Potential STR Management

[Cole Meier-Hollenback]

Hello Everyone! 

I have a client that is asking me to manage a short term rental for them and i wanted to get some insight from anyone thats managing an STR currently as I have no experience in this field. I am interested in doing it because I want to own my own STRs one day and think it would be a good window to see if its something I can see myself doing. I have cleaning services and handymen/contractors and live near the property.

Do you need insurance to manage one property? Is the Airbnb/VRBO insurance enough coverage on its own? 

What do you use for booking-keeping?  Do you do it yourself? (Quickbooks??) 

Are there any expenses outside the usual that I should be aware of? 

Any softwares you would recommend? 

I know there is a lot here and I may have not covered it all but any feedback and suggestions are greatly appreciated!!

[Alex F.]

@Cole Meier-Hollenback Managing an STR is very different than a LTR. With an STR you won't be in the property management business but will be in the customer service business.

Expenses are higher and little things that don't matter with an LTR will matter a ton with an STR.

My advise is to read as many books as you can and read thru this forum.

Due to the explosive growth of STR in many markets it is a ton more competitive than a couple years ago.

Good luck