Transitioning from STR to Midterm

[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. 

[Don Konipol]

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”. 

[Joey Banasihan]

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! 

[James Carlson]

@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!

[Susan Rutherford]

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

[Eliott Elias]

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.

[Robin Searle]

@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!

[Yvette Gonzales]

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

[Mason Weiss]

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. 

[Mitch Lickey]

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!

[Allen Duan]

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.

[Conner Olsen]

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.

[Sara Frank]

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.