Best way to sell a Turnkey Short Term Rental?

Question

What is the best avenue to successfully sell a turnkey STR?

January Johnson · Answer

99% of what I sell are turnkey STRs. It's helpful to post rental history if it's good. In my market, buyers are looking for about 12% or more in gross rental income relative to purchase price, so if you have a $500K property that's only doing $40K/yr under the current management, don't post rental history (though most buyers will ask for it, so be prepared to explain why it's performing the way it is).

Also, network with agents who specialize in STRs. My team is in 20 STR-friendly markets, and we have access to tens of thousands of STR buyers and owners.

Logan Laperriere · Answer

Where is your STR located? Is it in an area with strong restrictions? If so, that can be a benefit for investors since this property already qualifies. I would definitely mention in your property description that the property comes turn key, and offer to show the properties rental history/income. I would also market the property on local Facebook groups, you may find that there is a specific group for STR owners in the area.

Sarah Kensinger · Answer

Sell it creativity with a unicorn agent! You'll find a whole lot more interested buyers that way then the typical MLS. Especially in FL where numbers barely work right now.

Michael Baum · Answer

Hey @Clay Asplundh, the other guys said it well. Just get it listed.

I am going to jump to a conclusion. Do you think that it is worth more than any other similar home?

I did a pretty conclusive poll of about 14 lenders of all sorts and each and every one wouldn't allow larger loans for operating STRs. I did a post on it a while back so do a search if you are interested.

The furnishings would have to be negotiated. They don't have any real value as far as the purchase price goes.

If I am wrong about the assumption, sorry about that. There have been way to many people who think that their STR is worth 100k more than the exact same house 2 doors down.

Bob S. · Answer

List it, not really sure what else to say

Good luck

John Underwood · Answer

Most traffic will be on Zillow or MLS.

I would try Zillow first, if not enough interest I would do a flat fee MLS listing.

FB groups national and local for STR's would be another free place to advertise.

Alyson Gordon · Answer

Have you tried Facebook? There are a lot of FB groups for STR as well as buying/selling STRs that would be worth looking into :)

Nathan M kiefer · Answer

I follow listings on rabbu, you have to filter through some but I find they have a good mix of units for sale and do a good job marketing them.

Collin Hays · Answer

A year ago, most listings in the Smokies were including their annual rents. Not so much these days. They are making you dig for that info.

Andrew Steffens · Answer

+1 for MLS. Also seek out local agents you specialize in STR. Their buyers tend to love off market deals

Best way to sell a Turnkey Short Term Rental?

Best way to sell a Turnkey Short Term Rental?

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