All Forum Posts by: Garrett Kroll

Recommend focusing on "RevPar" instead, which is a metric that combines both ADR and occupancy. Otherwise conversations like this can feel like you're going in circles. 

For those who are having success with MTRs, are you listing on the normal platforms, or somewhere else? If posting on Airbnb & VRBO, are you simply adjusting your minimum stay length and adding specific language to your listing to target this niche?

We created our own digital guidebook for each property, embedded within our website. Pretty easy with squarespace. 

It allows us to:

- create a polished, branded experience 

- easily make updates 

- market our other properties and value-add content 

Interested in potentially joining as well. I own 2 and manage 2 others. 

I think there’s a lot of criteria you could consider, but at the end of the day it’s about results. Look at a PM’s listings - are the reviews great (not good)? Is the occupancy at or above average? Are both achieved with a competitive nightly rate?

A secondary piece of criteria might be the PM’s client base - do they work primarily with investors or second home owners? Those groups have very different needs and I’d be cautious about a company that claims they cater to both groups really well. 

Hey BP community,

I'm looking to expand into the Island Park, ID market and was curious to hear from those who have STRs in the area. What strategies have worked? What hasn't? Is there anything critical to focus on or consider? (e.g. seasonality w/ Yellowstone, winter access, amenities in-demand, etc.)

I'd appreciate anyone that could share their experiences. Thanks!

I think the biggest benefit is creating your own book of business, which you could later sell if you establish a PM company. That’s big $$.

I think we sometimes forget we’re leasing customers from Airbnb and Vrbo.

 

@Bruce Woodruff this is an open community and a great example of a topic worthy of discussion. And also a great break from the “what do you know about x location?” threads that consume this forum. 

If it annoys you, then move on.

As STR markets evolve and prices continue to climb, I was curious what criteria folks ares using to decide to make an offer or not. Not specifically talking about market requirements, but more for the property itself. What are your minimum requirements, and have they changed in the last 6 months?

I'll share mine:

- Target CoC of 25%+, 35%+ if a partner deal. This doesn't include PM as we self-manage (we plan to hire a PM once we hit our desired scale)

- Cash flow of $2k

- Break even occupancy (i.e. CoC of 0%) is half of the target occupancy or lower. This is essentially a buffer for error/reduced demand/the unknown. It's a new metric I'm tracking and helps me feel better about high purchase prices.

There are some additional qualitative requirements but from a pure numbers perspective, this is it. Curious what you all are using!

Time in the market > timing the market