All Forum Posts by: Lotus Eli

Quote from @Michael Baum:

Hey @Lotus Eli, @John Underwood covered a lot of it, but it really depends on the area.

You need to do a lot more if the area doesn't have something else to offer.

For example, the big potato. There isn't much around it but you get to stay in a potato.

Or the Polly Pocket house. Or the submarine.

If you have a great location on a lake, in the mountains, on the beach etc., You don't need to crazy with stuff like putting greens or themed rooms.

Plenty of games for rainy days, a great kitchen, beautiful view of the lake we are on is how we succeed. Plus great communication with guests.

I would challenge the statement that if you have a great location on a lake or in the mountains that you don’t need the putting green etc. Most importantly, I think, is to ask the question - what are your direct competitors doing? What is table stakes amenities wise to compete with them? And then ask what are the top earners offering? You might not be able to beat that top earner if they have something you can’t achieve (ie lake front or better views), but knowing what amenities matter in your market is an essential step in determining what you need to provide. 

There are markets where the supply of amazing homes replete with every amenity is significant, and if you’re in one of those markets, then you relying on a great view (that most everybody has) is not enough. 

@Lotus Eli, really depends on your market. I would stay away or be cautious when looking at studios and 1-br apts. Some markets, those are gold mines, others, they just struggle to break even. Seasonality hugely varies from market to market. STR permitting could be a huge challenge depending on the market. It costs about $2000 in Destin, FL for instance to convert a regular residential use to STR use permit if it's the first time the house being coverted for usage. In some markets in CA, there are only limited number of permits and you may have to wait over year to get an STR permit. Choosing your market is extremely important..

Quote from @Lotus Eli:

Thanks so much, Michael! Turning it into a longer-term rental makes a lot of sense. If you don’t mind me asking, who do you typically market to? People on work assignments?

So we market to families and groups traveling for the bike trail. Otherwise we don't get MTR folks as we are way out of town.

Quote from @Lotus Eli:

Quote from @Andrew Steffens:

Congratulations!

Im not sure what market you are in but on top of the sound advice above you need to be pricing your property correctly according seasonality and your competition.  Even if you have a "perfect" house, it will not rent if not priced correctly, OR you will be overrented (yes that is a thing) meaning you are leaving money on the table.

Marketing is also big - Again depending on the area you want to be on as many relevant channels as possible - Airbnb, VRBO, Booking.com, Zillow, Furnished Finder etc and have a direct booking strategy for repeat guests to cut out the middle men.

Best of luck!

Thank you for your insights Andrew! I truly appreciate it !

You gave me some quality information

I hadn’t heard of a direct booking strategy for repeat guests before. Do you have any 

recommendations on how to implement this effectively?

 We use Stayfi which collects guest information as they connect to the internet.  However, more simply you can collect it manually and then use Constant Contact to email your previous guests on a marketing campaign“

Quote from @Lotus Eli:

That was insightful!

Thank you so much for your help I truly appreciate it.

Do you have any advice for when the off season comes?

It all depends on where you are located and long the primary season is. If your season is short, then I might look at a longer term short rental. Maybe do some 3 month stays or 6 months stays if you can.

Of course you can lower your pricing to be competitive with other rentals in your area.

Hi Lotus! I love your name, and I think it's great that you're jumping into the STR game! We manage properties in the Indianapolis, IN area.

Amenities- depending on the market, a hot tub could be a great addition to your STR. I would look at comps in the area and see if other STRs are doing well with hot tubs. If you are marketing your property as kid or dog friendly, buy things that coincide with that like high chair, kids plates, cups, silverware, kid games, and maybe some kid proofing like outlet covers. Or, dog bowls, dog treats, toys, doggie bags for mess clean up in yard, etc.

Guest experience- We have hired VAs that do 24/7 messaging, so guest always have access to someone, we also have an Instacart+ membership so we are able to send anything over if they need it (like if our cleaners didn't put out enough toilet paper, etc.). A big part of guest experience is design and functionality of the home. Making the home look good with design and make sure people can be comfortable there will always help. 

Seasonal strategies- Almost all of our properties are hybrid. So, we have them listing as STR in the more busy seasons, and we transition them into MTRs during the winters, or slower seasons. It certainly doesn't work with each listing, but that is what we do with the majority and it is consistent income during a slow season.

Best of luck!!! :) 

Congratulations!

Im not sure what market you are in but on top of the sound advice above you need to be pricing your property correctly according seasonality and your competition.  Even if you have a "perfect" house, it will not rent if not priced correctly, OR you will be overrented (yes that is a thing) meaning you are leaving money on the table.

Marketing is also big - Again depending on the area you want to be on as many relevant channels as possible - Airbnb, VRBO, Booking.com, Zillow, Furnished Finder etc and have a direct booking strategy for repeat guests to cut out the middle men.

Best of luck!

Hey @Lotus Eli, @John Underwood covered a lot of it, but it really depends on the area.

You need to do a lot more if the area doesn't have something else to offer.

For example, the big potato. There isn't much around it but you get to stay in a potato.

Or the Polly Pocket house. Or the submarine.

If you have a great location on a lake, in the mountains, on the beach etc., You don't need to crazy with stuff like putting greens or themed rooms.

Plenty of games for rainy days, a great kitchen, beautiful view of the lake we are on is how we succeed. Plus great communication with guests.

Hot tubs, pool tables, movie rooms, kayaks and canoes, bikes, games, nice comfortable beds, smart TV's, video games, well stocked kitchens, etc.