The short-term rental space is unique in that it is a real estate investment yet services the travel industry.  It is a business for your client so it’s important they understand the responsibilities involved and the different options they have in ownership and management of the business.  In this module you will explore:

Traditionally the role of a real estate agent involves a vast amount of activities relating to the buying and selling of real estate.  However, there are few, if any, manuals available that will guide you through the process of selling to buyers who have a goal of renting out via a vacation rental model.

To do this effectively a realtor needs to accept additional roles and responsibilities.  Why? Because a well-informed buyer has the potential to be a repeat client given that 52% of second homeowners are likely to purchase another within 2 years.

The responsibilities can be broken down into three main areas

Education

Your clients will be coming from all over the world and may have no idea about the market in your area except for what they’ve read online and heard from friends.

Your job is to educate them about the market conditions and the way the negotiation process works in your area, along with the vacation market in general.

Guidance

Your detailed knowledge of rates, occupancy, STR restrictions, together with your network of people will guide your clients to a responsible and cost-effective purchase.

Few agents have this inside information on how to create a successful VR business and knowing it is the key to making your clients very satisfied.

Post Sales Service

This is where it gets interesting as the creation of a longer-term relationship with a vacation rental buyer can lead to repeat and referral business you would never have dreamed possible in the conventional real estate world.  The sale does not end at the closing table – in many cases, this is just the beginning of what could be a very lucrative business partnership.

The short-term rental space is unique in that it is a real estate investment yet services the travel industry.  It is a business for your client so it’s important they understand the responsibilities involved and the different options they have in ownership and management of the business.  In this module you will explore:

• How to what works best for your clients in terms of types of home available
• What makes a property successful in the STR market
• How do different models of rental work
• Types of property management models
• The different business entities you client may choose

Module Outcomes

When you have finished this module you will be able to:

1. Set your client’s expectations based on current vacation rental market conditions 
2. Identify VR neighborhoods in your area; research their booking potential and collate the information. 
3. Educate clients on the negotiation process where it relates to vacation rental income. 
4. Prepare a viewing plan for inbound clients (international or out-of-state)
5. Get referrals from your current clients and up-sell your owners more VRs. 
6. Maintain an amazing business relationship and friendship with your clients.