All Forum Posts by: Sarah Kensinger

Quote from @Joe Sowels:

Rental arbitrage to expand my Airbnb business. 

Check out Michael and Elizabeth Chang! Even if you don't want to go through their course, listen to their podcast and check out their YouTube channel. I heard an interview done on them and they had some excellent ideas on how to pitch rental arbitrage to a landlord and how it can benefit them and their property. It's going to take time and LOTS of phone calls but keep at it, your consistency will make the ball start rolling. Good chance you'll be like Michael Chang and make enough to purchase a substantial amount of real estate through the rental arbitrage method!

I too was trying to figure out what the county is requesting. Unless it would be your SOP...standard operating procedures...which is pretty much what @Amir Khan outlined but would be more detailed.

What are you trying to get a lease for, rental arbitrage or clients? 

This smells like a party in the making! I hope you have Nosieaware, Minut, or Wynd in place so if a party happens you can stop it right away. I wouldn't suggest taking local bookings because all too often people don't want to party in their home, but your STR.

Quote from @Russell Brazil:

Quote from @Sarah Kensinger:

Quote from @Russell Brazil:

Quote from @Laura Krukowski:

@Rick Albert wait.... I need my brokers permission to do this? It has nothing to do with my real estate brokerage... ? I work as an Associate Broker but would I have to do this independently to not involve them?? Now Im really confused

 All real estate activities you engage in as a salesperson or an associate broker create liability for your brokerage. The #1 claim against e&o policies is for property management. Due to that fact, many e&o policies do not cover any property management activities whatsoever. And due to that fact, many brokerages do not allow their agents to engage in property management activities. 

The brokerage where I have 5 of my licenses do not allow it. And the 20 states where I am a broker, we do not allow our agents to participate in PM activities.

Id suggest also, since this may seem like news to you you understand in nearly all states all of your real estate activities are supposed to run through your broker, and all state required record keeping is required. A broker, not knowing youve been renting out your personal property, and not having records from that rental has lead to not only issues with e&o.....but even worse, fines from the EPA for not maintaining lead paint records. Imagine getting a $100,000 fine because your agent rented out there property that you had no idea that happened.

This is interesting considering in almost all 50 states if you want to have a full PM company you have to be a licensed realtor. If you can't even find a brokerage to hang your hat under, how does that work?

 You start your own, and you pay 10 times more for e&o than everyone that doesnt do PM.

I'm not following....but that's ok. Some people actually enjoy being a full PM but you need a license to do that.

Quote from @Russell Brazil:

Quote from @Laura Krukowski:

@Rick Albert wait.... I need my brokers permission to do this? It has nothing to do with my real estate brokerage... ? I work as an Associate Broker but would I have to do this independently to not involve them?? Now Im really confused

 All real estate activities you engage in as a salesperson or an associate broker create liability for your brokerage. The #1 claim against e&o policies is for property management. Due to that fact, many e&o policies do not cover any property management activities whatsoever. And due to that fact, many brokerages do not allow their agents to engage in property management activities. 

The brokerage where I have 5 of my licenses do not allow it. And the 20 states where I am a broker, we do not allow our agents to participate in PM activities.

Id suggest also, since this may seem like news to you you understand in nearly all states all of your real estate activities are supposed to run through your broker, and all state required record keeping is required. A broker, not knowing youve been renting out your personal property, and not having records from that rental has lead to not only issues with e&o.....but even worse, fines from the EPA for not maintaining lead paint records. Imagine getting a $100,000 fine because your agent rented out there property that you had no idea that happened.

This is interesting considering in almost all 50 states if you want to have a full PM company you have to be a licensed realtor. If you can't even find a brokerage to hang your hat under, how does that work?

My personal opionion....it's the property management company. In that area you should at least be holding even, not going down.

I'm a bit of a nerd in the research department, so I would just encourage doing research no matter where you are in your STR business and change accordingly. If you haven't started your business yet, dive into the learning and research on every aspect of the STR industry.

Co-hosts are insured if you find a reputable one that is actually doing it as a business and not a hobby. Unfortunately, I don't think Idaho has many STR companies, but I learned about Daugherty Management during Breezeways Elevate Conference this year. They are full management service, but they may have some connections in the area you're in and might know someone who would be interested in what you're looking for. 

I've looking to meet-up with people in Pittsburgh as well to expand our business there. But it's been a hard go unless you're an area realtor! Maybe I'm missing something but other areas near me have been a whole lot easier!