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Whether you are thinking about buying a rental property or already own one and are tired of the ins and outs of managing it, we completely understand if you are considering hiring a short-term property manager and wondering how much this could cost. These professionals can make life much easier as they handle all of your day-to-day tasks related to the property.
Short-term property managers often charge around 10 percent of the monthly rental cost on a single-family property. However, this rate can vary based on the size of the property and number of units, and can also be impacted by miscellaneous fees related to the hiring process.
Hiring a short-term property manager certainly has its benefits, even if it does come at a cost. Keep reading to learn more about the typical fees associated with a short-term property manager and how you can decide if this is the right fit for your property.
Even if you are new to the rental property world, you have likely heard of property managers. These professionals oversee all of the details associated with owning rental properties, such as the following tasks:
If you are the property owner, a good property manager can help make your life so much easier. However, there are some costs associated with hiring a short-term property manager. The following sections will discuss how much you can typically expect to spend on this service.
A property manager often expects to receive a monthly cut of the property’s income. In general, property managers will ask for around 10 percent of the rental cost on a single-unit property. However, for multi-unit properties, the scale may vary.
If your property management company is a large firm, they may charge you an inclusive fee based on the size of your property, or offer a bundle of services for a fixed monthly rate that you may have to pay extra if additional needs arise.
Keep in mind that a property manager will often charge you for gross monthly rental income. This means that their salary will be calculated based on the overall rent you collect before any expenses are deducted. Though this may seem like a small distinction, it can certainly add up if you are expecting to pay a certain amount and find your first bill is much higher than you thought.
If your property management company is large enough, they probably have their own maintenance team. Though this makes things easier for guaranteeing quick repairs for your tenants, it means that you will likely have to pay an additional fee to support labor. Your short-term property manager may pass you the monthly maintenance bill with labor charges added to support the salaries of the maintenance professionals.
You should not expect to pay only the monthly rental price to your property manager. Many other needs can arise that will result in extra costs to you. Here is what you can typically expect to pay in terms of extra fees:
Although the above fees are the most common, other things can certainly arise. If you are considering hiring a short-term property manager, it is best to have a thorough talk with the company or individual to make sure you know what fees you will be paying when you sign a contract.
In general, you should hire a short-term property manager if you feel that you would like help with your rental property in any way. Although a property manager can be a great fit for any property owner, it is especially popular with these conditions:
Hiring a short-term property manager is very common and can make your life a lot easier. When you are considering hiring one, it is best to talk to them about how they can help you meet the needs of your specific property and what the associated costs will be to do so.
Owning and renting properties can be a wonderful investment, but we know that it can also quickly become a large task. Sometimes the best thing to do is hire a property manager if you are considering buying a property or find yourself tired of the day-to-day busyness associated with rental property ownership.
A short-term property manager will typically charge you a certain percentage of gross income, plus some added fees. There is also the potential for more fees based on your properties’ needs regarding maintenance and eviction. To best budget for these fees, it is best to get a quote from a short-term property manager before you decide to hire them.
Once you have a great short-term property manager working for you, you will soon realize how much easier your life is as a property owner. With all the details taken care of, you can focus on your other priorities knowing that your property is in good hands.
Managing your vacation rental takes a specific skill set, that's why we recommend Evolve.
BONUS MATERIAL: GET OUR GET-SELL-READY GUIDE. 18 SIMPLE INEXPENSIVE THINGS YOU CAN DO TO GET YOUR HOME READY FOR SALE
You're thinking of selling your house. It's in a great neighborhood, and it has plenty of potential and should sell for high price.
But there's one big problem: the color is just plain wrong. It's time for a paint job!
But before you start slapping on some new paint, you have to ask yourself an important question: is it worth painting your house before selling it?
In any real estate market, but especially an extreme seller's market like we're in now, you want to sell your house for the most money.
WHY TRY SO HARD?
Shouldn't a home just sell itself in an extreme seller's market?
It should. And it will. But if you leave money on the table, how will you afford to buy the next home. The problem with being a seller in a seller's market is you're also probably a buyer.
Painting your home before selling it will make it more visually appealing to any potential buyer, especially if the job is done well and has a neutral color.
When it comes time to sell your home, you might be thinking you need to remodel the kitchen or put in new carpet to get your home sold.
But, one of the greatest and easiest ways you can boost the value of your home is to paint it before you sell it. Maybe the color is wrong, or the kids or pets beat up the walls or it just needs a fresh coat. We always tell our sellers that paint and carpet is some of the best, cost-effective things you can do to get your home market-ready.
Painting your house is a huge responsibility. When it comes to marketing your house, we want you to make the best possible decision. Read this article and determine if it is worth painting a house before selling.
Most real estate agents would be in agreement that it is a great idea to paint your house before selling it. They would tell you that painting your home with a neutral shade would generate the most interest for potential buyers.
Even if you have an older house, a fresh coat of paint can do wonders for your home's visual appeal. We find that many people in the market to purchase a house do not want to paint it. Potential buyers do not want to spend as much money on a home that needs a paint job.
