I recently posted an MTR. I haven't received any bookings yet. I'm trying to contact hospitals and insurance claims. I've put the property on Airbnb, facebook marketplace, padsplit, etc. How fast did you guys get a booking the moment you posted a MTR? How are you getting clients?
I recently posted an MTR. I haven't received any bookings yet. I'm trying to contact hospitals and insurance claims. I've put the property on Airbnb, facebook marketplace, padsplit, etc. How fast did you guys get a booking the moment you posted a MTR? How are you getting clients?
@Alex Ng - Have you had any hits on Airbnb? I know you said no bookings, but any interest?
When I'm advising clients on this, we start with making sure you are doing a whole house rental and that you are on Airbnb. The photos on Airbnb need to be professional (with the first photo being the outside or the kitchen.) The headline should also be strategic- take out anything that's vague or subjective (ex. light filled, spacious, near, cozy) and put in specifics (2 mi. to downtown, W/D in unit, etc.) I also only focus on two platforms. For me, those are Airbnb and Zillow Rental Manager. I keep a 92% occupancy rate, so I'm confident those two can keep you booked. It just becomes a marketing and pricing issue.
Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
2y
My MTR is suited for travel medical professionals and digital nomads so I market it only on Furnished Finder. It's been a while since we started, but I think it only took about a week to get our first booking. Since then, it's been booked solid. Your property really has to suit your guest type, stand out against the competition and be priced right. If it is, you're positioned for success.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
2y
I was going to ask. You’re trying to list a MTR and you didn’t list it in the only site specifically geared to MTR? The one that started for traveling medical personal? (Furnishedfunder.com) I didn’t most MTR hosts used anything else.
Assuming you forgot the most obvious site. Or you list it there and still don’t get any hits. I’m also going to assume you used a professional real estate photographer. (If you didn’t, do that tomorrow morning.) then it can only be price. Are you cheaper than the comparable properties that already have good reviews since you don’t have any?
it pretty much always come down to advertising (location and/or quality) or pricing.
Ps. By any bookings yet do you mean it’s been days or months? If it’s months obviously you’re costing yourself money with low quality advertising or high prices. If you mean days, relax, it’s something people plan further ahead on and you have no reviews.
Good luck. Hopefully you didn’t use FF or didn’t hire a pro photographer, those are your cheapest fixes. Otherwise drop the price tomorrow.
Real Estate Agent · Cleveland OH · Member since 2015 · 213 posts · 275 votes
2y
I also post on Furnished Finders. What I find is there is a preferred rental type and price point located close to medical institutes. In Cleveland OH it is 1-2BR furnished rentals priced at 1,200-1,600 monthly utilities and internet included. Many guests are traveling with pets. My rental is in Ohio City, trendy neighborhoods are preferred. I have a 3 BR home 1 mile from Marymount Hospital in Garfield that gets no attention. This is a know your market play.
I recently posted an MTR. I haven't received any bookings yet. I'm trying to contact hospitals and insurance claims. I've put the property on Airbnb, facebook marketplace, padsplit, etc. How fast did you guys get a booking the moment you posted a MTR? How are you getting clients?
@Alex Ng - Have you had any hits on Airbnb? I know you said no bookings, but any interest?
When I'm advising clients on this, we start with making sure you are doing a whole house rental and that you are on Airbnb. The photos on Airbnb need to be professional (with the first photo being the outside or the kitchen.) The headline should also be strategic- take out anything that's vague or subjective (ex. light filled, spacious, near, cozy) and put in specifics (2 mi. to downtown, W/D in unit, etc.) I also only focus on two platforms. For me, those are Airbnb and Zillow Rental Manager. I keep a 92% occupancy rate, so I'm confident those two can keep you booked. It just becomes a marketing and pricing issue.
I also post on Furnished Finders. What I find is there is a preferred rental type and price point located close to medical institutes. In Cleveland OH it is 1-2BR furnished rentals priced at 1,200-1,600 monthly utilities and internet included. Many guests are traveling with pets. My rental is in Ohio City, trendy neighborhoods are preferred. I have a 3 BR home 1 mile from Marymount Hospital in Garfield that gets no attention. This is a know your market play.
@Michelle FennIf your property in Garfield gets no attention, how have you been getting midterm renters? Have you found other demographics have been interested?
My opinion is that people need to stop going after nurses in the midterm rental market because that market is seriously oversaturated with hosts and has a demographic (traveling nurse renters) that are shrinking. You have outsized competition and a group of tenants that are making less money and becoming unemployed. I am also letting my Furnished Finder listing expire.
Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes
2y
When launching a new property I always budget 3 months of vacancy. Sometimes you’ll get a reservation right away but for me it’s taken 3-4 weeks on average to get a confirmed reservation. In addition to the platforms you listed, make sure you’re also listed on Furnished Finder
Investor · Naples, ME · Member since 2019 · 54 posts · 40 votes
2y
I have been hearing from he nurses that the hospitals are not hiring travel nurses as much these days...I don't know if they will see an uptick soon, but I have certainly seen the over-saturation of MTR's as well as a drop in people searching for them. I'm looking forward to the increased traffic of the season to help out with the over saturation issue. I guess it will all work its way out at some point.
