NOVEMBER 19, 2024
#107: The Midterm Rental Shift: Insights and Innovations with Vivian Yip
Are you tired of the constant churn and unpredictability of Airbnb and short-term rentals? It might be time to explore midterm rentals! In this must-listen episode, I sit down with the “Queen of Midterm Rentals,” Vivian Yip, as she shares her journey from the corporate world to midterm rental success.
Vivian unveils the strategies behind her incredible growth, from managing booking calendars to dynamic pricing and guest screening techniques—all tailored for midterm rental excellence. Midterm rentals can be the solution you need to create a more stable, profitable rental business without all the headaches of constant turnover.
Gain powerful insights into how midterm rentals offer a stable, profitable alternative to short-term investments. Whether you’re an Airbnb host looking to diversify or an investor ready to expand into new rental opportunities, this episode provides essential knowledge to help you maximize your income potential and navigate this evolving industry with confidence. Tune in and take the first step toward transforming your rental strategy!
The Journey to Midterm Rental Success
Vivian Yip’s story is a true testament to embracing change. Leaving behind the corporate world, Vivian shifted her focus to midterm rentals—a decision that brought her the freedom and profitability she was seeking. In this episode, Vivian discusses how making this leap not only provided a stable income but also allowed her to explore creative approaches to property management.
The Creation of Hestia: High-Quality Midterm Rentals
Vivian shares her experience of building the Hestia brand, a network of high-quality midterm rentals that provides a unique experience for both hosts and guests. Learn how you, as a property owner, can join this network and benefit from Vivian’s standards of quality and her strategic approach to managing midterm rental properties.
Key Insights for Midterm Rental Management
One of the most common pain points for rental hosts is dealing with OTAs. Vivian talks about the challenges she faced with these platforms and what led her to transition to midterm rentals. She emphasizes the importance of building direct relationships with guests and how shifting to midterm rental strategies helped her reduce reliance on OTAs.
Guest Screening and Calendar Management for Midterm Rentals
In the midterm rental space, screening your guests properly is crucial. Vivian shares her screening process, especially when it comes to last-minute bookings. She highlights the key differences between screening for short-term versus midterm rentals and how important it is to get it right, as midterm rentals are closer to tenancies than typical short stays.
Vivian also dives deep into calendar management—what she calls the most important aspect of managing a midterm rental. Learn her strategies for keeping your calendar optimized to avoid vacancy gaps while ensuring your bookings are steady and predictable.
Midterm Rental Pricing and Market Demand
Understanding dynamic pricing is essential for any host, and Vivian explains how she uses dynamic pricing tools to adjust rates based on market demand, seasonality, and other factors. She also discusses the current demand for midterm rentals and how the market is evolving, making it a great opportunity for investors looking to diversify their portfolios.
Strategic Planning for Midterm Rental Investments
Are you considering expanding your rental portfolio? Vivian provides insights into strategic planning for investing in single-family homes specifically for midterm rentals. She discusses the benefits and key considerations to keep in mind when choosing properties, from location to the amenities that appeal most to midterm renters.
Best Practices for Cleaning Midterm Rentals
One question many hosts ask is: How do you keep your midterm rental properties clean and guest-ready without overspending on cleaning fees? Vivian shares her best practices for cleaning midterm rentals, comparing them to the typical cleaning routines of short-term rentals. Her tips will help you maintain quality while keeping costs under control.
The Future of Midterm Rentals and the Role of New OTAs
Vivian also touches on the future of the midterm rental market and the exciting developments happening with a new OTA that’s focused solely on midterm stays. These innovations could open up even more opportunities for property owners to profit and create more stable income streams
Highlights and Key Points:
00:00] A short introduction about our guest Vivian Yip
[01:59] Vivian’s talks about the challenges with OTAs and why she shifted to Midterm Rentals
[04:17] The creation of the Hestia brand to represent high-quality midterm rentals
[05:38] Vivian talks about Hestia and how hosts can join the network
[08:01] Vivian reflects on her transition to midterm rentals and the changes it brought to her property management approach
[09:52] How Vivian effectively manages midterm rentals and the differences with STR
[11:13] The guest screening process in the MTR space when dealing with last-minute bookings
[14:30] Vivian shares the strategies in managing calendars and pricing for midterm rentals
[18:25] Vivian discusses the demand for midterm rentals and the current state of the market
[21:10] The importance of strategic planning and key considerations when investing in single-family homes for midterm rentals
[26:32] What are the best practices for cleaning MTRs in comparison to STRs
[28:57] How Vivian sees the future of the MTR space with the development of a new OTA
[30:07] The lightning round
Golden Nuggets
- “Screen your clients or screen your guests, because in midterm rentals, now you’re moving into tenancy, and you’re not properly screening them, you’re going to have a problem.”
- “Calendar management is the most important thing you can do in the midterm rental space.”
- “When someone makes a booking with you on Airbnb, the terms and conditions are between the guest and Airbnb. The terms and conditions are not between you and the guest. So signing on to a property management system is going to be a huge benefit to your midterm rental business, because now there’s a contract between you and the guest.”
CONNECT WITH OUR GUEST
Follow Vivian Yip to learn more about her journey and expertise in midterm rentals:
- Website: Hestia Rentals
Instagram: @vivianmidtermqueen
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