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Updated 3 months ago,
Listed my STR. Overwhelmed with financial requests
Since posting my STR for sale on a STR Facebook page, I have been bombarded with requests for financials.
The financials are not bad: Asking price is $485K. The property produced $48K gross over the past year. I include the operating costs and a month by month gross/net, NOI, cap rate etc.
I'm just wondering why all the financial requests. I send them, and then get crickets.
Will these people work as hard as I did on the property to get bookings?
Do they think this will just happen on auto pilot and they can attain the same as me?
They don't ask about context of the bookings and the types of bookings I took (including one mid term tenant).
They don't ask about the POTENTIAL and where I see the opportunities? Or questions about the market, visitor stats, comp set?
Nobody is asking for a showing either. It's like the real estate (cute bungalow) and opportunity for growth doesn't matter.
Has anyone else experienced this? Why is the decision based solely on what the past owner did or didn't do? As a realtor, I review these financials all the time and I find them more misleading than helpful. There is always CONTEXT. Past financials is only one part of the picture. Don't we want to seek growth and create further opportunities for revenue as investors? Even if it was a low performer (which it isn't), isn't it part of the game to reimagine, see the potential and make it a success? That surely would be the upside.
I would love some perspective here. Thank you!