When a potential home buyer thinks about all the things involved with buying the home, packing up, moving, unpacking, the last thing they want to do is delay moving in and take on a project like painting the house.
Will painting your home increase the value of your house?
It increases the home's worth at resale, as long as the paint job is of high quality. If you are contemplating marketing your home for sale, consider the time, cost and quality.
You have a big decision to make regarding whether you paint the house yourself or hire a professional to do it. If you hire a professional, you should choose someone you can trust. If you do it yourself, it could be a fun project, but time-consuming.
The biggest pro to hiring a professional to paint your home is that a professional will likely do an exceptional job if you hire the right person. A professional has the skills plus the experience to do the job well.
We find that professionals also take less time getting the work done. They will not make a mess, as you are likely to do when you do it yourself. Professionals come with the following tools:
Professionals take the stress away, as they know exactly what tools to use to paint the house. A professional will do the job in an efficient, timely manner.
Hiring a professional to paint your home can be expensive. Also, you cannot be 100 percent sure that the person you hired will do a good job. More likely, they will, but there is a slight chance they will not, which would be a waste of money. We would not want you to be one of those cases.
We recommend hiring a professional or service if you choose to do your research. You want to hire someone you are confident will get the job done correctly. You should know that not all home painters are alike. Some do commercial work, while others work on residential projects.
Make sure to find a painter who has experience in the type of painting you need to be done on your home. Get multiple quotes to compare pricing, look at reviews and choose the one that best suits your needs.
If you choose to do it yourself, you may save money. However, there will be costs for painting the home itself. We feel that you should only embark on this venture if you are confident that you can do a decent job.
It would be essential to note that you only save money if the job is done correctly. If you happen to be someone who can perform this task well, it could be worth it. Also, if you think each person involved can do it, you can make this a family affair and have everyone pitch in. 
We do not consider it prudent for small children to help, as you still want it to look professional. However, it could be an excellent experience for all of you. Another pro is that you will have more control over the finished product if you paint the house yourself.
We had a client that did some of the painting themselves but used different paint on some touch-up places. The color was right but they used flat and semi-gloss. Those caused a few problems. Luckily, it was able to be corrected without too much expense, just some time. But these are the dangers of painting it yourself.
We do not recommend that you paint the house yourself unless you are confident that you would do a job that looks professional. Remember, if you are on the market to sell your home, you want to make sure that you make an excellent first impression.
If it does not turn out right, the value of your home could significantly go down. Keep in mind that professionals know how to fix any mistakes.
It may not be so easy if you are doing it yourself. If you mess up and need to fix it, you may need to purchase more paint and spend even more time painting the house.
It could take you a lot of time to paint the house. If you are trying to get your home sold, time may not be a luxury afforded to you. You might also make a massive mess in the process of painting the house.
You could also choose a paint color from a swatch, and the color does not fit the way you thought it would. The color could look different in natural light or the shape of your room, being bigger, smaller or more open. Or if you didn’t do a good job of priming. You could end up having to repaint the entire house.
Painting your home is a big job, and it can take a lot of time and effort, which can subsequently wear you out. If you are going to do it, you should be in it for the long haul. Make sure you have enough energy to stick to it and finish the job.
Painting your house before selling it can significantly ramp up the home's value. You will need to figure out whether you want to attempt such a massive undertaking on your own or if you want to hire a professional.
Make sure if you are going to do it yourself, you are prepared to put the time and energy into the task. It may be a sensible choice to hire a professional who can do the work, as they have the proficiency and experience to do the job in a timely fashion.
Another fairly cost-effective way to make your house shine on the market is by replacing the carpet. We wrote an article on replacing your carpet and it's also something to consider as you look at getting your home ready for sale.
When you work with Persinger Group to sell your home, we start the process with a Home Walkthru. We help you decide what to do, not do and alternative ideas to get your home Sell Ready. This not only saves you money but a bunch of time. Imagine not having to spend months of weekends working on projects getting your house ready for sale.
We give you our connections to people and vendors that can help you, so you don't have to worry if you hired the right person or if the job will get done.
Start a chat with us at SmartMovesChat.com
BONUS MATERIAL: GET OUR GET-SELL-READY GUIDE. 18 SIMPLE INEXPENSIVE THINGS YOU CAN DO TO GET YOUR HOME READY FOR SALE
The kitchen is a huge deciding factor for homebuyers when they are considering which house to buy. Buyers know that it’s a room they will spend a lot of their time in, but it could be disappointing if it needs updates and repairs.
When it’s already updated, a kitchen will not only increase property value but desirability.
However, is the cost to update a kitchen worth it?
Remodeling the kitchen before selling the house will normally take a minimum of $12,200 and $149,079 for a major remodel, the average cost range lies between $12,800 - $21,200. However, 80% of homebuyers in 2021 listed the kitchen as the most important space and the national average ROI for a minor remodel is 72.2% and 54% for an upscale remodel.
