All Forum Posts by: Shannon Strickland

My suggestions are based on your requests; we want you to succeed. I mentioned my MTR is in a safe area and its proximity to the police department for the comfort of medical tenants—this isn’t essential to include.

Since the checked and X circles are clarified, please ignore mosquito nets, walk-in closets, or lawn mowers. I suggest installing a deadbolt lock and a CO2 detector.

I still suggest adding the balcony photo to the listing.

Is the listing for a two-story building? If so, noting the stairs would be helpful.

You can delay upgrading the TV size as you planned.

Did the listing go live in June, and how many bookings have occurred since then?

Also, what’s your methodology for considering the price competitive?

Hello,

I perused your listing and found the decor and photos appealing. Not knowing who your target tenant is, I can only assess the listing from my perspective as a female American. So, if I were traveling to Porto to live and work remotely, here is what I’d expect for $1400 a month:

*Why a mosquito net?

*Why a lawn mower?

*Where is the walk-in closet?

*Can you show a picture of the view from the balcony?

*Is the microwave large enough for a dinner-sized plate?

*Is there an option for a larger TV?

*How far is the police department?

*Is $1,400 truly competitive?

Hope this helps!

 Thanks for sharing such great insight, @Chris Watson!

Hello @Bob V.

For my STR, I used a simple rule of thumb: I budgeted $6,000 per bedroom, which became my estimate of the total cost for furnishing the entire house. I then provided this overall budget to a paid online designer, who was able to create a detailed shopping list that fit within my price range. This approach made the process efficient and ensured I stayed on track with my spending goals. Hope this helps!

Melissa at Color My Bnb

@Jeffrey Jones

Your MTR market isn't necessarily weak just because rents are low. I saw the same thing in Manassas when I was searching for FF. To assess the strength of my MTR market, I began by identifying properties nearby with similar amenities—these formed my competitor set. I marked these listings as favorites to track their performance easily, focusing on those with features like my property, such as the number of bedrooms, amenities like in-unit laundry or workspace, and proximity to local attractions or hospitals. I then reviewed their booking calendars, paying close attention to how often they were booked, the length of stays, and the gaps between reservations. I realized that many were also using Airbnb, allowing nightly stays and making their calendars unavailable to true medium-term tenants. Reviews, as well as the absence of reviews, provided valuable insights into demand and the quality of previous experiences. When targeting a specific demographic, I researched the types of guests most often booking in my area—traveling professionals, medical staff, and relocating families. I hired an online designer to make sure my listing appealed directly to these groups. That approach boosted my confidence to price my property at the higher end of the market. As a result, I received five qualified leads in the first week, and I quickly secured tenants willing to pay premium rent, valuing the move from a hotel into a well-furnished, thoughtfully designed home for a similar rate as their northern VA hotel. Hope that helps!

Hi @Jeffrey Jones,

Last month, I did what you are wondering about. If you think of specific questions, I'd be happy to share my experience so far.

We paid to get the actionable items and level-up.

I joined what seemed like two thousand people at my first STR conference in 14 months of self-managing my only STR. I met people looking to excel, not those in distress. I'm thankful I attended the final STR Wealth Conference.

@Stephanie Medina My favorite way to price my MTR is using the Enemy Method on Furnished Finder and Airbnb monthly rentals.