What is the biggest mistake you've seen other people make w/ STR?

[Paul Sandhu]

When I first started doing STRs in my town, there were at least 3 other people doing the same thing and catering to the same target market (refinery contractors). Over the course of 3-5 years, those other people got out of the STR business and went with LTRs or just outright sold the STR. During that same 3-5 years, I was buying a house about every 9 months. Many of my renters had stayed with the other people, or they at least took a look at the other STRs and decided they did not want to stay there.

Here is the main objections my tenants had with other people's STRs.

1. They were dirty.  There was trash on the floor from the previous tenants.

2. Lack of amenities.  No cable or wifi.  No washer or dryer. Very basic kitchen with limited utensils. Sometimes there wasn't even a bed.  Tenants would have to supply their own inflatable.

3. They were in a bad neighborhood.  Addicts and prostitutes would be walking the streets after it got dark.

4. The prices were the same or higher than mine, plus they included the above 3 items.

5. Their landlord wasn't very friendly, and would not occasionally surprise them with a gift of booze and porn mags.

What are the mistakes you've seen other people make?

[Chris Mury]

Biggest mistake I see is lazy pricing strategies. Some owners set a weekday and weekend price and don't adjust whatsoever for holidays or slower times. You miss revenue on both ends by undercharging and being overpriced/losing bookings.