Major Tom to Sean Control. 9 years ago we began renting one room in our house. Thanks to your excellent content, we have 3 houses that sleep 12+. Offering rooms when the whole house does not get booked? It works for us. You have helped us continue our septuagenarian lifestyle as world travelers. Go see the world, my friend. Adventure/romance❤is what travel is all about. You earned it.
First,, I have to say that you are a true inspiration for getting organized. I am close to becoming a super host. I have been in short term rentals for 9 + years. Here in Santa Fe the local laws prevent home owners from having more than one Short term Rental I am grand fathered in with a few more. I have tried doing the single bedroom strategy off and on. It works great for my brother where the rooms are larger. My bedrooms are only 10 x 10 and too small plus I don't have private outside exits in the rooms. It is an older house. New construction or newer houses with more space seem to be the key for single room availability. I continue to make changes of adding a sliding glass door in one of the rooms so guests can come and go without being in the common space. Glad I am a contractor and can do this kind of work without hiring others at a outrageous price in my opinion.
I have been following your strategy and this changes big time with last minute bookings. I remember the advice was to wait til very last minute to drop to make sure you maximize. While that still work everyone and their mama follow it and now the strategy is to go 6 weeks in advance. Everyday is more work for sure.
I started my Airbnb with 1 three bedroom apartment and actually started renting individual rooms before renting the whole thing. It really helps when you can fill individual days or slow weekdays when you don't have the entire space rented. Also works when you have a multi family, you can rent both apartment together as one unit or all individual rooms separately.
Hi, the split strategy is very interesting. I have a 3 bedroom apartament + sofa bed in the living room. There is only one bathroom and one kitchen. Do you think this strategy can work in my case also?
That by the room vibe is a great idea. My April was slow and i had dropped my house as low as $160 which was reaching my limit of $150… Instead of having it empty so many days i could have tried the per room. Ofcourse i’ll have to change locks/ maybe have variable handles. Thanks for the good tip
Just get Schlage electronic deadbolts and set a four digit pin#. This way no keys to lose or copy. If they don't pay, delete their code until they do. Set the lock to lock after 4 minutes. They're on all of my locks.
My property is a 7ba, 7ba villa. I ve been using that “nest “ spontaneously since the debut of business. AirDNA shows my entire home can make 100K a year, while with “ nesting” I doubled that revenue
Seems on the private room booking option, you could end up really screwed if you only end up with one or two bookings. You know if you only get 1 booking, they will have run of the whole place and you will have booked your whole place for $80-$100 if no one else books a room. I am thinking no on this one. Thank you for all your videos and advice Sean, I have learned a lot and it is appreciated.
@@kimberiysmarketstrategyI am not 100% sure what you mean but I agree that one room rented is still good. If you have locked on the other rooms and just have access to the main areas, I’m sure there are other ways to save like maybe the cleaning fee is higher in this case? 🤔 or maybe not. Or there has to be a minimum of 2 rooms booked? Idk, just thinking out loud. I’m Newtonian the group!
As always, I love your content and your ideas and most of all your positive attitude. If I could make one disagreement though, I would say that when it comes to changing your strategy from a property that books the whole home for like you were saying $200 a night to booking individual rooms: if the reason you were doing that is because you think you’ll get a party guest at $200 a night, then you should not be in the business of booking individual rooms, because at least anecdotally that seems like the highest source of garbage guests come from people booking individual rooms.
I only have 1 property, 3BR. One room is a MIL suite with a kitchenette with a separate entrance. If I created a second listing, would I then qualify for all of the rule set pricing that you describe (only available to those with multiple properties)?
Great video and tips 👏🏽👏🏽👏🏽 What are the major concerns with renting by the room? I'm thinking about this approach, but I have some questions. I have a 4/3 house. I'll replace my interior door locks for a turboLock, a cheaper smart lock model, can you suggest something better? And how do you manage the cleaning? Because the guest rents the room but use shared areas like the kitchen, bathroom and backyard, saying that, will the cleaners have to clean the whole house during a room Checkout?
Get Schlage Encode locks. The batteries last a long time even with autolocking, there is no additional wifi thing to buy and the keypad is backlight and part of the lock itself. They aren't cheap but the flexibility and reliability are worth it. Whatever you do don't buy August smart locks. Those are garbage.
