Hey I’m Richard Fertig founder of Short Term Rental Secrets .com. I’ve been a short-term rental host for multiple years now both on Airbnb and Home Away and I have properties all over the country. I’ve learned an awful lot in that time period and i’m creating this video to share with you some of the best practices the pros of being a short-term rental host as well as some of the cons and the pitfalls things to look out for. So I hope you find this interesting. So the first and primary reason that somebody would enter the short-term rental market is clearly profit. You would never do this for free so the converse is true right. Like you do this for profit what I found firsthand and I hear from many hosts is that the profit potential is somewhere between 2x and 3x what you would get on a long term say 12 month lease. So let’s put that in perspective. If your home normally runs for a thousand dollars a month that’s thirty-three dollars per night what you would experience in a short-term rental via Air B&B or Home Away or any of the other services is potentially 2,000 a month or 3,000 a month. So another perk of short term rentals is the fact that its ultimate flexibility. You can rent when you want and not rent when you want or whatever happens. So if your in-laws are coming to town or your best friend’s coming into town for a wedding, you can literally just block the calendar and not rent and you have access to your home or your flat whatever it is. That doesn’t really exist in a 12 month rental where you have to notify the tenant in advance to get in to do a repair or whatever it is. It’s a little bit more of a hassle and it’s a longer term commitment. Another amazing pro in the short term rental market is the mega trend. I think we’re in the very early stages of what’s going to become common so right now a lot of people use Airbnb and Home Away to rent homes or vacation homes out or to stay there but I think this is going to be even bigger trend as people start to do this for their primary homes and the way that they start to live. So the sooner you get involved and the sooner that you start listing that extra bedroom or that extra vacation home you start to develop a network and ratings and rankings and SEO. And the earlier that you’ll get involved in what I think is going to be the wave of the future. Another super cool thing about being a short-term rental host is that you get to meet unbelievable people from all over the world in my experience I’ve met people from almost every continent, their families, they travel, they’ve got wonderful stories, they love being hosted by me and I love hosting them and so I’m part of something that’s bigger than just like a rental check that arrives in the mail. There’s stories, there’s continuity, there’s friendships and there’s the opportunity to add value to their trip and it’s just it’s a great. You know a lot of this is about people and the community and you don’t get that in a long term rental but you do get that in short-term rentals so that’s a huge pro. So let’s talk about some of the cons and like in anything there’s always cons for every pro there’s a con and it’s just a matter of it’s a course of business just expect it. One of the things that everybody points too and everybody’s really worried about and we’re just going to address it head-on is damaged our short-term rentals more likely to get damaged than long-term rentals and in my experience the answer is No. In fact, I could also make a counter argument that there’s less damage because there’s less wear and tear because as people are traveling they’re out there touring, they’re seeing the sights, there at the restaurants, they’re not actually like living there every minute of every day. But to be fair I have experienced some damage, nothing major, but it is you know something that I have to deal with and repair and so on and that’s where having a really good staff of people that you can call whether it’s a plumber or an electrician comes in handy. So we’ll talk a little bit later in some other videos about how you go ahead and get prepared because you should expect minor damage and if you expect it then it’s really nothing more than an inconvenience and you can also use the security deposit to pay for that regulation. Look anytime that there’s a new entrant or something that’s disruptive in any industry there’s going to be a lag and uncertainty as regulation sort of catches up in the end regulation should be your friend, right. Like you learn what the rules are, you know how to play by them and abide by them and then optimize them for your own gain. But in that period of time where regulation is stored of being figured out and it’s changing and it’s different in each region or state or geography it can be uncomfortable. So you have to pay attention to what’s going on and make sure that your law abiding because at the end of the day we all want to be law-abiding while increasing our rental income and so right now it’s an interesting time. Lots of things happening. Just pay attention. Put a google search on your computer that puts Airbnb plus your city or your county or your state and you’ll get automatically alerted. It’s not that challenging but you want to make sure you’re on the right side of the law. Vacancy is uncomfortable one of the benefits of long term rentals is you know when you sign a 12 month lease that on the first of the month you’re going to get a check every single month. In the short term rental world that’s not exactly true. You don’t necessarily know when your next tenant is going to come in or guest but you know that they’re going to come in there’s great tools such as beyond pricing and in fact we filmed the video. Check it out over here to learn more about it. It’ll help you manage your vacancy. We have an affiliate link in there so if you want to sign up for free trial try that. It’s no obligation it helps us a little bit to help you but most importantly once you move to the short-term rental market you realize that the days of vacancy are actually to be used intelligently to clean or repair and because you’re making 2 to 3 X what you’d make on a long-term rental just don’t worry about it instead of fearing it embrace it. In the long run you’re doing quite well. You’ll always encounter unhappy guests. You can’t take things personally no matter how great a host you are and how much you bend over backwards and how clean your places and how detailed your instruction guide is at the end of the day and we all know some of these people you just can’t please and no matter what you do you’re not going to be able to win them over. And the first couple of times that happened to me in my short term rental history really took it personally and I couldn’t believe it and I apologized, and this and that. At the end of the day recognize that you’re doing your absolute best, you have tons of great reviews, you’ve got a really great product, a really great service, terrific hospitality and sometimes some of your guests just are not a good match like they should just not be staying in your home maybe they shouldn’t be staying an Airbnb at all. So some people are impossible to please and just don’t take that personally. Keep doing your absolute best and that’s what you’ve got to work on. I hope you’ve enjoyed this video. Hit the like button down here and go ahead and subscribe up here. We’re constantly creating new content like this filled with tips and advice and suggestions to help you double and triple your rental income using short-term rental secrets. Thanks so very much. Really appreciate your time and interest and happy hosting!