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This editable transcript was computer generated and might contain errors.
Rachel, Lynette, and Jordan share a microphone so all their comments will be attributed to Jordan on the transcription.
Jordan Painter: All right, we’re gonna go ahead and kick it off. I’ve got Rachel and Lynette with me from Michigan furnisheRachd rentals. So we’re super excited to hear about their journey and so they do midterm rentals in West Michigan. So why don’t we get started? And just kind of tell us a little bit about your your background. How you got started in midterm. Good morning. Thank you for having us. Oh yeah. So I started my background is actually an interior design. So I’ve been an interior designer for over 20 years. Rachel is actually a kitchen designer. We both got licensed. I think around the same time around 17, 2016 for me.
Jordan Painter: And so I started out working with a lot of investors doing flips and buy and holds because of my interior design background and then that’s just kind of.
Tony Stancato: If?
Jordan Painter: I mean it’s kind of the perfect storm with interior design and real estate. And there was definitely there is a need in Grand Rapids in and around Grand Rapids for midterm rentals. So it was kind of born out of that. Okay. Awesome. Awesome. How about you? Rachel, so, like Lynette said, I started in real estate in 2017 and we’ve been working together with the flips and an investor since then, but then I also have been running airbnb out of my home for I don’t know, four or five years now and that’s always been just
Jordan Painter: A big interest of mine, too. Like a lot of the hosting and the setting up and the hospitality part of it is making it flow. So that’s awesome house hack. Yeah, cool. So how have you tell us a little bit about that? I’ll be set your house up in a way that that’s allowed you to do that. And what you do weekends, you weekends, we rent shared space out of our home. Actually. So we, it’s open all the time unless we block it off because we have family coming in our, you know, just feel like having a weekend tours, But yeah,…
Tony Stancato: I think.
Jordan Painter: we we haven’t set up where we have two rooms in our house. People can rent It’s, it’s actually pretty integrated with, with our space. We have a big five bedroom house. So we’ve get home and that we just started. We haven’t these extra bedrooms, our oldest moved out and we were like, What are we? What are we gonna do with all this space? So, without might as well rent it.
Jordan Painter: At least help pay for our mortgage and wow, that’s really cool. So you have like, shared space in the kitchens and bathrooms and all that kind of stuff where they have privacy there. We actually have a living room and kitchen space in our basement. So, Before covid, we used to share our kitchen more and…
Tony Stancato: If you.
Jordan Painter: people would hang out in our living room as well. So once we transitioned into Covid, we
Jordan Painter: Started having gas just use their own private living room kitchen. But yeah, it’s a full kitchen, dining room living room, big TV. So, they have their own bedrooms, they’re gonna intermingle with us on the main floor and then if they want private space, they have their own private space. Very cool. That’s awesome. Yeah, we love hearing about, you know, the the house hacks and how to get into the business and test the market. That’s a really good way to test the market. So, are there any other ways that you guys have have started to test the market? In West, Michigan to see what type of returns? The investors are gonna get. And what systems are you using to,…
Tony Stancato: Here.
Jordan Painter: to determine that?
Jordan Painter: We’re in the process of figuring. All of that out. Right now, I’m telling you it’s been, it’s been to you this journey for me, it’s been about two years. I was teaching flipping on a budget and REI USA, and investor course, and met, who lady who actually turned into my short-term rental midterm,…
Tony Stancato: If you.
Jordan Painter: rental coach learning about more of the midterm, rental market. So, we were both teaching a course and we met. And so for two years now, I mean there’s a lot that goes into figuring all that out, right? So, not only are you working with? Investors and their money. You you’re managing guests and you know, them spending their money. So you want to make sure you get it right? So we’re putting our own systems in place to figure out like when we’re meeting with people…
Tony Stancato: If you.
Jordan Painter: who are considering this
Jordan Painter: Occupancy projections, rent projections, the cost of setup. There’s I mean there’s a lot that goes into it. We’ve figured out, it’s taking a little bit of time, but, you know, we want to get it right. Awesome.
Tony Stancato: Yeah, so you guys got into it just kind of bumped into someone and started talking about midterm rentals and then ended up being your coach is that kind of how you got started.
Jordan Painter: Yes. Yeah and just finding that there is a need for it because I mean people really they’re only other option is extended some hotels or existing airbnbs which can get really pricey. You know what the nightly rate for a long term, stay So, you know, there’s definitely a need, I mean Grand Rapids, we’re planning to expand over to the Detroit area and up towards Traverse City. And so, but right now, we’re focused on getting several set up here in Grand Rapids because there is definitely a need. I mean, we have the medical mile, you know, we have a lot of traveling professionals, we have a lot of top-tier companies reasons, people come into the area for sure, and they don’t want to stay in a hotel, if they can help it.
00:05:00
Tony Stancato: Yeah. Can you tell us a little bit about your portfolio right now? Properties that you manage? How many and you pretty? It sounds like they’re all probably right here in Grand Rapids.
Jordan Painter: They are your Grand Rapids. I have one in Rockford that was kind of an accidental one. I had some seller who was in transition. She’s like, Do I sell, do I rent? And so and I just happen to have two people relocating. So we’ve had to to families in there so she’s like, Hey, this is a half bad, maybe I’ll keep this as a midterm rental. So my my clients are happy. My own. My seller is happy. So right now, we have that one and then two others and Grand Rapids. We have two studio condos but we are currently in the process of setting up. How many like three to five more right now would you say? Yeah. So yeah. So we really,…
Tony Stancato: Well.
Jordan Painter: we really haven’t even been advertising that much. We’ve been just really getting our ducks in a row and I have a really big mouth. So I’ve been talking about it a lot and so we’re getting quite a few inquiries from guests.
Jordan Painter: And either existing landlords, who are interested in transitioning, their properties potentially or homeowners who have a second home or are looking into just their own investment properties as well as helping some of our investors acquire new properties and so it’s just a lot of putting. It’s it’s a lot of contracts. A lot of systems to make sure it runs like a well-oiled machine and we’ve been taking our time to make sure we roll it out properly. It’s good,…
Tony Stancato: and then,…
Jordan Painter: it’s important to do that, but
Tony Stancato: I was gonna say you have three to five. It sounds like coming on board. Now, what aspect of that do you manage, do you manage the the design aspect are you helping furnish the property, like, going out doing all the buying and that kind of stuff.
Jordan Painter: Yes, so we can help from acquisition, right? Until the death, the guests leaves, so we help find the property or Assess the property and then we work through any upgrades or updates with our design backgrounds that need to be done. So we work through the renovation process. The home upgrades And then yes, we do the false setup.
Jordan Painter: So their guests ready? I mean, right down to coffee and sugar packets, right? So, and then we professional photography floor plans, video, we we market them on all of the major platforms. Then we do our own boots on the ground marketing as well. It really helps that we’re right here in the community too. And so yeah, then we manage the guest experience and really the homeowner the host is is pretty much hands-off they can be in as involved or is not involved as they want to be. It’s pretty much it’s we’re finding out that it’s really tailored to each specific homeowner.
