Transition from LTR to MTR
I currently own a single family residence in West Bradenton Florida. Immediately after purchase, I placed an annual renter in it. Things have been excellent but as we are nearing the end of the lease agreement I feel as though the tenant might move on. I'm battling with the decision to turn it over from long term to short/mid term rental. Right off the bat, it needs to be furnished and listed on platforms. I've had a conversation with the folks over at "Landing" and seems as though the service they provide is kind of what I'm looking for. Assistance with placement and day to day operations but also being involved in any repairs that should arise. Does anyone have any recommendations for me during this transition. Looking for recommendations on furniture locations to outfit the house with, possibly a check list to go off of for needed items. Also, can anyone share some experiences with Landing...pros/cons
#1 Short-Term & Vacation Rental Discussions Contributor
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#1 Short-Term & Vacation Rental Discussions Contributor
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Quote from @David Tropea:Search previous post. This information has already been posted in this forum many times.
I currently own a single family residence in West Bradenton Florida. Immediately after purchase, I placed an annual renter in it. Things have been excellent but as we are nearing the end of the lease agreement I feel as though the tenant might move on. I'm battling with the decision to turn it over from long term to short/mid term rental. Right off the bat, it needs to be furnished and listed on platforms. I've had a conversation with the folks over at "Landing" and seems as though the service they provide is kind of what I'm looking for. Assistance with placement and day to day operations but also being involved in any repairs that should arise. Does anyone have any recommendations for me during this transition. Looking for recommendations on furniture locations to outfit the house with, possibly a check list to go off of for needed items. Also, can anyone share some experiences with Landing...pros/cons
Quote from @David Tropea:
Where do the majority of renters go to find a furnished rental? The same place they go for unfurnished rentals. Most people looking to rent a furnished home for months at a time will go to the vacation rental sites or the typical long-term rental sites. Furnishedfinder.com is the only site I'm aware of that gets a lot of traffic.
Anything rented longer than 30 days is considered long-term rental. They always have been, even if you rent them furnished and for less than a year. Calling them by a new name (MTR) doesn't change anything. You still market in the same places, follow the same laws, use the same lease, etc.
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Hey @David Tropea. So Landing, that is pretty much a property manager with all the setup. How much are they charging for that? What do they charge for on going management?
Quote from @Michael Baum:8% of the monthly rent…..
Hey @David Tropea. So Landing, that is pretty much a property manager with all the setup. How much are they charging for that? What do they charge for on going management?
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#2 Short-Term & Vacation Rental Discussions Contributor
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Well that isn't terrible. They are doing the setup as well? Do they just do the design and you buy what they say then they setup?
Do they guarantee some kind of occupancy? What about insurance? Their website doesn't have a lot of details regarding the specifics.
That 8% isn't bad for full management, them doing the vetting of tenants and handling things. Do they set the prices?