizing this, Stars of Boston has properties that are specifically tailored to their requirements, ensuring they have a comfortable place to return to after long shifts.
Embracing Pet Lovers
Pets are more than just animals in today's world; they're family. Kama has taken a pet-friendly approach, recognizing the emotional bond that people have with their pets. This prevents families or individuals relocating or traveling from having to make the difficult decision of leaving their furry companions behind. It's a small gesture, but it speaks volumes to pet owners and distinguishes Stars of Boston in the rental market.
Catering to Leisure and Business Travelers
Aside from the medical community, Boston is a popular destination for both leisure and business travelers. Whether it's tourists looking to explore the city's historic sites, families gathering for graduation ceremonies, or corporate clients in town for conferences, Kama's properties can meet their diverse needs. Being in town for a Red Sox game and having a comfortable place to stay is a dream come true for sports fans.
Recognizing the Cyclical Nature of Rentals
Boston's rental market is cyclical due to its unique blend of historical charm and modern vibrancy. Peak seasons see an increase in demand, while off-peak periods see a decrease. With her finger on the pulse of the city's rental heartbeat, Kama has closely observed these patterns. While the rental season in Boston begins around April 15th and lasts until the end of October, the winter months from November to March are considered off-season. The number of short-term visitors to the city decreases during the colder months.
Innovative Strategies for Consistent Occupancy
Kama sees the off-season as an opportunity rather than a challenge. Her novel approach entails shifting from renting entire units to providing individual rooms in larger properties. This strategy serves two functions. For starters, it ensures a consistent flow of revenue, even during months when larger units may not be in high demand. She effectively increases the number of potential renters who may be looking for smaller, more affordable accommodations by dividing a larger space into individual rooms.
Second, this strategy generates a one-of-a-kind selling proposition. During these months, many renters are in Boston for similar reasons, such as medical procedures, academic pursuits, or professional obligations. Kama fosters a sense of community among her tenants by renting out individual rooms. They find themselves in public spaces with other people going through similar experiences in the city. This not only improves their stay but also helps them build a network of contacts, making their time in Boston more enriching.
Furthermore, Kama's meticulous attention to detail ensures that these shared living arrangements run smoothly. Microwaves, mini-fridges, coffee makers, and toaster ovens are available in each room. On the lower level, there is also a shared kitchen that has been thoughtfully stocked with cooking utensils, pots, and pans. While tenants have their own spaces, they also have access to shared amenities that improve their living experience.
Building Community and Connections
Kama made an intriguing observation: strangers who were brought together in her properties formed tighter-knit groups than those who arrived as pre-existing units. This phenomenon is a reflection of the environment she creates in her rentals. She inadvertently creates a space for shared experiences and mutual understanding by carefully curating groups with similar backgrounds or needs, such as traveling nurses. These people find solace in their newfound companions when they are away from their familiar surroundings, making their stay not only comfortable but also emotionally enriching.
Beyond Just a Stay
Many of Kama's tenants, particularly those in Boston for medical reasons, find the city overwhelming. The emotional cost of medical treatments, combined with the difficulties of navigating a new city, can be overwhelming. In such circumstances, the value of a caring community is immeasurable. Kama ensures that her tenants have a support system, a shoulder to lean on, and a friend to share a cup of coffee with by fostering connections among them. This sense of belonging, which is frequently overlooked in the rental industry, can be a balm for the soul, transforming their stay in Boston into a memory of warmth and camaraderie.
A Holistic Approach
Kama's emphasis on community building extends beyond group dynamics. She mentioned the detailed welcome packets given to guests, which not only provide useful information but also serve as an icebreaker or conversation starter among tenants. Some properties' shared kitchen spaces encourage even more interaction, turning meal prep times into opportunities for bonding. Even seemingly difficult shared baths become places of mutual respect and understanding.
Leveraging Technology and Platforms
In the rapidly evolving landscape of the rental industry, the integration of technology and digital platforms has become more than just a convenience—it's a necessity.
Balancing Established Platforms with Direct Bookings
While popular short-term rental websites have a large influence, Kama's strategy uniquely combines the benefits of these platforms with the benefits of direct bookings. This two-pronged approach provides numerous advantages. Direct bookings allow for a more personal connection with guests, allowing for a better understanding of their preferences, needs, and feedback. This personalized approach frequently leads to guests returning for repeat visits and sharing their positive experiences with others.