Read below to see what kitchen features matter for buyers, the average cost of remodeling, and what your budget should take into account.
Because kitchens can be costly investments it’s tempting not to bother with any remodeling, but think about how the kitchen is labeled as “the heart of the home.” It’s where we spend a great deal of time every day, not just making amazing meals for our loved ones, but also being the place where homework gets done while enjoying a snack, or friends gather to share the latest news.
It’s the new living room that comes with food in it!
So, it’s no wonder that when homebuyers are looking at houses, the kitchen is one of the most important rooms for them to consider. And, if your kitchen needs updates, they might rule your house out even if it has all the other features they are looking for.
Not all kitchens are created equal and not every update is necessary. Some homebuyers will be looking for a very specific style of the kitchen while others will be happy with any type as long as it functions well.
The best way to determine what updates your kitchen should have is to look at the features that homebuyers are wanting in their next home.
Some of the most popular features that buyers are looking for in a kitchen are:
-A Gourmet Kitchen: This is a kitchen that has high-end appliances and cookware, as well as a lot of counter space.
-An Open Floor Plan: This is when the kitchen is open to other parts of the house, such as the dining room or living room.
-A Modern Kitchen: This is a kitchen that has updated appliances and fixtures, and often uses sleek or minimalist design.
-A Rustic Kitchen: This is a kitchen that has country elements, such as wood cabinets or farmhouse sinks.
-A Traditional Kitchen: This is a kitchen with classic features, like white cabinets and subway tile backsplashes.
More than half of homeowners remodeling their kitchens (55%) are adding or upgrading an island, while 7% are keeping one that was already in place. A minority of remodeled kitchens (38%) have no island. - from a houzz survey
According to Realtor.com, homes that include updated “luxury” kitchens sell 8% faster than homes in the same neighborhood with kitchens that need work. It’s an important selling point that, at the time, 69% of their property listings used the kitchen as a major selling point.
If you remodel your kitchen, you need an idea of how much you would have to spend. How much a remodel costs depends on the scale of the remodel.
Minor remodeling won’t change the layout or expand its space, but it can breathe new life into the kitchen with a mix of new and touched-up countertops, flooring, appliances, paint, and/or fixtures. This scale can be costly enough at $24,000.
Major remodeling tends to add new key lighting in addition to new flooring and appliances, custom or semi-custom cabinetry, an island, and sinks. The cost is compounded with the necessary touchups such as repainting the walls. The average cost is $69,000.
So, back to the original question: is it worth updating your kitchen to sell your house? It depends on how much you need to update your kitchen and how much money you want or need to spend. Keep in mind that a fresh coat of paint and new cabinets can do wonders for your home's appearance - but be prepared to spend some money if you want a more luxurious kitchen.
Budgets are the first obstacle when remodeling, and we understand that. If your objective is to buy another home, probably more expensive, you want to sell your house for the most money. You don't want to leave money on the table.
If you’re going to create a budget for remodeling, we need to consider a few things.
- Most people are not carpenters, plumbers, or electricians. Odds are you will need at least one of these professionals to complete your remodel and their cost is not cheap.
Design fees - If you don't have the time or inclination to design your own kitchen, chances are you will need to hire a professional. This person's time is valuable so plan on spending at least $1,000 for good design work.
Contractor Fees - Many contractors will want a down payment before starting the job
- If your kitchen is large, it will obviously be more expensive. More cabinets, more counter space. If you're expanding your kitchen, the cost goes up.
- Start with the necessary and obvious.
- Do you want a quartz counter or granite? Do you want hardwood floors or tile? These are decisions that will add to the cost of the remodel.
If you're not sure where to start, we suggest talking to a designer. They can help take your ideas and turn them into a plan that will meet your needs and stay within your budget.
Updating your kitchen is a great way to add value to your home. Keep in mind, however, that it's expensive and time-consuming - so make sure you're prepared for the commitment before you get started.
One of the biggest decisions you'll have to make when updating your kitchen is whether or not to change the layout. If you're not happy with how your kitchen is currently laid out, a remodel is a great way to change it. However, keep in mind that this will add to the cost of the remodel.
-Choose materials wisely. Don't go for the most expensive option available. Choose something that fits your needs and your budget.
-Do some of the work yourself - If you're willing to do some of the work yourself, you can save a lot of money.
-Hire a professional for the more difficult tasks - If you're not comfortable doing something yourself, hire a professional. This will add to the cost of the remodel, but it may be worth it in the end.
-Remodeling can take a lot of time. If you're not prepared for the disruption, it may be wise to reconsider.
-Plan on at least two weeks of work - This is a general guideline, but it's a good starting point.
-Be prepared for the noise and mess - Updating your kitchen will create a lot of dust and noise. Be prepared for this before you start the remodel.
-Rent a storage unit - In order to make room for the new kitchen, you'll need to get rid of some of your old furniture and appliances. Renting a storage unit can help you keep everything safe and organized while you're renovating.
A kitchen remodel is a big investment. How much you spend on your remodel will depend, in part, on how much money you have to spend.
