All Forum Posts by: Andrew Steffens

100% do not do.  The only option is to have things in the physical house directing them to book direct next time.  There are also products like StayFi that can help collect guest info so you can direct some marketing campaigns toward return guests.

Here in the Tampa area the investor market has been on fire due to the accelerated depreciation, but as its nearly too late to get it this year its starting to wane.  Retail buyers which are primarily families have been quiet since back to school, which is "normal".  the rental market here is slow this time of year, which is normal.  All in all things feel fairly normal, but things nowadays can change in an instant based on news.

Generally speaking if you do anything the OTA's are pushing you will get a boost in visibility and therefore bookings.  The OTA's love instant book, all in pricing (now mandatory), lower costs/fees, and more relaxed cancellation policies.  If you are in a competitive market or market segment doing most or all of these things are what is needed to have a chance at success nowadays.  However unique properties or less competitive markets you can be more choosy.  For example my cheaper less unique houses I have more relaxed policies and did see a boost when changing them from strict.  I also have some beach mansions still on strict doing just fine.  Its sort of a case by case basis.

There is a lot of good info here shared by a variety of specialists - property managers, designers, agents, lenders, investors that have a lot of experience.  Ultimately, you need to take the advice of your CPA for this.  That said, your current CPA does not seem to be the person for the job if they do not specialize in real estate, and have specific knowledge on this topic.  Usually there are some CPA's who chime in here and I hope they do.  If not, I recommend you search previous similar threads on this topic to seek those out who can specifically help.  Good luck!

Im in Tampa/St Pete metro and still see cashflow plays and there are pockets where insurance is reasonable (i.e. .75% of value annual, $600k value = $4,000 annual premium).  All markets these days are competitive but Emerald Coast is very competitive and do not have any draws besides the beach.  In a market like Tampa we get business travel, international airport brings international travelers, beach, cruise port, concerts, pro sports, and more.  All these things contribute to stability.  As for PF/Gatlinburg I am not an expert but those in the know on here do say values are dropping and cashflow still negative.

I agree on they have always been the most expensive Ive seen in FL.

Hi Kathryn congrats on being here in the sunshine state! I am an active member of the community in the Tampa/St Pete metro as well.

This question sort of depends on how you are marketing.  The big OTA's like Abnb and VRBO have their own payment options for the guests.  Since you are doing 3 month leases this is more of a MTR set up and if you are finding your guests via Zillow or Furnished Finder, etc you can set the terms.  I do some MTR's but usually through OTA's.  I would see what your competition is doing and emulate it or improve it from a guest POV so you remain competitive. 

I have not personally but I have had clients do both successfully. As you alluded to I think it depends on the property. I have seen clients of mine shy away from properties with high property value understandably but going into areas with low property value is usually not good for STR's. I also do not know if buying a condo to get slightly more tax advantage is worth dealing with a HOA and special assessments in the future. I think a buyer should find a property that is financially sound first and then assess the tax advantages instead of vice versa.

I have not yet had this issue with VRBO but I have had other issues in the past that lingered.  To be fair Airbnb has glitches, and their CS sucks for hosts but the issues are always resolved in 24-48 hours in my experience.  If you have the time keep complaining, but at least you are still able to accept the bookings and therefore not experiencing revenue loss.  Have you considered switching to instant book?

Hi Thivya

I do not know the Arkansas market, but I can tell you Disney is very heavily saturated and nearly impossible to profit.  If you getting some personal use of interest and can sustain losses until it turns around then I think it could work, otherwise I would consider other markets in FL where you can profit.  I am in Tampa which is a market that is competitive but you can make a profit here still and Disney is about an hour.  Best of luck!