All Forum Posts by: Danae Pitcher

@Collin Hays - It is super frustrating how these channel partners systematically take things away and replace them with "paid features". I agree that it is very transparent and insulting to our intelligence in the STR community. This can be seen more and more with all of these vendors and the fact that they are so "pro guest" is also another ongoing problem. To combat this problem, a great management company who will have your back and navigate the ebb and flow of the ever changing climate of these rental sites is essential.

@Michael Baum - yes, the due on sale clause is definitely something to be cautious of. I spoke to several mortgage brokers who say that it is very unlikely to happen but for me even a fraction of a chance is alarming. My owners who paid cash are the ones who do the LLC's. I agree that the umbrella coverage is super important, and I always advocate this when talking to my buyers about insurance. Ultimately it is their decision what they want to get. Honestly, having a great management company is also very important and can help mitigate any potential problems that might otherwise creep up.

How many of you have your STR's in an LLC? Most of my owners put their properties in LLC's, however just curious if there would be any compelling reason why you wouldn't want to do so.

I believe that if you have a house that stands out and you get it for the right price, you can still do very well.  I have clients right now operating in the black and they are doing it because they are aligned with a great team for management @Alice Horn and they purchased with a clear plan to move forward. There's no question that the Orlando area is still bringing in record numbers of tourists and there is enough business to go around. The critical factors in any STR are nicely themed rooms, a higher end game room, modern decor, and a good view from the pool area. Don't be afraid to buy a home that needs some sprucing up. You can often times save money and create a much better product than you would have had if you would have purchased it for a premium.

@David Sanders I just sold a home in Emerald Island which is a great location, close to Disney - it's an older development so the costs are lower and the homes are less.  My buyer is going to theme the home out and update it and will do very well when it is all said and done.  You are absolutely correct in your assumption that theming and a game room will make a difference.  I would maybe not go for Indian Creek, as a lot of that development is now owner occupied.  Windsor Hills is another excellent choice, but the homes are more expensive there.  Another tip is to pay close attention to the pool area.  Ideally you don't want it backing onto a rear neighbor and if you can get a home with a covered patio area along with the pool, guests love that.  

@Michael Baum  Sounds like you guys stay pretty busy then.  That's excellent!

@Andrew Steffens  That's interesting about spring training - we have that in Lakeland with my home state Detroit Tigers, but I don't think that really has much of an impact on us.  @Alice Horn, what do you think?

What season has everyone found to be the best for their STR's? In our area (Orlando / Kissimmee / Davenport), summer is super busy. Here's wishing everyone a prosperous summer!

I agree, I think great communication is probably the cornerstone of a successful property manager / STR owner relationship.

It's so important to have a great team behind the scenes of your STR. It really can make or break the success of your STR business. What are some of the main things you look for in a great Property Management company?