Jordan Painter: And or investor, like what, what their needs and wants, are and their goals for their properties. That’s awesome. So sure, if you were gonna serve somebody’s needs from purchase and acquisition all the way through to the staging and…
Tony Stancato: Here.
Jordan Painter: all those types of things. What is that fee structure look like? How do you How do you get compensated for that? Because that’s definitely one of the things that we’ve we have experienced from a growth standpoint is It’s It’s a lot of work Really people. Don’t realize much work It is, They don’t get that done. I mean it is It is a ton of work and take to really find the balance of making it worth your time as a professional to do it. And the the return on investment that the consumer is going to want, How do you manage that?
Jordan Painter: I mean, it is definitely, that’s what people don’t know, what they don’t know, and when we meet with them, we consult with them. They’re like holy cow. Yeah. We just want to pay you your your percent and then we’ll just, you know, sit back and make the money. So we do have a design fee. When we work through the home, renovations, we also do charge and upfront fee for the acquisition like, for about American now. Yeah, American analysis cost per setup projections and…
Tony Stancato: If?
Jordan Painter: things like that because I mean our time is very valuable, we put a lot of time and effort and money into software and things like that to get as accurate as we can be. And then we do have a cost for setup and we try and keep it, you know, very reasonable because we obviously want to set these properties up because we have a standard, we have, you know, our reputation to uphold. And honestly it’s just like listening property, right? You live and die by your initial. Um you want that wow factor, right? With the first showing you’ve got
Jordan Painter: Their attention with the property and the photos and the listing description and all of that. So it’s really important to us that they have a specific look that the guest has a specific experience, you know,…
Tony Stancato: It.
Jordan Painter: because that’s what’s going to get them coming back and I think that’s sometimes what people miss is, you can’t just throw it up and set it and forget it. I mean, there’s a lot that goes into maintaining and, and a guest experience. So you mean, you’re really, you’re really wanting those guests to come back and you really want that five-star experience. So, yeah, there’s a cost for the to get back to your original question. Um, I have a tendency to go off on relevant. That’s good. Yeah. So, um, and then there’s a percent to manage the guests as well, so I’m going awesome.
00:10:00
Tony Stancato: Officially can I ask on the on the fees kind of what those fees look like on the up front charges?
Jordan Painter: so honestly, we are finding out that it is that we’ve thought that we were going to have like this and this, and this is how it’s going to go, but every homeowner has been different, like they,
Jordan Painter: Sometimes they already have and we have a couple that have an existing what they’ve had a short-term rental that they want to transition to midterm and so we then go in and work with existing, you know, they’re pretty much set up but they just need a little bit of love. A little bit of tweaking to bring it up to really the corporate level, you know, it’s just different. It’s what we do is different, you know, it’s corporate level, executive guess the higher and they’re coming and staying for a longer period. So it’s kind of next level. If you’re just going for a weekend or even a week it’s more fun and you know you can you can deal with some things if it’s not you know, quite perfect. But when they’re coming to stay for a month or three months, or six months, you know, they want to be well,…
Tony Stancato: Here.
Jordan Painter: the red carpet rolled out and all of the and then some we call it right? So it really is a little bit all over the place.
Tony Stancato: Yeah. Yeah.
Jordan Painter: We thought we were going to have kind of a set fee.
Jordan Painter: But then we found out that it’s really kind of boiling down to a case-by-case and kind of an ALA carte basis. because,
Tony Stancato: Gotcha, would you say somewhere between five and $10,000 to set one up initially? Yeah.
Jordan Painter: No, for our fees. No, we’re under five thousand,…
Tony Stancato: Okay.
Jordan Painter: we’re definitely under 5,000. Yes. Yeah but then the homeowner is gonna have to again depending on their situation. They’re gonna invest anywhere from 5 to 20. If it’s a four bedroom house to get the furnishing set up. If they’re starting from scratch, they like Lynette and every every homeowner that we’ve had, like, they’re all coming from such different backgrounds. Yeah, that some some are already in rental. They know exactly what to do to get it set up. Others are clueless.
Jordan Painter: Others have a rental. So we’ve found we have to kind of, Yeah. Some of them are that contract for every every homeowner. Yeah, everybody comes in a different point, for sure. So, and we want to make it affordable because we really are very feel very strongly about how these properties look. And I mean, I’ve went through courses, I’m now certified if there’s such a thing and certified in short-term, midterm, rental management. Just and it’s, I mean, it is super important for us. So we know that they have a lot of upfront costs going out for all of the furnishings because they’re paying for all of the home improvements and all the furnishings,…
Tony Stancato: Actually.
Jordan Painter: right? So it’s our time and so we would rather, you know, make sure these properties are set up and it’s the long game that we’re kind of more focused on than just that, you know, it’s more about Hosting these properties co-hosting. These properties for years to come, rather than that up front cause
Tony Stancato: Yeah, any tips on let’s say somebody wants to get into midterm rentals like what should they be looking at analyze? Whether this market would be good or whether this particular property would make a good midterm rental? and if there’s any tools that you use as well with that,
Jordan Painter: Yeah. So I mean kind of the golden goose of properties is, I mean, I know this is out there. It’s not rocket science, but you want to be within 30 minutes of hotels, universities, hospitals, and airports. I mean, that’s kind of your golden Goose property, right. 20 minutes is even better and that’s kind of why we’re in the area that we’re in. And it’s just been trial and error figuring out what different programs have helped us kind of hone in on projections.
Tony Stancato: Here.
Jordan Painter: But really you just have to get in just like doing comps on a home when we’re getting ready to list a property, because, I mean, you have to just look at people’s, you know, what’s going on around you and they’re trying to get an idea on their occupancy.
Jordan Painter: and the, what they’re, you know, kind of the area that idea on what they’re getting a per month and…
Tony Stancato: Here. Yeah.
Jordan Painter: rent and there isn’t I mean we haven’t found In this area. It’s pretty much in its infancy stages. I would say are pretty early on so it’s been a little bit more difficult to figure out short-terms. Yeah, there’s quite a few but midterms there’s not as many In our long-term rentals are full, right? There’s not a lot available. Yeah, so yeah. There’s definitely not. Yeah. So um, we kind of touched on earlier a little bit, but where do you think the growth opportunities are for the market and West Michigan? And where do you think that inventory is gonna come from?
00:15:00
Jordan Painter: Well, that’s…
Tony Stancato: If?
Jordan Painter: what we’re finding out. It’s, it’s homeowners with existing properties or investors that have us looking for properties. We’re currently working with some different investors, and we’re trying to flush out some properties. And then it’s our job to make sure that they’re in the, the best areas and the most lucrative areas for midterms. And again, it’s just, you know, in the, I mean, the medical mile is definitely a great asset for. Oh we’re definitely finding increased people want to be a neighborhoods. Um like you said and we’re transitioning some of the short terms to midterm and…
Tony Stancato: If?
