How to Find and Attract the Ideal Mid-Term Rental Clients with Zeona McIntyre

One of the most important traits for investors is the ability to pivot. You never know when the next pandemic or any major upheaval might occur, so it’s best to be prepared at all times. And so, as a real estate investor, you have to be working on multiple exit strategies to give yourself more opportunities over time.

 

That’s exactly what Zeona McIntyre had done. Zeona is the co-author of the new BiggerPockets book, 30-Day Stay, about mid-term rentals. When she saw that her short-term rentals (STRs) were not doing well during the pandemic, she discovered a better market with medium-term or mid-term rentals (MTRs). But before you jump in like she did, there are some things you need to consider to better understand what you’ll potentially be getting into. 

 

The Benefits of Mid-Term Rentals

  • Less foot traffic because there are fewer clients overall, although you may have to pay more on security

  • Less cleaning fees because you're only cleaning once a month instead of when you have multiple bookings where two to three cleanings a week could add up. 

Criteria for Ideal MTR Tenants

 

The ideal tenants are insurance clients because they pay so high, but it's hard to know where they're going to be. The urban market is probably going to increase your ability to have them just because of the population in general. 

 

You could also look for areas where there’s a university because it brings a lot of out-of-state or -country students. Another market to look at are the digital nomads so look for areas where there are tech companies. 

 

The Three Tiers of MTR

  • Basic - Listing on Airbnb and/or Furnished Finder (They're not paying as much and so you are leaving some money on the table out of convenience. 

  • Corporate housing

  • Direct to agencies and recruiters - This is usually in the medical field, but they can be in a lot of different arenas. 

MTR is new and so there’s a lot of growth available. Whether it’s short-term rental, a mid-term rental, or even long-term, the idea is to diversify not only your assets, but also your strategies around those assets. 

If you want to learn more about how to find and attract the ideal mid-term rental clients with Zeona McIntyre, check out www.trustgreene.com/podcast/zen/025. 


Real Estate InvestingJonathan GreeneComment