Furthermore, direct bookings can avoid the additional costs associated with third-party platforms, increasing profitability. This approach, according to Kama, goes beyond monetary gain. It's about cultivating a sense of community within Stars of Boston, where guests are treated as cherished members of a larger family rather than just customers.
In addition, platforms such as Furnished Finder (opens in new tab)play an important role in facilitating these direct bookings. Furnished Finder, unlike many other platforms, is primarily a tenant lead generation platform. This means that it is intended to connect property owners directly with potential tenants, eliminating the need for a middleman. This not only streamlines the booking process but also ensures a more transparent and direct communication channel with guests, further enhancing the personalized experience they aim to provide.
Setting the Gold Standard with Technology
Kama's emphasis on technology extends beyond booking platforms to the guest experience she creates. The 360 virtual tours available for all units attest to this. These tours give prospective guests an in-depth look at the property, setting clear expectations and reducing the possibility of post-booking surprises.
Furthermore, the detailed welcome packets that are sent ahead of time are a combination of thoughtful hospitality and technological convenience. These packets provide guests with all the information they need, from property details to local transportation tips, enhancing their stay and overall experience.
The Intricacies of Managing Larger Properties
In a city as diverse and vibrant as Boston, there are numerous reasons to seek out larger rental properties. Kama has observed a diverse clientele for her three-five-bedroom homes. These aren't just large houses; they're high-end properties with monthly rents ranging from $6,000 to an eye-watering $11,500. But who is willing to invest such large sums in rental properties?
The answer is complex. Larger homes in Boston frequently serve as temporary safe havens for families visiting the city for medical treatment. When the family has a comfortable, home-like space to retreat to, the emotional and physical ordeal of medical procedures is somewhat alleviated. Many of Stars of Boston's properties are strategically located near hospitals, which adds to their appeal for this demographic.
However, medical tourists are not the only ones. With its rich tapestry of events, culture, and corporate activities, the city attracts a steady influx of corporate clients. These clients frequently seek the comfort and luxury that larger homes provide, whether they are in town for a high-stakes conference, a crucial business meeting, or simply to attend an event such as a Red Sox game or a concert.
Balancing the Risks and Rewards
Managing larger properties presents unique challenges. The overheads are substantial. The costs of maintenance and utilities add up, and while the rental income from such properties is lucrative, it also comes with higher risks. The higher the rent, the larger the property, and any vacancy can result in significant revenue loss.
Kama, with her keen business sense, has devised a plan to counteract these potential downturns. During the off-season, when demand for larger homes may be lower, she cleverly converts these properties into individual room rentals. This strategy not only ensures a consistent stream of income, but it also caters to a different market segment, such as traveling nurses or professionals on short-term assignments.
Navigating Negative Feedback and Strict Regulations
Feedback is instantaneous in the age of digital communication. While positive reviews can boost a business, negative comments on social media can be challenging. Kama recalls potential renters scoffing at rental prices on social media platforms, often without a thorough understanding of the Boston market. While such feedback was discouraging, it did not deter her. Instead, she remained focused on providing unrivaled value and ensuring that her guests had experiences that were worth every penny.
Furthermore, Boston's complicated rental regulations, particularly the requirement of a minimum 30-day stay, added another layer of complexity. This could have been a stumbling block for many, but Kama's adaptability shone through. Instead of seeing this as a limitation, she saw it as an opportunity. By shifting her business model to focus on mid-term rentals, she not only ensured compliance with local regulations but also entered a lucrative market segment seeking longer stays.
