Have you heard about rental cottages and how it's creating a buzz in the real estate business?
Are you interested to know how to go about these investment strategies and cash flow strongly even during off-peak season?
How about learning all the tips and tricks about expense management, as these are critical to running your rental cottage business?
These and more on the Free Flow Friday on the Property Profits Podcast. We have our guest presenter to share everything about that.
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What you’ll learn from today’s episode:
Learn about one of the best tools to use to accelerate growth in your cottage rental business
Find out how to keep massive cash flows and get top dollars from rental cottages
Discover how to turn those rental cottages into Instagram-worthy experiences for renters to want them for possible bookings with you
03:14 - Talking about the cottage rental business, how we got into it, and of the deals he did
03:56 - What a 'Vendor Takeback' mortgage is
06:16 - Taking advantage of an opportunity that presented itself
08:29 - One great strategy and tool when buying rental cottages
10:07 - A great way to add value to a property
13:05 - Where and how to get renters and fill vacancies for your rental cottages
14:16 - Other things that have become effective in running rental cottages
14:41 - How offseason marketing looks like
17:33 - Challenges encountered during COVID and how it turned around
20:52 - Tips and tricks around expense management
27:04 - Where Kyle's focus is on the whole rental cottage business
28:56 - Recalling how rental cottages was just a lifestyle investment which turned out into a primary source of income
"Great tool for you to use when you're negotiating on buying cottages. It can be an emotional experience for the family to be selling the property. We negotiated a one-year close. So we're going to make the offer today at a greater price, put the deposit down today. And the way we positioned that wasn't, 'Hey, we're not ready to buy it right now.' It gives the whole family one last summer; every kid gets a week at the cottage. Everyone gets a chance to say goodbye to it. And then we'll be closed in the following year. It worked out really well. They went for it right away." - Kyle Ford
"Airbnb is a great tool. It's one of the core calendars that we use in our business; the actual format and layout of Airbnb are fantastic. It's a great way to fill our vacancies. But the bulk of what we do is actually on Facebook. We rent to people who don't even know that they're looking for cottages. So Chelsea will post in buy and sell groups, Facebook marketplace, just pictures of our cottage and we get a ton of bookings through that." - Kyle Ford
"Here are some tips and tricks around expense management. Our businesses are basically all Google Drive now, links really well, shares on email. We use a Google Sheet to communicate with our maintenance people. At the point right now we have a full-time guest experience manager that does all the front end of the business, and my fiance' does all the sales." - Kyle Ford
"We run our cleaning in-house now where we have our own staff cleaners, as well. Generally, that's not going to make sense for you until you hit about the five-property range. Until then, work and hire with a reputable cleaner or cleaning company and pay them well. Do not nickel and dime these cleaners, especially if you're not local to the property. These people can be your holy grail." - Kyle Ford
"Put professional cottage check-in instructions, the FAQs. Some things might seem obvious to you. But if you've never been there, you don't necessarily know we have people traveling from abroad who don't speak English. So when they're coming to this new countr