Luxury MTR Rentals

[Mason Weiss]

Hey BP,

Who has had success with a higher end MTR strategy (North of $5K monthly rent)? How did you market it outside of the normal websites like Furnished Finder and Air BnB?

[Bonnie Low]

You definitely want to follow Rachel Gainsburgh. She has mastered the luxury MTR market, specifically with insurance placements. She's very active on Instagram, podcasts and various other forums.

[Jamie Banks]

I recently attended the MTR Summit and learned there’s a lot of opportunity for high end properties. In areas with higher home values like Cali, DC, and other expensive markets you could use a luxury property for insurance claims. When families are displaced in these expensive markets they want a house similar to (or even nicer than) their current home. ALE Solutions is a popular site to list your house for insurance relocation claims but it requires networking with insurance agencies and real estate agents to get visibility. Zillow is also another place I’ve listed and gotten messages from insurance relocation specialists and corporate clients. 

[Mason Weiss]

Quote from @Jamie Banks:

I recently attended the MTR Summit and learned there’s a lot of opportunity for high end properties. In areas with higher home values like Cali, DC, and other expensive markets you could use a luxury property for insurance claims. When families are displaced in these expensive markets they want a house similar to (or even nicer than) their current home. ALE Solutions is a popular site to list your house for insurance relocation claims but it requires networking with insurance agencies and real estate agents to get visibility. Zillow is also another place I’ve listed and gotten messages from insurance relocation specialists and corporate clients. 

Thanks! Can you list an MTR on Zillow or does that go against their policy? I thought you could not advertise a STR or MTR on their site?

[Tara Sonnabend]

I have listed multiple MTRs on Zillow. They offer a month to month option and temporary/sublet for lease length. I hope that helps!

[Mason Weiss]

Quote from @Tara Sonnabend:

I have listed multiple MTRs on Zillow. They offer a month to month option and temporary/sublet for lease length. I hope that helps!

 Thanks Tara, do you have one active currently? I would love to see how you listed it.

[Jamie Banks]

@Mason Weiss You can list MTRs! Make sure to include that it’s furnished in the description and I list it as being available month to month

[Nick Zupec]

We (my wife and I) are currently doing some higher end MTRs, but we are in a smaller town in the Midwest so we won't be getting north of $5K. What we are seeing is that even when traveling professionals are getting big stipends from their company or staffing agency, they often want to find lower cost places and pocket the difference. We are currently negotiating our first contract directly with the company and we are expecting a pretty decent price bump because we will getting the whole stipend that the company is willing to provide. It will also be less work for us as we won't need to find each individual guest and we won't have rental loss from vacancies.

We also attended the MTR Summit and I recommend consuming any content that Jesse Vazquez is putting out there on the B2B strategies. I also second that Rachel Gainsbrugh is a great example of success in the luxury MTR space.

[Rachel Gainsbrugh]

$5K per month through MTR is not just feasible, it's a life-changer. My strategy is  focusing on insurance companies, but they need a 'fast' solution to move in for their temporary housing or their clients. It's not just about having a cute luxury property, but ensuring it's ready to meet these clients' needs ..  And this isn't limited to one area - This month we got bookings in Illinois, Arizona, NC, NJ, NV,  Texas, Wisconsin, Georgia, Hawaii, FL, California, & more. A couple of reciepts below... Don't just rely on usual channels like Furnished Finder.. especially for larger properties. We also use CHBO and our community. Major thanks to Nick and Bonnie for shoutout!! 

[Luke Stewart]

@Rachel Gainsbrugh have you found CHBO to be a great option? I have my properties listen on FF and airbnb, very little vacancy but curious about CHBO. I wouldnt call my properties luxury but definitely on the nicer side. 

[Zach Edelman]

There should be some grassroots management firms as well in Phoenix, AZ that I think could fit this box. I know we have a firm that does luxury MTR listings + strategy in ATX through a firm called Hestia. 

[Lori Fentem]

Following.  I am thinking about converting my primary residence in Phoenix to a luxury MTR.

[Rachel Gainsbrugh]

Quote from @Luke Stewart:

@Rachel Gainsbrugh have you found CHBO to be a great option? I have my properties listen on FF and airbnb, very little vacancy but curious about CHBO. I wouldnt call my properties luxury but definitely on the nicer side. 

CHBO can be inconsistent, but with the $300 cost easily covered by one booking, it can still be worthwhile despite its unpredictability.

[Mike Hern]

Quote from @Rachel Gainsbrugh:

$5K per month through MTR is not just feasible, it's a life-changer. My strategy is  focusing on insurance companies, but they need a 'fast' solution to move in for their temporary housing or their clients.

@Rachel Gainsbrugh: Do you put pool tables or other types of arcade games or foos ball in any of your MTRs?

[Tara Sonnabend]

Quote from @Mason Weiss:

Quote from @Tara Sonnabend:

I have listed multiple MTRs on Zillow. They offer a month to month option and temporary/sublet for lease length. I hope that helps!

 Thanks Tara, do you have one active currently? I would love to see how you listed it.

Hi Mason, sorry for the delay--I missed the notification for your question. Yes, here you go: https://www.zillow.com/homedet...

[Yiwei Cheng]

I would also recommend listing on VRBO and Airbnb for monthly stays.  I'm in Cincinnati, and I've been getting some leads through the platforms.  We also partner with local businesses who bring in traveling professionals, like vets, movie crew, artists, athletes etc.  Depending on the size of the house, we are way above $5k per month.  

[Thu Huynh]

Quote from @Yiwei Cheng:

I would also recommend listing on VRBO and Airbnb for monthly stays.  I'm in Cincinnati, and I've been getting some leads through the platforms.  We also partner with local businesses who bring in traveling professionals, like vets, movie crew, artists, athletes etc.  Depending on the size of the house, we are way above $5k per month.  

Do you create a new separate listing for the longer term stay on VRBO and Airbnb or can you just change the booking setting on your Airbnb listing to accept 30 days booking? 

[Jonathan Styer]

Quote from @Thu Huynh:

Quote from @Yiwei Cheng:

I would also recommend listing on VRBO and Airbnb for monthly stays.  I'm in Cincinnati, and I've been getting some leads through the platforms.  We also partner with local businesses who bring in traveling professionals, like vets, movie crew, artists, athletes etc.  Depending on the size of the house, we are way above $5k per month.  

Do you create a new separate listing for the longer term stay on VRBO and Airbnb or can you just change the booking setting on your Airbnb listing to accept 30 days booking? 

We often go back and forth on strategies for our properties, but short answer, you can adjust the length of stay based on what you're looking to book at the time. 

[Yiwei Cheng]

Quote from @Thu Huynh:

Quote from @Yiwei Cheng:

I would also recommend listing on VRBO and Airbnb for monthly stays.  I'm in Cincinnati, and I've been getting some leads through the platforms.  We also partner with local businesses who bring in traveling professionals, like vets, movie crew, artists, athletes etc.  Depending on the size of the house, we are way above $5k per month.  

Do you create a new separate listing for the longer term stay on VRBO and Airbnb or can you just change the booking setting on your Airbnb listing to accept 30 days booking? 

 You change the setting based on minimum stays.