Jordan Painter: I think that’s gonna be a good. Yeah. Okay and we are definitely finding that for homes too. People really want as opposed to like apartments or condos. People are really wanting like a three bedroom, two three, even four bedrooms sometimes because even if they’re even if they’re
Jordan Painter: Coming for work. It’s if it’s an executive or a corporate traveler sometimes they have friends and family depending on how long they’re going to be here that they want to come and stay with them. And so they need a little bit of extra space. Those are bringing dogs and husbands or wives and coming to visit. Yes and health industry, they’re bringing people with them. So yeah. you know, a tiny little One bedroom, or
Jordan Painter: Studio rental isn’t what they’re looking for. May not be enough for sure. Well and it just depends too. I mean it depends on the traveler. So we have a couple of those too that have been booked out as well because it’s just one person. Yeah, but pets, that’s another thing that definitely people want to consider is, if you want to be pet friendly or not because our inquires, they they don’t just have one either. They have like, a whole entourage of that. So I know that that was one thing that I learned and so my courses that I took is like, I mean, people love their pets and 70% of travelers, have pets and so, they’re either gonna come with them or they’re paying for their pets, to stay, you know, to be bored somewhere. So if you can, you might as well get that extra fee and you’re gonna potentially get more. Guess I’m sure you guys find that with short terms as well. Yeah, that had a conference last year. There’s the majority of short-term rentals, don’t allow them. So if you do you kind of bump up in the ratings a little bit in, you know, what we found it. I think from our standpoint, as long as you can charge enough of a premium to make it worth it.
Jordan Painter: It can be, but depending on the property, if there’s a lot of carpets, I was just gonna say those types of things. It’s, it’s a, it’s kind of a double double-edged sword, to make sure that it’s, it’s Set up in a way to accommodate, right? But with a short term They’re only going for a couple weeks. I mean these are people coming for a month or three months or six months, they want their pet which are very could be worse on the house right here.
Tony Stancato: With.
Jordan Painter: No perfect. No carpet. Right? So there again not needs to be considered one. Yeah. Update in their houses because they need to be pet friendly, right? Yeah. It’s good. They said because you’re gonna get a wider audience and yeah and…
Tony Stancato: And what we’ve found is,…
Jordan Painter: get more
Tony Stancato: even if you say pets are not allowed, they tend to bring them anyways. So there’s really no way, you know, we have it there and then we’ve had it where someone pulls in the driveway. Oh, hey, I forgot to tell you, like, I got my, my support animal with me, you know?
Jordan Painter: You. Oh right.
Jordan Painter: Yeah. Right. Yeah.
Tony Stancato: so,
Jordan Painter: I don’t think we have as much of that in the midterm round because they’re coming to pay for a long time and…
Tony Stancato: Yeah.
Jordan Painter: it’s just a weekend or week you’re like okay. But I mean this pet’s gonna be living in this space for for having it harder to think it is.
Tony Stancato: Yeah.
Jordan Painter: So right right. Yeah one of the areas I think just from the standpoint of growth in you kind of hit on this a little bit but I’ve I’ve been running into a lot of clients that you know they bought their house four five years ago or even if it was two or three years ago that are ready to move. They’ve got a two and a half to three and a half percent 30 or mortgage. Yes, I’ve had several clients. I’m begging them not to sell their house, right? And so those those opportunities in like you’ve mentioned, the the people that already have existing long terms, especially investors, who have a portfolio already, they’re a little bit more open to the risk of trying it out. So I think those are good markets, you know, to go after is trying to do some conversions for people that already own properties, that, that could be a little bit less risky than, maybe people starting out in their first one and you’re waiting.
Jordan Painter: A little bit longer maybe than than for a for a short term for a longer term. Guest gives them a little bit more flexibility, right? We actually did we previewed three or four properties last week? It was a busy week and one of the one of the families is a job relocation. And they’re considering very seriously keeping their property here, keeping their home here, having us manage it as a midterm rental for that for that exact reason, they just they’re like that,…
00:20:00
Tony Stancato: If?
Jordan Painter: you know, we’ll just hang on to it. I mean, because it’s an appreciating asset. So, our goal is to turn them into an income producing appreciating asset for our homeowners. Yeah, especially those low interest rates, It’s just crazy to think money was basically free. Yes, really right. Thanks, those notes are losing three or four percent a month on just inflation, right? Yes, absolutely. Yes.
Tony Stancato: In that area is the minimum, stay restriction. Like, 30 60 90 days or what’s the the number of days on that.
Jordan Painter: So yes, so it went and a little bit all over the place. But yeah, it varies by township it does.
Tony Stancato: Yeah.
Jordan Painter: Yeah. So that’s another thing. We have an assistant who that’s one of her jobs is to stay on top of that and just call
Jordan Painter: All the different municipalities the townships, the city’s just to find out what their regulations are. And it’s funny what we’re finding out. They’re all like, um, summer like yeah, we don’t even really know and, you know, because it’s so it’s fairly new, Right? And…
Tony Stancato: Yeah.
Jordan Painter: then there’s this legislation that might be passing too. Um, so she’s been told, you know, but this could change. So this and then, you know, sometimes they don’t really well. We have these rules but we really don’t force them or there’s some that are super strict like Holland and…
Tony Stancato: Yeah.
Jordan Painter: Grand Haven, right? So, um, if you found any that have anything left, um, more than 30 days, I don’t know if we run into that we have not, no, no more kind of a 30 days and…
Tony Stancato: so,
Jordan Painter: actually, Grand, Rapids is 28 days if we’re getting picky. Well, anyway, right?
Tony Stancato: Okay. Well, so that the township I live in is 90 days. 90 day minimum. Yeah.
Jordan Painter: Really. Wow. That yeah, most of them other than Grand Rapids. There’s a couple others that actually have created ordinances. Most of them just straight up, don’t have ordinances. Yeah, it’s kind of, it’s kind of well, we think 30 days and we think, you know, but nothing’s really on the books. Right? That’s yeah.
Tony Stancato: Yeah.
Jordan Painter: And again, they’ve all said, but that could change if this, you know, passes. So because I think there’s a lot less risk in in the midterm than in the short term when it comes to that. Because again most of them are 30 to 90 versus, you know, when you’re going for weekly and nightly rents, those are the ones that those restrictions come into play and…
Tony Stancato: What’s? What’s your favorite piece of technology for managing midterm rentals?
Jordan Painter: can really shut things down. So yeah.
Jordan Painter: Well, oddly enough. We are figuring that part out right now. We have a lot of spreadsheets and we, you know, there’s like Gusty owner res, what are some of the other one that we’ve been kind of testing out to see? You know what, our favorite might be the moment we’re using, like, trello, just to keep all of our investors and properties and our our checklists in order kind of.
