All Forum Posts by: Jon Martin

By the time it's finished in 2-3 years we should be through this market cycle  . . . LOL. In all seriousness, there should be some wash out during the course of your build. 

I'd say if you are doing well then go for it. Sounds like you have a model that is working for you, even in a tough year. You are always going to be working off of lagging indicators, especially with a build that ties up your capital for 1-2+ years. 

Quote from @Sarah Kensinger:

I'm still trying to figure out why SOME people think the STR market has tanked. I'm surrounded by hundreds of STR operators that think otherwise.

I'm not either. I'm about on par with the AirDna estimates I ran when I bought at the start of 2022. With thousands of investors flock into the same small handful of hyper-competitive markets its no wonder that those markets will struggle, especially for those who bought in late. Meanwhile they ignore regional markets that have huge upside potential because they follow the herd instead of skating to where the puck is going. I love seeing neighboring properties close to where I want to buy with bad photos, average mismatched furniture and decor yet well occupied calendars. Shows me that with a bit more effort and good service I can easily surpass them. 

Some of the prevailing advice may not have been great in hindsight and in the context of too many investors piling in, but at the end of the day we are all adults who should do our own DD.

Quote from @Joe S.:

I'm wondering if you are attributing the saturation to the correct person? My guess is that more people were enticed by various personal finance and/or "hustle" podcasts, youtubers, tiktok etc. Most wouldn't find their way to a specific book nowadays without getting funneled in from another source is my suspicion. 

Quote from @John Underwood:

Quote from @Trent Reeve:

if they are crazy check in (say 4 hours early) then maybe. If its a little and the place is clean and ready, i let them know im letting them in early to start some good will. As for checking out, i check with my cleaners and sometimes let them know they can take another hour past the normal checkout time (10 am) if they need it. but honestly, i havent had anyone ask for late checkout so far this year.

I agree.

If it costs me no extra effort then I will do it an no extra expense to guests.

Same. It's a kind gesture that costs me nothing and makes a good review more likely. If it's not a same day turn and the place is open then I let em have it. 

That said, I don't go out of my way to accommodate it in regards to scheduling cleaners around it. 

PM me please! Thank you 

If you fit this description please PM me!

Quote from @Carrie Foley:

I actually think it's better to say there's 3 tiers out there. And I stick to the middle tier. A few thousand for a sofa at a place like World Market or equivalent. Buy quality, but not luxury. No matter how expensive it is, people will still spill/stand/jump on it, especially if you get guests who are less than 5 stars. 

Agreed. Don't buy the cheap plastic utensils from dollar tree that nobody wants to use, but also don't buy the $40-50 copper pancake turner from William Sonoma. Buy the $12 stainless steel utensil that is going to look good enough and last a long time. 

I like Living Spaces for sofas. Really good quality in the $1200-1800ish range. 

Awesome thank you @Sarah Kensinger 

I didn't like the idea of having to explain in the listing which bed/bath is open/locked, have them not read the obvious "fine" print, then complain that it's not what the expected. Having 2 listings makes much more sense because that way they see exactly what they are getting for the discounted price. 

Quote from @Sarah Kensinger:

How big is the home, could you break it down into a smaller listing during the week and then the entire home on the weekends?

 I've thought about this . .. . Do hosts usually have multiple listings for the same property but with different bedroom counts? I've thought about locking off a bed/bath and having a budget option with a lower ADR and/or cleaning fee, but wasn't sure if it was better to do a separate listing or set different pricing per person in the same listing. I guess the problem with the latter is the guests could feel misled if they don't read the fine print and are expecting access to the whole house. 

Could be the season. AirDna shows August as the slowest month for Sedona. Kids are going back to school and most people got their summer vacation fix already. Combine that with being a newer listing with a low review count, which could make it tougher to compete with established listings that are also vacant mid week. 

That said I agree with the above about lowering the weekday rate. I wouldn't set a minimum greater than 2 nights right now because you are still early in the game and need to build your review base. Once you get the ball rolling you can set longer minimum stays.