New to the game

[Alicia Morrow]

Hello everyone!!!! I’m new to the game. I’m trying to gain more information about real estate and finding an agent for STRs.  Can’t wait to see what it’s all about!!!! Super excited!

[Steven Foster Wilson]

Hi Alicia, welcome to BiggerPockets! It's important to understand the potential risks and challenges involved in STRs. Here are some things you should consider:

1. Research your local laws and regulations - Many cities and municipalities have specific rules and regulations governing short-term rentals. Make sure you understand the local laws before you start listing your property.

Take Ohio for example, here are the STR regulations in this state: https://www.columbus.gov/str/

2. Understand your target market: Consider who your ideal guests will be. This will help you determine what type of property to buy and how to market it.

3. Choose the right location: As with all other real estate properties, location is key in the STR business. Look for areas that are popular with tourists or have a high demand for short-term rentals.

4. Invest in the right amenities: Having an STR property, this is mostly dependent on good reviews, it's important to provide a comfortable and well-appointed space. This may include amenities like great internet service, a fully stocked kitchen and comfortable sofas and beds.

5. Work on a solid pricing strategy: Set your prices based on seasonal trends, market demand, and your own expenses. A property manager will be able to help you with this. You could also use some pricing tools available online.

6. Plan for maintenance and cleaning: Consider hiring a cleaning service and a handyman or contractor to handle any repairs or upgrades.

Lastly, be prepared for the unexpected: There are risks involved in short-term rentals. It is always best to make sure that you have adequate insurance coverage and a plan in place for dealing with any unexpected issues that may arise. All the best!