What makes a great STR real estate agent?

Property Manager · FL · Member since 2022 · 23 posts · 26 votes

I'm a broker here in Central Florida and am curious to hear opinions on what makes a great STR real estate agent? Is it local knowledge about any given area? Experience in selling short term rentals? Connections to vendors like property management and furnishing?

What’s brought the most value to you as an investor?

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Trish Mccoy

Real Estate Agent · Grass Valley, CA · Member since 2017 · 185 posts · 198 votes

Well I was my own agent. But I think more than anything is experience running your own STR - If you don't have that experience you are not going to understand fully what the client needs and what makes a good STR and really what to look for. Not to mentioned running the numbers etc..

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Trish Mccoy
Real Estate Agent · Grass Valley, CA · Member since 2017 · 185 posts · 198 votes
4y
Well I was my own agent. But I think more than anything is experience running your own STR - If you don't have that experience you are not going to understand fully what the client needs and what makes a good STR and really what to look for. Not to mentioned running the numbers etc..
8 Reply
Paul Sandhu
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
4y
Nothing. I use keys from previous bank foreclosures and let myself into bank foreclosures that are for sale. The keys are the same. I inspect them myself.
Real estate agents? We don't need any real estate agents.
1 Reply
Lauren Kormylo
Rental Property Investor · Phoenix, AZ and Rehoboth Beach DE · Member since 2019 · 1k+ posts · 1k+ votes
4y
An agent who knows what areas are the most desirable for rentals and what features are important, who knows which communities have restrictions on STRs or are planning them in the future, and who has a network of contractors who will give preference time wise to their clients who are trying to get a place rent ready quickly.
5 Reply
Jacob Brenyo
OP
Property Manager · FL · Member since 2022 · 23 posts · 26 votes
4y
Quote from @Trish Mccoy:

Well I was my own agent. But I think more than anything is experience running your own STR - If you don't have that experience you are not going to understand fully what the client needs and what makes a good STR and really what to look for. Not to mentioned running the numbers etc..
Makes a lot of sense. I wonder if a combination of selling and managing STR’s would be enough to qualify as experience?
1 Reply
Jacob Brenyo
OP
Property Manager · FL · Member since 2022 · 23 posts · 26 votes
4y
Quote from @Paul Sandhu:

Nothing. I use keys from previous bank foreclosures and let myself into bank foreclosures that are for sale. The keys are the same. I inspect them myself.
Real estate agents? We don't need any real estate agents.
Haha! I love it. I’m sure it took time to build those relationships with the banks to have free access to those properties. Would you see any value in an agent if they were able to help guide you on regulations and ADR for any given property?
0 Reply
Jacob Brenyo
OP
Property Manager · FL · Member since 2022 · 23 posts · 26 votes
4y
Quote from @Lauren Kormylo:

An agent who knows what areas are the most desirable for rentals and what features are important, who knows which communities have restrictions on STRs or are planning them in the future, and who has a network of contractors who will give preference time wise to their clients who are trying to get a place rent ready quickly.

Local knowledge definitely seems to be extremely important. On the vendor relationship side obviously property management is extremely important. Do you see value in having a furnishing/design partner? What about a general contractor or handyman?
1 Reply
Trish Mccoy
Real Estate Agent · Grass Valley, CA · Member since 2017 · 185 posts · 198 votes
4y
Quote from @Jacob Brenyo:

Quote from @Trish Mccoy:

Well I was my own agent. But I think more than anything is experience running your own STR - If you don't have that experience you are not going to understand fully what the client needs and what makes a good STR and really what to look for. Not to mentioned running the numbers etc..
Makes a lot of sense. I wonder if a combination of selling and managing STR’s would be enough to qualify as experience?
@Jacob Brenyo: For sure.
0 Reply
Sean Bramble
Investor · United States · Member since 2020 · 202 posts · 284 votes
4y
Must haves are:
1) Contractor connections
2) Regulatory knowledge, especially a pulse on what's coming in the future (at the county, town and HOA level)
Bonus points if you understand yield and how to underwrite deals. I expect to do this myself as the investor, but have yet to find an agent who can speak beyond gross revenue (most just reiterate Airdna figures). Still waiting for the day I find an agent who comes to me with deals and can speak to return metrics like COC return, etc

3 Reply
Quinn OlivarezBusiness Member
Real Estate Agent · Houston, TX · Member since 2021 · 115 posts · 131 votes
4y
1- the tools to analyze the STR component of the market. Having pricing tools is also super helpful in running accurate numbers.

2 - the connections to make launch smooth and quick, such as quality leads on cleaners, handymen / women.

3 - the ability to offer PM assistance without having it be a critical component of the deal. Many folks want to self-manage, but, some want boots on the ground.