When launching a new property I always budget 3 months of vacancy. Sometimes you’ll get a reservation right away but for me it’s taken 3-4 weeks on average to get a confirmed reservation. In addition to the platforms you listed, make sure you’re also listed on Furnished Finder
I have found that the midterm rental occupancy rate is as high or higher than the long-term rental occupancy rate. We have maintained a 92% occupancy rate in Denver for the past 24 months. For this reason, I would not budget this much time in. I think one month is acceptable/the first month you own the place is acceptable. After that, the vacancy on a medium-term rental should not be more than a week between reservations.
Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes
2y
@Erin SpradlinThis is very market dependent. I've operated in 9 markets during my time as a MTR operator and as our strategy has evolved to work more with businesses we often see average vacancy that's higher than 1 month. I have a property with 98% vacancy and others that we're still looking to find a tenant for after being marketed for over a month. The type of property also plays a factor in this. I'd rather over estimate my reserves than under estimate them. Also, seasonality plays a major role. If you're launching a property during the market's slow season (Nov - Feb in a lot of markets) vacancy will likely be higher than launching a property in the summer months.
I also post on Furnished Finders. What I find is there is a preferred rental type and price point located close to medical institutes. In Cleveland OH it is 1-2BR furnished rentals priced at 1,200-1,600 monthly utilities and internet included. Many guests are traveling with pets. My rental is in Ohio City, trendy neighborhoods are preferred. I have a 3 BR home 1 mile from Marymount Hospital in Garfield that gets no attention. This is a know your market play.
@Michelle FennIf your property in Garfield gets no attention, how have you been getting midterm renters? Have you found other demographics have been interested?
My opinion is that people need to stop going after nurses in the midterm rental market because that market is seriously oversaturated with hosts and has a demographic (traveling nurse renters) that are shrinking. You have outsized competition and a group of tenants that are making less money and becoming unemployed. I am also letting my Furnished Finder listing expire.
I readjusted and just signed a 12 month lease on the property. It only took a couple weeks for me to determine that being close to a medical institute was not enough to attract traveling medical professionals. I understand that FF will allow you to change an active listing to another property. That is my new plan.
Real Estate Consultant · Colorado Springs, CO · Member since 2017 · 354 posts · 386 votes
2y
@Jamie Banks - That hasn't been my experience with my properties or with my midterm rental consulting clients. I feel strongly that midterm rental hosts are better to drop their prices for a month or two to avoid vacancies than they are to let it sit. In my opinion, the marketing and pricing always comes down to: will I lose more money on my midterm rental by letting it sit vacant or will I lose more money by decreasing the price? From my experience, it's almost always letting it sit vacant. The benefit of having your medium-term rental as an Airbnb long-term stay is that you can adjust the pricing in the calendar on Airbnb so that if you are in slow season but moving into high season, you only have to take the pricing hit in the first month. This is harder to do in Furnished Finder/Zillow, but Airbnb has the functionality to do it.
Real Estate Consultant · Colorado Springs, CO · Member since 2017 · 354 posts · 386 votes
2y
@Michelle Fenn Congrats! That's awesome! One thing I love about the "midterm rental" is that people pay elevated prices but often book for long periods of time- in your case, 12 months.
Rental Property Investor · Burlington County, NJ · Member since 2019 · 540 posts · 771 votes
2y
We assume a 15% vacancy rate for our MTRs. We also plan for up to 6 months of vacancy upon launching a new MTR. This is conservative planning, but it empowers us to be patient. Best wishes to you.
When launching a new property I always budget 3 months of vacancy. Sometimes you’ll get a reservation right away but for me it’s taken 3-4 weeks on average to get a confirmed reservation. In addition to the platforms you listed, make sure you’re also listed on Furnished Finder
I have found that the midterm rental occupancy rate is as high or higher than the long-term rental occupancy rate. We have maintained a 92% occupancy rate in Denver for the past 24 months. For this reason, I would not budget this much time in. I think one month is acceptable/the first month you own the place is acceptable. After that, the vacancy on a medium-term rental should not be more than a week between reservations.
I have two properties in the Hampton Roads area of Virginia. I have one that has been vacant since December. I have tried lowering the price and advertising and only a couple bites with nothing substantial. It could be my location, but I would say budgeting for 3-4 months of vacancy is smart. Our vacancy has nearly tapped us financially and that's with us not touching any of the funds that we were bringing in all year.
Investor · Boise, ID · Member since 2019 · 233 posts · 188 votes
2y
Hey @Alex Ng, like others have stated, utilizing certain platforms can yield particular prospective tenants and provide some consistency. And you probably already understand this, but another part is how your approaching your marketing, amentities, and hospitality service on the platforms itself. Professional photography, how to talk about the space, SEO, screening process, how quickly and thoroughly you respond to prospects, proximity to hospitals/industries utilizing temporary contract workers, etc. These all play part, best of luck!
Real Estate Agent · Cleveland OH · Member since 2015 · 213 posts · 275 votes
2y
I have noticed all my new Furnished Finder leads have been from people relocating for work looking for a place to stay while they explore the area. They are also requesting only 1-2 month stays. Sounds more like an AirBNB prospect.
I recently posted an MTR. I haven't received any bookings yet. I'm trying to contact hospitals and insurance claims. I've put the property on Airbnb, facebook marketplace, padsplit, etc. How fast did you guys get a booking the moment you posted a MTR? How are you getting clients?
WHen I posted my first MTR on Airbnb I got 6 months booked in 48 hours. I have since raised my prices $600/month higher and am always booked 4-6 weeks out.