I am now looking at my competitions amenities and seeing what I do not have. My older listing will never be able to compete with vaulted ceilings and more open spaces that people like. HOWEVER. My prices are very affordable. A whole 3 bedroom house for under $350 is hard to beat in Santa Fe. It includes a well lit front yard with fountains and private chill spaces. that is something they do not offer.
how do you actually go about increasing your prices for super last minute, are you using price labs? price labs only has the option to do last minute discount OR last minute premium. I dont see a way to start lowering it 45 days out and then start to increase it again 7 days. Great video, thank you!
I'm a single mom, and I want to get started. I was thinking about doing arbitrage with Apartments however I also am tempted just to get one house, whereas I would have two two bedroom apartments. Would it be better to start off with Apartments with lower risk not having to worry about a mortgage or is it better for me to start off with just one house with the higher risk of having to pay the mortgage?
@kimberiysmarketstrategy So I've been doing a little research, and it looks like I'm not going to go through short-term rentals through arbitrage. Being a single mom, I need to be careful with the money I do have, which isn't much, but I need to find a way to have my own business. Working nine-to-five basically is not bringing in what I really need with so much hard work and nothing to show other than a paycheck. No wealth-building which I am really wanting to do for my future and since I'm an older mom I don't necessarily need to be rich I just want my money working for me instead of me working for money. I've heard of midterm rentals and looking into that however maybe it would just be safer for me to use my LLC to buy a home and just rent it off monthly not sure but still researching still learning which is a good thing.
@@andyspinball I really thought about it and being a single mom I don't want to take too much chance however I do want my money to work for me I'm looking into midterm or just finding a place and doing monthly
@@lissam8988 I just leased one of my mid term rentals to an individual yesterday. It yields 2/3 of what it made on AirBNB but I get that every month and it is enough to pay my mortgage. I heard that there are over 2.5 million AirBNBs in the US. And get this, 50% of them were purchased in the past two years. There are going to be a LOT of sales and foreclosures on the market in the next 6-9 months. As long as inflation is high, mortgage rates will continue to be also.
My question is that I found a 30% discount from SEO companies that will boost my views by 3000 views over 3 months. Does it work? Is it worth the money to have this service or total BS?
It wouldn't work for me either... I guess it works for some people and not for others, but because it works for some he has to throw it out there as an option, just in case some people hadn't thought about it. Best of luck on your rental.🤙
I just replied to someone else here last night. But for more involved answers i advise people join my free facebook group so it can become an educational thread.z
Sean, you are my short-term rental sensai. This video is incredibly valuable to me as I am host to a solo property - the Liberty Lake Flag House. I will definitely put this info to work! Special request: Will you please do a video regarding Airbnb’s new policy to flag new travelers who try book last minute as a party risk? 🙏 It automatically blocks their ability to book, as well as hosts ability to choose to pre-approve. Happened to us today. The group was traveling for a funeral. So extra bad, in my opinion. We were able to redirect them to VRBO and still got the booking. However this policy is outrageous and will impact all hosts! It’s as if they want to lose business. Love to hear your perspective and strategy. 🫶
I'm glad you love Sean but I don't get any real details and I would love for you to tell me what he is trying to say. How do you raise prices in the last 3 or 4 days on price labs
I love that you are trying to raise it in the last 3 or 4 days
Major Tom to Sean Control. 9 years ago we began renting one room in our house. Thanks to your excellent content, we have 3 houses that sleep 12+. Offering rooms when the whole house does not get booked? It works for us. You have helped us continue our septuagenarian lifestyle as world travelers. Go see the world, my friend. Adventure/romance❤is what travel is all about. You earned it.
Love to hear that Major Tom
This is the most pleasing narration mix I've ever heard - excellent recording.
First,, I have to say that you are a true inspiration for getting organized. I am close to becoming a super host. I have been in short term rentals for 9 + years. Here in Santa Fe the local laws prevent home owners from having more than one Short term Rental I am grand fathered in with a few more. I have tried doing the single bedroom strategy off and on. It works great for my brother where the rooms are larger. My bedrooms are only 10 x 10 and too small plus I don't have private outside exits in the rooms. It is an older house. New construction or newer houses with more space seem to be the key for single room availability. I continue to make changes of adding a sliding glass door in one of the rooms so guests can come and go without being in the common space. Glad I am a contractor and can do this kind of work without hiring others at a outrageous price in my opinion.
