Help on renting a mid term rental in New Smyrna Beach

[Adrian Lammersdorf-Scioll]

I'm working on helping some clients/friends of mine get their condo rented as a medium term rental, but not getting many hits on it, only one person that never answered me back after multiple calls and texts (stay has to be 30 days or longer).  

The trouble I am having is there is no comps to look at in the immediate area, so I just took some comps that were miles away up further north, and subtracted a little bit since the area was located near more desirable restaurants and shopping. It has been about 2 weeks of having it listed on furnished finders, air bnb, booking.com, facebook marketplace, and the MLS. I have only got 1 person that requested at 3 am, but never answered me when I called/texted in the morning.

Has anyone run into this issue with not finding any comps and if so what did you do to find the right price and get it rented?  I am lowering the price this week, but am just curious on how often it should be reduced if I'm not finding anyone in the medium term rental world?  Any help is greatly appreciated, and I am also not looking to outsource to anyone, so thanks for wanting to inquire, but please provide some help alone if you have any

**Also side note there is not even comps for long term rentals in the area either, I am a realtor and have never seen something like this, I even went years back to see.  It is a populated area, and not in the middle of nowhere either.**

[Katie Smith]

Hi Adrian. I have a few friends that do MTRs in NSB. One of them is a 2 story house right on the beach - and they always say summer is *surprisingly* slower for them. Might just be the timing. Lowering the price to get a first-time tenant in there is not a bad idea, especially for a review.

[Lindsey Mannix]

Hi Adrian,

I'm experiencing something similar with my place nearby (on Riverside Dr in Edgewater). I have gotten bookings for 30+ days on airbnb where in past years I've gotten hits through zillow right away. It feels different this year for whatever reason. 

~ Lindsey

[Zachary Deal]

I agree with @Katie Smith! I think lowering the price to get at least your first booking and a review would help a lot. With the lack of comps positive reviews will likely make a meaningful impact on the number of bookings/price you can get.

[Adrian Lammersdorf-Scioll]

I appreciate all the help!  I actually did get someone, but then they tried to hustle us with a wayyy lower price when he went to pay.... :/

[Lindsay Tucker]

Just curious what's motivating them to do mid-term rather than short? I have a property in Denver that does great with mid-term so I toyed with trying mid-term with a townhome I bought in Kissimmee—not too far from your clients' place. The interest in mid-term there was abysmal. Polar opposite of Denver. So I switched that property to STR and it's doing fantastic. I did start with lower prices to be competitive and get reviews at first. Now it's close to 100% occupancy. Maybe something for them to consider.

[Adrian Lammersdorf-Scioll]

Quote from @Lindsay Tucker:

Just curious what's motivating them to do mid-term rather than short? I have a property in Denver that does great with mid-term so I toyed with trying mid-term with a townhome I bought in Kissimmee—not too far from your clients' place. The interest in mid-term there was abysmal. Polar opposite of Denver. So I switched that property to STR and it's doing fantastic. I did start with lower prices to be competitive and get reviews at first. Now it's close to 100% occupancy. Maybe something for them to consider.

New Smyrna Beach and the HOA doesnt allow rentals less than 1 month. We actually have it fully booked now. The little price drop worked great.

[Lindsay Tucker]

Quote from @Adrian Lammersdorf-Scioll:

Quote from @Lindsay Tucker:

Just curious what's motivating them to do mid-term rather than short? I have a property in Denver that does great with mid-term so I toyed with trying mid-term with a townhome I bought in Kissimmee—not too far from your clients' place. The interest in mid-term there was abysmal. Polar opposite of Denver. So I switched that property to STR and it's doing fantastic. I did start with lower prices to be competitive and get reviews at first. Now it's close to 100% occupancy. Maybe something for them to consider.

New Smyrna Beach and the HOA doesnt allow rentals less than 1 month. We actually have it fully booked now. The little price drop worked great.

 That's great!