“Thank you for mentioning that some people try to price their midterm rentals based on what travel nurses make” you are amazing, that’s empathy, and I can truly tell you love what you do. 99% travel nurses are duplicating expenses in 2 places and contracts are never guaranteed. Some landlords even asks to see paystubs, this is ridiculous, no one asks the male CEO’s to see their pay and that’s why I’m in this space I know I can make a difference
That is an excellent point about the CEO pay. I think some of these hosts are misguided but not malicious. Maybe just point them back to your rental history on Airbnb or application status and state that is the standard for most landlords. I think that would help them be more flexible and also, possibly, provide some needed education.
No, I totally here you! The funny thing is I had a tenant that wanted to talk to me all the time and I use to have to run past her room! Haha!;) So, I get it! Honestly, these are awesome tips to give to people. I look at it as they are doing me a "HUGE" favor because I need the money and I would not want to "rock the boat" so to speak. I also like the idea about advertising the flexibility of refunding the rent due to cancellations. I think this is a great advertising strategy as well;) Lastly, as far as responding back to a potential tenant right away, I get that! When I was looking for a job on Indeed, the employers were not responding back to me right away. This is something that landlords need to take into consideration and implement checking their messages on furnish finder into their daily routine; it's just like checking their e-mail;) These are Great tips! Keep going! (thumbs up) Subscribed!
Thank you for the nice comments! I'm glad I have a new subscriber too. Interesting about how the job search mirrors this. Talking to people when they are ready can make the difference between getting a tenant or not. Thanks again and welcome to the channel.
I rent a suite in my upstairs that consists of a 1. bedroom, and 2. office/kitchenette and a 2. private bathroom. The washer and dryer is up on that floor as well and shared with me. It is private and quiet, but the problem is the only choice I have is to advertise it as a "Room In A House" because of the limitations of the website.
It is considered a bedroom if the tenant doesn't have their own private entrance, kitchen and bathroom. If they do- you can list it is a unit by itself.
@@midtermrentalconsulting None yet. I had issues with Furnished Finders and they have blocked me. I appreciate having other places to check. My wife and I have all 5-star reviews, so we work hard to please our guests.
So,.I totally get the point of expanding your demographic and think that's smart. But other than including an amenity like a desk and comfortable chair for a digital nomad, what can we do to market to these other groups?
This checklist has a full inventory of products you need and links to where you can buy that furniture. www.erinandjamesrealestate.com/midterm-rental-furniture-checklist
@@midtermrentalconsulting I've been seeing that 20% over the normal rent market is a fair price to charge for travel professionals. What is your take on this topic?
@mikejr1152 Your take-home will be different depending on the platform. While some platforms may charge more, they also drive more demand and lower your vacancy rate, which is also worth something. There's a lot of variance here between aesthetic, seasonality, and platform. I usually charge more than 20% above though.
#2 makes no sense to me at all. Tons of professionals rent rooms in my area. When I put our room on airbnb I was constantly getting requests from traveling nurses and professionals asking to rent for a month or long and we only do up to a week max incase we dont like them. Alot of them are not making as much money after covid and are glad to rent rooms. We also do not have kids in the house and its large house with plenty of privacy. My co workers rooms are always booked out by nurses and contractors as well.
Thank you for your thoughts on this. I think it is always a question about whether or not people care more about privacy and safety or cost savings. It is obviously not a one size fits all, but it has been my experience that people often get more renters when they convert to a whole house scenario. I'm glad, however, that it is working out for you.
Hello Erin, love your vids. I'm listing on FF and I'm actually having the opposite experience to what you mentioned. I respond to every inquiry that matches my listing and its criteria. I'm not getting any response. I'm wondering why. I'm even reaching by text and email when that info is provided.
Yeah, I was surprised to find this as a complaint bc my consulting clients comment that no one on FURNISHED FINDER responds. Not sure where the disconnect is.
good content. thanks. Apart from the Travel Nurse demographic (which has a guaranteed accommodation stipend under their contract), which other demographics that you think should be considered instead of nurses have an absolutely guaranteed accommodation income that's separate from their main income that they use for all expenses; i.e., are not going to be short of $ when the next month's rent is due?
