How To Setup A Airbnb Unit Remotly
Few ways to tackle this:
First is travel to the unit and do it yourself. This would be my top option just to make sure EVERYTHING is exactly how YOU want it for running your business. This also allows you time to meet and interview cleaners, PMs, etc.
Second would be to find a Realtor who is willing to help. Expect to pay them for the work, but a good agent in the area who also does STR should have contacts to help you get your feet wet in the market. In this scenario you are going to pay contractors to do all of the work, but the local agent can be your eyes and ears to make sure things progress how you want.
Third is hire a PM to do it, again, you're going to pay, and you will be at the mercy of letting them make decisions for your property that you may or may not love.
If it were me, I would 100% be traveling to the property to get it perfect before listing.
Wayne there are some really good Airbnb/STR managers out there that will take care of everything from rehab, furnishing, and then marketing and managing your property. There might be a few here on BP.
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It can be done, of course, but you are giving up so much money, that's what kills me.... I know Nashville is tough, but can you move out a little into the suburbs or rural and get a STR somewhere else where you could do it yourself?
Travel out there....I would feel more comfortable seeing everything with my own eyes, on such a large investment. Consider it a cost of doing business. Factor the cost in underwriting.
I have successfully done this twice. I used my realtor to find painter, handyman, electrician, and floor contractor. I met the contractors during the inspection period, got quotes, ordered materials, and then came to town when the work was completed prior to payment. I also measured rooms during the inspection period so that I could order furniture. I got about 90% of the furniture right but was okay with taking the loss. Some furniture companies allow returns. It is helpful to find a furniture company that is willing to hold the order until everything comes in. Due to COVID (etc.) delays, a property that I did 6 months ago took longer. Inventory backlog and delays resulted in it taking an additional 3 weeks to launch the property. Keep in mind I ordered furniture as soon as we were under contract. I ordered from a company that did not charge until delivery time. It can be done. Hope this helps. Rhonda
Hi Wayne,
It is definitely helpful to have someone on the ground to take a look at work that is done when you are not available. In the past we have had a trust worthy cleaner who can come take a look at work that is done or a Realtor/Property Manager may be helpful in that respect. In regards to furnishings, It helps to look online & you can have most things delivered then later add any decorations + comfort items when you come down to visit the unit yourself.
It is definitely possible to set up your Airbnb remotely, you just will want to have some conversations & find someone trustworthy to help!
@Leland S. is the expert here
1. Read the books
Who not How
Long Distance real estate investing (David Greene)
Short-Term Rental, Long-Term Wealth (Avery Carl-she also has a couple of podcast eps on BP)
2. Study vacation rental markets, find one with a long history of tourism, and where regulations are already in place (opposite of Nashville where I also used to try to do STR :) )
3. Analyze 1 or 2 STRs every day for a month or two.
4. Apply what you've learned above, pull the trigger.
I currently live in CA and have done 3 STR in Florida and Georgia over the past 24 months. One was a full remodel including new framing, roof, plumbing etc.
What I have found that has worked best for me is to ask the realtor for a referral of a good handyman, contractor, roofer etc. once you find one good worker that is vetted and verified by someone who is in the industry you can work through them for more referrals (plumbers, electrician drywall etc).
You will need to make a few trips down to check on the progress and meet the workers but that is part of the fun in the journey.
Which markets are you looking at? Good luck with your investing!
Quote from @Nick Florio:
Which markets are you looking at? Good luck with your investing!
I am looking at Memphis, Chattanooga, Knoxville, Orlando and Miami.
@Wayne Woodson Most people I know do go out to the STR themselves and set it up. That being said, it's definitely possible to do it remotely using a STR designer. I know someone who does that in Chattanooga, I'll PM you!
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Quote from @Wayne Woodson:
Quote from @Nick Florio:
Which markets are you looking at? Good luck with your investing!I am looking at Memphis, Chattanooga, Knoxville, Orlando and Miami.
When you are trying to invest remotely, you must build a team. Start contacting a local professional that can help you. I suggest looking to connect with a Realtor that is familiar with what you are trying to do. They will most likely have contacts in the local area that can help you with any service you need.
@Wayne Woodson You have gotten pretty great responses here. I will add that if you are able to travel to view the property before getting it under contract or during your inspection period, take tons of photos and video...measure everything and meet with your agent and have them help you. Much can be done remotely, but no one will do it to your standards.
In my market, Orlando, our STR homes come fully furnished and ready to rent the day after closing and also future bookings almost always convey with the property. So this can be a challenge to even put lipstick on your rental since it is booked when you take over. I advise my clients to block some time off the calendar during a traditionally slow time and pre-book all your work to be done during that time. Pre order all of your furniture, theming items etc and store them so that when the time comes, you are ready to knock out any updates and not interrupt any guest experience. I would even suggest incentivizing the first few guests after your redo to give you great reviews.
Hope this helps and good luck!
