All Forum Posts by: Jossalyn Wallace

What does your marketing material look like? Have you had any showings? Photos/video is so so important when selling a home as we are all looking on the internet before even deciding to go see the house. If you haven't had any showings or very little, its likely over priced. 

If you're going to be geared towards investments for yourself I would definitely as them how many personal transactions a year you get that you don't have to pay commission on. For me, I get 2 a year that I can either buy or sell and don't need to pay the firm a split. 

I would use a local lender for sure. It helps in the long run to develop the connections plus they know the area well which avoids hiccups down the road. Ive used Stephen Thorne multiple times in NC. His website is ncfhaexpert.com

I am in the Florida Panhandle and both short term and long term rentals crush it here. We are located on the gulf coast which draws our tourism and we are surrounded by multiple military bases which supports the long term rentals. 

Hi! It sounds like you need a knowledgable realtor in the area who can run comps, get past rental figures, projections, make sure you can do what you want w the property, put you in touch with local vendors and do a full cost analysis for you so you know your returns etc. Also browsing rentals on Airbnb and VRBO can give you an idea for what rates are but it is very season dependent here. 

Property Management is great but it does eat into your income so if its something you're comfortable doing yourself or giving I try I do suggest folks go that route to maximize. However, I would interview different property managers in the area and see what they have to offer. Most will charge 20-30% here but they do take care of virtually everything. 

Is it tailored to the guests as far as decor etc? When I think STR I think about what people will want as a background for their photos etc. People love themed spaces. Also, make sure you have professional photography in all of your marketing and maybe even virtual tours.

 Ok! Good marketing material is key. If you have good marketing material already, it is likely over priced. 

To find out local rules you need to call the city or county. Where I am located, in addition to calling the county I always read the neighborhoods restrictive covenants (if it is in a neighborhood) to make sure I am good from that standpoint as well. Although a county may allow it, doesn't mean the neighborhood always does. 

Are these the photos you are using for marketing? If so, I would consider getting some professional photos done as that plays a huge role in the I-Buyer era we live in. 

How are you advertising and trying to rent them out? How are your rates compared to other STR in your area? Do you offer anything that would set your properties apart?