Several questions on operating growing STR portfolio

[Leon Lee]

Hi, STR fellows

I have a few questions on managing short-term rentals and wonder whether I could get some help from you more experienced STR managers here:

1. Are there really good books/podcasts on managing short-term rentals, especially long-distance STRs? 

2. Although we are relatively new, we are expanding rapidly. Currently we are managing close to 40 units. What are key factors in building a team that can reasonably manage such portfolio? Virtual Assistants? boots on the ground? What are reliable sources/ways to find these people?

3. What are the key factors in successfully managing long-distance STRs? Currently, whether we could manage properties successfully becomes the major bottleneck for our expansion. We are thinking about hosting remotely, and finding a local team on cleaning, repairs & maintenance. Any advice?

4. Is there a typical ratio between the # of managers and # of properties for STRs? We feel somewhat overwhelmed, but want to know whether it is because we are relatively new or because we are stretching too thin.   

Any inputs will be greatly appreciated!

Lee

[Dave Stokley]

Hey @Leon Lee,

1. I've read a few that have been mediocre and won't be of much use to someone like you who already has 40 doors. I've heard the new one published by BP is good.

2. I've got about 40 units too. We have two full time employees, in addition to me and my business partner. We're going to hire a VA by year end. Finding good people is always tough, especially in this market.

3. Can't help you here. We provide full-service management for our clients and only do places within an hour of us. 

4. As mentioned above, we have 40 units, 2 full time employees (they are NOT cleaners or handymen), plus me (part-time) and my business partner (full-time). I think the current team still has capacity to add more properties before another hire.

Hope that helps!

Cheers,

Dave