MIDTERM RENTALS: How to know when you are ready
Updated: May 20
Midterm Rental Checklists + How To Know If You are Ready to Host a Midterm Rental
This is a common fear
Whether you are new to investing or converting a long-term or short-term rental into a midterm rental, you may be wondering if you are ready? This is a common fear in the midterm rental world. In fact, if it is your first investment, just know you are in good company: all first-time investors tend to be pretty stressed.
To help you understand if you are ready for a midterm rental, I have made a list to guide you. Here are a few things that are harder than running a mid-term rental:
Running a short-term rental
Raising a child
Training a puppy
Having a successful social media feed
Completing an undergrad
Successfully filing an insurance claim and recouping money
You may think this list is in jest, and it kind of is- but it kind of is not. Truly, running a short-term rental is much harder than running a midterm rental. If you've raised a kid, you likely have a strong sense of priorities and time management (same with completing college) and you can definitely do this. Likewise, running a successful social media feed is much harder and more time consuming than a midterm rental.
If you are still unsure if you are ready to run a mid-term rental, try to remove the vagueness from the fear. Instead of saying "it could go bad" ask yourself "how specifically do I think it will go bad?" or "What is the worst case scenario with a midterm rental?" And then, "How do I prevent that?" or "How do I try to prevent that?" If this is the fear, what are the steps I can take to stop that from happening?
how can we help with your medium-term rental model?
We've been operating multiple medium-term rentals since 2017, and many of our clients also prefer this model. Please reach out to either of us to discuss more.
We also offer consulting for Airbnb monthly stays and mid-term rentals. Learn more about midterm rental consulting here.
ERIN@ERINANDJAMESREALESTATE.COM OR JAMES@ERINANDJAMESREALESTATE.COM
BUY THE BOOK ON MEDIUM-TERM RENTALS.
That's right. There's a book that can help you with your medium-term rental strategy.
Available on Amazon, you can buy it here.