Transitioning from STR to Midterm

Boston, Massachusetts
Medium-Term Rentals
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Transitioning from STR to Midterm

Margo Sultenfuss
New to Real Estate · Boston, MA · Member since 2021 · 13 posts · 3 votes

Hi all - due to some changes in my HOA, I need to switch my Airbnb STR over to mid term, specifically month-to-month or anything over that. I am looking to do this by December as I'm planning on keeping my existing reservations through November, but unsure how to get traction as I can't afford to let it sit. Do you have any recommendations on how to get started?

I already switched over the minimum days on Airbnb but wondering what other channels have worked for you and what the average lead time is for mid term reservations. 

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Yvette Gonzales
Real Estate Agent · Pueblo, CO · Member since 2022 · 10 posts · 9 votes
3y

Hi Margo,

You could try Facebook Housing Groups and someone sent me this list a while back when I was looking at sites -haven't' checked them all out for relevancy yet but it's a good list to supplement Airbnb:

Kopa https://www.kopa.co/

Blueground https://www.theblueground.com/

Hello Landing https://www.hellolanding.com/

Transplant Housing https://www.transplanthousing.com/

Roomster https://www.roomster.com

Home Away http://www.homeaway.com

Sublet http://www.sublet.com

Rent Jungle http://www.rentjungle.com

National Corporate Housing https://www.nationalcorporatehousing.com

Traveler’s Haven https://www.travelershaven.com

Corporate Housing http://www.corporatehousing.com

Corporate Housing by Owner http://www.corporatehousingbyowner.com

Housing Helpers http://www.housinghelpers.com

For Rent http://www.forrent.com

Home to Go http://www.hometogo.com

Flip Key http://www.flipkey.com

Travel Housing Pro http://www.travelhousingpro.com

Place of Mine http://www.placeofmin.com

Rotating Room http://www.rotatingroom.com

PadMapper http://www.padmapper.com

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  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    3y

    I've heard CHBO listing has been successful for many investors, though I haven't had any personal experience with that. Also Furnished Finder is mentioned a lot. You can also list on the local MLS as short term furnished rental, where people may be looking for 3 - 6 month furnished temporary accommodations.

    I’ve has success in the past, when I owned 4 of these type “tween” rentals making contact with local college for visiting faculty who were there for only 4 months.  

    Bottom line is “be creative”. 

    Private Mortgage Financing Partners, LLC
    WebsiteView Page
    1Reply
  • Joey BanasihanPro Member
    Investor · Boise, ID · Member since 2019 · 233 posts · 188 votes
    3y

    Hey @Margo Sultenfuss! I would highly recommend Furnish Finder for this transition, and then once it gets established you can begin being creative with other avenues.

    Furnish Finder (FF) has a one time fee for the year and that is it (unlike AirBnb fees for every guest). The platform is easy to use and has many of the same inputs AirBnB has regarding how to promote your property, amenitites included, etc. FF is gear toward traveling medical professionals, and many nurses use it, so you can expect 13 week contracts typically.  The next part is obtaining a good management software (i.e. Avail) where it allows you to create leases (you will need to have these created for each guest with FF), run background checks, and allow for tentants to make payments, deposits, etc.  FF and MTR have many operational features like Long-Term Rentals.   You will need to come up with your SOP around screening tenants who message you, minimum criteria, etc.

    There are a few more nuances, which I am happy to talk around via DM, but you should be good to go. The nice thing is once you go through the initial screening and signing the lease, once they move in they are typically hands off for the 13 weeks they are there.  Hope this helps but happy to get more into the detail if you'd like! 

    [email protected]
    3Reply
  • James Carlson
    Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
    3y

    @Margo Sultenfuss

    We run a few medium-term rentals in Denver and Colorado Springs, and a lot of our investor clients do the same. A few thoughts:

    -- Yes, change the minimum number of days on Airbnb, but also change the headline to start with "30+ day rental." Airbnb still doesn't have a great way for potential midterm renters to find places specifically for MTRs. (Because they'll bring back results for STRs that just don't have a maximum but are really only intended for STR stays.)

    -- Maybe post on Zillow Rental Manager as well. Zillow doesn't have a headline in its listings, so edit your lead photo to have "30+ day rental" somewhere so people on Zillow can differentiate it from a traditional LTR. 

    -- You can post on Furnished Finders, but we've found with our rentals and with those of our clients in Colorado that they're not providing nearly as many solid leads as they used to.

    In terms of lead-time, it depends. We'll have some people who book months in advance for a 6-12 month furnished stay. But we've also had times where someone books just a month in advance. 

    And I'm sure you already have this if this was an STR for you, but having it nicely furnished and professionally photographed is a must.

    Good luck!

    1Reply
  • Susan Rutherford
    Member since 2023 · 2 posts · 1 vote
    3y

    Given your location in Boston, I wonder if Sabbatical Homes would be a good place to list?
    https://www.sabbaticalhomes.com/

    1Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    It is time to switch over to long-term rentals. Short term and mid term rentals are not going to see the same popularity as the last few years.

    0Reply
  • Robin Searle
    Real Estate Agent · Colorado Springs, CO · Member since 2017 · 224 posts · 201 votes
    3y

    @Margo Sultenfuss we have a executive level medium term 2/2. Furnished Finders has provided quite a few leads (Colorado Springs) but the majority are unmatched as they are looking in a lower price range - mostly students or traveling nurses. Zillow has given us quite a few good matches as well as VRBO. Just starting out but solidly booked for the next several months!

