long distance Short Term Rental -slow start, setting expectations

long distance Short Term Rental -slow start, setting expectations

Architect · Philadelphia, PA · Member since 2016 · 50 posts · 36 votes

I purchased a long distance short term rental from a 'turnkey' provider back in December 2021. I went through the purchase process 100% remote, and my property manager has been doing the set up and staging. 

After being listed for almost a month now, I have approximately 10 days booked for the month of April. Meanwhile many of my nearby comps are mostly booked for the spring and early summer months. 

Since I'm new to the STR game I don't really know what to expect. Is this an abnormally slow start or am I expecting too much? Here are 3 reasons why I feel like I'm not getting traction:

1. I have no reviews yet. 

2. My comps are either waterfront (I'm across the street from the river, not directly adjacent), or have lots of fun furnishings such as pool tables, fuseball, ping pong, bikes, canoes, etc. 

3. The listing has some weird provisions, such as: no toilet paper/paper towels/garbage bags are supplied. 3 night minimum stay (is this typical?). and there's a note that says 'this listing is geared towards mid/long term stays'.. this was all published by the property manager and some of this verbiage doesn't sit well with me (as someone who has stayed in many airBNB's in the last several years) 

Due to the reasons I list above, we dropped the booking price to be below the local average ($99/night). While I'm hoping more bookings come as Spring approaches, and I can accumulate some good reviews, hope is a terrible investment strategy and I need to improve this listing soon so I can take advantage of peak rental season.

Here is my airBNB Listing

Any feedback would be appreciated. I recognize I need professional photography, but I'm holding off until I can add more items to the property such as night stands, dressers, and misc. items as mentioned in #2 above. I will likely have to spend a week or two at the property, which I'm planning for in April.

For background: My market is a small river town 30 minutes north of Green bay, known for its fishing/boating/hunting and local ATV trails. While Spring and Summer are peak booking times, I can also expect winter bookings for GB Packers games. 

Thanks!

Matt

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Collin HaysBusiness Member
Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
4y

I think you need to self manage or you need to fire your PM. You don't have a property manager currently. 

A quality PM is going to handle professional photography at their expense.  They are also going to supply soaps, paper towels, and toilet paper.  The listing should be revised entirely.

Also, if the property is not fitted properly - furnishings, etc. - you are committing business suicide to rent it out.  

I think you are smart to lower your expectations with this current set-up.

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  • Developer · Philadelphia, PA · Member since 2018 · 100 posts · 81 votes
    4y
    Quote from @Matt I.:

    I took everyone's advice and drove out there 2 weeks after making this post. I had 5 days to do as much as I can before my next guest arrived. In this time we (my friend and I) added all new vinyl flooring, upgraded the bathroom, bought a ton of furniture and artwork. It was the longest 5 days ever, working 12-16 hour days, but here are some of the final professional photographs. There is still plenty I could do but this is a huge upgrade from what was there. Thanks everyone for the input.  


    Great example of short term pain, long-term win. That 60 hours of work will generate some incredible returns this summer. Keep going!

  • Member since 2022 · 1k+ posts · 1k+ votes
    4y

    Nicely done, congrats!

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