I love your pricing strategy videos. Your advice has helped us to run 90% since we open 😊
Thanks 🎉 the last bit of the splitting of rooms was a gold nugget ❤
I have been following your strategy and this changes big time with last minute bookings. I remember the advice was to wait til very last minute to drop to make sure you maximize. While that still work everyone and their mama follow it and now the strategy is to go 6 weeks in advance. Everyday is more work for sure.
Appreciate the knowelwdge drop. Good to see some of the ideas came up with are viable and this helps with the resolutness of them. Thanks for sharing.
I started my Airbnb with 1 three bedroom apartment and actually started renting individual rooms before renting the whole thing. It really helps when you can fill individual days or slow weekdays when you don't have the entire space rented. Also works when you have a multi family, you can rent both apartment together as one unit or all individual rooms separately.
How did you get it out individually? Do you make multiple listings?
How you do that ?
Always great content Sean. Thank you!
I felt like this spoke to me ! Amazing content as always 🙌🏾
Always dropping Gems thanks G
You should start developing content for Luxury properties, where could I find some information about that
Hi, the split strategy is very interesting. I have a 3 bedroom apartament + sofa bed in the living room. There is only one bathroom and one kitchen. Do you think this strategy can work in my case also?
That by the room vibe is a great idea. My April was slow and i had dropped my house as low as $160 which was reaching my limit of $150… Instead of having it empty so many days i could have tried the per room. Ofcourse i’ll have to change locks/ maybe have variable handles.
Thanks for the good tip
Just get Schlage electronic deadbolts and set a four digit pin#. This way no keys to lose or copy. If they don't pay, delete their code until they do. Set the lock to lock after 4 minutes. They're on all of my locks.
My property is a 7ba, 7ba villa. I ve been using that “nest “ spontaneously since the debut of business. AirDNA shows my entire home can make 100K a year, while with “ nesting” I doubled that revenue
Would this be a greater risk for a party being last minute if maybe you only book one room?
Great video as always buddy!
Always great content!
When you have a room already booked how donyou book the entire house or should you completely cancel booking the rooms and go for the entire house
Seems on the private room booking option, you could end up really screwed if you only end up with one or two bookings. You know if you only get 1 booking, they will have run of the whole place and you will have booked your whole place for $80-$100 if no one else books a room. I am thinking no on this one. Thank you for all your videos and advice Sean, I have learned a lot and it is appreciated.
Me too for the same reasons. Any cash flow isn't always better than waiting on a better opportunity.
Cash flow is better. 100 xs 30= 3,000 . Much better than zero
@@kimberiysmarketstrategyI am not 100% sure what you mean but I agree that one room rented is still good. If you have locked on the other rooms and just have access to the main areas, I’m sure there are other ways to save like maybe the cleaning fee is higher in this case? 🤔 or maybe not. Or there has to be a minimum of 2 rooms booked? Idk, just thinking out loud. I’m Newtonian the group!
As always, I love your content and your ideas and most of all your positive attitude. If I could make one disagreement though, I would say that when it comes to changing your strategy from a property that books the whole home for like you were saying $200 a night to booking individual rooms: if the reason you were doing that is because you think you’ll get a party guest at $200 a night, then you should not be in the business of booking individual rooms, because at least anecdotally that seems like the highest source of garbage guests come from people booking individual rooms.
I only have 1 property, 3BR. One room is a MIL suite with a kitchenette with a separate entrance. If I created a second listing, would I then qualify for all of the rule set pricing that you describe (only available to those with multiple properties)?
Great content handsome man...>!
Great video and tips 👏🏽👏🏽👏🏽
What are the major concerns with renting by the room? I'm thinking about this approach, but I have some questions.
I have a 4/3 house.
I'll replace my interior door locks for a turboLock, a cheaper smart lock model, can you suggest something better?
And how do you manage the cleaning? Because the guest rents the room but use shared areas like the kitchen, bathroom and backyard, saying that, will the cleaners have to clean the whole house during a room Checkout?
Get Schlage Encode locks. The batteries last a long time even with autolocking, there is no additional wifi thing to buy and the keypad is backlight and part of the lock itself. They aren't cheap but the flexibility and reliability are worth it. Whatever you do don't buy August smart locks. Those are garbage.
