Need input on idea $$

[Bruce Woodruff]

So I was considering refi'ing one of our places and getting another STR.....I was talking it over with a buddy who does STRs also. He said 'why don't you just raise your rates enough so that it is the same $ as having another without the extra hassle'? That made too much damn sense to ignore.

So he also said, 'just double your rates and see what happens....if you stay fully booked, how cool would that be'? Well it would be real cool. But double? One of our places I keep low so I probably could get quite a bit more, but I like keeping it full....

My own research (no AIRDNA for me) says, yes, I probably could go higher, but if this backfires, it would suck to lose all listings for a month until I could put it back.

What do y'all think? Go for it? Wait til next spring when it starts to get real busy? Just creep the rates up gradually? This guy and I are both kinda cowboys so the 'shoot first and ask questions later' thing is sort of appealing... :-)

[Ken Boone]

Well you can test the water by setting your prices higher for anything beyond say 6 weeks. You get down to 4 weeks out lower it some, get down to 2 weeks lower back to what you know you can get for it. But in my mind I would be thinking this.. Hey can I raise the rates in my STR and get more $$$.. Wait if I refi and get another STR and raise those rates too I would now get $$$$$... ;)