All Forum Posts by: Lotus Eli

Call the organizations and explain what you're doing and someone should point you in the right direction. Not every place will have the same process.

Im an investor, host and agent in phoenix who specializes in short term rentals. The biggest thing on STRs is your guest count, amenities, and top 5 photos. Using the enemy method, you can very quickly identify the top properties in your target market and then replicate if not improving upon their listing when you go live! feel free to dm me for guidance

 So interestingly, applying heavier discounts farther in advance actually raised our average nightly rate for those quieter months. Alot of owners have an automatic "last minute discount" that starts about 30 days out and gradually increases, we do the same. But by adding discounts 3ish months out, we are getting longer lead times, so people are booking farther in advance and locking in at higher rates because we have more competitive pricing for those people that are planning further ahead.

Hey Lotus,

I own a few STR's in Arizona right now that I picked up over the last few years. Tons of competition out here especially in Scottsdale so I stay out of areas with a ton of competition because I don't want to pay a premium on the purchase and then have to spend a ton more to furnish to keep up with the other STR's in the area.

I bought mine in the cities close to where people want to be, but still far enough away that I could afford a bigger house. 

On the uniqueness front that is something my wife and I have spent a lot of time researching. I think it really depends on the market you're in on what your guests will want so lean in and see what others are doing in your area and try to do your own spinoff.

If you want to talk more about it you can PM me!

Unique Amenities: As others have said, it will depend a lot on the area. Best advice I can give, get setup on Pricelabs or a similar pricing/analysis software. They have a Market Research feature I use all the time. Setup your filter to show you properties similar to what your looking for in the area your looking for (size, # beds/baths, etc.). Sort by revenue and check out the listings of all the top performing properties and see what amenities they are providing. I do this often just to stay up to date with what others in the area are doing amenity-wise. We found in our research that even at the increased price-point, a mountain view is worth its weight in gold. We shopped for properties based on that and it has paid off.

Guest Experience: Similar to what others have said, have good detailed automated messages for guests and a guidebook, nothing they hate more than getting to a property and being confused about how to get in, where to find things, etc. We also send an automated message to them around noon time the day after check-in just to see if they have any questions or need anything, most guests really appreciate us checking in with them, this also avoids the common scenario of guests that have an issue at the property but just choose not to tell you about it, then leave a bad review without giving you a chance to make things right. We often get a reply like "Everything's great but the coffee maker isn't working" which gives us a chance to have a new one dropped off and get ahead of any issues.

We also provide toiletries and basic cooking needs to all guests. Just the basics, little shampoo, conditioner, soap and lotion bottles in each bathroom, salt, pepper, cooking spray, coffee grounds, etc.. If you buy them online in bulk they're really cheap and I think it makes a huge difference.

Lastly, DoorDash and other apps like it are incredibly useful. Guests are always amazed at how quickly we get them things they need. Guest runs out of coffee, runs out of toilet paper, needs more towels, etc, we can usually get them any of these things in under an hour with the delivery service, and for much cheaper than the typical service call to try and have your cleaner stop by. We get alot of great reviews specifically mentioning how quickly we were able to get them supplies.

Seasonal Strategies: For us this has been all about pricing. We struggled in the down months during our first year. We decided to price our down months more aggressively and start our discounting 3+ months out. Our lead times and occupancy rates went up a ton in our quieter months after doing this. VRBO's Market Maker tool is awesome for this. I pay close attention to it in down months. It has a graph that shows you where your nightly rate is compared to the average rate of booked properties in your area. As we approach slow months I manually adjust my pricing to try and always stay just below the booked property line.

1 Bed 1 ba condos can be difficult at times, making the design as unique as possible such as adding accent walls or expensive finishes throughout the home that matches your towns aesthetic/niche are valuable additions to smaller homes where you can't usually add a pool table or other amenities you would find normally in a house. 

I believe one of the best methods to create wealth right now via STR is to buy land and build new construction. Then furnish that new construction and run it as an STR. The equity created will give you a good buffer during these uncertain financial times.

Welcome Lotus! You have gotten some great advice already in here but I will touch on the guest experience portion and local partnerships.

My tips for guest experience:

Have a digital guidebook explaining everything inside and near by places to visit.

Record a YouTube video of yourself touring the property and showing the details of working things. Send this video automatically when guests book. They will love seeing the owner explain things before they arrive.

Send auto messages the evening they check in and ask how things are going to get ahead of any problems. 

Provide a small welcome basket and "in case you forgot" basket. I do some popcorn, Rice Krispies, sleeping masks, ear plugs, toothbrush /toothpaste, etc. 

local partnerships: find restaurants you may be able to get a discount for sending guests over for. I partner with local coffee places for our coffee and also local boat/jet ski rentals to provide discounts to guests. I don't get any kickback from things but my guests love it and feel valued. I also like supporting local. 
My next one will be for my pet friendly place that has a new small dog park on it. I am partnering with a local animal shelter to do content one day promoting the puppies and my own place in one. 

Just a few quick ideas! 

I would sign up for BiggerPockets' STR-centered newsletter, BiggerStays, as well to stay up to date on all STR news and tips. You can sign up foril the direct link comes soon) by going into settings on your profile, going to notifications, then marketing emails, and clicking short-term rental newsletter. It's a great resource to stay on top of things (I also help write it, it for now (unt so I may be biased).