Howdy, to all you happy hosts and rental rock stars! I hope your February was full of booked nights and 5-star reviews. I don't know about the rest of you but, in my opinion, this winter vortex needs to go away. I am tired of organizing snow shovelers for my rentals and loading up on bags of salt. Plus, did you hear that it snowed in Vegas for three days? Ugh, I cannot take it anymore. So, let's move on to this month's Rental Host Wrap Up before all the cacti freeze:
STR Loan Options
The short term rental revolution has come fast and hard and the banking industry has been running to catch up. In our day to day operations this is no big deal but, when we work to expand our rental empire, the banks rarely offer loans that factor in rental income. Homes are no longer just long term investments that slowly increase in value. Nowadays, they can be daily and weekly profit generators that produce an on-going, significant cash flow. That being said, there are a few ways to finance a new short term rental. This article in the Morgage Report does a great job of breaking down three options to help get a loan.
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Hosting Tip: Microfiber, Cotton, or Bamboo?
The bedding in your Airbnb is the most handled item in your rental. Oh, I hear the doubt in your reading. But, it's true. Out of all the hours a guest will spend in your rental, the most time will be spent between your sheets. Between you washing them and guests getting them dirty, your rental sheets are constantly in use. So, it is worth taking the time to make sure your choice in sheet material is the best option for your rental. That's why we at Good Host Shop created a quick and handy reference list of the pros and cons of the most popular types of sheet material. Take a peek and make sure you have chosen wisely...
Question of the Month
Rental hosts rarely receive the opportunity to see how other hosts operate which makes it hard to learn and improve. The solution? Every month, I ask a question so we can all learn from each other. Let's take a look at last month's question:
Do you offer a self-check-in option for your guests?
- 88% - Yes
- 12% - No
Wow, that is an overwhelming landslide. Looks like a guest assuming there will be a self-check in option is not an unreasonable expectation. Also, without a self-check in option, a host is guaranteeing that they will spend at least a few days a year standing around waiting for a guest to show up many hours past the check-in time.
This month, I want to look at your booking window: