Vacation Rental Consulting

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Vacation Rental Consulting

Investor · Scottsdale, AZ · Member since 2022 · 50 posts · 22 votes

I am in the process of starting a short term rental consulting company offering the services of str marketing strategies, how to manage your own rental, how to find the right property management company, finding the right str home, knowledge in real estate (podcasts, books, videos, and surface level alternative forms of investing in real estates besides strs), and then a package of pretty much everything a-z from finding a home, to managing or finding a management company, marketing it, to software, tech, and security etc. I have a main goal of wanting to build connections as I am finishing up school so my strategy would be to partner with agents where they sent their investors to me to get them the property, I take my cut and provide any services they would like, and send them back to the agent to follow through with their deal. So both sides are benefiting I am getting a lead, the agent isn't dealing with finding a house and doing market research on strs, and the buyer is getting a property from someone educated in the industry. Do you guys think there is a need for this? I run into countless agents who just aren't as knowledgeable in the re investment market as many investors would like. Let me know thoughts. Thank you!

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Michael BaumPro Member

Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes

So @Braeden Cobb, I find all that and more right here on this site. Just do a search and you can find literally anything you need to know about any real estate topic. If you can't find it, just ask and people will step up. I can't imagine ever hiring someone myself when I have made connections where I can ask of their personal and professional knowledge and get the right answer.

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Michael BaumPro Member
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
3y
So @Braeden Cobb, I find all that and more right here on this site. Just do a search and you can find literally anything you need to know about any real estate topic. If you can't find it, just ask and people will step up. I can't imagine ever hiring someone myself when I have made connections where I can ask of their personal and professional knowledge and get the right answer.
3 Reply
Braeden Cobb
OP
Investor · Scottsdale, AZ · Member since 2022 · 50 posts · 22 votes
3y
What if you were look at it from an outside view of someone would does not have these resources. I wouldn't expect anyone in here to need them but more for people who are only reaching out to realtors for their help but the realtors aren't able to provide them with accurate information so they go to a professional. Does that make sense? Thanks for the response.
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John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
3y
Quote from @Michael Baum:

So @Braeden Cobb, I find all that and more right here on this site. Just do a search and you can find literally anything you need to know about any real estate topic. If you can't find it, just ask and people will step up. I can't imagine ever hiring someone myself when I have made connections where I can ask of their personal and professional knowledge and get the right answer.

I agree. Someone that needs that much hand holding is unlikley to be buying a STR in the first place.
3 Reply
Ken Boone
Investor · Greenville, SC · Member since 2015 · 1k+ posts · 1k+ votes
3y
Quote from @John Underwood:

Quote from @Michael Baum:

So @Braeden Cobb, I find all that and more right here on this site. Just do a search and you can find literally anything you need to know about any real estate topic. If you can't find it, just ask and people will step up. I can't imagine ever hiring someone myself when I have made connections where I can ask of their personal and professional knowledge and get the right answer.

I agree. Someone that needs that much hand holding is unlikley to be buying a STR in the first place.
I agree too. One of the main rules in investing in anything is to understand what you are investing in. I think most people who are not just kicking tires with wishful thinking are going to do their research before talking to the realtor and if they find the realtor is not knowledgeable in this area they will find one that is before they would “hire” a service.
2 Reply
Zeona McIntyrePro Member
Real Estate Agent · Boulder, CO · Member since 2015 · 285 posts · 226 votes
3y
I’ve been offering short term rental consulting for the past 10 years. 8 years before I became an agent. There is definitely a need so don’t let them discourage you.
Reading online and listening to podcasts is not the same as having an advisor by your side.
There is a place for all of us. Good luck!
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2 Reply
Paul Sandhu
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
3y
Quote from @John Underwood:

Quote from @Michael Baum:

I agree. Someone that needs that much hand holding is unlikley to be buying a STR in the first place.

