You may have come across individuals who have attained financial freedom through real estate investments and wondered how they transformed their aspirations into tangible achievements. Avery Carl, the CEO of The Short Term Shop, is among these accomplished individuals. Having mastered the intricacies of the short-term rental field, she now teaches others to follow in her footsteps.
We sat down with Carl to delve into her remarkable journey and how she transitioned from a newcomer to amassing a personal portfolio of more than 250 properties. Since 2017, Carl has facilitated the sale of over $2.5 Billion worth of short-term and vacation rentals, solidifying her place as a leading figure in the realm of short-term rentals.
The Origin of The Short Term Shop
Carl embarked on her real estate journey with her husband in 2017. The first short-term rental properties they acquired were in the Smoky Mountains, which are known for their vacation appeal. However, they encountered a lack of support from real estate agents who couldn’t answer their specific short-term rental questions. This motivated Carl to get her real estate license.
Carl shared, “We figured out how to self-manage our own properties, avoiding having to pay a property manager 40% of our gross, which is a lot. The Short Term Shop came about from me teaching friends how to do what we’d done. Then it was friends of friends, then people we truly didn’t know. And now we’re in over twenty markets.”
The Short Term Shop team of agents collectively owns approximately 400 properties. In 2022, The Short Term Shop ranked 9th in Real Trends’ annual list of top real estate teams in the country. They were also featured in The New York Times Elite 100 agents.
Tips for Success in Short-Term Rentals
For those aspiring to follow in Carl’s footsteps, she has a few key takeaways. “The most important consideration is choosing the right market,” said Carl. “Carefully select a market that aligns with your goals and budget. For example, if I want a low-cost property, I’m not going to consider the New York City market, but I will gladly consider Myrtle Beach, where condos can cost as little as $150,000.”
According to Carl, many investors mistakenly believe that if they live in a different state, they need to utilize a local property management company to manage their short-term rental.
“This is the biggest misconception. Property managers can charge anywhere from 20-40% of gross revenue,” said Carl. “But with the help of technology, short-term rental investors can circumvent the old system and keep 100% of their revenue rather than just a fraction.”
The beauty of working with The Short Term Shop is that they supply all of their clients with references to local cleaners, handymen, contractors, and other qualified tradespeople, making property self-management easy from anywhere across the globe.
Carl elaborated, “A lot of people will go buy $10,000 courses to learn how to manage a short-term rental. However, we teach you how to do that for free if you buy a property through us, so that by the time you close you’re ready to close, you’re not floundering or trying to figure out what to do with your $500,000 investment.”
Once new investors buy their first properties, Carl recommends continuing to work with experts like her team at The Short Term Shop to avoid the most common pitfalls. “A lot of new investors need a little extra guidance and help,” said Carl. “For example, I had a client who didn’t understand why her rental inquiries had dramatically dropped. But then we looked at her pictures, and the first photo that came up was of the beach. It didn’t even show her property. That’s why potential renters weren’t clicking on it.”
At The Short Term Shop, Carl and her team teach clients all the tricks and best practices for managing their properties remotely, including how to deal with guests, how to list their properties, and even how to choose the best photos for their listings.
The Personal Benefit of Owning Short-Term Rentals
For Carl, success isn’t just about acquiring a certain level of wealth and status but about achieving the freedom to live life on her terms. “Thanks to my short-term investments, I’m at a point where I can end my day at 1:30 p.m. and pick up my kids from school. I get to coach their soccer teams. And as a family, we have a lot of experiences. We take road trips and go to concerts for the entire summer. That’s the beauty of being my own boss. That is what success means to me.”
Whether you aspire to build a short-term property portfolio or simply find a side hustle, Carl’s journey demonstrates that the path to financial freedom is within reach.