All Forum Posts by: Gabe Chase

Hey everyone! We manage about 45+ STRs in Indianapolis. I wanted to pick other STR operator's brains! What's a system, tool, or process that completely transformed the way you manage your STRs? I'm curious about how others are keeping things streamlined. For example, we use loads of software to help us! Notion, ChatGPT, Breezeway, REVA, and so much more!

Hey everyone! We manage about 45+ STRs in Indianapolis. Love connecting with others and learning as much as I can! So I have a question..... For those of you who’ve been in the short-term rental game for a while, what’s one lesson you wish you’d learned sooner? 👀 I feel like there’s always something new to pick up.

BP has some and also you can use Legal Templates to create one. They do all of the heavy lifting. Would still advise looking over it and tweaking it as you see fit!  

Hey Patrick! We manage a handful of MTRs in Indianapolis. I have never heard of future stay. Looks like an education and PMS company in one. Could be worth a trial or demo at least! There are other PMS out there, that also offer a direct booking site if that's what you're looking for! Also, dynamic pricing could make sense if you're looking to have rent fluctuating. But seems a bit hard if you have to continue to update FF to reflect those prices. We use PriceLabs but set it at a consistent rental rate and same on FF. If we rent quickly, we may increase rent for the next lease! Hope this help! 

Hey! We manage 67+ properties in Indy! We would be happy to help! Feel free to shoot me a message or even a text! 

Hey! We manage about 67+ units all but about 8 are STR and MTR. We have 2 arbitrage units. They are probably B- class. They are just a place to crash near the airport. Safe, clean, etc. But small apartments. I find it hard to get them to cover the rent if they don't have a multi night minimum. Usually we do about 5 nights. Anything less, I feel we are losing. But MTR in the units have been pretty good! The only thing that hurts is vacancy.

Quote from @Jamie Banks:

There's no one way to analyze MTRs. Unlike STRs, a platform that analyzes vacancy, pricing, etc. does not exist. 

I'm an operator who works in a few markets and one of my virtual assistants pulls data and comparable properties from Furnished Finder, Airbnb, and other sources for data. From there I look at changes over time, a lot of times the STR data can give you a lot of insight on MTRs. For example, if there's more smaller units on the OTAs then it can be a good indicator to purchase larger units for MTR since there's less inventory of larger units.

Essentially, you'll have to pick apart the STR data. Here's a screenshot of the data I pulled together on one of my markets. My business uses Monday.com to track the data which then will create graphs and other visualizations

Completely agree with Jamie. It is a bit of a bummer. We manage about 67 units in Indianapolis. Most are STR. But we have a handful of MTR and there is no data software.. It just means you have to pull numbers yourself, but they won't be as accurate as Airdna, Rabbu, etc. Most of the time you can look on FF and see what is available and also what isn't available until X date and that helps narrow it down. Also, you may sign a lease quickly, meaning there is room for a rent increase on the next lease!

Great question! We manage 60+ units (Primarily STR and MTR) we had one pivot from an STR to MTR. It has been great! We haven't switched an STR to LTR just out of caution for the tenants where in tear on the furniture. If you did LTR, I would honestly do it as a midterm basis. Meaning it may not be a traveling, nurse, but definitely a shorter term lease. Not sure if I'd want to sign a one-year lease with anyone but a working professional or someone that is placed there by insurance or corporate housing.

We use FF and Zillow and other sites our PMS syndicates to. Just be careful as not everyone on sites other than FF are working professionals. You should screen everyone the same, but still, it's a bit of a comfort knowing FF is mostly all working professionals. Airbnb is a good option. But they take fees from you and charge the tenant more. So your monthly rate would go up by about 14%... A bit of a turn off for most renters. 

I think there is lots of great advice here! Honestly, there is good quality furniture on every place mentioned! 

We manage 10+ MTRs in Indianapolis and another 40+ STRs. We purchased almost everything from Amazon and Wayfair. But here's the key... 

READ THE REVIEWS. People do the work for you haha. Obviously we don't even open a link if it has less that 4 stars (honestly 4.5) and from there we read over all of the reviews! Almost every piece of furniture that we have purchased has lasted a while.. 

It is all about finding the best pieces. Don't buy cheap garbage. It won't last and will just be a headache. 

But I do agree. Spend on the big key items (Mattress, Mattress protectors, bedframe, couch, dining table) and save on the other items (Lamps, silverware, plates, end tables, etc) 

Hope this helped!