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Updated over 1 year ago on . Most recent reply

User Stats

44
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42
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Amy Greenwood
  • Real Estate Agent
  • Willoughby, OH
42
Votes |
44
Posts

first year of STR - best strategy for next year?

Amy Greenwood
  • Real Estate Agent
  • Willoughby, OH
Posted

We just completed one year of business in our first STR. We are in NE Ohio, a few minutes from Lake Erie. Surprisingly, we averaged 57% occupancy for the year. It's a 3 bedroom/2 bath rental, so it does great for families in the summer. In the winter (aka the other 9 months of the year!), we see more couples doing a getaway or one person on a work trip. So, we created a separate listing for a one-bedroom rental, locking the extra 2 bedrooms (sharing calendars, but no one shares the actual house.) That decision really saved us and kept us relatively busy all year.

After Labor Day, it will go back down to mostly one-bedroom bookings. If we wanted to try a different strategy for next winter, like mid-term rental, what is the best way to take advantage of all 3 rooms? I have had requests from singles for mid-term, but they don't want to pay more than $2,000/month for one room. (Our lowest months average over $2,000.) 

Most Popular Reply

User Stats

44
Posts
42
Votes
Amy Greenwood
  • Real Estate Agent
  • Willoughby, OH
42
Votes |
44
Posts
Amy Greenwood
  • Real Estate Agent
  • Willoughby, OH
Replied
Quote from @Alex Scattareggia:
Quote from @Amy Greenwood:

So, we created a separate listing for a one-bedroom rental, locking the extra 2 bedrooms (sharing calendars, but no one shares the actual house.) That decision really saved us and kept us relatively busy all year. 

 @Amy Greenwood first off congratulations on your success. I have a similar property where we created multiple listings for the same property. We made 1/ 2 and 3 bedroom listings for the same property and would lock off parts accordingly.  It´s really a nice way to maximize the space.   Do you completely snooze the 1 bedroom listing in the summer to keep it from taking away nights from the 3? 

I have not snoozed the 1 bedroom, but went into Price Labs and made the price double if they want to book more than 5 days out. Trying this so that the 1 bedroom can still fill orphan gaps. Probably will have to keep tweaking it though. 

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