Peter Lorimer’s Secrets to Property Success, From Photos to Software
News The short-term rental industry is exploding. For real estate guru Peter Lorimer, success means rejecting shortcuts and leveraging technology.
Few people know more about real estate and the short-term rental industry than Peter Lorimer. The real estate legend now co-hosts “Stay Here” on Netflix with Genevieve Gorder, helping the famed interior designer transform drab Airbnb rentals into spectacular getaways.
“I think my favorite part of “Stay Here” is being able to immerse myself into the cultures of cities,” says Lorimer. “Which I think is the essence of Airbnb—we want to live like a local. It’s incredibly personal.”
Secrets to success
Lorimer has seen it all, and he has a simple recipe for short-term success.
“A word that I like to use in the show quite a lot is ‛narratives,’” he says. “Know what the story of the property is. Hire a professional photographer to capture the narrative. Thanks to technology, traditional real estate and short-term rentals have turned into real estate Tinder—please, please hire a professional cleaning crew!”
Technology also offers huge opportunities for landlords. “As a real estate professional, I’m all about ‛how can I utilize an hour?’” Lorimer points out. “Nothing replaces the personal touch, and if I’m knee-deep in paperwork, then I’m probably not going to be the most vibrant host that I could be. So if you can afford it—and really, you can’t afford not to—get Property Management Software (PMS) to streamline the day-to-day aspects.”
In addition to PMS, Lorimer stresses the importance of insurance. “Having insurance as a landlord is absolutely paramount—be very clear you’ll be using the insurance for an Airbnb, and get an umbrella policy. For renters, insurance adds an extra layer of comfort.”
Advice for newbies
For new landlords, Lorimer believes knowledge is power. “Data drives everything. Know your niche, who you’re going for.” He also believes in getting your hands dirty. “I’m a great believer in apprenticeships, and in getting things wrong so you know how to get them right. Do everything except the cleaning and the photography. Hands on is how you learn.”
It all comes back to that personal touch. “There are no shortcuts—clients will notice, and it will affect your ROI,” Lorimer warns. “Treat your guests like extended family or long-lost friend. That’s what they’re looking for, that’s what this industry was founded on.”