Episode 50 Transcript
Welcome to 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 probably brought to you by furnished finder the place for everything midterm rentals remember to like And subscribe if you enjoy our content hello hello everyone it is Kelly Bailey your host of the landlord Diaries and I am really excited about today's episode because I think it answers a lot of those questions that come up on the Furnished Finder social media pages about midterm rentals and hey everyone I'm Katie Lyon I am the marketing director for Furnished Finder and key check and also Kelly's uh podcast co-host so um we are here with Kama today and comma lives in Boston and has over almost 20 years or about 20 years um grown a rental portfolio of about 60 properties and we get to talk to her about how she managed to do that and what her strategy is being in such an expensive Market um so it'll be it'll be really informational for everyone to hear because prices of real estate are not really going down as many people thought they would so um tune in you're gonna you're gonna take some good nuggets from today and also learn just about shifting your strategy and always being flexible so we're excited for this one um as a reminder this episode and every episode is brought to you by Furnished Finder we are the go-to place for midterm rentals you can list your property on Furnished Finder for 99 dollars a year and that doesn't matter how many leads you get how many messages you sent how many leases you end up signing it's 99 per year you you can't beat it so here we go nope and with that flexible uh that flexible comment I have to add every time I think a comma comma comma comma comma all right enjoy everyone foreign [Music] Cicero founder and owner at stars of Boston comma has 22 years of experience in real estate and seven years operating stars of Boston in this episode we will discuss comma's large variety of midterm rental sizes from room rentals to five bedroom homes in total comma has 60 plus units she operates as both short-term and Midterm rentals comma thank you so much for being with us here today how are you good thank you so much for having me yes so thank you uh one of the most common questions we get that I'm excited about talking with you um on for this episode is what size works best for midterm rentals do higher prices work so this is going to be a really good conversation but first let's uh let's jump into how you and I met which was through the CHPA conference so how long have you been a part of CHPA and do you recommend it for others yes um so we joined CHPA the first time about four years ago but we didn't understand you know we thought that we would join and then we would start receiving you know inquiries from other companies and we didn't understand that we had to participate um so we just rejoined uh this past year and I'm actually I'm really happy that we did because we went on our first conference to New Orleans and that was really exciting and now you know we're starting to feel like a part of rather than being an outsider so when we look forward to you know going again I think next year it's in Arizona um so yeah it was a lot of fun okay so what I'm hearing you say is if you join CHPA or chpa a corporate housing providers Association then networking is the key is that what I'm hearing you say okay don't miss that if you join make sure you participate and are ready to network uh that year awesome uh now what I loved is when you go to these conferences around the country you're like okay do I bring a printed uh car do I bring a digital card and so many times you know you've got those varieties but comma goes above and beyond she had a whole folder about stars of Boston so you know there's not any right or wrong way to network but I like your style you go big or go home I think the only wrong way to network is to not stand out yes absolutely right like the one wrong way to network is is blend into the crowd don't give yourself something to remember so however you do that so comma I'd love to hear how stars of Boston got started um and just kind of like your story from the let's go back all the way to chapter one where where did you start and how did you get going well I am I have a master's degree in special education and I was teaching High School and I decided just be you know ironically due to all the politics I didn't want to teach anymore so I had my real estate license in my early 20s and I decided to go back to real estate for one summer until I figured out what I wanted to do next and 22 years later I'm still I have a small real estate office in Brookline Massachusetts we do sales and rentals and you know by Nature you know real estate you know furnace rentals it's a business but by Nature you know I have a really good heart and I want to do something that makes a difference and you know during the years as a rental agent I received many calls from families coming to Boston and you know they had a medical condition and couldn't find a place to stay and I had one in to refer them to and one furnished um it was a building that had furnace units that wasn't close to the hospitals and it was by accident that I got into this because one of my coherents they had bought a property and they had three months left in their rental so you know I had you know been thinking about like all the calls that I got someone told me about Airbnb I didn't know what Airbnb was but they said this is a place you can list we listed and it just it took off and you know that was the beginning yeah seven years ago and I was just doing this casually you know just kind of seeing what was going to happen and fast forward seven years we have 60 plus properties we have a team of 20 people um It's A Hard business it's a really really hard business you know furnace rentals have been around for decades and unfortunately you know but it didn't make the news and then Airbnb comes around and you hear about like all the parties and the bad management you know or shootings that's what you know makes it on the news the good stories