This Airbnb Rockstar Shares Exactly How They Manage 100 Short Term Rentals

Lauren Havens was not born an entrepreneur. Her introduction to the real estate industry was when she married her husband.

Now, only four years later, they have around a hundred short-term properties and give free consulting to owners looking to enter the short-term rental business.

Join us in this episode where Lauren shares how they started with their short-term rental business and some techniques and software they use in their short-term rental properties. Lauren also advises on what to look for in partnerships and how to make them work.

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Website: https://home-havens.com/about/

Quotes -

“Financing is definitely a bottleneck, specifically commercial financing for short-term rentals. It’s very common for lenders to not even look at short-term rentals.”

“Hiring. Learning how to run a team is crazy and difficult and has come with lots of mistakes.”

“We saw that the management changed the HOA of the area we were in. And we saw it kinda deteriorating a little bit, we said hey let’s just sell before anything changes.”

“I really enjoy automation, I really enjoy tech. And so, bringing that to a sometimes antiquated real-estate industry where things haven’t changed in a lot of years has been really fun for me.”

“You want that place occupied every night for as much as somebody would pay for that night. Think about airlines right? If they have extra tickets they’ll drop the price, they’ll offer extras.”

“The majority of high season is all short-term because a vacationer is always gonna pay more.”

“I’ve just decided that I want a kitchen in each unit where most hotel rooms, most motels don’t offer that… I want a kitchen in every unit because it gives more flexibility if I do ever need to move it to long-term or mid-term where I can do that fairly seamlessly.”

“We always watch the vibe of partnerships and will exit if we feel like anything is not congruent.”

“There’s nothing wrong with your relationship if it’s hard to find that balance. It’s very very normal, and the fact that your working together at all is absolutely kudos. It’s very difficult to do.”

Concepts -
Short-term rentals are furnished apartments that are rented for short periods of time as opposed to annual rentals. These are considered an alternative to hotels.
It’s important to define who has the authority in making decisions when entering a partnership and that you trust that person to make the best financial decision.
Having at least an 80% occupancy rate in your short-term rental is considered as successful.
Marketing and pricing are very important in short-term rentals
Knowing the seasonal peaks for short-term rentals is very important. Adjusting the price and longer bookings depending on different factors will be very beneficial.
Mid-term rentals are traditionally 30 days to 6 months.
The biggest requirement in short-term rentals is figuring out your target group and furnishing the property to complement that.
It is important to define what things you want and what you don’t want at the start of a partnership. And to define who is the decision maker on the property.
Having your own set of tasks that are not shared with other individuals is more efficient and productive, and can lessen the number of conflicts among team members.

Time Stamps -
0:00 Introduction
0:30 Craziest real estate story
3:00 Beginning your real estate journey
4:50 Challenges and Bottlenecks in investing in real estate
6:19 “Accidentally” buying a house
10:00 “Exit plans” in investments
12:50 What do you love in the property management side of short-term rentals?
15:00 Short-term rentals
17:30 What is a typical occupancy rate in short-term rentals?
21:40 Analyzing properties on whether it should be a short-term rental
23:30 Furnishings that are the bare minimum in short-term rentals
26:00 What is the most successful deal that you have done?
31:45 Important things to look for in partners and what to avoid
34:50 Finding great partners
40:10 Are you as involved with people you help with real estate investments as your partners?
42:20 What kind of technologies and automations do you use?
48:00 What it’s like to work with your spouse?
51:40 What is your vision for the next 12 months?

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This Airbnb Rockstar Shares Exactly How They Manage 100 Short Term Rentals, real estate rookie, biggerpockets, bigger pockets, short term rentals, financial independence