Make Money. Learn the Vacation Rental Business!

Rent out your couch, a room, or the whole house!
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  • Lectures 73
  • Length 1.5 hours
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
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About This Course

Published 10/2016 English

Course Description

Do you need to make extra income? Are you short on money? Then consider a business startup. After this course you will be able to start and run your own vacation or short term rental business! Rent out your couch. Rent out a room in your home. Rent out the entire house. Or rent out an unusual space; treehouse, boat, or igloo! This course will give you a great overview of the rental industry. Taught from personal experience, this concise video course will download into you a working knowledge of a booming industry. It's practical approach to research is refreshing. The content is exactly what you need to begin running a vacation or short term rental.

What are the requirements?

  • Time and an Open Mind are all that is required to take this course.
  • This is an overview of a very large and exciting industry. It could be the answer to your income need!

What am I going to get from this course?

  • Understand The Vacation Rental & Short Term Rental Market.
  • Will This Business Idea Work For You? Could You Make Money Renting Out Your Space?
  • Make A Decision About The Vacation & Short Term Rental Business.

What is the target audience?

  • Anyone Who Needs Extra Income Should Consider This Course.
  • Those currently running a vacation or short term rental can benefit from the course.

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Welcome: Make Money in the Vacation & Short Term Rental Business.
01:14

Welcome. In the course, Make Money. Learn the Vacation & Short Term Rental Business, you will gain understanding of the rental market. If you are in need of income and wondered if the rental business is right for you, this is the class that will help you make a well informed decision. 

Class Sections.
Preview
Article
01:14

You may be overwhelmed by the massive vacation and short term rental industry thought. But there is good news! This class is easy to understand. You also do not need much at all to take this course. Time and and Open Mind are the basics required. You can do this!

00:47

Communication is key when taking a Udemy course. As your instructor I want to commit each Tuesday, allowing time and space to answer you questions, read your comments, and help in any way that I can.

04:02

This is our Vacation & Short Term rental story. It is a journey that involves a big learning curve. I want to encourage you that if I can do this, so can you! 

Section 2: Overview of the Vacation Rental Industry
00:25

In this Section we will look at the growth of the vacation & short term rental market. We will also look at the influence of technology on those markets.

01:50

The vacation and short term rental market is a billion dollar industry. It is stable. It is growing.

Section 3: The Influence of Technology in the Vacation Rental Industry.
00:57

The use of technology in this industry is positive. Remember that technology will be your friend in running a vacation rental or a short term rental. 

Don't forget to download and read the Time Magazine's Person of the Year article. You! I've pasted it on External Resources below.

00:45

If you own a vacation rental or are considering becoming an owner, the use of technology will make starting and maintaining your business much easier. 

00:53

The business traveler can greatly benefit from renting out his or her space. 

"Currently, travel’s hottest brand isn’t a new airline or hotel chain. Rather, it’s a marketplace that allows private homeowners and renters to book rooms directly to travelers.”

taken from November 3, 2014 by Matt Pekarek in AmericasCWT SavvyCWT 


01:23

Whether you will manage your own vacation rental or will hire someone to mange it, technology makes the entire process of communication easier. 

"It is now imperative, not optional, that vacation rental property managers focus on an online strategy that is cost-effective, generates more bookings, protects rate parity and price integrity while reaching the broadest audience of consumers." from Leisurelink.com 

01:38

Those all important customer reviews are made easier through the use of technology.

01:47

Your online image is important. It will tell what kind of person or customer is best suited for your rental. Design technology makes creating that image so easy.

01:00

Include all the people who make your vacation rental wonderful, (cleaners, yard maintenance, etc,) in on the technology loop.

Section 4: New Income Possibilities
00:48

Welcome

01:16

If you are a home owner and considering this business, there are wonderful reasons why this works for you!

01:07

New Income Possibilities for the Vacation Home Dreamer. Some of you might be considering (or dreaming) of owners a lovely vacation home. This becomes possible by renting it out until you can afford to live in it.  

I've attached an article for US tax considerations and advice on purchasing a second home as an investment property. There is a lot of good advice out there. 

02:41

Dreaming of extra income? If you are a work traveler, one who goes on family visits, or a seasonal travel - this business idea might be perfect for you!

00:39

Summary of Section #2. Income possibilities for three types of travelers who are considering this business model.

00:40

A little competition for our class. Who knows where I am this week? Sorry for the low volume on the video :) Then I want you to do some research on the rental company (vendor or host company) doing the most business in this city. Is it airBnB? VRBO? Write in and tell the class your answers. 

Section 5: Two Markets That Can Make You Money
00:26

Welcome to Section #3. This is where we will talk about Two Markets that can make you money.

02:51

If you have only thought of vacation rentals as the way to make rental income - think again. A short term rental is very different from a vacation rental and it might be that a short term rental is perfect for you. There are many, many, reasons for offering a short term rental. You might have a rentable space near a business conference venue, a hospital, a university, or a system of hiking trails in the state park. 

00:47

What exactly is a vacation rental market? How does it differ from a short term rental market?

00:31

Summary of Section #3.

Extra Reading: Short Term Rental verses Vacation Rental.
Article
Section 6: Rental Space Options
00:58

Welcome to Section #4. We will look at the different rental space options and which one is right for you. Of course there are more rental space options that what we have discussed. Write into the class and tell us about your space if we have not covered it in this Section.

02:08

Discovery four rental space options. Could one of them be perfect for your situation?

01:09

Important considerations when choosing the rental space for your business.

00:35

Summary are Section #4.