Great video but how do you control where the guest will actually stay. You dont also live there so you can say they have to stay in there rented room
Each room is assigned to a listing. You can call one room the master, another the blue room, another the back room. Etc
@@AirbnbAutomated oh okay! That makes sense. Thank you! You truly are a help to us
How do you raise it back gor last minute? I use pricelab. 3-2. San antonio
Wish you would answer
I am now looking at my competitions amenities and seeing what I do not have. My older listing will never be able to compete with vaulted ceilings and more open spaces that people like. HOWEVER. My prices are very affordable. A whole 3 bedroom house for under $350 is hard to beat in Santa Fe. It includes a well lit front yard with fountains and private chill spaces. that is something they do not offer.
When is slow season?
What about not lowering too low because you don’t want to attract any undesirables.
you are a fantastic mentor
Thank you very valuable info
Very good video!
Do you have a promo code for Wheelhouse?
Keypad locks on individual rooms or keys?
Schlage deadbolt locks with built in WIFI. Nobody wants keys in 2023. Too much liability for starters.
How can you deal with a red flag booking?
Happy birthday!
Thank you 😊
How you get houses to airbnb that you don't own?
how do you actually go about increasing your prices for super last minute, are you using price labs? price labs only has the option to do last minute discount OR last minute premium. I dont see a way to start lowering it 45 days out and then start to increase it again 7 days. Great video, thank you!
No to pricelabs. I use wheelhouse
I'm a single mom, and I want to get started. I was thinking about doing arbitrage with Apartments however I also am tempted just to get one house, whereas I would have two two bedroom apartments.
Would it be better to start off with Apartments with lower risk not having to worry about a mortgage or is it better for me to start off with just one house with the higher risk of having to pay the mortgage?
You will absolutely go under if you start this with rental arbitrage in 2023.
It’s over Saturated now. I’m looking at getting out now before I go under in a big way
@kimberiysmarketstrategy
So I've been doing a little research, and it looks like I'm not going to go through short-term rentals through arbitrage. Being a single mom, I need to be careful with the money I do have, which isn't much, but I need to find a way to have my own business. Working nine-to-five basically is not bringing in what I really need with so much hard work and nothing to show other than a paycheck. No wealth-building which I am really wanting to do for my future and since I'm an older mom I don't necessarily need to be rich I just want my money working for me instead of me working for money.
I've heard of midterm rentals and looking into that however maybe it would just be safer for me to use my LLC to buy a home and just rent it off monthly not sure but still researching still learning which is a good thing.
@@andyspinball
I really thought about it and being a single mom I don't want to take too much chance however I do want my money to work for me I'm looking into midterm or just finding a place and doing monthly
@@lissam8988 I just leased one of my mid term rentals to an individual yesterday. It yields 2/3 of what it made on AirBNB but I get that every month and it is enough to pay my mortgage. I heard that there are over 2.5 million AirBNBs in the US. And get this, 50% of them were purchased in the past two years. There are going to be a LOT of sales and foreclosures on the market in the next 6-9 months. As long as inflation is high, mortgage rates will continue to be also.
My question is that I found a 30% discount from SEO companies that will boost my views by 3000 views over 3 months. Does it work? Is it worth the money to have this service or total BS?
Selling private rooms sounds like an extremely bad idea. I love everything but that idea.
It wouldn't work for me either... I guess it works for some people and not for others, but because it works for some he has to throw it out there as an option, just in case some people hadn't thought about it. Best of luck on your rental.🤙
I dont like this but i understand it
I don't think Sean replies to people I think he is an expert marketing guy but doesn't get into details. That is concerning
I just replied to someone else here last night. But for more involved answers i advise people join my free facebook group so it can become an educational thread.z
Sean, you are my short-term rental sensai. This video is incredibly valuable to me as I am host to a solo property - the Liberty Lake Flag House. I will definitely put this info to work!
Special request: Will you please do a video regarding Airbnb’s new policy to flag new travelers who try book last minute as a party risk? 🙏 It automatically blocks their ability to book, as well as hosts ability to choose to pre-approve.
Happened to us today. The group was traveling for a funeral. So extra bad, in my opinion. We were able to redirect them to VRBO and still got the booking.
However this policy is outrageous and will impact all hosts! It’s as if they want to lose business. Love to hear your perspective and strategy. 🫶
I'm glad you love Sean but I don't get any real details and I would love for you to tell me what he is trying to say. How do you raise prices in the last 3 or 4 days on price labs
You do so manually. Not an automation