Legally Ever After Episode 11: Best Practices for Short-Term Rentals

“While renters still live on the property, we're managing a short-term rental program on their property, and that revenue stream is so robust, it pays for the entire property,” explains Bryan Looney, Franchise Owner of iTrip Vacations, Denver. If you’re looking into purchasing an investment property, you may be interested in managing short-term rentals. Today, Bryan shares the best practices for navigating this market with long-term success.

Short-term rentals typically bring in 2-3x more revenue than long-term rentals. With more people traveling than ever in a post-pandemic world, having a high-quality home is an excellent way to gain consistent passive income. As long as you employ the right people to maintain the property and preface what renters can or can’t do to keep the home safe, you can see a high return on investment while paying the property off.

There are a lot of financial advantages to investing in short-term rentals. Learn more about short-term versus long-term rentals, why you should have a robust contractor list, and deciding your terms and conditions.

Quotes:

“The home is actually safer with a short-term rental program than a long-term rental program because after every stay, the home is inspected.” (3:29-3:37 | Bryan)
“You must have a good group of vendors to maintain the home.” (7:19-7:23 | Bryan)
“While renters still live on the property, we're managing a short-term rental program on their property, and that revenue stream is so robust, it pays for the entire property.” (11:54-12:03 | Bryan)
“You want budget maintenance. If you're not budgeting any maintenance, we want you to start doing that today.” (16:24-16:29 | Bryan)

“Make sure you have the right contractors, the right accounting, and the right amount of platforms to market your home, and you'll have a successful program.” (26:08-26:22 | Bryan)