• More players and Institutional $$ coming in… Is it a good thing?
• Competing with hotels
• Traveling local vs. getting on a plane vs. going outside the US
• How does inflation, outsized economic growth and consumer confidence translate?
• Are there an adequate number of listings to meet demand? What kind of growth are you seeing? Will it be sustained?
• What should you know about renter income and inflation impact?
• Profiling emerging demographics like the short-term renter by choice, The business traveler who stays longer for vacation and the work from home traveler
• How many renters are Gen-Z vs. Millennials? How do they book their travel?
• Your favorite markets…
• What are municipalities allowing? Curtailing? What do government types need to know about the industry and its impact on low-income housing and the local economy to be more open to the industry?
• Tax regimes and compliance vs. traditional long-term
• Regulations in urban vs. resort towns
• How a non-lawyer can make sure you are following local regulations? Stay current on licenses, certifications, fees and taxes
• Any Federal government concerns?
• Are highly regulated locations a good thing? Which compliant cities are looking at increasing regulation?
• Role of the property manager
• Are local regulations easy to understand and follow? What to do if they aren’t
• Are you open to medium- and long-term occupants? How quick can you make the switch?
• Getting around some regulations
Diversity and inclusion, managing teams, mentoring and talent search will be among the tough questions to be debated in this discussion
* This session will be held in Salon 7 on the left hand side
Just because you can receive 3 times the cash flow, that’s right 3x the cash flow of a long-term lease doesn’t mean there is a lot of other comparison points you need to know to effectively invest in or transition to the short-term rental business. Some of the keys include the numbers you need to know and how do they compare; financing differences; property management haircuts and a bunch of other stuff
• How do you get properties onboarded, launched, live, and flowing cash as quickly as possible with little disruption?
• What are some of the common challenges to onboarding multiple properties (permitting, compliance, etc.)?
• What are some key learnings when it comes to onboarding and integration?
• If you decide to use a 3rd party to assist
• The latest technology to available
• The owner vs. platform perspective
• Should your comps be hotels or apartments?
• Modeling income and occupancy
• Technology you can use
• Working with appraisers
• Rental income vs. appreciation
• Portfolio vs. individual unit
• Valuing a new vs. aged unit
• Cash flow indicators you like to look at
• How do you determine which markets will have a steady stream of built in guests?
• What has covid changed? What is sticking and what is melting away?
• Which channels have increased? Decreased?
• Lease agreements-What needs to be in them
• Managing bookings, preventing double bookings and updating listings across multiple websites
• 69% of all inquiries do not leave a message…
• And what does all of this cost?
• Getting paid
• On the construction side…
• What do institutions look for in partners?
• Entering new markets
• The outsourcing decision tree
• Can you scale and keep your niche?
• Technology to assist
• What kind of funding are you using?
• What has been your surprise success? Biggest challenge? • Finding expertise
• Designing for medium- vs. short-term
• Comparing medical vs. corporate markets
• Targeting those new to the city
• The business traveler staying on to explore the city
• What kind of design, furniture, and functionality needs to be in the room
• Where is your competition… Marketing vs. extended stay hotels
• Regulatory restrictions vs. shorter-term leases
• What kind of products are out there?
• What is the deal size you are looking to underwrite?
• How do you value the property?
• Financing single family rentals vs. apartments vs. short-term and vacation rentals
• As rates are rising should you lock in?
• How do you evaluate potential income?
• New construction vs. acquisition loans
• What kind of debt service ratio are you looking for?
• Financing mixed short- & long-term apartments: How much of a building needs to be STR before you underwriting changes?
• Is cleanliness next to godliness? How big of a factor is cleanliness when choosing a unit? How many guests opt-out of cleaning their unit?
• How often do you do the “deep clean?”
• Staffing during peak & non-peak times, recruitment, training & retention
• Scattered site strategies
• Do it yourself vs. having a 3rd-party come in: What to look for in an outsourced provider and compensation packages to keep workers motivated
• Using Federal government immigrant recruitment programs
• What is the true cost of turning/cleaning?
• What kind of amenity mix do you need?
• Using exterior space
• Mixing long- and short-term tenants in the same development
• Apartments vs. single family developments: Where are the differences?
• How important is sustainability?
• Dealing with supply and labor shortages
• How readily can you finance these projects? What are the terms?
• What have been the covid-related changes that you have implemented on your new builds?
• Approval and closing process
• Property/personal loan income requirements and creditworthiness
• Interest rates, repayment period, fees, covenants and terms
• How do vacation and short term rentals impact the property’s valuation?
• Comparing short-term rental vs. bridge loans
• Bridge to perm
• Recommendations in a rising rate environment
• Is this a tech or operations space?
• Partnering with companies for 10, 20 or 30 year deals when those operators measure their runway in months
• Why can’t some of the largest operators make a profit? After covid why do so many STR business fail?
• Margins and expenses when scaling
• Demand management, pricing dynamics, expected vacancies and the key metrics on the customer side?
• What kind of unforeseen costs arise? How much in reserves do you need? |
• Insourcing vs. outsourcing processes… Comparing expense models
• What kind of upsell opportunities return the most ROI?
• Accounting technology tools
• Protecting your bottom line… Risk mitigation, insurance & legal concerns
Whether management companies are adding a few homes at a time, merging with other entities or acquiring an entire portfolio to their inventory, successfully scaling operations is an important piece of the business and a common challenge.
Key takeaways will include how technology has powered operational efficiencies in field teams including housekeeping; when to outsource and how to approach new markets. Real scenarios and workable solutions critical for a company’s long-term growth will be featured.
Discussions will detail when the extra management results in extra revenues- Is it worth it?: Dealing with local regulations; Turning and cleaning units and financing Plus your questions will be on the docket
* This session will be held in Salon 7 on the left hand side
• Valuation & do you pay up for a portfolio?
• Using the 1031 market
• How are rising interest rates and inflation impacting your investment choices?
• Are you looking luxury or middle market?
• Impact of coronavirus
• Local cap rates and is the grass greener elsewhere?
• Building vs. buying… When is new construction the best choice
• Benefits of a mixed vs. target portfolio and what is the best asset for you?
• Supply and demand for different assets
• Where is there a paucity of listings? Excess?
• Is there now no off-season in some seasonal markets?
• Where have daily rates exploded?
• Will non-urban and easy-to-get-to locations still out-perform?
• What kind of stats do you look at to ascertain future market performance?
• What to look for in a secondary or tertiary market?
• What kind of market restrictions can you live with?
• How do you evaluate whether a home or market will be successful?
• What type of data is available to support purchase decisions?
• What amenitie do guests search for most?
• Are short term rentals in your residential or hospitality bucket?
• How much of the short-term rental become institutionalized?
• What are you looking for in a short-term rental?
• How do you measure success?
• Are you open to purpose-built communities or buildings?
• What are you looking for in a partner? Master lease vs. Fee agreements vs. Owning/Managing yourself
• What are your long-term goals/exit strategy
• Favorite geographies and product types
Featuring 2 short term rental/vacation unit sales pitched to potential buyers followed by a Q&A period for each of the transactions.
Tank Leader: Will Moderate The Session
The Sharks: Are Interested In Acquiring a unit or portfolio or Short-term or vacation rentals
The Property Owners: Will Present The Single Unit or Portfolios For Sale-(Presentation Required)
• Impact of recent regulations
• Taking lease risk… How much is it worth?
• Fee structures and terms
• Aligning interests
• What kind of volume do you need to make keeping the 25% yourself and self-managing? What are the keys to building an in-house team?
• New market strategy
• Using virtual assistants and offshore services
• Maintenance and rehab options