It is Thanksgiving week and it is time to reflect on the things you are thankful for.
Our family like many has a tradition of sharing what we are thankful for during our Thanksgiving meal…. Then it is all football and turkey comas but at least we get the tradition completed before that occurs…
So, we wanted to share why we are thankful for our short-term rental guests and you guessed it… It is more than just money… With that said the first reason to be thankful is….
1. We are thankful for the Rental Income paid by our guests
Without our guests we have no income, no cash flow, nothing. Your guests provide you with a significant income and that is something to be thankful for. (Remember this when a nagging guest makes you reconsider your investment choices).
2. We are thankful for the guest that saves us from major property damage
Guests usually get a bad rap in Facebook groups and the general public. The general statement is “Guests are hard on rentals, they trash the place etc”.
Now, I am sure this happens to some properties and maybe in specific markets, but this has not been our experience. Usually, the damage/wear and tear has been minor. However, we have had some big saves because our guests.
For example, the central heat went out during one of our guest’s visits in the middle of winter. They notified us and we were able to fix it the same day… If it was not for that guest we could have easily had frozen pipes and significant damage. We have been notified about leaking toilets, faucets and even a roof leak due to an above unit and more.
3. We are thankful for the guest that is an owner or just wants to be one
These are my favorite guests. Some people get annoyed with these guests but I am totally ok with them.
These guests love your STR and just want to add a few things to make it better. For example, they may mention “the place was great but having some additional kitchen towels would be great”. “The Wii was awesome but an arcade would be a nice touch”.
You can get frustrated by these comments or listen to them and add to your listing the suggested amenities. I am thankful for these helpful guests.
4. We are thankful for The handyman guests
These guests like fixing things and might be owners themselves. We had a refrigerator door that was loose when a guest checked in… That guest texted us and said he tightened it with a screw driver and it was good as new.
At another property one our ring flood lights became possessed and started flashing non-stop. That guest called me up and said he couldn’t turn it off but could trip the breaker for us. He was great and tripping the breaker reset the camera. That guest gave us a 5-star review =)
5. We are thankful for guests that have a great experience
Lauren and I enjoy STR investing for the joy of personal use and purchase properties that we personally enjoy using.
It is one of the unique aspects of STR investing when compared to LTR investing.
We are providing a service by renting properties that we like to use and it is rewarding to hear from guests that they too had a great time at our properties.
So, for this Thanksgiving week take a moment to focus on the positive interactions you have with your guests and be thankful for them.
Enjoy your Journey to Financial Freedom