Tony Stancato: Yeah.
Jordan Painter: Yeah. It’s a great way to communicate with our team. Richard Yeah, you have that too. Um, Tony’s the tech guy. I think we’ve tried it but I’m
Tony Stancato: We’ve we’ve used trello before the hard part is getting everybody to use it. So
Jordan Painter: Right, He’s pointing at me. Yeah. Yeah. I mean we use because you’ve been having an app on your phone, too, with fellow. So he’s Google Sweets just to keep all the documents…
Tony Stancato: Yeah.
Jordan Painter: where everybody can access them again. Like, that’s kind of somebody’s in charge, they’re there, not everybody. And we’ve been building out our website, we’ll have direct booking and so we’re gonna be rolling that out in the next couple weeks. Direct booking available to so, that’s awesome.
Tony Stancato: Possible. Yes,…
Jordan Painter: Yeah. So what’s the best?
Tony Stancato: a lot. Well, go ahead.
Jordan Painter: What’s the best piece of advice that you’ve been given so far in your journey, like one piece of advice that you’ve been given that kind of change change things for you? Oh God, there’s so much. I mean, like I said, I’ve been researching this for It was two years in January and really hitting the pavement with it last year in 2022. One of the things that go where you wanted, right? Don’t look for properties. And look to run this amount of where you wanted is. One thing, otherwise you’re going to always be battling. Um, Rachel, what do you? There’s so much that comes to mind for me. It’s just, you know, be ready to pivot. Always be ready to change like you just Kind of got a.
Jordan Painter: Flow or things. That’s very true. And it’s not black and white again, just like real estate. No two deals are the same, right? So no two property, No two investors,…
Tony Stancato: You know.
Jordan Painter: No two hosts are are the same so you really just have to adapt to their needs and wants and goals and make sure they align with yours. Yeah, that’s funny. Um, we do We run our EOS entrepreneurial? Oh yes. For our business and the typically you have a quarterly planning meeting. Yes, and we pivot. So often that we actually have gone to a six week planning meeting, We got to be ready to change with the market. Yeah, you know, learn and adapt to make sure that we’re we’re staying ahead of what the goals really should be and more focused on. So after it’s something that you just constantly have to do, right? You know, within that you can’t get to distracted either, like, you know, you can’t worry too much about what other people are doing or you lose your focus and your mission. So it’s like
00:25:00
Jordan Painter: Activity in but also keeping the eye on. Yeah. Your eye on the ball and staying focused like No, that’s not what we’re doing. That’s not our goal like, right? Yeah. Huge challenge for us Visionaries. Yeah. That’s the four of us Sit here. Yeah. You could admit that. Yeah, absolutely. And It’s not a huge help, like my coach, My short-term midterm, rental Coach, her partner of 25 properties. And I belong to this, and I’ve gotten into this other group. And so there’s people in Canada and Hawaii and all across the States that I have the pleasure of sitting with every week to learn, you know, everybody else is doing and our goal for this year’s 30 properties. And I set that based on what some of these other people in my group are doing. And I believe we can definitely get there. So, yeah, you having that having that knowledge behind us and the different courses that we’ve had access to and things like that. Really helped us for sure but still fine, tuning it for our market.
Jordan Painter: That’s them. That’s been a different story. So it’s awesome. What sounds like you guys are really going going about it in the way that you’re you’re gonna be set up to take it on instead of bringing out of properties and not being prepared to man. Same as you guys, right. And I think that’s what separates the men from the boys, right? If I can say that is doing it right? Yeah.
Jordan Painter: And that’s really what’s fair for our investors and our guests, right? We didn’t do it any other way, you know, we both come from a business owner, retail management background and I think it kind of goes back to that. Like starting that, you know, you have people that start in their handwriting, your seats. And this still happens or, or you can start with your management system. So you’re ready to
Jordan Painter: Expand into a bigger and I think that’s there’s a lot more work that goes into the back end, but it’s worth it well and again, ready, yes. And that too, and it’s fine because Rachel, I don’t think I mentioned we both had retail stores two years ago. That’s how we originally met.
Tony Stancato: and,
Jordan Painter: So we have that, that that’s where we at the end on some, like, the experience like we had high on boutiques, so we didn’t sell price and convenience, right? It was the experience so that is definitely helped us with managing the guest experience and marketing as well having had that background too. So it’s kind of customer service. Yes, yes, yeah, absolutely. So that that actually the brings up the question of my mind, you know, we we focus on the short-term vacation type Reynolds and the amenities that people expect for, for those type of things. So, how would you recommend somebody go about furnishing to be appealing for a more midterm rental. What is, what is the difference?
Jordan Painter: I would say it’s still amenities right? And I think people still want to come and stay and experience and they would like to stay in a place that isn’t like their home, right? So it’s still like we’re encouraging. Exercise equipment, you know, setting up office space. I’m still having, you know, pushing for hot tubs, things like that. Like that still the and then some experience because they’re staying a little bit longer. So I think it’s even more important to have the comforts and the amenities because they’re going to be there for a longer time. Okay, cool.
Tony Stancato: It’s awesome. Well, is there anything that we didn’t ask that? We should have asked
Jordan Painter: I don’t know, you kind of don’t know what you don’t know, right? That’s a really good question.
Tony Stancato: Yeah, is there any?
Jordan Painter: How? I feel like we covered a lot. I feel like you know, I could probably talk about this all day but everybody has something to do.
Tony Stancato: You know. Well, awesome. Well on that note, we’ll wrap it up. If our listeners wanted to connect with, either of you. Where’s kind of the best place for them to reach out to you.
Jordan Painter: That’s really good question because our website is still being built, is there somewhere that you leave information because we can leave like my email and…
Tony Stancato: Yeah, we can,…
Jordan Painter: phone number.
Tony Stancato: we can put it in the show notes or if you wanted people to connect with you on social media at all, they could reach out the one of those platforms.
Jordan Painter: They can finally Annapolis Patrick. Yeah, it’s Lynette Fitzpatrick is my Facebook and Right now,…
Tony Stancato: Awesome.
Jordan Painter: I just kind of talk about everything there until all of our other channels, are rolled out. Are you on LinkedIn? I am great LinkedIn, Facebook, which again Instagram. Yeah.
Tony Stancato: We’ll leave your your social profile links. It needs show notes, so people can connect easily there and then if you want to share your Phone number and email with them. When they reach out they can they can do that.
00:30:00
Jordan Painter: Perfect. That sounds great. So much.
Tony Stancato: Awesome. Well, really appreciate you guys. Jumping on the show today. Thank you guys added. A lot of value for those that are looking to get into the the midterm rentals and I know a lot of people are. So thank you.
Jordan Painter: Thank you. Thanks for having us. Thank you.
