Strategies for Self-Managing STR's

[Account Closed]

I'd like to compile a resource of strategies on self-managing STR's to maximize profits. I'm doing a lot of research currently but it's all over the place and as expected, very regional. So more than looking for any specific service I'm wondering what self-managers are doing to automate services related to their properties. Things such as:

• Turn-Over/Cleaning Services
• Linen Service/Laundry
• Keys/Access/Exchanges
• Calendar Syncing
• STR Advertising
• Additional Amenities Provided

If anyone could expand on what works and doesn't for them in regards to managing STR's I feel we could build a pretty good resource.

[Michael Greenberg]

Pedro,

It's no mystery, to maximize profits you'll need to run a tight budget and yes, it's all over the place. Everyone will want a piece of your pie and because it's a "new" industry, there are all kinds of "solutions" that a lot of people will "save you money" or "make you more money". My 18-month experience is this: Control as much as you can yourself, e.g., find your own cleaning crew (preferably an individual or small group that you can work closely with), find a local laundry service (don't pay your cleaning crew to wait around for towels/sheets to dry), electronic locks (keys suck). If you're just starting out as a STR owner, you want to make sure your photos rock, you're providing everything that you have in your own home and make sure your guests are aware of it, charge lower rates at first, then after you have some positive reviews, start to raise them slowly. The other misnomer is unless you own more than one property it's going to be hard to make a lot of money. I own two and it's a challenge, especially in the off-season. No one's going to make you more money, or save you more money than yourself! There's a lot more and you can PM me if you want to exchange contact info and converse directly. I'm happy to share and can expand on Advertising and Calendar Syncs.

Mike