Hey all,

A question for investors who own STRs or are planning to buy: how much of your property's performance comes from the asset, and how much from the operator?

We run a co-hosting and operation in coastal North Carolina, and we've held Airbnb Superhost status every year since 2020. One pattern we see over and over is that a property gets good ratings because it photographs well and sits in a good location. When you dig into the reviews, though, the operations side is weak: slow guest responses, check-in problems, maintenance that lingers, and very little real customer service.

The listing looks fine on the surface, but from an investor's view that gap costs money:

• Lower ADR and occupancy than the property could command
• Fewer repeat and direct bookings, which are your highest-margin revenue
• Review erosion over time, which compounds into ranking and pricing power
• Owner time drain from managing the manager

Most investors underwrite STRs on the market, the property, and the purchase price. Far fewer underwrite the operator, even though it's one of the biggest swing factors in actual returns.

We're looking to partner with investors who want to own STRs and have a trusted operator run them. Our network can have a boots-on-the-ground team running in a new market within about a week.

I'm curious how others here think about this. When you evaluate an STR deal, how much weight do you put on who's operating it? And if you've switched co-hosts, what drove the decision?

Always happy to compare notes. Reply here or DM me.