This editable transcript was computer generated and might contain errors. People can also change the text after it was created.
Jordan Painter: All right, we’re gonna go ahead and kick it off. I’ve got Rachel and Lynette with me from Michigan furnished rentals. So we’re super excited to hear about their journey and so they do midterm rentals in West Michigan. So why don’t we get started? And just kind of tell us a little bit about your your background. How you got started in midterm. Good morning. Thank you for having us. Oh yeah. So I started my background is actually an interior design. So I’ve been an interior designer for over 20 years. Rachel is actually a kitchen designer. We both got licensed. I think around the same time around 17, 2016 for me.
Jordan Painter: And so I started out working with a lot of investors doing flips and buy and holds because of my interior design background and then that’s just kind of.
Tony Stancato: If?
Jordan Painter: I mean it’s kind of the perfect storm with interior design and real estate. And there was definitely there is a need in Grand Rapids in and around Grand Rapids for midterm rentals. So it was kind of born out of that. Okay. Awesome. Awesome. How about you? Rachel, so, like Lynette said, I started in real estate in 2017 and we’ve been working together with the flips and an investor since then, but then I also have been running airbnb out of my home for I don’t know, four or five years now and that’s always been just
Jordan Painter: A big interest of mine, too. Like a lot of the hosting and the setting up and the hospitality part of it is making it flow. So that’s awesome house hack. Yeah, cool. So how have you tell us a little bit about that? I’ll be set your house up in a way that that’s allowed you to do that. And what you do weekends, you weekends, we rent shared space out of our home. Actually. So we, it’s open all the time unless we block it off because we have family coming in our, you know, just feel like having a weekend tours, But yeah,…
Tony Stancato: I think.
Jordan Painter: we we haven’t set up where we have two rooms in our house. People can rent It’s, it’s actually pretty integrated with, with our space. We have a big five bedroom house. So we’ve get home and that we just started. We haven’t these extra bedrooms, our oldest moved out and we were like, What are we? What are we gonna do with all this space? So, without might as well rent it.
Jordan Painter: At least help pay for our mortgage and wow, that’s really cool. So you have like, shared space in the kitchens and bathrooms and all that kind of stuff where they have privacy there. We actually have a living room and kitchen space in our basement. So, Before covid, we used to share our kitchen more and…
Tony Stancato: If you.
Jordan Painter: people would hang out in our living room as well. So once we transitioned into Covid, we
Jordan Painter: Started having gas just use their own private living room kitchen. But yeah, it’s a full kitchen, dining room living room, big TV. So, they have their own bedrooms, they’re gonna intermingle with us on the main floor and then if they want private space, they have their own private space. Very cool. That’s awesome. Yeah, we love hearing about, you know, the the house hacks and how to get into the business and test the market. That’s a really good way to test the market. So, are there any other ways that you guys have have started to test the market? In West, Michigan to see what type of returns? The investors are gonna get. And what systems are you using to,…
Tony Stancato: Here.
Jordan Painter: to determine that?
Jordan Painter: We’re in the process of figuring. All of that out. Right now, I’m telling you it’s been, it’s been to you this journey for me, it’s been about two years. I was teaching flipping on a budget and REI USA, and investor course, and met, who lady who actually turned into my short-term rental midterm,…
Tony Stancato: If you.
Jordan Painter: rental coach learning about more of the midterm, rental market. So, we were both teaching a course and we met. And so for two years now, I mean there’s a lot that goes into figuring all that out, right? So, not only are you working with? Investors and their money. You you’re managing guests and you know, them spending their money. So you want to make sure you get it right? So we’re putting our own systems in place to figure out like when we’re meeting with people…
Tony Stancato: If you.
Jordan Painter: who are considering this
Jordan Painter: Occupancy projections, rent projections, the cost of setup. There’s I mean there’s a lot that goes into it. We’ve figured out, it’s taking a little bit of time, but, you know, we want to get it right. Awesome.
Tony Stancato: Yeah, so you guys got into it just kind of bumped into someone and started talking about midterm rentals and then ended up being your coach is that kind of how you got started.
Jordan Painter: Yes. Yeah and just finding that there is a need for it because I mean people really they’re only other option is extended some hotels or existing airbnbs which can get really pricey. You know what the nightly rate for a long term, stay So, you know, there’s definitely a need, I mean Grand Rapids, we’re planning to expand over to the Detroit area and up towards Traverse City. And so, but right now, we’re focused on getting several set up here in Grand Rapids because there is definitely a need. I mean, we have the medical mile, you know, we have a lot of traveling professionals, we have a lot of top-tier companies reasons, people come into the area for sure, and they don’t want to stay in a hotel, if they can help it.
00:05:00
Tony Stancato: Yeah. Can you tell us a little bit about your portfolio right now? Properties that you manage? How many and you pretty? It sounds like they’re all probably right here in Grand Rapids.
Jordan Painter: They are your Grand Rapids. I have one in Rockford that was kind of an accidental one. I had some seller who was in transition. She’s like, Do I sell, do I rent? And so and I just happen to have two people relocating. So we’ve had to to families in there so she’s like, Hey, this is a half bad, maybe I’ll keep this as a midterm rental. So my my clients are happy. My own. My seller is happy. So right now, we have that one and then two others and Grand Rapids. We have two studio condos but we are currently in the process of setting up. How many like three to five more right now would you say? Yeah. So yeah. So we really,…
Tony Stancato: Well.
Jordan Painter: we really haven’t even been advertising that much. We’ve been just really getting our ducks in a row and I have a really big mouth. So I’ve been talking about it a lot and so we’re getting quite a few inquiries from guests.
Jordan Painter: And either existing landlords, who are interested in transitioning, their properties potentially or homeowners who have a second home or are looking into just their own investment properties as well as helping some of our investors acquire new properties and so it’s just a lot of putting. It’s it’s a lot of contracts. A lot of systems to make sure it runs like a well-oiled machine and we’ve been taking our time to make sure we roll it out properly. It’s good,…
Tony Stancato: and then,…
Jordan Painter: it’s important to do that, but
Tony Stancato: I was gonna say you have three to five. It sounds like coming on board. Now, what aspect of that do you manage, do you manage the the design aspect are you helping furnish the property, like, going out doing all the buying and that kind of stuff.
Jordan Painter: Yes, so we can help from acquisition, right? Until the death, the guests leaves, so we help find the property or Assess the property and then we work through any upgrades or updates with our design backgrounds that need to be done. So we work through the renovation process. The home upgrades And then yes, we do the false setup.
Jordan Painter: So their guests ready? I mean, right down to coffee and sugar packets, right? So, and then we professional photography floor plans, video, we we market them on all of the major platforms. Then we do our own boots on the ground marketing as well. It really helps that we’re right here in the community too. And so yeah, then we manage the guest experience and really the homeowner the host is is pretty much hands-off they can be in as involved or is not involved as they want to be. It’s pretty much it’s we’re finding out that it’s really tailored to each specific homeowner.
