I want to start a new venture and need some help identifying big challenges in STRs.

[Frank Barletta]

Hey, Everyone -- I'd like to launch a new venture in the short-term rental space and wanted to ask everyone here what your biggest challenges are.

In the past, I've launched and sold 2x PropTech ventures in the multi-family space and now own a portfolio of short-term rentals. I am fascinated by this space and believe in our industry, so I would love to solve some problems!

I am happy to reciprocate in any way I can, such as a discount in a product I build, opportunity to invest, etc.

Thank you in advance!

[Stuart Udis]

Your initial priority should be identifying markets where short term rentals are permitted AND in my opinion even more important, identifying markets that are both reliant on short term stays to support the local economy and possess barriers that prevent more traditional hotel operations from entering the market. There is a movement across the US with many municipalities either banning or restricting the ability of property owners to lease their properties as short term rentals. This is because most municipalities charge taxes and fees specific to the hotel industry, and when the local hotels lose market share, the difficulty in holding "mom-and-pop" short term rental operators accountable results in municipalities losing considerable tax revenue. It is also helpful to engage a local zoning attorney who can assist with any use permits or licensing that's required. These should be your initial steps. No matter how great of an operator or how good your boots on the ground vendors are, if you lose your ability to operate the property as an STR, the business concept fails.