-Set a budget and stick to it - This is advice that can be applied to any remodeling project. It's important to stay within your budget so you don't go into debt.
-Think about what's important to you - Do you want granite countertops or hardwood floors? These features will add to the cost of your remodel.
-Consider doing some of the work yourself - This can help reduce the overall cost of the project.
How long will it take to recoup the cost of the remodel?
-Things go wrong. Things take longer than planned. Budget for the unexpected. Plan for the worst. Don't be surprised when things get more expensive.
Helpful breakdown from hgtv.com of remodeling costs:
By the end of these questions, you could find that the cost of remodeling is beyond your current finances. In this case, you should do what you can and focus on the essentials of the kitchen to make it as desirable as possible, such as repainted cabinets, or a new backsplash.
When you know the features buyers want the most, you know what your budget should prioritize.
You can ask your real estate agent about the most important features to focus on renovating. We’ve handled real estate for 40 years together and we can tell you that real estate agents make it their business to keep up on design and function trends.
If you don’t want to do that, what we can tell you right now is that there are two things that matter to buyers:
Under design, layered lighting adds depth and atmosphere, but for more design preferences, we recommend contacting your real estate agent.
Under function, does your kitchen have sufficient storage? Do you have durable counters? Do you have appliances that work like they should and are located in the layout in a way that makes sense? Finally, can the floor in the kitchen withstand heavy objects dropping on it without scratching or chipping, withstand water, and take spills or pet accidents without staining?
When done right, homeowners might see a 54 - 72% ROI for remodeling to their kitchen, but many people selling their home end up confused when they’ve checked the list of most wanted features and buyers still don’t seem to like the kitchen. What happened?
Features can’t be looked at separately. They should look good together, and going too cheap like with the mistakes below, can ruin that because the buyer will think you’re trying to trick them.
1) Bad flooring
For example, new flooring on top of the pre-existing floor. Although the cheapest and easiest option, people notice the awkward height difference. Gaps, weird angles, all send signs to the buyer something is wrong here.
2) Expensive Countertops on Old Cabinets
Broken cabinets that clearly don’t match with the countertops give a red flag that something is wrong, and maybe there is more wrong. So, keep looking for things that are wrong.
3) Leaving the Appliances for last
By then you may find yourself at the end of your budget and are forced to buy cheap appliances which are major turn-offs to buyers, making those expensive cabinets and flooring worthless. 
Summary
In the end, a remodeled kitchen has great potential to sell a home faster, but not make the seller more money, especially if you focus on the wrong features and go way over budget.
If you intend to go through with remodeling, it will help if you give yourself as much time and get as much help from your real estate agent and professional interior designers as possible.
One of the first things we do when a homeowner decides they are ready to sell is what we call a WalkThru.
The sellers tell us what they are thinking about doing to get their home ready for sale. We then tell them what they should do, not do and give them alternative ideas. This ends up saving them hours and dollars.
They don't have to spend weeks and months getting their home ready for sale, and they don't have to spend money out of pocket, that they probably won't make back.
This is one of the most important, valuable steps we do with our clients.
If you are ready to start a conversation about doing a WalkThru visit SmartMovesChat.com
BONUS MATERIAL: 8 Mindset Money Hacks Guide
There is no doubt that the short-term rental market is booming. But just how profitable are these businesses? Are they a viable option for those looking to invest in real estate?
Short-term rentals are definitely a profitable venture. In most cases, owners can expect to make around $1000 to $2000 monthly on a basic property and $3000 to $5000 on luxury properties. However, this number varies depending on the location and type of rental property.
If you're thinking of investing in short term rentals, but you're unsure if it's the right move, you're in the right place. In this blog post, we'll explore the profitability of short-term rentals and help you decide whether or not this investment is suitable for you.
If you're unfamiliar with short term rentals but are thinking about investing in real estate and not sure if short term or long term is better... we have this article answering the question if short term rentals are better than long term rentals.
Short term rentals are fast becoming one of the most popular ways to invest in real estate. And for good reason. They offer numerous benefits, including:
However, with their growing popularity, there's increased competition among short term rental property owners. Therefore, most people wonder if it's worth getting into the short term rental game.
Short term rentals are a lucrative investment venture. With proper management, they can generate up to $2000 and $5000 monthly for basic and luxurious properties respectively.
Therefore, if you're thinking of getting into the short term rental market, it may be a wise decision to do your research and find out if it's the right fit for you.
Just because short term rentals are profitable doesn't mean that they're for everyone. Here are a few key considerations to take into account before deciding to invest:
Short term rentals can come in all shapes and sizes - from a studio apartment to an entire house. The type of property you own or plan to purchase will significantly impact how profitable your short-term rental venture will be.
For example, if you're planning on renting out a room in your house, you'll need to consider the cost of any additional furnishings or renovations that you'll require to make your space guest-ready.
You'll also need to factor in the amount of time and effort required to manage a short term rental and the potential for wear and tear on your property.
