STR/MTR Biggest Hurdles

[Adam Tyer]

Hi Everyone!

I'm relatively new in my STR/MTR journey (but have extensive LTR property management and investing experience). For anyone who is in the STR industry, what would you say is your biggest obstacle to success?

A few areas I've heard are challenges are finding cleaners, increased regulation, and over saturation of the markets… STR managers and owners would you say that one of these is the case or something else?

[Collin Hays]

The easiest part of managing a vacation rental is advertising. VRBO and Airbnb will get the word out very quickly.  The more difficult parts, ranging from least difficult to most difficult are:

1. Minding and managing rates to ensure market competitiveness.

2. Immediate responses to inquiries (waiting even an hour can drastically reduce bookings)

3. Finding, retaining, and monitoring housekeepers

4. Finding and retaining a handyman (or two or three)

5. Having resources to get major things repaired same day in order to preserve a stay. Heating, air conditioning, hot tubs, major appliance failure, septic issues, etc.