Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
Hey all - Thought I'd throw this out there.....One of our places is fully booked - but on weekends only. It has been booked every single weekend of the entire year. And that is great! However, we really need to get this booked up more in order for it to become more financially attractive. I'd like to have more weekly bookings.
The way it is making money now, we could get more by just doing a typical LTR, but I'd rather not do that.
It does cash flow (because we paid cash for it), but not like I want it to.
Does the listing look ok to you guys? Any ideas? This is close to a super popular area of a popular vacation city that is packed with visitors every week and weekend. We are also within walking distance to the local hospital, so I had thought of nurses or doctors...?
Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
3y
Hey @Bruce Woodruff, in general it looks solid. I would play around with changing your minimum night stays to at least 4, using surge pricing on the weekends, or using something like PriceLabs "mid-term stay dynamic minimums" to massage the booking tendencies here.
Require booking Friday and Monday with the weekend or something of the like. I even know people who have gone with a week long minimum. The people who only want 2 or 3 days will be many, but as soon as they book the few people who did want a week are left looking elsewhere. I seen similar behavior with my Airbnb, I’m guessing a lot of people are experiencing the same thing.
Good point! I was concerned somewhat that by encouraging week-long stays we might lose the weekends......
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
3y
Really appreciate the advice, everyone!
I have changed the minimum night stay to 3. Going to offer a 20% discount for a week's stay.
Signed up on Pricelab for a trial...
We are going down to clean it now so the wife will take some new pictures (she is pretty good), at least until we can get a pro in there. Will hang a few more pictures.
Also starting work on the back yard asap, it was pretty embarrassing!
We did not realize that our pictures were so bad and outdated, it was worth starting this discussion just to get that pointed out. Although those were taken before we were done decorating, we were still lacking....
Bethel, PA · Member since 2014 · 32 posts · 9 votes
3y
@Bruce Woodruff. Possibly switch out one of the queen beds for a king size. A lot of people love king size beds. I will usually move on to another listing if it doesn’t have a king. Good luck!!
@Bruce Woodruff. Possibly switch out one of the queen beds for a king size. A lot of people love king size beds. I will usually move on to another listing if it doesn’t have a king. Good luck!!
Bingo.. If it fits 100%. There are other past posts out here where lots of people including myself will not stay if there is not a King bed. I have kings in all of my STRs with the exception of one bedroom that just won't fit it, so I have a queen there. This might also get back to longer weekday stays. Like if I am on a road trip and have to stop at a hotel, I'm still looking for a room with a king, but if they are not available, I can handle queen for one night. But if I am going to stay longer I would most definitely want a king. I didn't see this before but what @Becky Haag is what I believe to be a HUGE factor for a more than a couple night stay.
@Bruce Woodruff. Possibly switch out one of the queen beds for a king size. A lot of people love king size beds. I will usually move on to another listing if it doesn’t have a king. Good luck!!
Bingo.. If it fits 100%. There are other past posts out here where lots of people including myself will not stay if there is not a King bed. I have kings in all of my STRs with the exception of one bedroom that just won't fit it, so I have a queen there. This might also get back to longer weekday stays. Like if I am on a road trip and have to stop at a hotel, I'm still looking for a room with a king, but if they are not available, I can handle queen for one night. But if I am going to stay longer I would most definitely want a king. I didn't see this before but what @Becky Haag is what I believe to be a HUGE factor for a more than a couple night stay.
I second this. We are king beds only as well unless it simply won’t fit.
I know this property already because you posted a picture of your amazing coffee set up that we should all aspire to have in our STRs.
The only thing I would mention is based on dates I chose the per night price is the same on weekends and weekdays.
Comparatively my STR in East Nash ran $500-800/night on weekends and $100-150/night on weekdays. Granted the range here is larger, and it might not even be worth it for you to drop your price to say $70/night, but.....it can of course add up quickly
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
3y
I love the creativity in this thread! I really like your house, and think that great photos will add some sizzle to that steak...these photos don't show your place to its best, in my opinion.
Your theming is consistent, and the spaces look inviting. It needs a bit more sizzle, which better photos will bring out. I also like the photos you have of the local area and things to do. I need to work on that type of photo for my own area, as your photos tell a story of adventure, big skies and all the glory of the Wild West.
Put up some gong targets in the back yard and add a break barrel pellet gun. I use farm implement disks for my gongs.
That's a great idea! On it!
I get the disks from a metal recycling place. They sell it by weight. A disk might be 50 cents or less. I set mine out to 250 yards and use a .22. Have to hold about 10 feet above it with a 50 yard zero on the scope. It takes about one second to hear the ding after firing the gun.
Investor · cary, NC · Member since 2008 · 27 posts · 7 votes
3y
@Bruce Woodruff needs a woman's touch. Needs to look much more appealing. It looks functional. I would never book it because there is nothing appealing other than the flooring. People want to see a lot more photos of the unit, not the town. Ask several female friends to help you decorate inside and out.
Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
3y
@Bruce Woodruff just about all these posts are about how to make your house better, more appealing, and that is great but that doesn’t really address the issue. I’ve seen two basic suggestions for getting your weeknights filled: longer minimum stays and some sort of pricing advantage (4th night free, lower rates, etc.)
What research have you done? Are others filling their weeknights? If so is it because their house is different (the house itself or location) or because of their pricing and marketing? Who are their target customers? Have you spoken to other hosts in your area? Have you determined there is a STR market that includes mid-week stays (I'm sure there is but have you researched the hard questions)?
On a side note, I noticed you’ve only been on BP since April of 2021. Is that right? And you’ve made almost 7,000 posts? Booyah!
@Larry Turowski When I search for week stays, anytime, there are lots of available places (maybe 2 dozen). Yet the downtown square is packed with tourists every day....so it doesn't make sense....
Realtor · Costa Mesa, CA · Member since 2017 · 52 posts · 14 votes
3y
@Bruce Woodruff
Hi Bruce,
If you’re area rents weekdays all year long, and you have been full every weekend of the year..
price labs is great as it will only let people book a minimum number of nights until you are within a set period before your dates.. i.e.
No 2 or 3 day bookings until 3 weeks! Keep weekend prices high until it gets within like 10 days. Think $189/$199 instead of $129. But start giving your guest little bonuses.. nice coffee, bottles of water, fake flowers/plants, pops of color, and yes pay for the photography!
House is nice, great location, may need a couple little things, but mostly don’t let your weekends go for low prices, until you need to fill dates!
@Bruce Woodruff needs a woman's touch. Needs to look much more appealing. It looks functional. I would never book it because there is nothing appealing other than the flooring. People want to see a lot more photos of the unit, not the town. Ask several female friends to help you decorate inside and out.
It was actually the town pics that made me think what a fun interesting place to visit..
@Bruce Woodruff needs a woman's touch. Needs to look much more appealing. It looks functional. I would never book it because there is nothing appealing other than the flooring. People want to see a lot more photos of the unit, not the town. Ask several female friends to help you decorate inside and out.
It was actually the town pics that made me think what a fun interesting place to visit..
Without them (for me), a house is a house...
I will keep the local interest pics, but add many more of the house.....thanks, Scott!