Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes
1y
I echo what Allen said
I used to have a cohosting business but have shut it down because I wasn't focused on the right property AND the right client.
I would reverse engineer the ideal property by looking at your market and seeing what the market needs. For example, I invest in Indianapolis and there's not many 3+ bedrooms with 2+ bathroom MTRs so if I was looking to cohost I would go after a larger property to target the undersupplied market.
Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
1y
Depends on the market! There's two parts to this question I see: the ideal property and the ideal client/owner =)
For property, it depends on what's in demand in that market and your goals. For example, we have a minimum rent we're aiming for when we manage other properties because it's not worth it for us to manage a small property.
The ideal client is someone who truly wants to be hands off and hire an expert to manage their MTR.
Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes
1y
I echo what Allen said
I used to have a cohosting business but have shut it down because I wasn't focused on the right property AND the right client.
I would reverse engineer the ideal property by looking at your market and seeing what the market needs. For example, I invest in Indianapolis and there's not many 3+ bedrooms with 2+ bathroom MTRs so if I was looking to cohost I would go after a larger property to target the undersupplied market.
Northeast Georgia · Member since 2023 · 140 posts · 170 votes
1y
Jamie and Allen are spot on, as usual. :)
I would add "Is there an ideal avatar that you are looking to serve" to the mix. If you have a competitive advantage that you can bring to your co-hosting/managing, then I would recommend looking for owners with properties that mesh well with your target resident.
For example, if you are an active duty military servicemember with unique insight into what a servicemember is looking for, lean into that. Similarly, if you are you a medical professional with strong connections at the local hospital, then target properties (and their owners) that would attract medical travelers. You don't have to fit into a traditional "avatar" box to bring valuable insight, so don't sell yourself short. :)
This is especially true if you rely on furnishedfinder.com as your primary lead source (which you shouldn't, but that's another post) as when you make that connection with a prospective resident, you are selling yourself as a landlord as much as you are the property as a place to live. Having that instant connection with prospects is a definite advantage.
Property Manager · Dallas, TX · Member since 2015 · 61 posts · 35 votes
1y
Everyone's favorite answer in real estate---"it depends".
That being said, you have to start somewhere to figure that out. If you have access to someone who is ready to trust you with their asset, do right by the owner and go for it!---You won't know till you try.
I am a co-host in Dallas and Waco, TX and I have an idea of what types of owners and properties I want in my co-host portfolio----and with each client/property I learn which qualities are working for my business setup or what qualities I need to be working on to upskill. Don't be afraid of the process!
Real Estate Broker · Fort Lauderdale, FL · Member since 2018 · 196 posts · 191 votes
1y
When considering a vacation rental property, it’s essential to have a backup plan and understand the numbers for annual leasing. This way, if vacation rental management becomes too demanding or isn’t feasible, you have an alternative strategy in place.
Make sure to confirm that the HOA or association allows rentals at all. Some may require a waiting period of one to two years before leasing is permitted, while others may prohibit rentals entirely as outlined in their bylaws.
Always know the property’s potential for annual rental income and ensure the numbers work. If the property doesn’t make sense financially as an annual rental, it’s probably not the right investment. Never force the numbers—if they don’t add up, the property isn’t a good fit. You can present an offer that aligns with your financial goals, but be prepared to walk away if the seller won’t negotiate to a price that ensures you’re not left in a tough financial situation.
When it comes to finding the perfect property to manage/co-host, what’s on your must-have list?
I've been a MTR/STR host for almost 5 years now with about 100 doors cohosting. most important for me are
1. Quality of property (newly remodeled, special charm, design) = less headaches with guests
2. Ease of working with owner = easier for you to cohost --- some owners micromanage and 2-3x the amount of work for you for no reason. Set real expectations with your owner.
3. I despise units that are older where sound travels easily or also units that have either more units above and below. Lots of times you will have people complaining about noise even if you disclose it on the listing.
When it comes to finding the perfect property to manage/co-host, what’s on your must-have list?
I've been a MTR/STR host for almost 5 years now with about 100 doors cohosting. most important for me are
1. Quality of property (newly remodeled, special charm, design) = less headaches with guests
2. Ease of working with owner = easier for you to cohost --- some owners micromanage and 2-3x the amount of work for you for no reason. Set real expectations with your owner.
3. I despise units that are older where sound travels easily or also units that have either more units above and below. Lots of times you will have people complaining about noise even if you disclose it on the listing.
All of this! Plus, I like to ensure that the owner has reserves for his property. When something goes wrong (like HVAC) do they have the money to get up and going again or have you just lost your business and all your effort cohosting a property that isn't well maintained?