I would disagree that nurses have an absolute rental stipend as they get their contracts canceled all the time. You have to build risk into your investing and diversify yourself so that if one market drops out, you are still fine. There are a lot of good demographics that need your rental.
I have a new finished 1000sq ft basement in a 5 year old house and I am the only in living in the home. It’s quiet and clean. Will I have a hard time finding a tenant?
Hey! You might try Turbo Tenant. I haven't used them a lot, but I really like their team. They are super smart, and they have more a la carte options than a lot of the other sites. (They also feed to other sites as well.)
Good vlog I agree I'm looking on FF currently people asking for high security deposits and cleaning fees for a room in their home call it you're private unit if it's in you're home I have to enter through you're door it's not private and people are definitely taking advantage of nurse's I've seen $3500 for a security deposit many requesting $800 up and pets aren't allowed so why you need such a high security deposit says it's refundable you won't get it back I think it's a bit of a scam trying to make extra money ontop of monthly rental literally place $1200-$1600 a month with a $800- $3500 security deposit,$300 cleaning fee and some application fees and high pet fees if you have pets its ridiculous
Sorry you are having that experience. Sometimes when we see that, I think it just means the host may be new to it and still testing out how much they can get/what is fair/etc.
✅ ✅ ✅ Find free leases, welcome docs and checklists HERE. ✅ ✅ ✅
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“Thank you for mentioning that some people try to price their midterm rentals based on what travel nurses make” you are amazing, that’s empathy, and I can truly tell you love what you do. 99% travel nurses are duplicating expenses in 2 places and contracts are never guaranteed. Some landlords even asks to see paystubs, this is ridiculous, no one asks the male CEO’s to see their pay and that’s why I’m in this space I know I can make a difference
That is an excellent point about the CEO pay.
I think some of these hosts are misguided but not malicious. Maybe just point them back to your rental history on Airbnb or application status and state that is the standard for most landlords. I think that would help them be more flexible and also, possibly, provide some needed education.
Omg your so smart I wanna focus more on the other demographics thank you so much for your straight up content
Haha. I really appreciate that. Good luck on your MTR!
@@midtermrentalconsulting I’m gonna need your mentorship I will be in touch
Nice presentation. Clear. Concise. All good information.
Thanks! I appreciate you watching and the kind words.
No, I totally here you! The funny thing is I had a tenant that wanted to talk to me all the time and I use to have to run past her room! Haha!;) So, I get it! Honestly, these are awesome tips to give to people. I look at it as they are doing me a "HUGE" favor because I need the money and I would not want to "rock the boat" so to speak. I also like the idea about advertising the flexibility of refunding the rent due to cancellations. I think this is a great advertising strategy as well;) Lastly, as far as responding back to a potential tenant right away, I get that! When I was looking for a job on Indeed, the employers were not responding back to me right away. This is something that landlords need to take into consideration and implement checking their messages on furnish finder into their daily routine; it's just like checking their e-mail;) These are Great tips! Keep going! (thumbs up) Subscribed!
Thank you for the nice comments! I'm glad I have a new subscriber too. Interesting about how the job search mirrors this. Talking to people when they are ready can make the difference between getting a tenant or not. Thanks again and welcome to the channel.
Thanks for the tips!
Thanks for watching!
Thank you for sharing this information. Do very informative
I rent a suite in my upstairs that consists of a 1. bedroom, and 2. office/kitchenette and a 2. private bathroom. The washer and dryer is up on that floor as well and shared with me. It is private and quiet, but the problem is the only choice I have is to advertise it as a "Room In A House" because of the limitations of the website.
It is considered a bedroom if the tenant doesn't have their own private entrance, kitchen and bathroom. If they do- you can list it is a unit by itself.
Good info !
Thank you for the information. We have efficiency condos in Ocean City, NJ . Locking for off-season contractor rentals.
How is it going? Have you been getting any leads? I am curious for people that are trying to get 1:1 relationships, if it is working?