On the other hand, if you're planning on purchasing a property specifically for the purpose of renting it out, the type of property you choose will also affect your profits. For example, a luxury condo or home will obviously command a higher price than a more modest property.
So if you're looking to make a quick profit, you may want to consider upgrading your rental property. Weigh all these factors against your expected return on investment to determine whether or not short term rentals are a viable option for you.
One of the most significant factors that will affect your profits is location. Properties located in prime tourist areas or business districts can fetch a higher price than those in other areas.
So if you want to maximize your profits, it's crucial to choose a location in high demand.
You'll also need to be aware of the local regulations surrounding short term rentals, as there may be restrictions on how many nights guests can stay or what type of property can be used for a short term rental.
To have a clear picture of your potential profits, you'll need to create a budget for your short term rental.
This budget should include all of the costs associated with running the rental, such as:
Take these factors into consideration when creating your budget and determine how many nights you need to be booked to make a profit and how practical it is.
If you've done the math and determined that a short term rental is a viable option for you, there are a few things you can do to increase your profitability:
By following these tips, you can maximize your chances of success with short term rentals.
We also have this article about increasing vacation rental income. In that article, we share tips on how to increase vacation rental income, more profit and more bookings.
If you were wondering how profitable short term rentals are, we hope this article has helped clear things up.
While there is no easy answer, the potential for profitability is undoubtedly there. By taking the time to understand your market, pricing competitively, and offering a unique experience, you can succeed in this growing industry. There are always things to consider when buying a vacation rental property.
Also, don't forget to stay on top of the latest trends and developments, as competition is heating up!
With over 40 years of combined experience in real estate, plus currently invested in 7 properties in 3 different states, Persinger Group can help you fine-tune your real estate investment strategy and offer guidance every step of the way. We make sure that our clients get the most out of their real estate investments and optimize their returns over the long term.
To start a conversation with us about buying, selling or investing visit SmartMovesChat.com
BONUS MATERIAL: GET OUR GET-SELL-READY GUIDE. 18 SIMPLE INEXPENSIVE THINGS YOU CAN DO TO GET YOUR HOME READY FOR SALE
Selling a home is one of the most significant decisions you'll ever make, and it comes with a lot of responsibilities. Sometimes adding and removing some accessories from your home can help to spike interest from potential buyers, and a lot has been said about the importance of replacing carpet to this effect. Although doing so has had varying results, home sellers seem to be torn between replacing and not replacing the carpet before selling their homes.
Having brand new carpet can help to increase your home's value, as it becomes the focal point of attention to potential buyers. It's not a requirement to replace the carpet before selling your home, but you should do so if the carpet is worn out or doesn't compliment the fresh coat of paint in the room.
This article will look at whether your home increases in value by replacing the carpet with hardwood or laminate flooring. We'll also have a price comparison between carpet and a laminate floor, and discuss the type of flooring to increase the home's value.
As a homeowner looking to sell their property, the best thing you can do to get top dollar for your home is pick the right projects to improve its market value. This means applying a fresh coat of paint and repairing any damaged areas. Sometimes you might need to do minor modifications like adding or removing some things you think would affect the asking price.
Carpet is usually the biggest topic, with some sellers removing it entirely. However, replacing carpet should only be done if it's worn out and will reflect a poor image, or if it doesn't compliment the new paint, if applicable, in your home.
The best place to start is almost always with carpet cleaning. Especially if you haven’t had your carpets professionally cleaned in over a year. A good professional cleaning can remove stains and bring old carpets back to life.
If you feel like your carpet is beyond saving, having a brand new carpet installed is often the right strategy for attracting potential buyers. For starters, the carpet helps them create a mental image of their new home, which often ends up sparking interest in the property.
The carpet creates a home-like environment, even if the viewers don't like the color or texture, as it gives them a clue of how they can plan the interior if they buy the home.
When marketing homes for our seller clients we love to be able to comment in the remarks “New Carpet” and show it off in the pictures.
However, removing the carpet entirely is not a bad thing.
If you’re removing the carpet to install new hardwood flooring in your home, you and the potential buyer could see this as a nice upgrade. Hardwood flooring is probably the best investment you can make on a property in terms of aesthetic appeal and longevity.
Installing hardwood flooring is not a cheap project, and you might not be able to recoup all the costs.
If you have an older home and you know there is hardwood under the carpet, by all means rip up that carpet and refinish the hardwoods.
Nothing can help turn a prospect into an actual buyer like a shiny new hardwood floor around the house. If you have the budget for it hardwood is a desired flooring choice amongst buyers.
There are many other things you can do that will impact the value of your home when selling. Many of those things are in our Get Sell Ready Guide.
Laminate is a preferred option for some homeowners due to its longevity, but a majority will always prefer hardwood or carpet if they're in great condition. Laminate flooring doesn't add much value to the home, but it's an improvement if the floor is in disarray and requires repair.
