Are there any good strategies for selling a STR?

Question

Does anyone have any solid strategies for selling a STR? As in... rather than just post a MLS listing, is it worth marketing the property elsewhere? Considering loan assumption?? (3.25% rate) or anything else that could help facilitate a sale?

My life situation has changed a bit and it's time to consider selling my property...

Michael Baum · Answer

Hey @Daniel Murphy, just an FYI. Your place is worth what the comps say it is.

There is no premium for a running STR.

I went to 10 different lenders of all kinds and they all said the same thing, they don't lend more than it's appraised or comp value. They don't take into account the revenue, furniture or anything like that.

I agree that the loan assumption is a great option for buyers.

Adam Bartomeo · Answer

STR's as a whole are difficult to sell for more than an owner occupant home. The revenue is not normally high enough for a real investor and for the far majority of buyers they have to utilize it as a primary residence. Normally, the best option is to market it with flexibility - STR, primary, furnish, unfurnished. Either way you are not likely to get more than a non STR house.

Andrew Steffens · Answer

Good advice above, to add to it you can also work with a local RE agent that specializes in STR. I sell quite a few properties off market, in fact have 2 under contract now. I was referred to the seller, sent the property to my buyers list and found success.

I see that you are in Cape Coral, I am a bit further north in Tampa area but if the financials looks good I may be able to do the same for you.

Bruce Woodruff · Answer

The last ones I sold, I found Facebook groups that were a good match, and just put them on those.....Add a link to the MLS listing (if you do one) or to a FSBO listing....

Also if there is a special aspect to the property, (like one of mine being in horse country), I would look for FB groups that were horse based.....

Christian Johnston · Answer

Michael, I would say that is generally true in terms of an appraisal/lending criteria, but in terms of what a buyer is willing to pay, i disagree. I have helped multiple investors sell their airbnbs as assets generating income. The ability for a 1031 investor to walk into a STR that has booked reservations and guaranteed income significantly decreases the risk to said investor.

In general, just replying because I think over generalizations are dangerous. 10 lenders is also a small sample size ;).

Again, not saying you are wrong, let's just put guardrails on this.

In general, just replying because I think over generalizations are dangerous. 10 lenders is also a small sample size ;).

Again, not saying you are wrong, let's just put guardrails on this.

Amber Stout · Answer

Hi Daniel! I’ve found it really helpful to work with an STR focused agent who already has a database of investors and can send the listing out through their network. A lot of STR buyers are out of state, so it’s not always a purely local buyer pool, and having an agent with those connections can make a big difference.

@Andrew Steffens is a great agent with that kind of network and I’d definitely recommend connecting with him about the listing.

Raymond J. Rodrigues · Answer

@Daniel Murphy reach out to @Adam Bartomeo. He is SW FL’s local expert here on the forums and works with a lot of investors.

Janice Carter · Answer

Daniel, if you are selling an STR, you want to expand beyond the MLS and also market where investors are active such as Airbnb host groups, STR Facebook groups, BiggerPockets and local REIA networks. If the 3.25% loan is truly assumable that is a major selling point in today’s rate environment but be sure to verify the lender’s specific requirements. Ultimately, your pricing and marketing strategy should align with how quickly you need to sell.

Are there any good strategies for selling a STR?

Are there any good strategies for selling a STR?

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