Jordan Painter: And or investor, like what, what their needs and wants, are and their goals for their properties. That’s awesome. So sure, if you were gonna serve somebody’s needs from purchase and acquisition all the way through to the staging and…
Tony Stancato: Here.
Jordan Painter: all those types of things. What is that fee structure look like? How do you How do you get compensated for that? Because that’s definitely one of the things that we’ve we have experienced from a growth standpoint is It’s It’s a lot of work Really people. Don’t realize much work It is, They don’t get that done. I mean it is It is a ton of work and take to really find the balance of making it worth your time as a professional to do it. And the the return on investment that the consumer is going to want, How do you manage that?
Jordan Painter: I mean, it is definitely, that’s what people don’t know, what they don’t know, and when we meet with them, we consult with them. They’re like holy cow. Yeah. We just want to pay you your your percent and then we’ll just, you know, sit back and make the money. So we do have a design fee. When we work through the home, renovations, we also do charge and upfront fee for the acquisition like, for about American now. Yeah, American analysis cost per setup projections and…
Tony Stancato: If?
Jordan Painter: things like that because I mean our time is very valuable, we put a lot of time and effort and money into software and things like that to get as accurate as we can be. And then we do have a cost for setup and we try and keep it, you know, very reasonable because we obviously want to set these properties up because we have a standard, we have, you know, our reputation to uphold. And honestly it’s just like listening property, right? You live and die by your initial. Um you want that wow factor, right? With the first showing you’ve got
Jordan Painter: Their attention with the property and the photos and the listing description and all of that. So it’s really important to us that they have a specific look that the guest has a specific experience, you know,…
Tony Stancato: It.
Jordan Painter: because that’s what’s going to get them coming back and I think that’s sometimes what people miss is, you can’t just throw it up and set it and forget it. I mean, there’s a lot that goes into maintaining and, and a guest experience. So you mean, you’re really, you’re really wanting those guests to come back and you really want that five-star experience. So, yeah, there’s a cost for the to get back to your original question. Um, I have a tendency to go off on relevant. That’s good. Yeah. So, um, and then there’s a percent to manage the guests as well, so I’m going awesome.
00:10:00
Tony Stancato: Officially can I ask on the on the fees kind of what those fees look like on the up front charges?
Jordan Painter: so honestly, we are finding out that it is that we’ve thought that we were going to have like this and this, and this is how it’s going to go, but every homeowner has been different, like they,
Jordan Painter: Sometimes they already have and we have a couple that have an existing what they’ve had a short-term rental that they want to transition to midterm and so we then go in and work with existing, you know, they’re pretty much set up but they just need a little bit of love. A little bit of tweaking to bring it up to really the corporate level, you know, it’s just different. It’s what we do is different, you know, it’s corporate level, executive guess the higher and they’re coming and staying for a longer period. So it’s kind of next level. If you’re just going for a weekend or even a week it’s more fun and you know you can you can deal with some things if it’s not you know, quite perfect. But when they’re coming to stay for a month or three months, or six months, you know, they want to be well,…
Tony Stancato: Here.
Jordan Painter: the red carpet rolled out and all of the and then some we call it right? So it really is a little bit all over the place.
Tony Stancato: Yeah. Yeah.
Jordan Painter: We thought we were going to have kind of a set fee.
Jordan Painter: But then we found out that it’s really kind of boiling down to a case-by-case and kind of an ALA carte basis. because,
Tony Stancato: Gotcha, would you say somewhere between five and $10,000 to set one up initially? Yeah.
Jordan Painter: No, for our fees. No, we’re under five thousand,…
Tony Stancato: Okay.
Jordan Painter: we’re definitely under 5,000. Yes. Yeah but then the homeowner is gonna have to again depending on their situation. They’re gonna invest anywhere from 5 to 20. If it’s a four bedroom house to get the furnishing set up. If they’re starting from scratch, they like Lynette and every every homeowner that we’ve had, like, they’re all coming from such different backgrounds. Yeah, that some some are already in rental. They know exactly what to do to get it set up. Others are clueless.
Jordan Painter: Others have a rental. So we’ve found we have to kind of, Yeah. Some of them are that contract for every every homeowner. Yeah, everybody comes in a different point, for sure. So, and we want to make it affordable because we really are very feel very strongly about how these properties look. And I mean, I’ve went through courses, I’m now certified if there’s such a thing and certified in short-term, midterm, rental management. Just and it’s, I mean, it is super important for us. So we know that they have a lot of upfront costs going out for all of the furnishings because they’re paying for all of the home improvements and all the furnishings,…
Tony Stancato: Actually.
Jordan Painter: right? So it’s our time and so we would rather, you know, make sure these properties are set up and it’s the long game that we’re kind of more focused on than just that, you know, it’s more about Hosting these properties co-hosting. These properties for years to come, rather than that up front cause
Tony Stancato: Yeah, any tips on let’s say somebody wants to get into midterm rentals like what should they be looking at analyze? Whether this market would be good or whether this particular property would make a good midterm rental? and if there’s any tools that you use as well with that,
Jordan Painter: Yeah. So I mean kind of the golden goose of properties is, I mean, I know this is out there. It’s not rocket science, but you want to be within 30 minutes of hotels, universities, hospitals, and airports. I mean, that’s kind of your golden Goose property, right. 20 minutes is even better and that’s kind of why we’re in the area that we’re in. And it’s just been trial and error figuring out what different programs have helped us kind of hone in on projections.
Tony Stancato: Here.
Jordan Painter: But really you just have to get in just like doing comps on a home when we’re getting ready to list a property, because, I mean, you have to just look at people’s, you know, what’s going on around you and they’re trying to get an idea on their occupancy.
Jordan Painter: and the, what they’re, you know, kind of the area that idea on what they’re getting a per month and…
Tony Stancato: Here. Yeah.
Jordan Painter: rent and there isn’t I mean we haven’t found In this area. It’s pretty much in its infancy stages. I would say are pretty early on so it’s been a little bit more difficult to figure out short-terms. Yeah, there’s quite a few but midterms there’s not as many In our long-term rentals are full, right? There’s not a lot available. Yeah, so yeah. There’s definitely not. Yeah. So um, we kind of touched on earlier a little bit, but where do you think the growth opportunities are for the market and West Michigan? And where do you think that inventory is gonna come from?
00:15:00
Jordan Painter: Well, that’s…
Tony Stancato: If?
Jordan Painter: what we’re finding out. It’s, it’s homeowners with existing properties or investors that have us looking for properties. We’re currently working with some different investors, and we’re trying to flush out some properties. And then it’s our job to make sure that they’re in the, the best areas and the most lucrative areas for midterms. And again, it’s just, you know, in the, I mean, the medical mile is definitely a great asset for. Oh we’re definitely finding increased people want to be a neighborhoods. Um like you said and we’re transitioning some of the short terms to midterm and…
Tony Stancato: If?