For starters, laminate flooring is a cheaper alternative to hardwood flooring, which reduces the total repair cost. Secondly, this type of floor lasts longer and maintains the shiny feature for an extended period. However, it's relatively noisy compared to carpet or a hardwood floor due to its poor sound absorption capabilities. There's also the issue of repairing the floor once damaged, as laminate requires complete replacement, compared to hardwood, where you can replace the damaged area only.
This type of flooring is perfect for someone renovating a home within a budget, and it might be enough to convince buyers to consider your property. However, many would prefer a new carpet to laminate.
Carpet is more affordable than a laminate floor, although laminate lasts longer, can withstand harsher conditions, and is easier to clean. However, carpet allows you to customize the home, as you can change and replace them with any color or texture.
Alternatively, carpets are warm and comfortable, giving your home that unique feeling, while laminate flooring can get cold or warm depending on the weather. Carpets are also less noisy as they can absorb more sound, with laminate being the opposite. For this reason, carpet tends to be the stronger choice in a condo environment.
Carpets are also safer for children than laminate. However, laminate can withstand foot traffic better than carpet, making it ideal for living rooms and balconies.
Hardwood flooring tends to improve a home's value and help to convince potential buyers to consider buying a home. Carpeting also works well, but only if you choose the right texture and color.
Although a type of flooring might determine how well a property performs on the market, it all comes down to what buyers have in mind. Also, the location's climate determines the type of floor that works better, given that hardwood tends to rot easily in wet areas. What works well in Arizona might not be as effective in Miami.
Final Thoughts
You don't need to remove carpets before selling a home unless they're in bad condition and you believe they'll compromise the asking price. Many homebuyers prefer hardwood over laminate and carpets since they last longer and have an appealing look.
Get ahead and stay ahead.
Download our Get Sell Ready. For many home sellers, they waste their time and money getting their home ready to sell. They waste their nights, weekends and money. the biggest hurdle to real estate investing is getting started. Some quick, small attention to detail, can have a big impact on the first impression of your house, helping it sell quickly and for the highest market price.
BONUS MATERIAL: 8 Mindset Money Hacks Guide
You've been working hard all year and finally took the plunge to become a vacation rental owner. You're enjoying meeting new people and watching them explore your city, but you're not seeing the profits you were hoping for. You know that with a few tweaks, you could be making more money and hosting even more guests!
There are a few main things you can do to increase your vacation rental income; such as getting your rental booked more often, using dynamic pricing during off-season. Also upgrade your property so you can ask for a higher price. Put a repeat and referral system in place. And think of ways to decrease costs, which also puts more money in your pocket.
In this article we'll review a few of these ways to increase your vacation rental income. In a previous article about investing in short term rentals I mentioned , the challenge with being in the short term rental marketplace is you're not just a real estate investor you're a hospitality manager.
You're providing an experience for your guests, not just providing a place for tenants.
The secret to higher revenue, more profits and increasing rental income is keeping that top of mind. Develop a hospitality mindset.
For the actual tactics and tips, keep reading.
As I mentioned above, the challenge with being in the short term rental marketplace is you're not just a real estate investor you're a hospitality manager. You're providing an experience for your guests, not just providing a place for tenants.
The faster you can get back to potential guests, the more likely they are to book with you.
Being quick to respond to inquiries is key in making sure you don't lose out on any potential guests. Often, people are browsing through a number of different options and if they don't hear back from you quickly, they may move on to another option. Make sure you have someone assigned to check your emails and messages regularly so that you can reply as soon as possible. A speedy response conveys that you're interested in hosting them and are available to help them with anything they need. It also makes for a great first impression!
Guests will need access to the internet for things like checking in and out, booking reservations, and finding information about the area. (Unless your vibe is off-grid and getting away from it all. Could be the move in today's world.)
This includes things like linens, towels, dishes, cookware, and spices. You may also want to provide things like shampoo and soap. Coffee and a coffee maker are a big deal. Don't forget the coffee.
Having things for guests to do is a great way to keep them occupied and entertained. This could include things like books, games, movies, streaming service or even a ping pong table.
The weather isn't always going to cooperate with a guest's stay, so to make sure they still enjoy themselves, make sure there are things around the rental.
Provide contact information for the property manager or owner, and make sure that someone is available to answer any questions or address any problems that guests may have. Guests will appreciate having everything all in one place.
Taking photos of the home with your phone is a big no-no. Hire a professional photographer for this job. Make sure you write an informative property description. List all the nearby amenities and benefits of staying at your place. The best stores, coffee shops, restaurants, and parks. Anything that could be of interest to your potential guests.
Use sites like Airbnb, HomeAway and VRBO. These websites allow guests to search for properties to rent by location, amenities, price range and more.
On sites like TripAdvisor or wherever they booked from, guests can leave a review of your property and their stay. Positive reviews can help attract new guests and generate repeat business.
You can create your own vacation rental website very easily. Think about how to reward repeat guests and referrals from them with special deals. Once you have some loyal guests you can start to even out your cashflow and make your occupancy rate more predictable.
Direct booking is more popular than Airbnb and VRBO combined.
If you don't have a way for guests to direct book not only is it costing you in booking fees. You're probably leaving a lot of money on the table.
