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As a real estate agent and seasoned short-term rental (STR) host with over seven years of experience, I've seen the STR market evolve, especially post-2021, where competition is at an all-time high. Here are some key strategies to consider to help you stand out, maximize your occupancy rate, and boost your cash flow.
First and foremost, invest in properties short distances from popular vacation spots like famous beaches, golf courses, and locations with great weather all year. Not only will you attract families in the summer, but you will also have older couples come to places like Florida during colder months up north. Additionally, a property with a pool and a spacious backyard is a huge draw, as guests love the idea of relaxing by the pool and hanging out outside enjoying the fresh air. Research your competition to see what amenities they offer and look for opportunities to add or improve upon these features to make your listing more attractive. Remember, unique amenities can make all the difference in a crowded market, so the more you add, the more you will stand out, and it will pay off.
Utilizing a dynamic pricing software is crucial for ensuring your property is always competitively priced, maximizing bookings and revenue. If you're self-managing, having a reliable team of cleaners is essential, as a spotless property leads to great reviews and repeat guests. Also, cleaners are the first eyes on the property after check-out and will let you know if things need to be fixed or replaced. Also, you must familiarize yourself with local laws and regulations regarding STRs to avoid purchasing in areas that are not STR-friendly, which could save you from legal headaches and poor investment choices.
Another critical strategy is staging your home to appeal to your target guests. For family-friendly rentals, include children's utensils, plates, a pack 'n play, and games. Providing beach chairs, umbrellas, and a cooler can enhance the guest experience and contribute to glowing reviews if your property is near the beach. The goal is to make before as comfortable as possible without worrying about packing everything for their trip. By implementing these strategies, you can stand out in a crowded market and ensure your short-term rental thrives.
Do you need more tips, or are you looking to invest in a new property in Pinellas County, FL? Let's connect!
Some great suggestions! My husband and I are under contract to buy a STR in Beaufort, NC. Will need some work to get it ready, and I'm collecting ideas to make it stand out. The suggestion to have kids utensils, a cooler, and beach chairs is great!
One item I can add from being a guest at a STR...keep up on your pest control (this includes mice/rat control). We rented a STR in Hawaii and ended up buying rat traps because "that area is know for rodents". The owner/manager has been very responsive about calling an exterminator, but cleaning the kitchen counter of rat poo every morning is...memorable.
You're spot on about getting a good cleaner; they can make or break the quality of the guest's stay.
Keep up the good suggestions, and thank you!
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Real Estate Agent North Carolina (#167034)
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#1 Short-Term & Vacation Rental Discussions Contributor
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Quote from @Sherry McQuage:
Some great suggestions! My husband and I are under contract to buy a STR in Beaufort, NC. Will need some work to get it ready, and I'm collecting ideas to make it stand out. The suggestion to have kids utensils, a cooler, and beach chairs is great!
One item I can add from being a guest at a STR...keep up on your pest control (this includes mice/rat control). We rented a STR in Hawaii and ended up buying rat traps because "that area is know for rodents". The owner/manager has been very responsive about calling an exterminator, but cleaning the kitchen counter of rat poo every morning is...memorable.
You're spot on about getting a good cleaner; they can make or break the quality of the guest's stay.
Keep up the good suggestions, and thank you!
how they got in and fix the problem.
Great tips for sure! The other thing of course is location, location, location.
In hot or saturated markets, it seems the hosts all add similar amenities, so then it becomes a battle on reviews, pricing, and location.
A property in a great location (without all the amenities) can do just as well or better than a property with all the amenties but in a poorer location. The host has to decide what their unfair advantage in the market is going to be (location, pool, hot tub, amazing view, high-speed network, great for families, close to everything, themed house, etc) and market to that.
Mike
Quote from @Sherry McQuage:
Some great suggestions! My husband and I are under contract to buy a STR in Beaufort, NC. Will need some work to get it ready, and I'm collecting ideas to make it stand out. The suggestion to have kids utensils, a cooler, and beach chairs is great!
One item I can add from being a guest at a STR...keep up on your pest control (this includes mice/rat control). We rented a STR in Hawaii and ended up buying rat traps because "that area is know for rodents". The owner/manager has been very responsive about calling an exterminator, but cleaning the kitchen counter of rat poo every morning is...memorable.
You're spot on about getting a good cleaner; they can make or break the quality of the guest's stay.
Keep up the good suggestions, and thank you!
Yes, that's a great point. I forgot to mention that we have quarterly pest control services. Some of my properties on the beach also have a dry wood termite warranty and treatment plan. You always need to be proactive and ahead of issues with your investment property.
Thank you for adding this point!
Quote from @Mike Shemp:
Great tips for sure! The other thing of course is location, location, location.
In hot or saturated markets, it seems the hosts all add similar amenities, so then it becomes a battle on reviews, pricing, and location.
A property in a great location (without all the amenities) can do just as well or better than a property with all the amenties but in a poorer location. The host has to decide what their unfair advantage in the market is going to be (location, pool, hot tub, amazing view, high-speed network, great for families, close to everything, themed house, etc) and market to that.
