All Forum Posts by: Culin Tate

 Yeah, basically breaks even but on an up note the mortgage is getting paid off by guests and we have a cool place to visit a couple of times per year.

I own a nice bedroom condo one block off of the beach on Grace Bay, Providenciales Turks and Caicos.  You should not have trouble finding a solid booking calendar on those islands with the exception of September and October due to hurricane season.

However, the revenue isn't the problem but rather the expenses. If you are looking at a condo, make sure to ask what management fees will be charged in addition condo fees, mortgage, and insurance. If you are looking at a single family home, then consider off site property management fees and maintenance fees which can really add up as island homes take a beating from the weather

In TCI we have additional high costs for basic utilizes such as water and electric. Our condo grosses right around $100K per year, but almost no positive cash flow. So if you are looking to own an island home that pays for itself, that can be accomplished. If you are looking to maximize a STR investment, the islands may not be your best choice.

Feel free to message me if you would like to discuss further!

No referral code, but I have clients that use the Minut and love it.  It can be a game changer for listings in close proximity to neighbors.

If you don't plan to be on multiple platforms the you can automate price with Price Labs and automate messaging with Hospitable.  If you are new to hosting, it can be difficult to be successful on multiple platforms. A lot of hosts get in trouble by spreading themselves too thin across lots of different platforms.  You will do better ranking very well in search on one platform, then ranking poorly on multiple platforms.  More platforms does immediately result in more exposure, views and bookings.

You can start by looking at the listings on page one of Airbnb or VRBO search results for your area.  These will generally be top performing properties, so take note of their design ideas and amenities, then add your own flair.  Guests appreciate what they don't have at home, so simple amenities can go a long way to encourage guests to book your property.

We use Hospitable to automate 99% of our guest messaging and reviews. 

We create a "concierge" message that goes to the guest 5 days prior to arrival and provides all of our favorite recommendations for activities, dinning, and shopping in our area.  We refer to it as the concierge message because it answers all of the guest questions about planning their trip to our area.  This is the beginning point for maximizing 5 star reviews and minimizing your need to answer one off questions.

Keep in mind as you run your numbers that you will need a budget for any renovations and to completely outfit the house as a STR. I find AirDNA ADR's to be a good starting point, but your true profitability will come from managing the property to achieve higher than the average occupancy.

Is this your first STR?

Do you have professional HDR photos for your listing?

Your photos are the only visual a future potential guest gets to make their decision between your listing and a sea of others.  Airbnb has also just released an AI photo organization tool.

My portfolio revenue is down 15-20% in 2023 as compared to the peak in 2022.

In speaking with my Airbnb Market Manager he commented that is the case for most.

Its still a great business for professionals treating it like a business.

I just finished my 10th and its always nerve racking.  I would be happy to answer and specific question you may have.  My email is in my profile