There are a lot of different software options to create your own website.
Once you have your website set up, make sure you add a direct booking calendar. This will allow guests to book without going through the third-party site.
Uber and ride-sharing apps do this. When there is higher demand, the price increases. Less demand, lower prices. You could do the same thing with your vacation rental property. During the summer, weekend, a special event going on, you maximize the price. Middle of winter, weekday, no events, the price gets very low. Maybe low enough price to attract a guest thinking, "Why not get away for a couple of nights at that price?"
It goes without saying, the property needs to be clean, fresh paint, new furniture, etc. But also take an honest assessment of your property and look at the features and amenities.
Can you only charge so much because the vacation rental is dated or not as modern as others?
Keep in mind, guests have a choice. They are going to spend their hard-earned money somewhere. Are they going to spend it with you? Or with your competition? Many people and families only get to have a special vacation once a year. Why would they spend it at your property?
What amenities are guests willing to pay extra for?
Take a look at your competition. Assess what they're doing, offering, and the prices.
Does one vacation rental have a hot tub, charges more and always seem to be booked?
Does one place have an outdoor kitchen or gas grill? Fire pits? A putting green?
Vacation rental properties are a great investment and can be lucrative if you know how to keep your property occupied. In this article, we’ve outlined some of the key ways that will help you increase revenue from your vacation rentals. Keep in mind that it takes time to get started with these strategies- they won't work overnight but by following our tips, you'll eventually start making more income than before!
If you are looking for more information on vacation rental properties, please check out our other blog posts or contact us for help! We're always happy to help.
Investing In A Short Term Rental (Is It Better Than Long Term Real Estate Investing?)
12 Things To Consider When Buying A Vacation Rental Property
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All real estate is too expensive.
There can't possibly be any deals to be found out there if you're a first-time homebuyer, right?
We're always previewing property for clients and because we're always looking at buying another rental property.
Recently, we were looking at condos we are already familiar with.
Here's an example of how we look for good real estate deals in a hot market.
A condo had shown up on our radar about two weeks earlier. And for some reason hadn't sold and in fact, the price was reduced. So we started thinking maybe we can make the numbers work.
I'll share with you the reason why we think this home hadn't sold and a few other things to look for if you're looking for a good deal in real estate.
In general, what it comes down to is if you're looking for a good real estate deal, you have to look for the bad. Bad data, bad photos, and bad condition.
If you're looking for a good real estate deal in a red hot seller's market, it's like looking for a needle in a stack of needles.
One of the first things you want to look for is bad data.
You might be wondering, how can data be bad? Data is data, right? Kind of. The problem is that the data that's being entered into the MLS is coming from humans. Those humans being real estate agents or real estate agent admins, or people that might work at the MLS, doing it for the real estate agents.
Sometimes that data gets entered incorrectly.
For example with this property that Katherine and I were looking at, it was a two-bedroom condo but the way that the data was coming out to the property websites, it listed as only having one parking space.
If you're looking to live there as an owner-occupant, or even looking at it as s a real estate investment, like we are, having a two-bedroom condo with only one parking space isn't ideal.
However, Katherine went digging into the information a little bit deeper and found out that it did in fact have two parking spots, even though a lot of the places that it's being marketed online showed it as only having one.
That's an example of bad data.
Many potential home buyers just glossed right over this listing. They skipped it. They probably saw it online, looked at it, thought it looked kind of nice, but then noticed it only has one parking spot and go well, "where are we supposed to park our cars at?"
So they move on to the next property.
Katherine and I dug a little bit deeper and found out it checks off even more boxes. And that's why we went to look at it.
Bad data is never intentional. It's never malicious. The listing agent or the admin doesn't intentionally mean to enter the wrong data. It could have just been some wrong information passed from one place to the next.
It's kind of like the telephone game. The information starts from here, it gets passed to here, it gets passed to here, supposed to be put on this form, and then supposed to be entered into the MLS. And somewhere along the lines of the data might've got miscommunicated or someone just might've hit the wrong key.
Mistakes happen, but when those bad mistakes happen, there's an opportunity to find good real estate deals that others have skipped over.
Look for bad photos if you want a good real estate deal.
The difference between bad data and bad photos; Bad data could be an honest mistake. Bad photos is being lazy or being cheap.
There have been so many times when we were working with buyers, out looking at properties because they saw a good property online based upon the pictures. Then when they get to it in person, they're extremely disappointed because it looks way better online than it actually does in person.
This actually happens in the reverse also.
The photos look bad online and then when they get to look at it in person, they're pleasantly surprised.
I don't quite understand why listing agents don't spend a few hundred dollars to hire a professional photographer to get great-looking photos because web appeal is the new curb appeal.
Back when I started selling real estate in 1997. So many buyers would just do a drive-by of the property.
They would check out the neighborhood, look at the curb appeal, how it looks from the street and go, “that looks like that could be someplace that we would be happy to call home”.
Schedule a showing with me and then I showed them the inside.
