Tips that you wish you knew when starting your first STR

[Justin Corpolongo]

Although it has taken longer than I had hoped, my lease has begun today for my AirBNB. I am still waiting on the delivery of the rest of my furniture that will be coming in by the end of this week. I am hoping to get the listing officially completed by the end of the day Sunday the latest. Please let me know one thing that you wish you had known prior to starting your own STR that would have changed your growth process dramatically. I appreciate all of your insights!

[John Underwood]

Quote from @Justin Corpolongo:

Although it has taken longer than I had hoped, my lease has begun today for my AirBNB. I am still waiting on the delivery of the rest of my furniture that will be coming in by the end of this week. I am hoping to get the listing officially completed by the end of the day Sunday the latest. Please let me know one thing that you wish you had known prior to starting your own STR that would have changed your growth process dramatically. I appreciate all of your insights!

 Is this an arbitrage?

[Estee Capland]

having VERY clear house rules. But also not having too many as you don't want to scare people off!

[Andrew Steffens]

The importance of properly pricing your property! We rely on software, but if you have just one you should still model your pricing strategy the same way hotels/airlines do.  Know your high and low seasons and how your market books and know your competition.  Otherwise you will be leaving money on the table whether priced too high or too low

[John Mausteller]

Professional photography.  The very first thing people do when searching on airbnb or any other website like it, is look through photos.   Make sure those photos are professional and paint the picture you want to paint.  Showcase the house - make someone not only to WANT to be there, but make them start to envision themself there already!   A good photographer will cost some money up front but it is well worth it - especially if you are competing with numerous other short term rentals in your area which judging by your location, I would say you are.    

Second is response time, when renters are searching, its more than likely that they messaged the same message to multiple different hosts, be the first to respond... even if it is just "Hey I got your message and your questions - I will get back to you within the hour with the answers..." or something like that.   It is easier now than ever before on airbnb to automate messaging - so set yourself up for success!  

Third, furnish it nicely!  Make people want to choose your place over your competitors. 

[Leslie Anne Morris]

I wish I would have known not to spread myself thin by buying in too many markets at once.  But life is full of lessons and lessons are for learning, hence creating growth.

[Michael Baum]

I like the idea of professional photos but so many are over manipulated that it makes a cave look like a sunny beach cottage. Make sure they don't go crazy with filters etc.

Also, not doing arbitrage...there is no real growth with arbitrage. It is just a job and it can be yanked out from under you in a heartbeat. Buying and self managing is the way to growth.

[Bruce Woodruff]

Two things we learned that we are doing now (a couple years later).

1) Professional photos

2) Hire an interior designer/decorator

[Mason Hickman]

@Justin Corpolongo

I wish we knew not to just turn on instant booking immediately with no real parameters. We quickly learned not to take people with zero reviews without vetting them a bit.

[Nathan Gesner]

1. Know the law inside and out.

2. Use a variable pricing tool to ensure you're competitive.

3. Have a good policy for when payments are due and non-refundable.