Forced to sell?

Question

I write for the NEWS & INSIGHTS section of Realtor.com. I'm looking to interview people who have been forced to sell their Airbnb either because:

- The city or county where they owned changed legislation, making STRs unlawful

- After a year or two or several, you found that the property only made a fraction of the money that was projected.

If either of these apply to you and you're willing to talk for a story, please either respond to this post or DM me. You can also email me at brookemorton at gmail. Thanks in advance!

#str #strinvesting #airbnb

John Underwood · Answer

Please post a link to your article when you publish it.

Jorge Vazquez · Answer

Brooke, I manage over 300 properties, and over the past few years we’ve seen a noticeable shift from short-term rentals to long-term leasing. While not every owner was technically “forced” to sell, many felt increasing pressure from tighter local regulations, rising insurance and operating costs, and revenue that didn’t live up to early projections particularly for those who bought during the peak 2020–2021 boom. Some owners converted to long-term rentals to create more stable, predictable cash flow, while others decided to sell because the returns no longer justified the volatility and hands-on management. I’d be happy to share additional insight from the property management side and can also reach out to a few clients who may be open to discussing their experience.

Andrew Steffens · Answer

I do not know every rental restriction in Florida but I do know the ones around Tampa, namely Saint Pete, Clearwater, and the associated beaches and a few others.  Specifically I remember making the decision to offer agent services to buyers about 3 years ago when a woman came into my PM office and she had just closed on a $1.5M house with another agent who did not know STR and the house had a 30 night minimum which I had to break the news to her about.

Unfortunately I cannot provide a person as a testimonial for you but I am backing up the notion that hiring a knowledgeable STR agent in your chosen market(s) is extremely important.

Andrew Steffens · Answer

I look forward to reading when you publish!

In FL the state has the local jurisdictions handcuffed, they are not allowed to add or change anything to their rental laws in relation to duration since 2011 - but I started offering agent services 3 years ago because a lot of unqualified agents were selling properties to unsavvy investors in areas with 30 day minimums causing them big problems and I had seen some of them have to sell for a loss!

Mike Grudzien · Answer

Cool project.  Wish you luck!

Brooke Morton · Answer

@Andrew Steffens Where in Florida were these 30-day minimums? And have you helped anyone sell a home because they inadvertently bought in one of these restricted areas?

Jules Aton · Answer

I bet the Facebook groups might have more people in this situation. It seems the folks here are professionals who didn't just jump on during pandemic and are aware of the pros and cons. Please return and share article when completed.

Forced to sell?

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