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Evaluating the Current Short Term Rental Market with Luke Carl
In this conversation, Avery, the host of the Short-Term Show, welcomes Luke Carl, co-founder of The Short-Term Shop, to discuss trends in the short-term rental market. They talk about the differences between managing long-term and short-term rentals, self-management versus hiring managers, and the tools and strategies available to short-term rental owners. Luke shares insights into his experiences with both rental types and emphasizes the importance of learning through self-management.
Avery: Hey everybody, welcome back to the Short-Term Show! Today, I have not a guest, but a man who needs no and wants no introduction here to talk about the current state of the short-term rental market in 2022. The man who taught almost everyone how to do it, Mr. Luke Carl!
Luke: Yes, great to be here, it’s great to be here.
Avery: That is true. Um, I have taught thousands how to do this and, uh, I appreciate you having me here. And uh, co-founder of The Short-Term Shop, very proud of that, and it’s great to be here.
Avery: You said you didn’t want an introduction, so I did not give you one. I don’t think you need one.
Luke: If I need to be introduced, I’m not trying hard enough! Alright then, so co-founder of The Short-Term Shop, director, president, emperor of education at The Short-Term Shop.
Avery: Short-term, yeah. The, what, the shaman of short-term!
Luke: Okay, uh, anyway, Cash Flow Carl in the flesh.
Avery: So guys, he’s an entertainer for a living basically. I don’t know if you noticed, entertain you for a living! Alright, so we are here to talk about just a lot of things that we see in our Facebook groups and our forums, things we’re seeing in terms of the market. And, you know, if you see the same question more than two or three times, it’s probably time to address that and go over some things. So we’re gonna talk about management in 2022 because things are a little different this year than they have been in the past. I mean, they change yearly anyway because everything is cyclical, whether it’s the real estate prices or, you know, the rentals themselves. So let’s talk about that.
Luke: Well, I like that you said if it’s happened three times, fix it, because that’s like, that’s the core of my entire business when it comes to management. Of course, I’m managing long-terms as well, a couple hundred of them frankly, that we own and uh, no, that’s a different vibe because you know, you generally want to put a property manager on a long-term rental. Although I do highly recommend anybody out there that’s new to real estate, um, you should probably cut your teeth on self-managing your long-terms at least in the early days. Depending on what your goal is in this gig, there’s many, a million different ways you can take real estate obviously, but it worked out well for me. I was self-managing long-terms from a distance.
Luke: When we first started about three hours away, um, it’s very difficult, it’s, uh, it’s the opposite of short-term. The things that are hard in short-term are the things that are hard in long-term. They’re opposites, you know. Placing tenants is a big, big pain in the rear end, especially when you’re three hours away. But if you’ve never been through that process, it’s difficult to, uh, to place a manager, honestly, on a long-term, and to have success with it because you don’t know how to, you don’t know what to tell them, how to do things, and you need to manage your managers.
Luke: But of course, in short-term, we do highly recommend that you, quote-unquote, do it yourself because there’s so many apps and websites that just don’t exist in long-term because there’s really no way to systematize placing a tenant other than, you know, what Apartments.com and maybe an app like Tenant Turner are already doing. But anyway, um, I like that you brought up the, uh, more than a couple of times thing. There’s a book called Upstream—that’s one of the main things that I do on the, uh, on the day-to-day.
Luke: Today, I just realized I’m wearing these Mardi Gras beads that our, uh, our daughter put on.