Mike
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#3 Short-Term & Vacation Rental Discussions Contributor
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Great post Ahmed
We are also in Pinellas County with 50 or so units from Palm Harbor to Saint Pete (and more in surrounding areas).
Does quarterly pest control work well for you during the hot/wet months? We moved to monthly May-Sept. Not all units have it but we got a good deal with our vendor and 1 bug complaint can cost hundreds so our owners were on board as well.
Quote from @Ahmed Omran:
As a real estate agent and seasoned short-term rental (STR) host with over seven years of experience, I've seen the STR market evolve, especially post-2021, where competition is at an all-time high. Here are some key strategies to consider to help you stand out, maximize your occupancy rate, and boost your cash flow.
First and foremost, invest in properties short distances from popular vacation spots like famous beaches, golf courses, and locations with great weather all year. Not only will you attract families in the summer, but you will also have older couples come to places like Florida during colder months up north. Additionally, a property with a pool and a spacious backyard is a huge draw, as guests love the idea of relaxing by the pool and hanging out outside enjoying the fresh air. Research your competition to see what amenities they offer and look for opportunities to add or improve upon these features to make your listing more attractive. Remember, unique amenities can make all the difference in a crowded market, so the more you add, the more you will stand out, and it will pay off.
Utilizing a dynamic pricing software is crucial for ensuring your property is always competitively priced, maximizing bookings and revenue. If you're self-managing, having a reliable team of cleaners is essential, as a spotless property leads to great reviews and repeat guests. Also, cleaners are the first eyes on the property after check-out and will let you know if things need to be fixed or replaced. Also, you must familiarize yourself with local laws and regulations regarding STRs to avoid purchasing in areas that are not STR-friendly, which could save you from legal headaches and poor investment choices.
Another critical strategy is staging your home to appeal to your target guests. For family-friendly rentals, include children's utensils, plates, a pack 'n play, and games. Providing beach chairs, umbrellas, and a cooler can enhance the guest experience and contribute to glowing reviews if your property is near the beach. The goal is to make before as comfortable as possible without worrying about packing everything for their trip. By implementing these strategies, you can stand out in a crowded market and ensure your short-term rental thrives.
Do you need more tips, or are you looking to invest in a new property in Pinellas County, FL? Let's connect!
To add, I like to view STRs as running a small business. There's so many ways to get creative, unique, etc to be sure it is successful. Some of these include:
1) Your product/value proposition
2) Marketing/Management/Customer Success
3) Systems, Automations, Efficiency
4) Location
To me, #1 has the biggest weight on the success. Having hundreds of hours managing a myriad of STRs you really get to learn and get a pulse on what makes a property successful, how to mistake proof a property, and what it takes to keep them performing optimally. It is so important in fact, that I'm very selective with who I work with. While I don't have 7 years under my belt, I can say the majority of my properties I own/manage have been done in today's higher interest rates and prices. It's a completely different ball game post 2022 than it was pre-2021 as the Tampa Bay market continues to become more and more "professionalized" like other big markets like Orlando, Scottsdale, Nashville, etc. That's the growing pain for those that aren't ready to compete in the STR space accordingly, but that's the advantage for those that know.
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Real Estate Agent
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Quote from @Andrew Steffens:
Great post Ahmed
We are also in Pinellas County with 50 or so units from Palm Harbor to Saint Pete (and more in surrounding areas).
Does quarterly pest control work well for you during the hot/wet months? We moved to monthly May-Sept. Not all units have it but we got a good deal with our vendor and 1 bug complaint can cost hundreds so our owners were on board as well.
So far, Qtr. Pest control has been working well during the rainy/ hot months. If there are any issues, we send out the pest control to spray, and guests will seem happy as long as we attempt to fix the issue. But we rarely have any problems, so overall, it works well.
I am a small time STR operator in Wyoming, so my insight might not apply to larger areas, but I find that doing a theme for my STRs seems to get attention, The Rendezvous, The Cache, The Bunkhouse, The Eagle's Nest, The Cozy, etc. It sets a tone and I think adds a little interest that might not be there with just a physical description. I try to follow the theme with my decor.
Location is by far number one. We paid more for a commercial property (less hassle from the City in regard to getting a permit) and our theme is quintessential French. We have French touches throughout the house. The area is a Historic District and very walkable, which tourists love. The architecture of the house has been maintained with hardwood floors throughout, floor to ceiling windows and 14 foot ceilings (although a pain when accessing anything like lighting). It gives a WOW! factor. Our favorite response from guests is "OMG! The house is amazing!" We also focus on being very family friendly with books and Mardi Gras giveaways throughout the house for the kids.
Probably the most creative thing that we have done is made friends with an artist who has a studio in the French Quarter. We agreed for him to rotate some of his art in and out of our house, up to 20 pieces at a time with his business cards. Some of our guests buy the art displayed in the house and he ships it to their home.
Guests really love our historic home and the art inside. Consistent 5 star rave reviews confirm this.