Ding ding ding! Winner. Heck, I don't even need a real estate agent to unlock a bank foreclosure house that is for sale. I already have a key.
Although I have learned some things from the cable/internet technicians. If the internet doesn't work, move the modem to a different cable outlet. Try changing any splitters. If you don't have extra splitters with you, swap the output cables on the existing splitters. HDTV not working? Move the HDMI cable to a different input on the TV. Still not working? Replace the HDMI cable. They can be defective.
0 Reply
Trent Reeve
Atlanta · Member since 2022 · 712 posts · 642 votes
3y
Quote from @Braeden Cobb:

I am in the process of starting a short term rental consulting company offering the services of str marketing strategies, how to manage your own rental, how to find the right property management company, finding the right str home, knowledge in real estate (podcasts, books, videos, and surface level alternative forms of investing in real estates besides strs), and then a package of pretty much everything a-z from finding a home, to managing or finding a management company, marketing it, to software, tech, and security etc. I have a main goal of wanting to build connections as I am finishing up school so my strategy would be to partner with agents where they sent their investors to me to get them the property, I take my cut and provide any services they would like, and send them back to the agent to follow through with their deal. So both sides are benefiting I am getting a lead, the agent isn't dealing with finding a house and doing market research on strs, and the buyer is getting a property from someone educated in the industry. Do you guys think there is a need for this? I run into countless agents who just aren't as knowledgeable in the re investment market as many investors would like. Let me know thoughts. Thank you!

not meaning any offense. but you have a young picture and mentioning finishing school. I could see people looking at you and wondering how much experience you bring to investors. Someone investing their money is going to want to see experience in how it is spent.
1 Reply
Michael Skinner
Member since 2020 · 15 posts · 14 votes
3y
@Braeden Cobb - this is definitely needed, which is why you see companies like Vrolio and Revedy gaining traction. We offer a full-service solution like what your describing and I end up working with a lot of homeowners who are not real-estate savvy and are exploring STRs for the first time for one of many reasons.
Consulting is one approach but we don't offer that because we give away information for free. The real value for the audience you're attempting to serve is not only the knowledge piece but also the time and network piece.
The DIYers like to do things themself, which means they'd rather get free info and learn online than pay someone by the hour to learn. This is not your audience. In contrast, people who know they need help want a relationship with someone they can trust to execute their goals/vision. The knowledge piece is the cost of admission, but if you can save them time and decrease their stress level while introducing them to the right people, you may be onto something.

@Trent Reeve makes a good point about positioning as a consultant. Have you thought about getting in with an existing company that's already doing these things? There are a bunch out there. If you want a few more ideas, send a pm.
Hope this helps!
~ Michael
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Ryan MoyerBusiness Member
Property Manager · Orlando Kissimmee Davenport Salt Lake City, Park City · Member since 2019 · 993 posts · 1k+ votes
3y
I understand what @Michael Baum, @John Underwood, and @Ken Boone are saying, but I will respectfully disagree a bit.

There are a LOT of people out there right now with more money than time. And plenty with more money than sense, for what it's worth too. I meet people all the time that own STR properties that know absolutely nothing about STRs. It's how companies like Evolve are able to exist.

I remember shopping for our first STR in St George. One of the laws there is that you have to use one of the small handful of PMs pre-selected by the city (the reason we didn't end up buying there). But I remember how surprised the PM companies were when we kept asking them for data about the rentals. Like it was not a common request at all. That city has an insane number of STRs and I'd be willing to bet that at LEAST 80% of them were purchased by people that never so much as opened an excel spreadsheet or punched a number into a calculator, much less had any idea how much revenue a place could generate before they bought it or how much profit or loss that turned into after expenses.

The people here are on BP are doing it right, but represent a small small small teeny tiny minority of STR owners. 99% of STR owners have never heard of Bigger Pockets and most don't have the capacity or desire to search a place like this out. By far the majority of people buying these homes are not DIY'ers that are looking to spend hours reading BP. They would rather pay for an expert to just explain it to them or, even better, just tell them what to buy.

This is true of almost any field, not just STR or real estate.

