Scheduling Open Houses for Rent by the Room

[Michelle Hardy]

Hi Everyone,

I have been doing the rent by the room model for over a year and I haven't quite gotten the knack for maximizing my time and reducing the amount of time that the rooms are vacant.  Currently, since I'm an out of town investor, I pay someone once a month to host an Open House for me.  However, I feel like I need to offer Open Houses more than one day a month.  Because people can be a bit fickle at times, I'm worried that I will schedule an Open House and no shows up even after confirming that they were coming.  Then I have still have to pay the person who was acting as a host even though no one came.  I'm not comfortable letting people just come by and tour it on their own primarily for the safety of the current tenants.  Has anyone perfected this process? If so, please share a few tips.  Thanks in advanced your input.

[Michael Smythe]

@Michelle Hardy recommend you compare projections for:

1) Current rent-by-room

2) LTR

2) MTR

4) STR

Rank them by revenue, expenses and how much time each will require from YOU.

Find the balance that works for you!