EP4: 3 Steps to Launch Your Mid-Term Rental with Amelia & Grace
Welcome back to episode four of the Women Invest In Real Estate podcast. In today’s episode, we’re going to talk about the first three steps to getting started in mid-term rentals. We are super excited to dive into this topic because we both got started not too long ago in mid-term rentals ourselves so it’s pretty fresh. The steps we are going to cover can also be found in our free downloadable MTR Starter Guide.
We’ve compiled these three steps because they are the most common questions we get about getting started with mid-term rentals. At least once a week we get questions coming into our inbox with questions such as:
How to get started
How to identify a market
Where to list your property
…plus so many more. So we’ve taken all of these great questions and created this free guide.
Step 1: Identify Your Market
How do you know if your market is good for a mid-term rental?
One of the biggest indicators about midterm rentals is that most of the tenants are traveling nurses. The first indicator is if it has hospitals, nursing homes, or some sort of medical facility in the local area. Also, if it has a medium to large population size is a good indicator as well. While mid-term rentals can work anywhere if you're looking to have more of a steady income with a mid-term rental you're going to want to look in a medium to big-sized city. The exception to this is if you are the only mid-term rental in your area.
The other thing about choosing the right market is that it's really going to help in the way that you might be able to turn your midterm rental into a short-term rental, if the opportunity is there, or maybe if mid-term rentals slowing down. And of course, the bigger the city, the more amenities in that city, the easier that's going to be to keep it occupied. One other identifier is, if the city has a major airport for travelers, including airline employees.
Simply doing your research ahead of time to see if there's a need for mid-term rentals in your area will help you decide if it is a good move for you.
Step 2: Identifying A Location
In this step, you need to look within the city you’ve chosen and see where within the city makes sense. One thing that's going to be different than a long-term rental is you need to have A and B-class neighborhoods because these people are coming from out of town and are trusting you to place them in a safe location. They're not going to be there for that long and are not okay with staying in D and C class areas or buildings that are loud, unsafe, and noisy. It needs to be in a good location, safe, cozy, and comfortable.
Many of these travelers are traveling alone and in our experience, over 50% of them have been females, and they want a safe and quiet neighborhood.
Another indicator of a good location is within 15 to 20 minutes of driving distance of the facility that they're going to be working at, specifically if they are a traveling nurse or medical professional. Many of them work on call and if they are called in they need to be within 15-20 minutes of that facility or hospital. Another perk is if it is close to public transportation if it is in a larger city.
Step 3: List your mid-term rental
The most common question we get: ‘where do you list your midterm rental?’
If we could only list our properties in one place, it would be FurnishedFinder. FurnishedFinder is specifically for mid-term rentals and is a platform that targets traveling nurses as well as a lot of other traveling professionals. On FurnishedFinder, bookings tend to come in around three weeks ahead of time.
The other two websites we have also used are AirBNB and also in city-specific Facebook groups for traveling nurses or even city-specific FurnishedFinder groups.
If you’re interested in learning more, check out our course called MTR Profit Academy, designed to start using midterm rentals as a way to start doubling your cash flow.
Thanks for tuning in, see you next week!
Resources:
Grab our free downloadable MTR Starter Guide
Enroll in our MTR Profit Academy
List your mid-term rental on FurnishedFinder
List on AirBNB
Use Tenant Cloud in your biz