All Forum Posts by: Chris Mury

Sounds like you're in an awesome position. I wish I could find a well-located 3-unit property in my market. My husband and I had to fight tooth-and-nail to acquire both of our 2-unit properties. 

Not sure if you're asking...

1) How long it takes to set up a STR in terms of getting it furnished/stocked or..

2) How long it takes for a STR to realize it's full revenue potential (given whatever seasonality occurs in your market)

If 1) - It took me about 1 month to setup and furnish each of my 3bed/1bath Airbnbs. This is me working basically all day everyday with little to no help. I also have a 200 sq. ft. studio that only took me about 2 weeks. 

If 2) - This is probably very market specific. I am in a metro market and exclusively list on Airbnb. In my experience, my 1st month revenue is about half what it should be. This is mainly due to intial discounts (20% of for first 3 guests), having to cancel reservations because of unexpected repairs, and less bookings since you don't have any reviews. Once a listing has 3 positive reviews it is smooth sailing (on Airbnb, in my market). 

3-4 weeks from when we are given the keys.  About a week for repairs.  2 or 3 Saturdays going to estate auctions for furniture and appliances.  We can give it the turbo treatment if we know someone wants it in a few days.

@Chris Mury

It took me a good 2-3 months to set up my properties (light remodel, paint, furnishing, professional photos etc) but then again, I did this on weekends driving up from LA. You have a good advantage if you living in one of the units. The quicker you can get set up and go live, the better as people tend to plan out their days with the next 1-3 months. The pandemic has changed things a bit but I’ve seen demand pick up heavily in our area.

You've already received some good feedback. You could always do both: rent one as a LTR and one as a STR to test the market. It's easy to pivot from an STR to a corporate of fully furnished LTR as needed. The key is to know your market of course.

The “issue” here is whether or not the season is ending for your market. If summer is the primary season for St Augustine, then you're potentially going into the offseason with no reviews or help to make your property stand out on Airbnb or VRBO in terms of search position. This could make the start slow, even with the boost the platforms give you for being a new property. If you dont have a beach/water view, you're already at a potential disadvantage in a beach market as those properties will usually go first. Might be worth trying to fill with a traveling nurse or Med-term renter to carry you until your “season” starts.

I would say 6 months or longer in normal times to get going good. The pandemic is hurting some STR markets and not affecting others.