and all the good that we're doing that doesn't make it on the news right and we've helped a lot of people I think you make a really good point too about it's not it's not easy right as this stuff gets more popular and gets more attention even without even just short-term rentals right years ago I would see things like you know ads for get your own Airbnb and you can make completely passive income and it's all of those things on paper could be true in different circumstances I suppose but it's not easy it's hard and it's work and it's you know it's not a get rich quick thing it's a um you know real estate is a is a marathon right um and the rewards are for people who stay until the end so I I appreciate you saying that because I think there's a lot of you know as something gets more and more popular there's a lot of people kind of pushing that the direct or you know instantaneous rewards and usually if it's too good to be true yes right it is run the other way yeah I mean that's what people don't realize you know if you're gonna do this you have to be available 24 7. and you have to know what you're doing because you know we're putting people in these properties but you know we're in Boston it's in older cities the houses are on top of each other you know a lot of the units are in Condominiums it's really important that we respect the long-term residents as well so you know we don't want them to be disturbed by parties or trash you know over filling um you know they have to respect the rules and regulations and you know you have to have somebody involved and you also have to know how to vet the clients coming in and that's where my experience also helps too so tell us what your current portfolio is and how you scaled to the growth that you're I'm gonna add in real fast that you know while while we are talking about it is work uh and it's not necessarily passive but when you compare it to a nine to five job it's a lot less work than a nine to five so that's what you hear a lot of people say is oh it's more passive because they're not going to an office or working eight hours a day they're maybe uh you know vacationing and taking calls or reaching out to their contractor or just going about daily life reaching out to their contractor so in comparison it's work but it's not truly like having a w well I'm like there's like that sliding scale too right like short-term rentals you've got the most profit you've got the highest turnover you have the highest amount of work midterms you've got a middle amount of profit you've got the middle amount of turnovers you got the middle amount of work Kelly and I talk a lot but like my midterm rentals generally leave me alone right long-term rentals and this is all generally speaking long-term rentals you're going to make a little bit less but they're a lot less work and are long-term tenants that we have I only hear from them if the fridge breaks right otherwise I honestly forget it's even going so it's there's that sliding scale and you have to kind of pick the sweet spot for what works right for you and where you're comfortable yeah so all right so that brings me too tell us about your portfolio what your mix is like and how you got from okay I want to go back and try real estate for a summer to having over 60 properties so you know because they think of who I am and you know the relationships I've built like I've been working with the same landlords you know for 22 years so I get a lot of exclusive rentals and in the beginning when we when we took on a lot of the properties the rental market wasn't strong so when we took the property it was something that didn't rent so we were helping the landlord so that they had income coming in and then obviously you know we furnished the properties and you know then rented it short term but Boston about three four years ago because everybody and their mother started doing this and we had a lot of investors coming in overseas and scooping up properties you know they they put in place regulations too um which actually I agree that there there needs to be some type of regulations I I don't agree with how they went about it because you know they allowed the big companies to continue renting short term because they you know have more money to do this and the little guys like us you know we thought our business was over but that was our introduction into midterm rentals and actually it was just it's just like you were saying yes the prophet is is less but actually not always because when you're renting short term if you don't fill the property you know for all the days you know you those are days that you're not getting that income so we found actually sometimes the midterm rentals do better you know it's it just depends um so but that's how we started with you know taking on properties that weren't renting and you know the landlords you know and they the landlords like us because they get free property management you know they know we're going to take care of the property they know we're going to bet the people coming in and they know they have long-term tenants and they know that their rent's going to be paid on time so you know it's a win-win for landlords too awesome so you've got 60 properties spread out around uh areas of Boston that you have found uh are good to invest in or manage properties in so let's get a let's get a little closer picture of what types of properties are these are they apartments are they homes are they you know condos what are they a little all of the above so so we have we have sizes you know ranging from private rooms it's actually it's an amazing location it's at the St Mary's stop in Boston so Fenway Kenmore Square is like two blocks away this Train's right there when you walk outside this is a more affordable affordable way to stay in a great location you know their private rooms furnished like with mini fridges kind of like a hotel room you know the downfall is that there's a shared bath but you know if you're willing you know if that's not doesn't bother you you know you can come to Boston and stay in like