It is a very tough time in the economy we are living in today. There are 3 things I am doing in my short term rentals to generate revenue. They are outlined below with each of my properties. These are by no means the only things hosts can be doing during these tough times, but I have found them to be successful for me.
Here is an update so you can see actual numbers from my account as of a few days ago:
That is right, last month was impacted from close to $10k in revenue to just under $6k. To read more about last months impact, read this article where I talk about the impact Disney closing and the pandemic has had on Short Term Rentals in Orlando.
That is not a typo. My income for this month through Airbnb is $20.
What I Am Doing To Generate Income
Here is what I have done already to begin generating income from my properties.
Ol’ Faithful: I am currently going through arguments with my HOA to allow me to rent out the home. The HOA sent an email to all homeowners stating they would not be allowing any new guests for the foreseeable future. More updates to come.
Turquoise: I had a guest staying at my place for 14 days. He was scheduled to checkout this morning. Two days ago, I reached out to him and let him know if he wanted to extend his stay, I would be able to accommodate. He asked to extend his stay for 30 nights and I gave him an incredible price of $950 to do so. This will pay my mortgage for the month so I will only have to eat the utilities.
Triplex 1/1 Airbnb: For my triplex, I had guests check in 6 nights ago. They were originally staying for 11 nights and scheduled to checkout next week. When they had first arrived, I spoke with them a little to get a sense of what they were doing in Orlando. They mentioned they were between apartments and weren’t able to find anything just yet. I reached out to them this morning letting them know they were welcome to stay for more time if they wished to. They immediately jumped on the idea and booked my calendar out till the 26th of this month! Another $450 in revenue for the room! On the 27th, I have a guest checking in for 30 nights. He was actually a guest who stayed at my place a few weeks ago, and we agreed to $850 for a one month booking. At the time of speaking with him, I was more than happy to allow him to stay for a full month. A lot of things were still uncertain then, and I am glad I got him locked in for all of May.
All in all, I have been able to take a $20 revenue month and I have turned it into $1,750. I am still working to get someone into Turquoise for the month to add an additional $1,600 to the revenue for the month. The goal this first month is to get the mortgages paid through people renting. By the middle of this month, I will re-evaluate what to do with Turquoise and Ol’ Faithful.
- When things change, always figure out what the right pivot is. For me, pivoting to 30 day rentals is perfect. I know the STR game will come back to Orlando in a matter of time. For now, pivoting to 30-60 day rentals will allow me to continue rocking and rolling.
- I have said it once and I will say it again. Focus on the things you control. I have 0 control of my HOA at Ol’ Faithful being a little ridiculous to not allow new guests in. I am continuing to fight them, but their decision is completely out of my control.
- Don’t forget to utilize asking your guests who are currently staying with you. If it weren’t for me making connections with them and keeping communication channels open, I wouldn’t have any of my places booked right now.