Visiting my STR property for the first time ever... What should I be sure to do?

Question

First time investor here.  I'm visiting my STR property for the first time ever this Friday.

The property is undergoing a light rehab (new paint, new LVP flooring, new toilets, new kitchen, new vanities etc). The rehab is about 75% complete.  Besides checking in on the quality of the rehab, what other major things should i do while I'm out at the property? Meet the neighbors?  Meet the cleaners?   Try to layout where I will put the furniture?  Anything else I should do while i'm out there?

Bruce Woodruff · Answer

#1 would be meet the neighbors! I don't think a gift card is necessary at this point, but if you can exchange addresses and phone numbers that would be great.

Think like a neighbor....they are going to be worried about parties, noise, trash, etc. You need to assure them that you will not tolerate any of these things and will be on top of the property 24/7/365. Let them know about the PM and emphasize that you will keep the property in excellent condition, thereby making the whole block look better.

I'd schedule a visit where you stay for a few days, and at that time maybe a gift card would be appropriate......

Andrew Steffens · Answer

I would say all the above.  I represent a lot of buyers in Tampa, and some hire me for full service PM, limited service PM, and some self manage.  Those that self manage usually:

1 - Interview vendors and trades - i.e. cleaners, handymen.  You will need a full vendor list but I do not think you can or should interview HVAC, plumbers, etc.  Make a Rolodex of them for later.

2 - Complete your design plan - i.e. take measurements and come up with a plan.  If you are 75% complete rehab you are very close to ordering furniture IMO.

3 - Look for safety hazards - i.e. uneven steps etc.

If your time in town is limited I would focus on these 3 areas.  Most else can be done remotely.  Good luck and congrats!

John Underwood · Answer

Yes to all of it.

Definitely stay there a few days to find things your cleaners aren't going to notice.

You need to create the 5 star experience from the beginning.

Shannon Strickland · Answer

Additionally-Sleep a few nights in it.

Michael K Gallagher · Answer

@Marc Shin thats amazing congrats!  always valuable to throw yourself in a guest's shoes and turn everything on and make sure it functions well or as intended.  you'd be surprised how many "issues" are pretty simple little things.

Garrett Brown · Answer

Great information here already. Are you self managing? If so, make sure to visit/know of the grocery stores, restaurants, things to do, etc around the area even if just driving by. Guests will ask you and having some updated information about the area is always helpful. 100% can't stress enough to stay there for as long as you can to note the nuances every house has.

Michael Baum · Answer

Amen @Marc Shin! Gratz on heading there.

Do all of that and I would meet the neighbors for sure. Tell them that you are serious about running a quality STR and to have them call you at the first sign of problems.

That will give them some peace of mind and have a way to get a hold of you instead of calling the cops.

I did this with many folks on the road our lake house is on and they call if there is an issue. We have very few issues but there are times people drive to fast on the road etc and I hear about it.

Nathan Gesner · Answer

Get familiar with the major systems. How do you replace the air filters? Where's the main water shutoff valve? Do you know where the breaker panel is located, and are the breakers labeled? Do you have clear instructions for WiFi, TV, etc?

Trent Reeve · Answer

Identify your emergency suppliers. Who do you call if a pipe breaks at 7 pm? who do you call if the guest checks in and something is wrong? The AC/heat is out?  Might be worth talking to the people while you are there.

Peter Stewart · Answer

You can certainly ask the agent who helped you purchase the property for advice too ;)

Since you are using a PM to run things, I don't see any need to meet anyone except your PM and the contractor/handyman you plan on using for repairs/updates. I would remain as anonymous as possible to the neighbors. Your PM is there to act as a buffer between you and the property. Let them handle the neighbors, cleaners, etc. That's what they are getting paid for.

If your PM is handling the furnishings/decor, then I would not worry too much about the placement. If you are handling that side of things, then of course it makes sense to map it all out and start planning your purchases.

Ultimately I think the main focus of the visit is to familiarize yourself with the property (since you have not seen it in person yet) and check on the rehab work and meet your contractor and PM. I would also drive around the immediate area a bit too, so you can get a feel for the area (check out Butler campus, Broad Ripple, etc).

Visiting my STR property for the first time ever... What should I be sure to do?

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