one of the best areas you know for an affordable price awesome we have three rooms and those actually do it really really well um and then we have Studios one bedrooms two bedrooms three bedrooms four bedrooms and five bedrooms all of our units are in the city uh close to the hospitals public transportation shopping restaurants that's the other thing you know our clients coming in are also frequently all the restaurants and so we're bringing business into into the area too we're allowing families to come and see the city that wouldn't be able to afford to come here too which is really nice and are you renting and and are you renting most of these properties or does your company own and purchase three of them we own and we we have different arrangements with landlords so some of the units we rent outright as if we were regular tenant so if it's empty we still have to pay the rent if we have any profit that's ours and then other landlords are involved in a profit share so we have different you know splits at the end of the month too but every landlord that signed on with us seven years ago is still with us and you know I always explain the landlord you have to look at this from a 12-month perspective because you know one of the reasons it's so hard to find furnace rentals is it's a risky business it's a really Risky Business my rent roll is over a hundred thousand dollars every month and even in the last five years I mean we've been through like hell and back between you know the regulations in Boston I mean that we almost went out of business I mean nobody saw that coming so what how'd you stay afloat they're because luckily we I put money away you know for a rainy day that I never thought that we would need so good reminder for everybody if you don't have those savings and what does it recommend is it six months what are you supposed to have set aside for rent yeah exactly and every time we start to get there you know then something happens we kind of have to dig in but I'm blessed and I'm grateful because I never want to be in a situation where we don't have the funds you know to pay our bills you know because our names involved too my name is you know my name is everything and you know how you mentioned like we put the packets together that we brought to chip up I mean I think that kind of sums up who we are you know we kind of we go over and Beyond I believe like we have our own servant um team that's there to answer calls 20. two hours a day seven days a week it's not an answering service it's our team we have our own maintenance team we have our own cleaning team you know we have ad I mean it's just it's it's constant there's so much to do did you build that Team all on your own yes okay yeah well I might Circle back to that later but I want to get into the meat of the conversation which are the questions we get all the time of what size is best for midterm rentals and do higher prices work so comma is a great example of an area around the country because guys keep in mind every part of the country is going to be different it's not going to be the same the Midwest is not going to be as expensive as the East Coast or California so every every area is different so in general comma I want to jump into letting you just kind of let's let's start with what size do you have the most rentals of between all of yours one bedrooms one bedroom so that's what you have decided is like the bread and butter if you want to go for the uh lowest occupancy rate or highest backwards the highest occupancy rate uh then you you build your one bedroom portfolio is that what I'm hearing I would say studios in one bedrooms yeah okay because also it's less risk because you know the rent's lower than two three or four or five bedroom as well okay awesome and your one bedrooms and Studios you know depending on what part of the country you're in some people might consider consider them high priced others might consider them you know right at The Sweet Spot or maybe theirs is is even higher price than yours so um in general just to give you guys an idea uh comma in those desirable areas of Boston that she's in the room rentals come in around 1900 to 2500 uh monthly the studios between 2800 to 3500 monthly and then she has 27 one bedrooms that are between 3 800 to 6 000 monthly so I'm very intrigued by the room rentals because it is the shared bath and I think there's even shared kitchen spaces so how does that work for your three room rentals that you're saying are actually very popular yeah I mean so it's there's it's a brownstone um and for the for Boston everyone knows what a brown stone is but a brownstone in Boston they were built in the early 19th century or their brick you know more of like the Victorian era High ceilings big rooms so there's 14 rooms in the building and out of the 14-3 we rent furnished the other residents are long-term and have been there for years so and there there's some of the nicest people I've ever met um you know what we also provide for the rooms and also other units are very thorough welcome packets which will and we send this ahead of time and it describes what the property is the size of the bed what type of coffee maker what's in the room you know this this is how you take you know public transportation if you blow a fuse this is you know because there's so many headaches that are involved with this and so I shouldn't say issues that come up every day so we try based on our experience that's you know plan ahead and answer these questions so it's right there for them and then it's I think the clients appreciate it as well definitely right I mean the shared bath I mean we have it it's you know in capital letters because that's the other thing too we don't want anybody to come and not have their expectations met it's really important that they know what their rental so we have 360 virtual tours for all of our units um you know we want to like steer away from all the platforms like Airbnb VRBO and get more direct bookings too and work with more corporate clients as well but yeah you know when we first