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Relief for Short-term Rental Owners
The impact of 2020 has many owners selling to recover financially
Scout Realty based in Nashville (visit https://scoutrealty.com)
"We are in circumstances no one could have predicted, and no one knows when things will turn around," said Jonathan Harris, founder of Scout Realty. "We give property owners the option to sell by charging based on our services rather than based on the value of their investment."
According to a recent Fox17 News report, "Davidson County has lost about $2.1 billion in visitor spending due to the COVID-19 pandemic through July 11." That has had a direct impact on short-term rental owners who are using their property as Airbnb rentals for tourists and convention visitors. While some owners saw rentals increase with seasonal tourists after the city began to reopen, conventions were basically shut down for months leaving many short-term rental owners in a deep hole financially. As the country continues to battle COVID-19 and schools reopen, the increase seen this summer with limited tourism may not continue.
Conditions could prove to be insurmountable for some owners. Megan McCrea, the president of the Nashville Area Short-Term Rental Association (NASTRA), told NewsChannel 5 in a report recently NASTRA members have had to begin selling. Metro Codes Department showed there were just 24 rental applications in April 2020, according to the report.
"Our flat-fee model for real estate services is needed by short-term rental owners having to sell now," Harris said. "Property owners have been hit from all sides and our business model can make a meaningful difference to investors' bottom line. At Scout our sellers keep more of their equity while getting a full-service experience."
"We focus on people over profits and we know that in today's uncertain times – especially with the situation in and around Nashville – we can be a resource to help short-term rental property investors recover financially,"