    1Reply
  • Yvette Gonzales
    Real Estate Agent · Pueblo, CO · Member since 2022 · 10 posts · 9 votes
    3y

    Hi Margo,

    You could try Facebook Housing Groups and someone sent me this list a while back when I was looking at sites -haven't' checked them all out for relevancy yet but it's a good list to supplement Airbnb:

    Kopa https://www.kopa.co/

    Blueground https://www.theblueground.com/

    Hello Landing https://www.hellolanding.com/

    Transplant Housing https://www.transplanthousing.com/

    Roomster https://www.roomster.com

    Home Away http://www.homeaway.com

    Sublet http://www.sublet.com

    Rent Jungle http://www.rentjungle.com

    National Corporate Housing https://www.nationalcorporatehousing.com

    Traveler’s Haven https://www.travelershaven.com

    Corporate Housing http://www.corporatehousing.com

    Corporate Housing by Owner http://www.corporatehousingbyowner.com

    Housing Helpers http://www.housinghelpers.com

    For Rent http://www.forrent.com

    Home to Go http://www.hometogo.com

    Flip Key http://www.flipkey.com

    Travel Housing Pro http://www.travelhousingpro.com

    Place of Mine http://www.placeofmin.com

    Rotating Room http://www.rotatingroom.com

    PadMapper http://www.padmapper.com

    4Reply
  • Mason WeissBusiness Member
    Realtor · Phoenix, AZ · Member since 2021 · 523 posts · 239 votes
    3y

    Hey Margo, I have seen the most success by listing MTR's through Zillow. Not only is this the most popular rental website for individuals, I also receive inquiries from insurance companies looking for displacement properties. 

    I found Zillow to be the most successful platform with my property and market but I started with a wide net approach. Try as many marketing platforms as possible, and then stick with brings in the largest lead flow. 

    [email protected]480-818-7745
    2Reply
  • Mitch Lickey
    Realtor · Kansas City, MO · Member since 2022 · 14 posts · 4 votes
    3y

    Hi Margo - Looks like many have already given great options. I will say from personal experience in the KC market Furnished Finder has been helpful but requires efforts to reach out to potential leads. It's not as passive of a platform as Airbnb in my experience. Best of luck with whatever you choose!

    0Reply
  • Allen DuanPro Member
    Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
    3y

    We're managing 20+ MTRs in Los Angeles and we're seeing average booking lead times around 30 days. Different tenant types will vary, such as insurance claim placements around a week or less to leisure travelers on vacation or visiting family who sometimes book a few months in advance. Travel nurses are around 30-60 days in advance.

    1Reply
  • Conner Olsen
    Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
    3y
    Quote from @Margo Sultenfuss:

    Hi all - due to some changes in my HOA, I need to switch my Airbnb STR over to mid term, specifically month-to-month or anything over that. I am looking to do this by December as I'm planning on keeping my existing reservations through November, but unsure how to get traction as I can't afford to let it sit. Do you have any recommendations on how to get started?

    I already switched over the minimum days on Airbnb but wondering what other channels have worked for you and what the average lead time is for mid term reservations. 


     Average lead time for me is 2 months. I find the market rate for my property and wait until 2 months out. Then I drop the price 1% per week until it's booked.

    0Reply
  • Sara Frank
    Realtor · Baltimore, MD · Member since 2020 · 255 posts · 182 votes
    3y

    Are there hospitals in the area? Ive had a lot of luck using Facebook groups like Gypsy Nurse vs. using furnished finder but I'm in a different market. You can also change your length of stay settings on airbnb and offer discounts based on how long they stay. No matter the market, the general feedback I get from nurses/medical professionals is that some of them look at furnished finder but ALL of them inevitably end up looking at airbnb as well. It all comes down to the total $ amount per month, which will be much less with FF or Facebook than Airbnb. 

    0Reply
  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    3y

    @Margo Sultenfuss if you are in boston try the boston travel nurse housing FB group. There is alot of demand for travel health care professional housing if you are in the center of boston or close to it. Longwood, Boston Medical Center, and MGH use travelers as well as some hospitals further out. Better if you are close to the T.  Look at properties on Furnished Finder that are listed but not available in your area. That means they are rented that will give you some idea. 

    1Reply
  • Zachary DealPro Member
    Lender · Member since 2023 · 464 posts · 425 votes
    3y

    I would also recommend posting in Boston area Facebook groups for apartment listings and real estate investors. Can be an easy/cheap way to get bookings, especially for last minute.

    [email protected]
    1Reply
  • Yu Liu
    Investor · Tallahassee · Member since 2019 · 249 posts · 93 votes
    3y

    Furnished finder, 30 day min on VRBO and Airbnb. You can also use avail which posts on all the other sites like Zillow, realtor, apartments etc. I have a friend that does well using avail in Indy for MTRs

    My referral link: https://www.avail.co/i/a88cc 

    sites they publish on: https://support.avail.co/hc/en-us/articles/360043162413-Site...

    0Reply
  • Zach Whiting
    Real Estate Agent · Foxboro, MA · Member since 2023 · 12 posts · 4 votes
    2y

    Agree with the above - medium term rentals especially in the Boston area cater heavily to traveling nurses.  Event based operations often have housing needs in the months leading up to large conventions/conferences.  Depending on where the property is located you may find it beneficial to reach out to these major points of interest to establish an ongoing relationship.  

    1Reply
  • Zachary DealPro Member
    Lender · Member since 2023 · 464 posts · 425 votes
    2y

    Definitely would recommend checking out/posting on local real estate investors Facebook groups and other groups focused on target clientele. I would think that the Boston areas would have a lot of different opportunity! 

    [email protected]
    0Reply
  • Margo Sultenfuss
    OP
    New to Real Estate · Boston, MA · Member since 2021 · 13 posts · 3 votes
    2y

    Thank you everyone! This was extremely helpful.

    0Reply
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