Ok numbers nerds, it’s time to have some fun. In this episode, we break down all the important numbers you should be looking at before you purchase a property to make sure it’s a home run AND all the numbers you should be monitoring after your purchase to make sure your property is optimized to its fullest potential.
Knowing your numbers is absolutely key to having a successful short term rental (as we learned during our “meh” period in Philly) – so whether you’re someone who loves the numbers or someone who shies away from them, you’ve got to know them, so have a listen.
Should you manage your own short term rental or should you hire a property manager? We’ve done both – and learned a bunch of lessons. We break down the pros and cons of each, tell you about to best automate the process if you are self-managing, give you advice on how to make sure you are finding a good property manager, and, of course, share our opinion on which we prefer!
Secretly, this was our favorite episode of the season to record (whoops, guess it isn’t a secret anymore) and that’s because this is our “secret sauce” to our short term rental success. 95% of hosts don’t think about this – and we didn’t either when we got our first Philly STR’s – and that’s why their listings end up being middle of the road. But after a learning curve, we’ve been able to go from having middle-of-the-road listings to magical ones (which also means more money!) and we dive into both the big picture and small picture reasons why in this episode.
Today, we share 3 different methods to finding your first short term rental – including one that might be hiding right under your nose. We’ve done 2 of the 3 methods (and have friends who do the 3rd) and we talk about the pros and cons of each model and which we prefer – and why.