put the first room on I was really hesitant because of the shared bath I was just like I don't know how I feel about this but um I'm I'm shocked at how well they've done and is it a shared kitchen as well yep so each room has like a microwave a mini fridge a coffee maker a toaster oven and then on the lower level there's a shared kitchen and then we have a cart that's you know for stars of Boston with you know pans and pots and cooking utensils um and then there's even a patio out there as well nice so tell us when you're looking at a property how do you decide okay I'm gonna rent this short term I'm going to rent this midterm I'm going to rent this per room or I'm going to rent this as a whole unit how do you kind of look at a property and decide here's here's what I'm going to do with it well it also depends on where it's located too because like I said Boston has really strict regulations so the rooms for example we're allowed to rent those short term because they have um a certificate that allows them to do this in Boston it has to be 30 days plus very similar to Denver that's how Denver is unless it's your primary residence then you can short-term you know an extra bedroom but I there's not a whole lot of people who want to do that right or you know a lot of units can do like if the owner if it's the owner's house and they're traveling back and forth they can apply for permits too so that's one reason and then another is you know depends on the location and season too so if you're going to rent short-term you know RC isn't in Boston is actually starting next week April 15th it goes to about the end of October and then from November to March it's off season so not many people are coming into the city short term when it's off season and cold so even those units that we can rent short-term we usually term into midterm rentals for the winter perfect it's such a great combo being able to if you have those properties that you can maximize the short-term rental in the appropriate seasons and then fill the whole month in the off Seasons it's like you can't get a better combination of profitability than that right comma right and yeah I mean like I said it's you know like I love this time of year actually right before I came on I had to make a deposit I checked the bank account I was like the season sorry our manager and I was like if it could be like this all year you know last year was actually the best season we've ever had and then I think it was the worst winter with I mean it was scary like almost worse than covet it's like you're making a good point you have to look at it as an annual investment right because it is very seasonal and that's important to have those that six-month uh rent in place or backup rent in place if you if in case you need to pull from it but that's crazy that you said you had your best year ever even though it was a tough winter right and that I'm still trying to understand and make sense of all right so can you tell us a little bit about how you have begun to use furnished finder and how that's how you're using it as a tool to help you with direct booking because I know you said that you're trying to stray away from the Airbnb and the VRBO um but how are how are you finding that as a tool you're using it to kind of fill your funnel right well ironically when we went to chip I met Cammy I believe and she's like oh stars of Boston you guys are celebrities I guess we were like the first people that signed on I had no idea so like I said you know because we also probably nurses Boston has so many you know previous hospitals so traveling nurses are a big part of our business and when Furnished Finder began that's you know was their clientele as well so yeah Ernest finder definitely helped us fill a lot of units and it's also nice to see that you guys are well furnace finder is expanding and is you know going into the corporate world because you know we we really really want to do this um and start working with corporate clients one you know the Gerber World though I think you know this is where we differentiate you know it's mostly like high-rise buildings with amenities you know it has more of like a cold feeling and a lot of people love this that's corporate we have you know buildings with elevators and you know that are newer buildings laundry in the unit but we also have like your typical Bostonian Brownstone you know where it's a very comfortable unit but you don't have like those high-rise amenities but you can also walk in and out of the building versus go in go down a hallway take an elevator so and it's I think it's just nice to have you know different types of units to offer that's what I love is we're all attracted to different things like you think of dogs how many different breeds of dogs are out there you're like oh that one's so cute and this one's not my favorite and then same thing with with uh your spouse or or with uh homes you're like oh I love that Decor or that's not my style and so just because one you know we all have different styles and Families aren't gonna probably prefer the luxurious whites that are so trendy and popular because they're thinking of their kids that might ruin everything in the home they need something that they can be a little rough with so I I did want to make sure and come back to the right I did want to make sure and come back to the conversation about the different sizes of home so we've talked about the one bedroom and the studios being the most desirable but then you're not shying away from the larger homes either which we have a lot of questions around that like do do larger homes work do higher price homes work and you know your three bedrooms to five bedrooms range from 6 000 to 11 500 monthly so how are your larger homes doing and what type of clientele are coming into those homes yeah so again you know during season usually you know and I'm hoping it's going to be the same this year you know they just fill with out as putting much effort into it and a lot of times families coming for medical procedures and a lot of our units you can walk to the hospital we also have most of our units are pet friendly too um you know pets are part of our family and they have to come with us so we also have family coming to visit family we have families coming to see the city we have graduation we have corporate clients coming in for conferences or coming to see you know the Red Sox or a concert um yeah weddings I mean you name it you know they're coming so and then we have families that are coming you know that are working here for you know a certain amount of time and they need a good school system and you need they need a place that they can call home are your larger homes still a good blend of short-term and mid-term rental yes absolutely yeah but again I mean so obviously you know you'll profit more with the larger homes because they're larger and you know you can ask more more rent but it's also a higher rent to pay so you know you have to weigh your options too you know I guess it's just like real estate when you're a real estate agent you're 100 commission so I've learned you know it's feast or family so if you Splurge all at once you're gonna have trouble and you're gonna starve so you always have to plan ahead and always think of worst case scenario too and you've survived through all those worst case scenarios yeah you're doing it well yeah I just want it to be smooth you know I mean we have I really like I'm so passionate about this company like I said it was by accident I got into this you know I was doing it just casually and then what I saw like when I saw the difference that we were making like we have a lot of letters from families Thanking us well you know it's hard for me to use the word affordable in Boston because nothing's affordable in Boston even for an unfurnished unit but in when you compare our prices to other companies we are the most affordable like we don't want to kill people you know at the same time we don't want to go underwater either so you know it's it's hard finding that balance for sure yeah but like I said like even our call center like they get to know each other they're not just like a dollar sign like we get to know who they are and you know we can pick up at the airport drop off we can you know arrange for dogs to be walked babe I mean it's like we want we care and that is a good moment when you say thank you so much for that amazing feedback would you mind leaving us a five-star review so a reminder Furnished Finder Airbnb constantly like sends you emails hey leave a review hey leave a review do you want to see what they wrote about you then leave this you know leave your review it doesn't work the same with Furnished Finder you have to go after your reviews and the one thing that I realized recently that when I was leaving my own personal review for a furnished finder host was I forgot that it asks what your dates of stay are so if you want to be even more proactive especially your guests that have been there six months and don't remember when they moved in and you wanted them to be able to seamlessly go through that review process go ahead and provide those dates for them so that they don't have to pause and say hey I'll come back to it later I don't have time to figure that out right now because it is a required step so I love hearing those stories of of great host experiences and it does sound like you're making a huge difference and what is it who is it Gary on your team Gary said you have a heart of gold but it's hard having a good heart and running a business too so yeah yeah well as a real estate agent and a property manager which guys if y'all are paying attention to these shows and really looking for those Heart of Gold passive income investment opportunities we've had probably uh I think by the end of this year we'll have somewhere from three to five hosts uh that are realtors and property managers around the country that might be great partners for your next investment so comma is one of those she uh is both a realtor and a property manager so um how many of your properties do you own personally out of the 60 and how many do you manage for investors so in this work phone I mean I own some other properties but for stars three of the units I own and then for investors like we have about 10 units 10 to 15 and then the other units are landlords that have owned these properties for decades so I mean they're an invest you know they own it as an investment but I don't consider them like the investors that you know someone who's just bought the property you know within the last five years it's an Arbitrage situation right right I I just keep sitting here and I'm thinking like Boston is a very expensive place to be right my sister-in-law and her family live in Boston and when we hear what she's paying for unfurnished rent or a new house or anything we're like oh my gosh and we're in Denver Denver is not cheap right I mean you can buy a cardboard box out here for three hundred thousand dollars if that's what you're looking for um but I think what's cool is that you've said okay I still want to be here I just have to figure out a way to make this work and whether that's Arbitrage or co-hosting or whatever you want to call it or however you want to twist the wheel it's you're saying there is a way to make it work if you get creative enough and strategic enough and I think that's a really important point to drive home because real estate investing and Midterm rentals can work in every single Market you just have to get creative well real estate is not the place where you can say okay this is how I do it I'm gonna go here Press Play here's the formula done it's no no you have to start and take in all the factors right what's the demand what's the city like what's you know the market like here and then you have to fit the pieces of the puzzle together um to figure it out so I first of all I applaud you on that and second of all I just want to encourage anyone listening who thinks ah my Market's too expensive or you know or whatever your challenge is that like there there is a creative solution you just have to