New STR outside of Duluth, MN

[Brittany Kuschel]

We are nearing the home stretch to roll out our first STR just outside of Duluth MN. As a full-time real estate broker and long-standing investment enthusiast who sometimes struggles with paralysis by analysis due to the amount of information available on particular subjects of interest (all REI, of course), I am struggling with some decision fatigue for how to focus and effectively dial-in our offering in a way that is both algorithm and direct book friendly. As we near the final stages of construction for what will be our first STR, I'd love to connect with other investors across the Country that fit into one or both of the two boxes below to share/brainstorm/network:

- small STR rental owner (sleep count of 4 or less) that is located just outside of a medium metro (property is located about 20 minutes to Duluth, MN); and/or

-STR owners with a studio or ultra small 1 BR or efficiency style STR offering that is fully on-grid (sorry for the non-grid folks...interested in exploring/connecting on that more at a future date)

Some subjects of particular interest:

-direct booking setup/site recommendations/web hosting, etc.;

-pricing strategy - is utilizing a web service for this a must;

-upsell options when self-managing;

-pet friendly or not?

-charge for EV and/or oversized trailer/camper/extra vehicle parking?

-pitfalls to avoid when hosting on/near your primary residence

[John Underwood]

I have always successfully set my own pricing. I do use the built in pricing tool that Vrbo has and use Vrbo analytics that show occupancy and pricing trends of nearby properties.  I tweak prices all the time based on supply and demand.

I have to shave Airbnb prices from my Vrbo prices to get a few bookings through Airbnb annually. 

We make several thousand dillars per year in pet fees. Over have of the traveling population travel with Fido so it makes good business sense to not exclude the majority of travelers and make some extra money from it.