The bigger question is whether you're actually an expert and can provide them this info. Do you own/manage STRs already? (EDIT: Just saw your post below that you currently manage 30 STRs)

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Braeden Cobb
OP
Investor · Scottsdale, AZ · Member since 2022 · 50 posts · 22 votes
3y

@Trent Reeve Hey Trent appreciate the response, and I completely understand the high level of knowledge you need to be able to do this. I currently manage 30+ STR's and have been consulting for our families owned strs for around 4 years. In the end game, I am doing this for experience I would definitely be open to even working for free on my first couple consulting deals, I love what I do!
1 Reply
Braeden Cobb
OP
Investor · Scottsdale, AZ · Member since 2022 · 50 posts · 22 votes
3y
@Michael Skinner Hey Michael! Thanks for the response I appreciate your time. This is very much so aimed to be a tool for me to personally network with people as well as taking away the time people do not have and doing all the backend work for them... and front end work if wanted. I currently have a high role in a management company and am managing 30 strs to date. I do everything from inspections, marketing, tech in the homes, vender communications, revenue audits, owner communication, software integration, and more. So I have gained a lot of front of the line experience through my own research and practices and not to mention have been involved in family owned strs and ltrs for years now. I will pm you thanks so much !
0 Reply
Braeden Cobb
OP
Investor · Scottsdale, AZ · Member since 2022 · 50 posts · 22 votes
3y
@Ryan Moyer Hey Ryan! I greatly appreciate your response and time. I think it is all perspective on how you are looking at it. Many people on here are full time investors so personally, they do not need this kind of help. The market I am going after is being with limited time, excess money, and/or someone who just does not have experience with this industry. I completely agree, I have communicated with so many people about their STR's and I get the response "I don't know my management company deals with it which can mean they do not know the potential their home has or really what their management company has to offer. I just saw your edit on your post but yes I have experience, by no mean am I a 30 years veteran, but I do this because I love it and want to help people also. Gaining more experience and networking is my main goal for this. Financial reasons are not prioritized at the moment, I am just wanting a good reputation and network around me because I am done with school and start my bigger company once I have the time. Thank you!
0 Reply
Ken Boone
Investor · Greenville, SC · Member since 2015 · 1k+ posts · 1k+ votes
3y
Quote from @Braeden Cobb:

@Ryan Moyer Hey Ryan! I greatly appreciate your response and time. I think it is all perspective on how you are looking at it. Many people on here are full time investors so personally, they do not need this kind of help. The market I am going after is being with limited time, excess money, and/or someone who just does not have experience with this industry. I completely agree, I have communicated with so many people about their STR's and I get the response "I don't know my management company deals with it which can mean they do not know the potential their home has or really what their management company has to offer. I just saw your edit on your post but yes I have experience, by no mean am I a 30 years veteran, but I do this because I love it and want to help people also. Gaining more experience and networking is my main goal for this. Financial reasons are not prioritized at the moment, I am just wanting a good reputation and network around me because I am done with school and start my bigger company once I have the time. Thank you!

Well I will say that to me it sounds like you are well on your way to much success! I wish the best of luck to you. You have a great attitude and drive and those are two essential items that will help you in the direction you are going.
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Braeden Cobb
OP
Investor · Scottsdale, AZ · Member since 2022 · 50 posts · 22 votes
3y
@Ken Boone Thank you, means a lot. Very pleasantly surprised by the community here. Very knowledgeable people with great insight whether it is supportive or constructive!
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John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
3y
Quote from @Paul Sandhu:

Quote from @John Underwood:

Quote from @Michael Baum:

I agree. Someone that needs that much hand holding is unlikley to be buying a STR in the first place.

Ding ding ding! Winner. Heck, I don't even need a real estate agent to unlock a bank foreclosure house that is for sale. I already have a key.
Although I have learned some things from the cable/internet technicians. If the internet doesn't work, move the modem to a different cable outlet. Try changing any splitters. If you don't have extra splitters with you, swap the output cables on the existing splitters. HDTV not working? Move the HDMI cable to a different input on the TV. Still not working? Replace the HDMI cable. They can be defective.

It's been some time since I bought a house with a Realtor or attorney. I generally type up my own deed and file it with the Register of Deeds. I can buy a house in hours. I check that the title is clear first.
0 Reply
Marshall Leipprandt
Real Estate Agent · Miramar Beach, FL · Member since 2016 · 285 posts · 245 votes
3y
@Braeden Cobb The worst you can do is fail, but you'd still learn a lot in the process and be better off in the end for it. At your age, you've got the time and the motivation and you'll find opportunity regardless if you are pursuing this in good faith, with open eyes, and an ear for constructive feedback.