Jordan Painter: I think that’s gonna be a good. Yeah. Okay and we are definitely finding that for homes too. People really want as opposed to like apartments or condos. People are really wanting like a three bedroom, two three, even four bedrooms sometimes because even if they’re even if they’re
Jordan Painter: Coming for work. It’s if it’s an executive or a corporate traveler sometimes they have friends and family depending on how long they’re going to be here that they want to come and stay with them. And so they need a little bit of extra space. Those are bringing dogs and husbands or wives and coming to visit. Yes and health industry, they’re bringing people with them. So yeah. you know, a tiny little One bedroom, or
Jordan Painter: Studio rental isn’t what they’re looking for. May not be enough for sure. Well and it just depends too. I mean it depends on the traveler. So we have a couple of those too that have been booked out as well because it’s just one person. Yeah, but pets, that’s another thing that definitely people want to consider is, if you want to be pet friendly or not because our inquires, they they don’t just have one either. They have like, a whole entourage of that. So I know that that was one thing that I learned and so my courses that I took is like, I mean, people love their pets and 70% of travelers, have pets and so, they’re either gonna come with them or they’re paying for their pets, to stay, you know, to be bored somewhere. So if you can, you might as well get that extra fee and you’re gonna potentially get more. Guess I’m sure you guys find that with short terms as well. Yeah, that had a conference last year. There’s the majority of short-term rentals, don’t allow them. So if you do you kind of bump up in the ratings a little bit in, you know, what we found it. I think from our standpoint, as long as you can charge enough of a premium to make it worth it.
Jordan Painter: It can be, but depending on the property, if there’s a lot of carpets, I was just gonna say those types of things. It’s, it’s a, it’s kind of a double double-edged sword, to make sure that it’s, it’s Set up in a way to accommodate, right? But with a short term They’re only going for a couple weeks. I mean these are people coming for a month or three months or six months, they want their pet which are very could be worse on the house right here.
Tony Stancato: With.
Jordan Painter: No perfect. No carpet. Right? So there again not needs to be considered one. Yeah. Update in their houses because they need to be pet friendly, right? Yeah. It’s good. They said because you’re gonna get a wider audience and yeah and…
Tony Stancato: And what we’ve found is,…
Jordan Painter: get more
Tony Stancato: even if you say pets are not allowed, they tend to bring them anyways. So there’s really no way, you know, we have it there and then we’ve had it where someone pulls in the driveway. Oh, hey, I forgot to tell you, like, I got my, my support animal with me, you know?
Jordan Painter: You. Oh right.
Jordan Painter: Yeah. Right. Yeah.
Tony Stancato: so,
Jordan Painter: I don’t think we have as much of that in the midterm round because they’re coming to pay for a long time and…
Tony Stancato: Yeah.
Jordan Painter: it’s just a weekend or week you’re like okay. But I mean this pet’s gonna be living in this space for for having it harder to think it is.
Tony Stancato: Yeah.
Jordan Painter: So right right. Yeah one of the areas I think just from the standpoint of growth in you kind of hit on this a little bit but I’ve I’ve been running into a lot of clients that you know they bought their house four five years ago or even if it was two or three years ago that are ready to move. They’ve got a two and a half to three and a half percent 30 or mortgage. Yes, I’ve had several clients. I’m begging them not to sell their house, right? And so those those opportunities in like you’ve mentioned, the the people that already have existing long terms, especially investors, who have a portfolio already, they’re a little bit more open to the risk of trying it out. So I think those are good markets, you know, to go after is trying to do some conversions for people that already own properties, that, that could be a little bit less risky than, maybe people starting out in their first one and you’re waiting.
Jordan Painter: A little bit longer maybe than than for a for a short term for a longer term. Guest gives them a little bit more flexibility, right? We actually did we previewed three or four properties last week? It was a busy week and one of the one of the families is a job relocation. And they’re considering very seriously keeping their property here, keeping their home here, having us manage it as a midterm rental for that for that exact reason, they just they’re like that,…
00:20:00
Tony Stancato: If?
Jordan Painter: you know, we’ll just hang on to it. I mean, because it’s an appreciating asset. So, our goal is to turn them into an income producing appreciating asset for our homeowners. Yeah, especially those low interest rates, It’s just crazy to think money was basically free. Yes, really right. Thanks, those notes are losing three or four percent a month on just inflation, right? Yes, absolutely. Yes.
Tony Stancato: In that area is the minimum, stay restriction. Like, 30 60 90 days or what’s the the number of days on that.
Jordan Painter: So yes, so it went and a little bit all over the place. But yeah, it varies by township it does.
Tony Stancato: Yeah.
Jordan Painter: Yeah. So that’s another thing. We have an assistant who that’s one of her jobs is to stay on top of that and just call
Jordan Painter: All the different municipalities the townships, the city’s just to find out what their regulations are. And it’s funny what we’re finding out. They’re all like, um, summer like yeah, we don’t even really know and, you know, because it’s so it’s fairly new, Right? And…
Tony Stancato: Yeah.
Jordan Painter: then there’s this legislation that might be passing too. Um, so she’s been told, you know, but this could change. So this and then, you know, sometimes they don’t really well. We have these rules but we really don’t force them or there’s some that are super strict like Holland and…
Tony Stancato: Yeah.
Jordan Painter: Grand Haven, right? So, um, if you found any that have anything left, um, more than 30 days, I don’t know if we run into that we have not, no, no more kind of a 30 days and…
Tony Stancato: so,
Jordan Painter: actually, Grand, Rapids is 28 days if we’re getting picky. Well, anyway, right?
Tony Stancato: Okay. Well, so that the township I live in is 90 days. 90 day minimum. Yeah.
Jordan Painter: Really. Wow. That yeah, most of them other than Grand Rapids. There’s a couple others that actually have created ordinances. Most of them just straight up, don’t have ordinances. Yeah, it’s kind of, it’s kind of well, we think 30 days and we think, you know, but nothing’s really on the books. Right? That’s yeah.
Tony Stancato: Yeah.
Jordan Painter: And again, they’ve all said, but that could change if this, you know, passes. So because I think there’s a lot less risk in in the midterm than in the short term when it comes to that. Because again most of them are 30 to 90 versus, you know, when you’re going for weekly and nightly rents, those are the ones that those restrictions come into play and…
Tony Stancato: What’s? What’s your favorite piece of technology for managing midterm rentals?
Jordan Painter: can really shut things down. So yeah.
Jordan Painter: Well, oddly enough. We are figuring that part out right now. We have a lot of spreadsheets and we, you know, there’s like Gusty owner res, what are some of the other one that we’ve been kind of testing out to see? You know what, our favorite might be the moment we’re using, like, trello, just to keep all of our investors and properties and our our checklists in order kind of.
