Planning Your Short Term Rental Growth Strategies

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We are currently planning to expand our STR portfolio in our market and I wanted to try to have a more structured approach to this goal. I believe this will allow us to avoid some of the many potholes with setting up units and most importantly it will help control the overall budget.

Example: 

  • STR Program - 1 Bed/ 1 Bath Unit
    - Determine key walls to paint and/or place wallpaper for the desired look
  • - Determine required furniture (tables, chairs, beds, mattress, couch, etc.) and price range for the desired look
  • - Determine required electronics (TV's, Smart Locks, etc.) and price range 
  • - Determine required decorative items (Pictures, vases, lamps, etc.)

Hopefully, this gives an idea of what I am trying to achieve to set us up for a more planned expansion of our STR portfolio. My question to your guy is, does anyone have any recommendations about approaches they have used to be budget-friendly and organized during the short-term rental setup period? (Spreadsheets, articles, books, anything that might help me with getting organized would be a great help)

Thanks in advance!

Take a solid hour and sit down and make a checklist. You’ll be surprised what you come up with from dedicating an hour to a single task that seems elementary. You’ll have a good framework after that, then just make adjustments as you set up future STRs. Your checklist will never be 100%, but that’s not really the goal. 

Otherwise there are many good facebooks groups, podcast, blogs, and books to assist with this you can find with a quick Google search, but none as effective as taking an hour of “brainstorming time”. Also check out Daniel Rusteen’s books and YouTube. He’s got some pretty good stuff.

Good luck on your expansion! 

Good news for STR's. You are going to see more and more funding available for these as the private lending community starts to catch up with the times and will be offering more financing options for short term rentals.