All Forum Posts by: Kate Stoermer

So I always like to note success in STR is a very different skill set; its hospitality and marketing. Some folks are very willing to lean into the learning curve to understand what it takes to deliver an **experience** vs housing. To learn how to position the property in a marketplace - and understand the STR marketplace in order to achieve that.

The idea of listing it on Airbnb and they will come is no longer a thing if you want to realize income potential. It does take investing time to learn or building a team who has the skills to do this on your behalf in order to see the ideal return. 

Analyzing income potential actually requires understanding the marketplace as well; the data clearinghouses that provide data are not 100%. I tell most people they are 70 to 80% there. But so many factors can impact on revenue, and realizing income potential including how well set up, marketed, and managed they are.  

So ultimately, its about goals - what are you looking to accomplish, and resources - it takes more money to set up and run an STR vs LTR.

In my business, I often help analyze income potential for long-term investors; happy to help if that's of interest.  The learning curve gets a lot shorter when you have someone on your team that can lean in with you,  

Best of Luck

-Kate

I would talk to your lender - there might be state specific issues but I know alot of folks (myself included) that bought only in one name. It was just easier. 

What a terrific opportunity! Any time we can make connections empowers us to disarm any future potential detractors.  In your shoes, my goal would be to get to know folks and make connections - Open the door to have them communicate with you should there be any problems with the property and ensure they call you (not the cops).  

Unless you know their perspective on STR, I'd avoid leading with that and stay focused on simply connecting as neighbors.

Kate

I can speak a tad to Puerto Rico, but this probably applies broadly. In PR you MIGHT be able to get financing but that's typically the biggest issue.  Also, in PR, having a local facilitate that exchange - who knows the environment, smooths the way so much more. PR prices have been going up. I've done some of the leg work for a client who had contacts in PR and talked to some folks (looking into investing in PR). My understanding in any overseas investing is financing and land ownership are key issues. 

If you are planning to hand off, I wouldn't worry about systems and processes; they will have their own they utilize. PM's own the listing, so they won't even use your listing. 

If you plan to use a "co-host" and they run your listing - that's different. 

Also, for one property, I often like to point out that you don't need to invest in a ton of software.  It increases cost for what actual benefit?  Even dynamic pricing - there is a cost to that, will it make up the difference?  You can automate your self and spend 15 minutes a week reviewing pricing in your market and adjust as needed. There is a learning curve for all software.  

I just like to give perspective; its all about your goals, capabilities, and interests.  Sometimes the KISS Principle works - esp. for just 1 property. 

I have a page on my website of all the resources I use (I own/manage 7 properties, I didn't do software till I added property 2)  I can't post the link ... the ceo host dot com - resources tab. And as was mentioned - a search of the website gets you lots of info.  I did look at Guestys new offer - Guesty Lite and it looks pretty good at a competitive price. Host Tools is another.  Having clarity on what you need the software to achieve is particularly important - syncing calendars and automating messaging?  automating lock codes?  syncing listing management (many can't do that until you get to a larger portfolio) or just pricing?  

Hope this helps. 

A friend added one in Pinehurst - a huge golf community.  Another friend in the same market is happily clearing out of the market due to the drunken golfers. Ha.  I do think something like this is going to be more attractive to a specific audience,  so I'd do the work to analyze that piece of it - and consider other amenities at a similar investment level that might have broader appeal in that pro/con list. 

Did you track your hours? I'm not an accountant, but at the end of the day you need to review the criteria for MP and be able to prove you materially participated and quantify it.  Being able to also have record of how many hours others spent would go far as well.  

Try Foremost as well. I'm not in FL but if you are in set up mode you could try NREIG; you don't need STR coverage till you host your first guests

Research shows that 73% of our enjoyment of our vacation happens prior to ever showing up. Its that beacon we look forward to, we take a moment from our busy lives and enjoy a day dream of what's coming.   Tossing a bunch of rules at folks and not pumping up that enjoyment in the pre-arrival communications is a huge missed opportunity. People decided to enjoy your space before they ever opened the door, and they'll forgive a few small things and leave a 5 star review when we feed that enjoyment every step of the way - from reservation to arrival to check out. 

I presume you might have found the Ann Arbor REI meet up? I don't belong, but its pretty much the only in person one around. Its all over the internet, so easy to find. There are other meet ups around, further out - Wayne, Oakland.