4 - integrity. this segment of the industry is rife with grifters and salespeople looking for their next commission. This is the most important quality imho. An agent with integrity will bring 1-3 to the table naturally, and won't mislead you into investing in a market with a questionable STR future

[email protected]832-607-2941
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Ruben Kanya
Short Term Rental: Realtor, Investor, Manager · Atlanta, GA · Member since 2017 · 138 posts · 85 votes
4y
If you can be a one stop shop resource, the more you make yourself a source of value in the marketplace:
- ANALYSIS - STR Analysis/ Running the numbers is key
- REGULATIONS (how to get a license etc.)
- MANAGEMENT - How they can manage it, outsource the management, self manage, or find a co-host in their community
- FURNISHING /designing and if they're remote giving them insights such as guiding them to get a Wayfair pro account so they can order everything they want, have it stored and delivered all at the same time
- TEAM - giving them referral for cleaners, as an agent/owner I post in my agent forumns for cleaners and that who runs/cleans our STRs today.
1 Reply
Brian G.
Rental Property Investor · Los Angeles, CA · Member since 2013 · 1k+ posts · 1k+ votes
4y
@Jacob Brenyo I want my realtor to be able to tell me in a few seconds what a given property will likely gross, along with what type of property is most in demand and why (style, amenities, location, etc). If I’m new to the market, I also want my realtor to have a list of vendors ready to go to help get me started in a market and help ensure my success.
0 Reply
Chase Hoover
Real Estate Broker · Staunton, VA · Member since 2019 · 194 posts · 216 votes
4y
As an STR broker in Shenandoah Valley VA the biggest values my team brings our clients is: helping determine the best area to invest in (our region is rather large with lots of sub-markets within it), utilizing our relationships with listing agents and experience of prior deals to help give our clients the edge in getting properties under contract, and providing local vendor contacts once in escrow.
Prior to starting our brokerage, we ran a STR property management business for several years with over 30 units, so we are able to advise clients on best practices and give well-qualified answers to setup/marketing/management questions.
On top of everything, we're very active investors ourselves so we always advise through the eye of an investor = most important. Would you eat a smoked brisket cooked by a vegan?
1 Reply
River SavaPro Member
Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
4y
Quote from @Jacob Brenyo:

I'm a broker here in Central Florida and am curious to hear opinions on what makes a great STR real estate agent? Is it local knowledge about any given area? Experience in selling short term rentals? Connections to vendors like property management and furnishing?
What’s brought the most value to you as an investor?

As an investor, agents who know the area and have connections have typically been the most successful in my experience. However, nothing trumps hard work. I just closed a deal with a new agent and she worked relentlessly to close. What im saying is it’s trial and error and be open to those new to the industry. Would love to connect and talk more about this and refer you to some agents. I lend in central florida often and there is opportunity of working together. Hope this helped!
[email protected]
1 Reply
Luka Milicevic
Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
4y
I'm an STR agent in my market and the biggest thing that sets me apart is knowing the regulations imposed by the city.
I get so many calls from out of state people saying "the agent told me I could STR this property".....glad you called me about it because I just saved your investment.
Knowing managers, areas, etc should be a given, but what sets me apart is knowing the STR regulations.
1 Reply
Joshua MessingerBusiness Member
Property Manager · Poconos, PA · Member since 2020 · 443 posts · 264 votes
4y
Hey @Jacob Brenyo!
There are a couple things that will set you apart from other investor-friendly agents in your market - here's a couple:
- Having vast market knowledge of the areas that perform well and the others that don't
- Having already built rapport with the right people/listing agents so you can get more deals done for your clients faster.
- Having systems in place already that your clients can join in on which solve's the problems they may have. For example having your own property management, interior design, and contracting team are extremely resourceful because then you become a one-stop shop for your clients.
I hope this helps and if you have any more questions please don't hesitate to reach out!
All the best,
Josh
[email protected]484-986-5012
0 Reply
Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
4y
I appreciate the value that a Realtor can bring to any deal, but I don't feel they are so necessary in a STR deal...unless your buyer is a newbie. It is too easy to scope out different areas and make a decision on whether it is good, regulatory -wise, a simple phone call will do that. Then it is just the same old thing...how much to do repairs, how much return, etc....
0 Reply
Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
4y
@Jacob Brenyo
In addition to having local market knowledge, selling experience and team of real estate professionals like contractors, property managers etc.
You should understand the investment goals of the investors so that you can look for deals that will fit in their investment goals.
Also you should either be good at underwriting the deal or have a skilled underwriter as underwriting plays one of the important role in making investment decisions.
Also you should keep yourself updated with knowledge and tools used in real estate.
All the best!
[email protected]832-776-9582 Podcast Guest on Show #469
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Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
4y
One that actually owns a STR
4 Reply
Jason Goretzki
Fort Lauderdale, FL · Member since 2016 · 214 posts · 95 votes
4y
Events that bring people into the area. This is especially helpful for someone new to the area, or buying from out of state.
Knowledge of lenders that are STR friendly. Nothing says "you don't know what you're talking about" like telling me something that something I have already done & already have lined up - isn't possible. Now if a property is contingent on cash only, or an HOA doesn't allow lending purchases, that's a different story.
It would also be good to know limitations on STR units, say a mandatory condo/hotel fee split, or "buyer must allow building/HOA management to list". Especially when a building is under new management, or planning on making these types of changes. These are things that a buyer will find out on their own, & be let down that the agent didn't disclose or even worse, didn't know.
0 Reply
Carlos Ptriawan
Member since 2019 · 7k+ posts · 4k+ votes
4y
Quote from @Jacob Brenyo:

I'm a broker here in Central Florida and am curious to hear opinions on what makes a great STR real estate agent? Is it local knowledge about any given area? Experience in selling short term rentals? Connections to vendors like property management and furnishing?
What’s brought the most value to you as an investor?

my agent:
- know the location
- understand the regulation
- promote me with the organization that could help in permitting and also introduce me to the property management

it's just that for the calculation, i do my own DD by asking the PMC.
0 Reply
Levi BennettPro Member
Real Estate Broker · Charlotte, NC · Member since 2014 · 285 posts · 248 votes
4y
I'm an actual STR real estate agent (I only do STRs), and to my knowledge, nobody provides the value we bring to the table.

It's not just about knowing how to qualify an STR candidate property (even an entry level agent can do that), it's knowing what will bring in revenue. With 8 years of experience in STRs, wholesaling, rehabbing and multi-family investing, we speak the language. I help underwrite, interpret data, regulations, and have a pulse on what makes an STR the first click in a sea of other listings. So we also connect with interior designers, contractors (in a tight labor market), and bring local knowledge and we DO NOT LIMIT TO CERTAIN LOCATIONS. This is is the biggest mistake realtors and investors make: Thinking that location is the primary driver for ROI, and it's not even close to being accurate.

The most important factors, ranked, are: 1) acquisition price 2) amenities 3) interior design 4) uniqueness 5) availability 6) number of bedrooms and lastly 7) location.

People who put "location" at the top of the list are already making their lives significantly more difficult, and agents who still apply the antiquated "location, location, location" mentality to STR cannot possibly get the returns our clients get. So education is a huge part of what I do. I would barely even classify us as brokers or Realtors (alltho technically we are), we're financial advisors that specialize in STR investment.

We take our information seriously, and pay for a state-wide user license with Airdna to get as much useful data as possible that we pass along to our clients (I still haven't met another agent that does this).

In addition to providing all of these services, we leverage a huge network of wholesalers to provide exclusive and off-market opportunities as well being well-versed (and many times successful) in negotiating seller financing and know the ins and outs with leveraging limitations on DSCR, 1031, investment and second home mortgages.

I appreciate people with the mentality of "we don't need real estate agents" and, I almost agree, only because most agents can't possibly provide the value necessary to help every client crush their STR goals, but, for the few out there that know what they're doing and really understand the market, it's more than worth it. I can speak for myself that we work with a plethora of different clients, from extremely experienced to inexperienced. All[!] of them have been pleasantly surprised at the performance of their investment.
4 Reply
Wilson Hunter
Investor · Greenville, SC · Member since 2020 · 210 posts · 302 votes
4y
"Location is the least important variable for STR ROI" is a wild claim that I'd love to hear more about. A deluxe 3/3 cabin in Blue Ridge, GA will usually gross less than my 1/1 600 sq foot cabin in the Smokies and cost more to buy. A 4/3 2,000 sq foot beach house on the opposite side of the highway will gross less than my 3/2 1,000 sq foot beachfront and cost more to buy. Location has a higher impact on revenue potential than almost any other variable. That's why you see cabins an hour west of Charlotte cost a third of the price as the same type of cabin on the TN side of the Smokies.

Now sure ROI is a numerator/denominator game that includes revenue and purchase price, and if all the best locations were priced higher than the potential additional return they give then that doesn't move the needle. But at the end of the day real estate is also a physical structure you pay for and the capped success of some random location often doesn't drive the price down enough to make those places higher ROI than the best markets.

1 Reply
Levi BennettPro Member
Real Estate Broker · Charlotte, NC · Member since 2014 · 285 posts · 248 votes
4y
@Wilson Hunter I'm writing a blog about it here. I'll keep you posted when it's ready :D
1 Reply
Wilson Hunter
Investor · Greenville, SC · Member since 2020 · 210 posts · 302 votes
4y
Quote from @Levi Bennett:

@Wilson Hunter I'm writing a blog about it here. I'll keep you posted when it's ready :D

Awesome I look forward to checking that out!
0 Reply
Brian G.
Rental Property Investor · Los Angeles, CA · Member since 2013 · 1k+ posts · 1k+ votes
4y
@Chase Hoover what type of revenue to price ratio are you currently seeing?
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