3 Things I Wish I Would Have Known Before Jumping Into the Rental Market

While I’ve really enjoyed gaining the experience of testing different rental markets - it definitely comes with some lessons learned. There are so many horror stories out there and I’m thankful I haven’t had to report one of those - knock on wood 🤗

While I look back at some of the lessons I’ve learned thus far - I can’t help but think of the things I wish I knew before starting on this journey in the hopes to save someone time + money. That’s what this blog is for right? To help you all 🥰

So that’s exactly what we’ll cover.

The first thing I wish I knew before I jumped in was how extensive the prep work was.
Like holy moly. 

Not only for Airbnb, but also for furnished short term. The prep is extensive as well as the amount of time it takes. There are plenty of resources online that you can google, but quite honestly - until you’re “in it”, you won’t know what's missing or what could be added. 

I always asked for feedback on the airbnb side, anything they would recommend or anything they enjoyed and people were always very quick to give their opinion. Ask and you shall receive right? 😉

Some feedback was incredibly helpful - others…….not so much. Like I’m sorry, but I will never put TV trays in a rental when there is adequate space for dining. Sit down. Have a meal together and connect. End rant. 

Regardless, the prep took more time than I anticipated. For my next one, I will plan a whole month to get it ready now that I know what I’m looking for. Simple + Comfortable + Instagrammable. 

The second thing would be to set your bottom line….then add utility averages on top.
Some of you might be thinking…well duh! But honestly - I thought I was charging enough. I’m actually planning on raising the price of my STR because of utilities. (Shocker 😱she's a slumlord! 🙃But like not really…hear me out). 

I made the decision to make my STR all inclusive - utilities, internet, lawn care - the works. 

When you start adding all of that up - it starts cutting into profit real quick. Adding that to wear and tear on the house, pets, the cost of maintenance going up….it starts to make sense why you’re seeing rent prices go up. ESPECIALLY if its a short term, month to month, furnished. It’s low risk to the renter, high risk to the owner. They should absolutely be charging more to make the juice worth the squeeze. 

Since I had my STR renters in a lease situation, the ability to change price wasn’t as flexible. Airbnb on the other hand..can be changed with the click of a button. It is extremely easy to change prices on airbnb and you should be. Paying attention to what's going on in your area that is driving traffic could be one of the smartest things you can do with your airbnb. Don’t leave money on the table because you missed a Whiskey Myers concert coming to town. 

Pricing in both markets is a delicate balance. You don’t want to price yourself out of the market, but you certainly don’t want to miss an opportunity either. Market research will be your best friend. 

The third thing is all about feedback. I wished I would have known how honest people we’re going to be 😂

Which is a good thing – but when you put your blood, sweat, and tears (dramatic) into a project, hearing from a non ideal guest that a detail wasn’t as special as you thought it was going to be or if they don’t follow the house rules the way they’re laid out - it can be a rough thing to hear or see. 

We’re all humans and we all want to be liked - in turn when we put ourselves out there, who wouldn’t want positive feedback??? 

But it’s the negative feedback (let's be real…the suggestions) that actually give you an opportunity to grow. (Still not putting in TV trays though). 

It’s from that feedback that you’re able to enhance the property to better suit someone's needs that you didn't think about - resulting in positive feedback down the road. 

I quickly found out I loved it when people told me they loved my properties. My little hostess heart just burst with joy. It reminded me that when I stay in Airbnbs, to leave intentional feedback because it really does make a difference. I’ve come to find out that there are some incredible Airbnb hosts out there that go above and beyond the norm – and it is work. I’ve definitely learned to appreciate it much more and will absolutely be singing their praises after a wonderful stay in their space. The perspective shift was everything. 

I’m still learning.

I’m still tweaking. 

I’m still growing. 

But I hope that by sharing this, you take the leap into the rental world. If you have felt that curiosity, have faith in yourself that you can learn + you can do it. If looking into rentals in the Billings, MT market is something that intrigues you, let’s chat. I would love to help you explore that option!