A lot of times with startup businesses, you'll realize where or what the true need is after you launch your product or service. I don't think an entrepreneur exists that hasn't pivoted in some way from their original business idea. I think that to be successful, you'll have to be hyper-focused on a region or niche where you can prove that your model is successful for reasons X, Y, and Z. Don't try to conquer the entire industry at once, but take small bites out to see where the appetite for your service is.
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Braeden Cobb
OP
Investor · Scottsdale, AZ · Member since 2022 · 50 posts · 22 votes
3y
@Marshall Leipprandt Thank you, I agree everything is a learning process regardless of initial success. I love your take on finding something very niche based that is my end goal once I am out of school and have more time to construct an entire business. Taking in all the experiences and networking opportunities that are presented in the mean time. Just took a trip out to Miramar a few months ago to look at property, your market has had a mind of its own the last couple years!!
0 Reply
Emanuele Mayer
Lender · Member since 2022 · 72 posts · 19 votes
3y
Let’s connect

0 Reply
Walter Correia
Lender · Charlotte, NC · Member since 2015 · 124 posts · 22 votes
3y
@Braeden Cobb
Are you also considering building a network of lenders in the str space?
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Braeden Cobb
OP
Investor · Scottsdale, AZ · Member since 2022 · 50 posts · 22 votes
3y
Very much so. Lenders for clientele, personal investments, and ideas of future business capital needs. Shoot me a pm, thanks. @Walter Correia
0 Reply
Michael BaumPro Member
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
3y
Well there ya go @Braeden Cobb. Some of us are the ones that are not your target audience. Good luck!
Just curious, how are those 30+ STRs you manage doing? 20% CoC +?
0 Reply
Braeden Cobb
OP
Investor · Scottsdale, AZ · Member since 2022 · 50 posts · 22 votes
3y
@Michael Baum the 30+ managed are all owned by other homeowners. I manage them under the company I am working within locally. 20% coc is a very good number and not usually obtainable when someone with little experience is buying, isn't willing to put much money into their homes as in upgrades, amenities, etc, and the homeowner is having to pay us a management fee. There are lots of variables that go into it. That number is more more obtainable if you manage it yourself avoiding the management fees which usually are 15-25% depending on location, company, relationship, home, and more but most companies have a standard rate. Personal strs within the family are all over 15%+ coc. A lot of the variables go into the type of homes that we allow to be brought on for example lower end homes usually have stingier homeowners just being their margins aren't as high. To answer your question they come to us with the homes already purchased and most of them, no are not hitting 20% due to various uncontrollable variables, management fee being a huge one. Let me know if that answered your questions, I couldn't tell if you thought they were personal properties or not. Thanks for the response, appreciate your time!
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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
3y
YOu just have to get in front of enough people. It's basically REI coaching and many have made careers of it.
[email protected]248-209-6824
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Michael BaumPro Member
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
3y
Thanks for the info @Braeden Cobb. So how much influence do you have with the owners? Do they not listen to your recommendations if they are under performing due to design, furnishing etc?
So you charge up to 25% for management? What do people get for that? Totally hands off?
0 Reply
Paul Sandhu
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
3y
Quote from @Braeden Cobb:

@Michael Baum the 30+ managed are all owned by other homeowners. I manage them under the company I am working within locally. 20% coc is a very good number and not usually obtainable when someone with little experience is buying, isn't willing to put much money into their homes as in upgrades, amenities, etc, and the homeowner is having to pay us a management fee. There are lots of variables that go into it. That number is more more obtainable if you manage it yourself avoiding the management fees which usually are 15-25% depending on location, company, relationship, home, and more but most companies have a standard rate. Personal strs within the family are all over 15%+ coc. A lot of the variables go into the type of homes that we allow to be brought on for example lower end homes usually have stingier homeowners just being their margins aren't as high. To answer your question they come to us with the homes already purchased and most of them, no are not hitting 20% due to various uncontrollable variables, management fee being a huge one. Let me know if that answered your questions, I couldn't tell if you thought they were personal properties or not. Thanks for the response, appreciate your time!

I can tell you are a smart guy. But you can do better when the opportunity presents itself.
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