All Forum Posts by: Sarah Kensinger

Same here....our properties have to underwrite with a cashflow to even consider purchasing it. Many people don't run a small business as it should be run! It takes a lot of discipline and sometimes even learning a skill people don't want to take the time to learn. It's also why so many of them can't sell whatever business they built; the books are wreck and business management is nowhere near what it should be. And it's partly why over 50% of small businesses fail within the first couple years of starting up.    

Quote from @Rafael Ramon:

Quote from @Sarah Kensinger:

So many hosts are investing in several thousand for a design refresh and seeing good results! Also, dial in on a pricing software by taking the time to study the data and what events are happening in your area, so you can set competitive pricing. This is huge and something more hosts should do! It's not a set a forget item, so make sure to take time once or twice a week to work on the pricing of a STR. Lastly, if your curious about marketing to people, especially past guests, looking into a marketing software may be a good option for you. There's Market My STR and Go STR Marketing. Their names are very similar, but two different companies and ways of marketing to past guests.

 This is a very good idea. We are looking at a design refresh, but I like the idea of playing with pricing a bit more. What do you use for data on pricing and what needs to be changed?

If you use Pricelabs I would suggest playing around on their market dashboard and see where your property falls with the other STR in your area. This research would include pricing, minimum night stay, etc. 

It was already mentioned, but if you can add certain amenities and give your guests an experience that they see themselves doing in your listing photos, that goes a very long way in today's STR market.

Is this for STR, MTR, or LTR properties?

I think you have your answer... But if you're tailoring to families and possibly two couples, a queen or king is the size you want over a bunk bed.

On this STR forum you're going to get answers that swing wider than a pendulum! If you do enough research on how to create a "super" STR or how to maximize the revenue for the type of property you're considering, you could do very well, like above average. But if you take a more passive route. the property may have average numbers or even less than average. It all depends on the host and experience the property offers to the market in your area.

I would look on my own. One person's unique could be my ordinary, and vice versa. 

The less fees the better! I would be hesitant to add separate fees and not just wrap it up into the nightly rate. It's called the great mental marketing strategy. :D

So many hosts are investing in several thousand for a design refresh and seeing good results! Also, dial in on a pricing software by taking the time to study the data and what events are happening in your area, so you can set competitive pricing. This is huge and something more hosts should do! It's not a set a forget item, so make sure to take time once or twice a week to work on the pricing of a STR. Lastly, if your curious about marketing to people, especially past guests, looking into a marketing software may be a good option for you. There's Market My STR and Go STR Marketing. Their names are very similar, but two different companies and ways of marketing to past guests.

I would also say this is a great opportunity to see if STR/MTR is for you! Do some research to see if the area would be ideal, and depending on what you learn make a decision. Vacation rental companies, vacation home realtors, and other real estate professionals in your area, would be another great place to find out info.

For us, we don't do new construction because It's hard to add value right away.