Now, you're just looking at properties online, right? You're either looking at it on your computer or you're swiping through your phone.
So I don't know why a listing agent wouldn't spend a couple of hundred dollars to get great looking photos, but many don't. This laziness or cheapness could be to your benefit.
Before you skip a listing just because it doesn't look good in pictures, double-check. If the only thing you don't like is the pictures, maybe it's worth a look.
There's still a lot of listings that don't have great photos on them. It doesn't mean it's not a great property. So just because you see bad photos online, doesn't mean it's not going to be a good deal.
I know you have a certain idea of what your home should look like. If you're spending $500,000, $700,000, or even $1,000.000 you expect it to look a certain way. HGTV shows like House Hunters, Property Brothers, etc, have not helped with reasonable expectations for home buyers.
You're seeing buyers that absolutely need to have granite or quartz countertops. You have to have hardwood floors, and the home has to look impeccable.
Here are some thoughts from real estate agent and YouTuber Graham Stephan on why finding a property that needs a little bit of rehab might be the way to go.
"Renovate. And this is the best way to add equity to a property is by spending money, fixing it up, and then you will profit. The difference between what you're in it and what the home is worth after you're done renovating it.
And from my perspective, this is usually the easiest and best way to increase the value of a property and most places that need renovation priced themselves accordingly. And by doing the work yourself, you're able to often do it much cheaper than if you're able to pay for someone's already completed work. And by doing that, you make the difference between what you're in it. And again, what the property is worth when you're done. Now with this comes the really fun part, and that is putting your own style and touches and finishes in the property. Now, even though I recommend going pretty neutral, especially if you're going to be doing something to rent out or for somebody else, you can still put your own touches and personality on this and still have just so much fun renovating a property and just kind of making it your own."
Other thoughts from a real estate agent with a YouTube channel called Meet Kevin, and he calls this process, Buying in the Wedge.
"So let me first clarify why I recommend you get something that needs cosmetic work. If you get something that needs cosmetic work, you're buying in the wedge of a market.
Here's what I mean. If a property is worth $500,000 as a total fixer-upper and it's worth $625,000, fixed up, a flipper might be able to pay $475,000 for it, because remember they also have to budget in selling costs and holding costs. Which somebody who's going to live in the property at least to start with and then maybe rent it out in the future. It doesn't have to be considered. On the other hand, most buyers aren't willing to get into cosmetic remodels. So that's where you have a little bit of a wedge. The flippers are on the low end and they cannot afford to pay what somebody can pay that's going to keep the property, live in it for a little bit, remodel it and maybe rent it out in the future.
So, yeah, flippers over here on one end. And then you got the move in ready buyers who were buying the place for $625,000. And then, and you ideally have you."
I really liked that idea, that phrasing, that terminology of Buying in the Wedge of where the contractors is at, and what the fair market value most likely is.
There are some good deals to be had inside that wedge of where the condition is not great but you can find a great deal.
We had this happen while representing the seller. A wholesaler, a home flipper was trying to get a deal at a certain price on a property.
We knew that the fair market value after it was fixed up would be close to $450,000 to $500,000. The wholesaler and the home flipper we're looking to buy the home for $215,000. That would give them a lot of room in order to update the home, get it to a certain standard of what the market was looking for and make a very healthy profit. But we knew in representing the seller that we could also put it in the market at a much higher price. Of course not the $450,000 to $500,000. But get the seller a lot more money, put more money into their pocket than what that home flipper was willing to pay.
So when we put it into the market, a first-time home buyer was able to get a great deal on it and didn't actually have to update it immediately to move in. It was in livable condition. It just hadn't been updated in a very long time. And now this home buyer had a great real estate deal, they had a roof over their head and they were going to be able to:
I would certainly say that that home buyer bought in the wedge.
So how do you find these good real estate deals that have the bad data, the bad pictures and the bad condition?
Well, you could obviously watch the real estate market every day like a hawk.
If you're signed up on our website persingergroup.com, you're going to get an email every single morning with an update of what's new in the market, the new listings, what went pending, what closed and what price that closed for. The website also updates every 15 minutes. So you could come back and check throughout the day, basically to see what listings are coming on the market in real-time.
The other way that I'd recommend to find these good deals is by using what we call the CIRCLE BACK TECHNIQUE.
A lot of websites, ours included, are going to be talking about how fast they update like persingergroup.com updates new listings every 15 minutes. And so there's a lot of push in the industry of like new, most current homes for sale. But the Circle Back Technique is about going back and looking at homes that are still for sale, not the homes that were listed this week, but homes that were listed maybe last week or three weeks ago, four weeks ago.
What persingergroup.com allows you to do that pretty easily. If you hit the saved as a favorite, the little heart icon when you're searching for homes, it's going to compile all of your favorites.
Because there's some hidden gems in there. 
So even though it's an extremely hot seller's market. It doesn't mean that you can't find a good real estate deal.
Are you going to be able to find the perfect home? Probably not. But you can find a good real estate deal if you're looking for the bad.
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