Tony Stancato: Yeah.
Jordan Painter: Yeah. It’s a great way to communicate with our team. Richard Yeah, you have that too. Um, Tony’s the tech guy. I think we’ve tried it but I’m
Tony Stancato: We’ve we’ve used trello before the hard part is getting everybody to use it. So
Jordan Painter: Right, He’s pointing at me. Yeah. Yeah. I mean we use because you’ve been having an app on your phone, too, with fellow. So he’s Google Sweets just to keep all the documents…
Tony Stancato: Yeah.
Jordan Painter: where everybody can access them again. Like, that’s kind of somebody’s in charge, they’re there, not everybody. And we’ve been building out our website, we’ll have direct booking and so we’re gonna be rolling that out in the next couple weeks. Direct booking available to so, that’s awesome.
Tony Stancato: Possible. Yes,…
Jordan Painter: Yeah. So what’s the best?
Tony Stancato: a lot. Well, go ahead.
Jordan Painter: What’s the best piece of advice that you’ve been given so far in your journey, like one piece of advice that you’ve been given that kind of change change things for you? Oh God, there’s so much. I mean, like I said, I’ve been researching this for It was two years in January and really hitting the pavement with it last year in 2022. One of the things that go where you wanted, right? Don’t look for properties. And look to run this amount of where you wanted is. One thing, otherwise you’re going to always be battling. Um, Rachel, what do you? There’s so much that comes to mind for me. It’s just, you know, be ready to pivot. Always be ready to change like you just Kind of got a.
Jordan Painter: Flow or things. That’s very true. And it’s not black and white again, just like real estate. No two deals are the same, right? So no two property, No two investors,…
Tony Stancato: You know.
Jordan Painter: No two hosts are are the same so you really just have to adapt to their needs and wants and goals and make sure they align with yours. Yeah, that’s funny. Um, we do We run our EOS entrepreneurial? Oh yes. For our business and the typically you have a quarterly planning meeting. Yes, and we pivot. So often that we actually have gone to a six week planning meeting, We got to be ready to change with the market. Yeah, you know, learn and adapt to make sure that we’re we’re staying ahead of what the goals really should be and more focused on. So after it’s something that you just constantly have to do, right? You know, within that you can’t get to distracted either, like, you know, you can’t worry too much about what other people are doing or you lose your focus and your mission. So it’s like
00:25:00
Jordan Painter: Activity in but also keeping the eye on. Yeah. Your eye on the ball and staying focused like No, that’s not what we’re doing. That’s not our goal like, right? Yeah. Huge challenge for us Visionaries. Yeah. That’s the four of us Sit here. Yeah. You could admit that. Yeah, absolutely. And It’s not a huge help, like my coach, My short-term midterm, rental Coach, her partner of 25 properties. And I belong to this, and I’ve gotten into this other group. And so there’s people in Canada and Hawaii and all across the States that I have the pleasure of sitting with every week to learn, you know, everybody else is doing and our goal for this year’s 30 properties. And I set that based on what some of these other people in my group are doing. And I believe we can definitely get there. So, yeah, you having that having that knowledge behind us and the different courses that we’ve had access to and things like that. Really helped us for sure but still fine, tuning it for our market.
Jordan Painter: That’s them. That’s been a different story. So it’s awesome. What sounds like you guys are really going going about it in the way that you’re you’re gonna be set up to take it on instead of bringing out of properties and not being prepared to man. Same as you guys, right. And I think that’s what separates the men from the boys, right? If I can say that is doing it right? Yeah.
Jordan Painter: And that’s really what’s fair for our investors and our guests, right? We didn’t do it any other way, you know, we both come from a business owner, retail management background and I think it kind of goes back to that. Like starting that, you know, you have people that start in their handwriting, your seats. And this still happens or, or you can start with your management system. So you’re ready to
Jordan Painter: Expand into a bigger and I think that’s there’s a lot more work that goes into the back end, but it’s worth it well and again, ready, yes. And that too, and it’s fine because Rachel, I don’t think I mentioned we both had retail stores two years ago. That’s how we originally met.
Tony Stancato: and,
Jordan Painter: So we have that, that that’s where we at the end on some, like, the experience like we had high on boutiques, so we didn’t sell price and convenience, right? It was the experience so that is definitely helped us with managing the guest experience and marketing as well having had that background too. So it’s kind of customer service. Yes, yes, yeah, absolutely. So that that actually the brings up the question of my mind, you know, we we focus on the short-term vacation type Reynolds and the amenities that people expect for, for those type of things. So, how would you recommend somebody go about furnishing to be appealing for a more midterm rental. What is, what is the difference?
Jordan Painter: I would say it’s still amenities right? And I think people still want to come and stay and experience and they would like to stay in a place that isn’t like their home, right? So it’s still like we’re encouraging. Exercise equipment, you know, setting up office space. I’m still having, you know, pushing for hot tubs, things like that. Like that still the and then some experience because they’re staying a little bit longer. So I think it’s even more important to have the comforts and the amenities because they’re going to be there for a longer time. Okay, cool.
Tony Stancato: It’s awesome. Well, is there anything that we didn’t ask that? We should have asked
Jordan Painter: I don’t know, you kind of don’t know what you don’t know, right? That’s a really good question.
Tony Stancato: Yeah, is there any
Jordan Painter: How? I feel like we covered a lot. I feel like you know, I could probably talk about this all day but everybody has something to do.
Tony Stancato: You know. Well, awesome. Well on that note, we’ll wrap it up. If our listeners wanted to connect with, either of you. Where’s kind of the best place for them to reach out to you.
Jordan Painter: That’s really good question because our website is still being built, is there somewhere that you leave information because we can leave like my email and…
Tony Stancato: Yeah, we can,…
Jordan Painter: phone number.
Tony Stancato: we can put it in the show notes or if you wanted people to connect with you on social media at all, they could reach out the one of those platforms.
Jordan Painter: They can finally Annapolis Patrick. Yeah, it’s Lynette Fitzpatrick is my Facebook and Right now,…
Tony Stancato: Awesome.
Jordan Painter: I just kind of talk about everything there until all of our other channels, are rolled out. Are you on LinkedIn? I am great LinkedIn, Facebook, which again Instagram. Yeah.
Tony Stancato: We’ll leave your your social profile links. It needs show notes, so people can connect easily there and then if you want to share your Phone number and email with them. When they reach out they can they can do that.
00:30:00
Jordan Painter: Perfect. That sounds great. So much.
Tony Stancato: Awesome. Well, really appreciate you guys. Jumping on the show today. Thank you guys added. A lot of value for those that are looking to get into the the midterm rentals and I know a lot of people are. So thank you.
Jordan Painter: Thank you. Thanks for having us. Thank you.
Related: How to Scale Short Term Rentals