think outside of the box a little bit I'm glad you mentioned that because so even for our larger units like in the winter time A lot of times what we'll do is we'll rent each room out separately you know just you know so we can get through the winter um and then like we'll especially traveling nurses and we'll try and put people together that are very similar and actually a lot of the groups we put together are better than the groups that come together and you know as the years pass we'll stay in touch and there's they've stayed in touch and built you know a relationship which is nice especially for a traveling nurse you're coming to a new city and we you know you're in a place with other people in the same situation you know experience and seeing the same thing so I think it's um actually yeah it's a good way there's there's always a way to keep making it work you just gotta keep finessing that approach yes I must ask on that so one quick reminder Kama has been doing this with stars of Boston for as the owner and founder for seven years now so what Katie is saying is she has tested it all out and has come to figure out how it works year over year and switching to room rentals that's genius so I've tried to do that in Georgetown Texas and in Temple Texas uh where I list both my entire unit and room rental but I haven't really had many people reach out to me on the room rental side so are you wording your headlines a certain way to attract the right tenants or how are you really getting people to say yes to those room rentals right I mean like I said it's you know it's a lot of work and you have to make sure you're putting the right people together but most of our larger units are close to hospitals too so that's appealing traveling nurses so we'll list in the headline like you know walking distance to Boston Children's Hospital we advertise a lot on Facebook as well one thing that that really angers me though are when these people get on and they start like laughing at the rents we're charging right you know what I mean and it's like if you know when it's so infuriating because they're doing this based with no knowledge of what they're saying and they would be ashamed of themselves if they understood the market right so we've learned to ignore those but yeah and then it's a lot of going back and forth and you know we'll find the first and then when we find the second we'll put them in touch with each other um you know because a lot of these people are also renting sight unseen and then they're going to a place and living with somebody that they've never met before um but yeah you know so far we've had a really good experience doing it excellent like yeah it's the same thing in real estate like with rentals too I've had to do this you know because you have good markets bad markets you know everyone gets their license and they think they're going to be rich and 9 out of 10 most agents you know they don't make it's a tough business it's a tough business you have to have thick skin so but I love it yeah for sure so what percentage would you say are repeat guests that come to your homes we get a lot of repeat guests actually actually I just it's funny you said that two days ago I received a call of an owner who has an in-law apartment and wants to list with us and I said how did you hear of us and she said that her nephew had stayed in one of our units I think two years ago and he was impressed about what we did and you know how we treated our guests and so yeah that felt really good that is good well Katie I only have one more thing to add so do you have any final questions for comma I don't I think this has been such a great conversation and I just I think there's just such an underlying theme of adaptability and flexibility and just always being always being creative in your Market which is just so so important it is definitely so my last uh bit of information that I want to leave with you guys is a trivia question has anyone throughout this episode figured out what stars of Boston stands for stars is actually an acronym so we're gonna pause for a few seconds that's not pausing Katie my brain never pauses my husband says at any time in my brain there's a hundred tabs okay that's a long enough pause now comma what does it stand for what's the acronym yeah so stars is an acronym for short term apartment rental Solutions so creative I love it did you come up with that or someone else helped you I did yeah I came up with it I don't remember how but I was like yeah that's great I love it that is great and stars of Boston it just has like this celebrity feel to it and then it goes like if you're thinking and you need a place in Boston you know and it's like what was the name of the company it's like look up all stars yeah it was stars of Boston yep exactly well thanks for being here with us we always put your link to Furnished Finder to your website in the show notes on YouTube and I have been able to start adding them to the notes on audio platforms as well so make sure when you're listening on audio platforms you can click through if there's something that has intrigued you and you'll likely find the link associated with it in the episode show notes uh so any final thoughts for anyone for everyone comma no I just wanted to say thank you so much um this has been great I've really enjoyed it and you know I'm happy you know to give advice or suggestions if anyone's thinking about getting into this um my contact information will be there and I just want to keep plugging away awesome well tune in guys each week with us on Mondays for the next great episode and honestly you don't really have to watch them in order you can just pick whatever title or conversation you think sounds good and like I want to learn about that today and I have listened to many of these three or four times and every time I go back and listen to it again like oh I forgot about that I need to reincorporate that into my operations side so don't be afraid to re-listen to any of them as well have a great week everyone thank you so much take care bye