Quote from @Jonathan Foux:
Hi all,
I have had some experience in small real estate investing but a friend of mine has approached me to start investing in short-term rentals. I am aware of the main differences and landscape but was just curious of the biggest operational challenges that owners/operators face in this space? In addition, are their adequate services/technology to assist with those challenges?
I really appreciate any guidance here so that I can determine if this is a correct decision for me personally.
Thanks in advance.
Far as technology that assists in running STR....
- Hospitable for PMS
- Turno for cleaner automation - though i still message my cleaners everytime to verify they did clean and for them to submit photos of the property once their cleaning is completed.
- Stayfi for email capture to build out email list
- Schlage Encode for door knob - easy check in code creation. keep lock box somewhere on property with a physical key in it in case battery every dies or lock doesnt work
- Pricelabs - pricing automation. however I do organic pricing. I personally adjust all my pricing as I feel this helps me have more control and ultimately more bookings.
- Airdna, mashvisor, str insights, rabbu - market data research tools for STR investing
Far as challenges...
- cleaning team: finding reliable cleaners who follow the way YOU want it cleaned. You may have to hire and fire several cleaners before you find a good one. try finding a cleaner who are willing to do simple errands as well that will keep you out of the weeds.
- handyman: you need at least two handymen that may be willing to go out and fix various simple things should the need arise.
- if your listing your property on different booking platforms be sure you use a property management software that allows you to integrate those calendars into one space so that you don't have double bookings.
- keep extra linens on hand because linens will get stained, its part of the job and it will happen. either your cleaning team can keep these OR you could leave a set to change beds in case a guest stains a set and wants to replace it for their stay. either way you need at least two sets of full bed linens per bed