01:05

I've asked my friend, who has what we call an 'unusual rental' to tell you a little about his rental space. He has done very well with this creative rental. He has made enough income for he and his wife to travel a bit. This space was sitting empty and wasting resource. What a great way to think about rental income!

Section 7: Discover Your Neighborhood Rentals
00:27

Welcome to Section #5. This is where you will learn all about your specific neighborhood rentals. There will be homework in this section. But it will be worth it!

03:03

Become a tourist. Get outside and discover what brings people to your area. This will set you on a successful path to setting up your own vacation or short term rental business.

01:50

In this class we will take our research to another level. You will dig deep in the digital world, becoming a digital tourist in your area.

00:31

Summary of Section #5

Section 8: Understanding Rates
00:15

Welcome to Section #6. Understanding the Rates.

00:13

Occupancy rates. Rental rates. Seasonal rates.

Occupancy Rate
00:26
00:48

Rental rate. The amount of money you charge a customer for staying in your rental.

01:38

Investigating High Season and Low Season Rental Rates.

00:41

Summary

How much do you know about the rates?
1 question
00:27

Extra video. Where am I this week? And what are the occupancy rates in this area?

Section 9: Cyber Prep
00:29

Welcome to Section #7. Cyber Prep.

01:05

Knowledge is one click away. Enjoy learning about the vacation and short term rental industry.

01:18

Your homework will include researching these rental host companies:

AirbnbAlltherooms.com
Campinmygarden.com
Couchsurfing.com
FlipKey.com
HomeAway.com
KidandCoe.com
OneFineStay
PreferredResidences.com
Roomorama.com
Vacationroost.com
Visiwa.com
VRBO.com

00:35

In your research, take time to look for problems. Look for complaints against the companies. Knowing their weakness will make your position stronger.

00:12

Have you narrowed it down? Which two rental host companies best fits your business need?

01:36

Become familiar with the set up process of designing your vacation or short term rental landing page. If the rental host vendor you've chosen allows it, start on your page. Upload descriptions, photos, and rates. 

Before You Go Live
01:08
Uploaded and Live
01:08
Summary
00:55
Additional Reading:
Article
Section 10: Income: How to Prepare for Extra Money.
00:58

This is probably the most exciting part of the whole course....making money! This is a big picture approach, in other words we aren't diving deep into details, but this will give you a general idea of how getting paid works.

01:06

Our experience with renting out our home has been very positive. It has been a real financial blessings. And it's not even a full time rental!

02:18

From Check In to Cash In Your Hand

01:33

When guests pay to stay, I ask them to pay via Credit Card. This of course may vary depending upon your country location. But when possible, it is the safest way to receive payment for you and the safest way for guests too.

04:50

The rental host vendor you have chosen will want to set up financial details with you.  You will asked to link to your income to a bank account, a paypal account, a credit card, etc.  Once the customer sends their money in, it then gets transferred to whatever account information you put into the vendor system.

Remember you can always change this.

02:31

Decide how much money you would like to make. If you set an income goal, then you are much more likely to meet that goal.

Section 11: Marketing Your Rental Business
00:40

In this Section we overview Marketing you Rental Business.

What is Marketing? Setting a Marketing Budget. Marketing is Ongoing. Many Ways to Market.

00:39

Marketing is simply telling the world that you have a rental ready! In this popular and competitive world of rentals, a good marketing plan will help you stay ahead of the competition.

01:20

Budget for your marketing! I recommend setting aside 3 - 6% of your income for marketing.

I've attached a great list of marketing questions. What a great blog article! 

01:55

Keep 'Marketing' as a line item in your over all budget. Treat it like paying your electricity or water bill. That way you always have cash to tell others about your rental.

02:12

It's show and tell time. That is really what marketing is. Showing others why your rental is special and telling clients that you want their business!

Additional Reading:
Article
Section 12: Decision Time
00:25

You did it! You listened to the whole course. Now it's time to review what you know.

00:38

This is a great business idea. Will you be involved? Have you made a decision to try it? You have learned the difference between a Vacation Rental and a Short Term Rental. Which one is right for you?

00:19

Well done on that homework! You went outside and got in touch with your neighborhood, town, city, or area. Your research revealed a lot. Write into the class and tell us all about it!

00:28

Rates are no longer a scary subject. You know the basics. Rental rates, occupancy rates, and the seasonal rate.

00:22

The decision on which space you want to rent it made. Now it's a matter of making that space fabulous! And rentable.

00:32

You know when rental host vendor (s) you want to use. You have uploaded some items; maybe photos, descriptions, and financial details. 

00:23

You have knowledge on how getting paid works! That's the fun part!!

Marketing.
00:17
Section 13: Closing Comments
00:29

You are ready to begin! Do it! Open up your vacation or short term rental and start making an income!

00:44

I appreciate your time. Thanks so much for taking this course. It has been a basic overview, a flyover, of the vacation and short term rental industry. It has been great to have you in the class. The next course I will be offering will go into MUCH more detail. But for now, at least you know that you want to continue with this business idea. 

Blessings on your endeavors! And don't forget to write into the class and tell us of your successes. We're cheering you on!

Join me in the next course.

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Instructor Biography

Carrie Tedder, Vacation Rental Industry Teacher

Musician. Traveler. Lover of culture. Excited about others gaining knowledge, Carrie Tedder is a gifted teacher. She has years of experience in the rental industry business and currently runs her own vacation and short term rental. She is a a wife, a mom who raised third-culture-kids, and 'G' to six grandchildren. This first time Udemy Instructor lives in the USA Rocky Mountains with her husband.

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