What do you wish you knew before starting a STR or AirBNB?

Question

Hello BP Community,

My business partner and I are currently under contract on a Triplex 1 block from the beach in the Panhandle of Florida. It's an excellent property because it will cashflow well as a LTR, but substantially better as a STR. One of the 1bd/1ba units is already listed on Airbnb and is doing quite well. We plan to self manage the property and have been learning a lot about automation and systems such as IGMS. What do you wish you knew before starting an AirBNB? What tips and tricks have you learned along the way to make it a smoother, less time-consuming process?

Thank you for your time,

Alex Schloe

Julian Sage · Answer

Automate as much as possible by using the tools available to make the process easier.

Our management company stack is: Hostfully (PMS), Smartbnb (Messaging), Breezeway (Task management), Pricelabs (Pricing), Noiseaware (Noise monitoring), Ring (Security), August (Smartlock), and Hostfully again for their digital guidebooks. That'll help you streamline everything if you plan to DIY. There's a learning curve obviously but as with anyone who is trying to save money.

Alexander Schloe · Answer

@Julian Sage Appreciate the feedback and resources. We are certainly trying to automate as much as possible!

@Melissa Wesling Appreciate the advice!

@Mike Shemp That is awesome congrats on the recent purchase! Hope all is well! Man, that is excellent feedback all around. I appreciate you taking the time to share that with us! The customer is always right haha!

Mike Shemp · Answer

Hi @Alexander Schloe,

Congrats on the purchase! We own 2 short-term rentals right now.  We bought our first one in 2017, and bought our 2nd one a couple of months ago.

Here are some lessons learned or just some advice that has served us well

* Don't nickle and dime your guests.  If they break a coffee mug, want to borrow a book, just let it go.  Consider it part of doing business.

* Have each guest sign a rental agreement.

* Get good systems in place to automate.  It's probably good to start off doing things manually, so this way you know all the things to do in case those systems fail...plus it is easier for you to teach to someone else if you outsource certain tasks too.  But eventually you will want to pay to automate some things, especially the messaging with guests (thank you after reserving, emailing welcome book, emailing them night before, how you doing message, pre-checkout message, etc).

* My personal experience has been larger groups cause more headaches  Smaller groups cause less.

* If something doesn't go right for your guest, then make it up to them.  Buy them a gift certificate to a restaurant, etc.

* Handle every situation the way you would wanted it handled if you were the guest.

Please feel free to reach out for any other questions at any time.

Best of luck!Mike

Melissa Wesling · Answer

Congrats on your purchase! Yes, as Julian mentioned, automation has saved us time when self managing.  It is also important to have a reliable cleaning crew and handyman if you self-manage.  Those things will get you a great start!

What do you wish you knew before starting a STR or AirBNB?

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