@@midtermrentalconsulting None yet. I had issues with Furnished Finders and they have blocked me. I appreciate having other places to check. My wife and I have all 5-star reviews, so we work hard to please our guests.
So,.I totally get the point of expanding your demographic and think that's smart. But other than including an amenity like a desk and comfortable chair for a digital nomad, what can we do to market to these other groups?
Well, that's a big question. Maybe I'll make some videos on this.
Nice content, and it makes a lot of sense. Where would i shop for quality furniture for mtr's?
This checklist has a full inventory of products you need and links to where you can buy that furniture. www.erinandjamesrealestate.com/midterm-rental-furniture-checklist
@@midtermrentalconsulting thank you kindly🤝🏻!
@@midtermrentalconsulting I've been seeing that 20% over the normal rent market is a fair price to charge for travel professionals. What is your take on this topic?
@mikejr1152 Your take-home will be different depending on the platform. While some platforms may charge more, they also drive more demand and lower your vacancy rate, which is also worth something.
There's a lot of variance here between aesthetic, seasonality, and platform. I usually charge more than 20% above though.
#2 makes no sense to me at all. Tons of professionals rent rooms in my area. When I put our room on airbnb I was constantly getting requests from traveling nurses and professionals asking to rent for a month or long and we only do up to a week max incase we dont like them. Alot of them are not making as much money after covid and are glad to rent rooms. We also do not have kids in the house and its large house with plenty of privacy. My co workers rooms are always booked out by nurses and contractors as well.
Thank you for your thoughts on this. I think it is always a question about whether or not people care more about privacy and safety or cost savings. It is obviously not a one size fits all, but it has been my experience that people often get more renters when they convert to a whole house scenario. I'm glad, however, that it is working out for you.
Good info. Thanks!
Thank you!
Hello Erin, love your vids.
I'm listing on FF and I'm actually having the opposite experience to what you mentioned. I respond to every inquiry that matches my listing and its criteria. I'm not getting any response. I'm wondering why. I'm even reaching by text and email when that info is provided.
Yeah, I was surprised to find this as a complaint bc my consulting clients comment that no one on FURNISHED FINDER responds. Not sure where the disconnect is.
good content. thanks. Apart from the Travel Nurse demographic (which has a guaranteed accommodation stipend under their contract), which other demographics that you think should be considered instead of nurses have an absolutely guaranteed accommodation income that's separate from their main income that they use for all expenses; i.e., are not going to be short of $ when the next month's rent is due?
I would disagree that nurses have an absolute rental stipend as they get their contracts canceled all the time. You have to build risk into your investing and diversify yourself so that if one market drops out, you are still fine. There are a lot of good demographics that need your rental.
Great Video. Thanks ❤
Thanks
I have a new finished 1000sq ft basement in a 5 year old house and I am the only in living in the home. It’s quiet and clean. Will I have a hard time finding a tenant?
Probably not since the house is new. Other factors to consider are where you are listing, how much you are listing for and your location.
Anyone know a good all in one website for renting a room in my home? I would like one place to keep everything simplified.
Hey! You might try Turbo Tenant. I haven't used them a lot, but I really like their team. They are super smart, and they have more a la carte options than a lot of the other sites. (They also feed to other sites as well.)
Listen to my thoughts on Rent by the Room v. Midterm Rentals Here. th-cam.com/video/GG5Lex3bjL0/w-d-xo.html
Good vlog I agree I'm looking on FF currently people asking for high security deposits and cleaning fees for a room in their home call it you're private unit if it's in you're home I have to enter through you're door it's not private and people are definitely taking advantage of nurse's I've seen $3500 for a security deposit many requesting $800 up and pets aren't allowed so why you need such a high security deposit says it's refundable you won't get it back I think it's a bit of a scam trying to make extra money ontop of monthly rental literally place $1200-$1600 a month with a $800- $3500 security deposit,$300 cleaning fee and some application fees and high pet fees if you have pets its ridiculous
Sorry you are having that experience. Sometimes when we see that, I think it just means the host may be new to it and still testing out how much they can get/what is fair/etc.