All Forum Posts by: Mark Reitman

@Vinci S. I have an apartment in Lincoln Park. Back in April, when things hit the fan, I leased it to a tenant for a year. We'll see what the STR market looks like in early 2020 before deciding to switch it back to short term and go for any others. All of my others are now out of state.

There isn't a place where you can find STR-friendly HOAs. I have MLS access so, when I'm looking for myself, I can use a keyword search to find available units in friendly buildings. If you need help sourcing those units, I'm happy to chat.

Two other ways to get better returns without looking elsewhere: (1) find an off-market property and avoid competition bidding it up and/or (2) find something you can improve. It's a bit harder remotely, but can be done.

I was thinking of selling my least productive cabin because it only generated 22% gross revenue/price its first year. I think y’all just talked me out of it!

I don't know if another OTA will arise as a result of this. But I do think Chesky (the CEO) will be on the hot seat to keep his job. An IPO is still a goal and investors will want confidence in someone to lead Airbnb to and beyond that point. While the decisions, themselves, are debatable, the decision-making process, communication and roll-outs have been awful. If he doesn't show he's learned and grown from that, he might soon be out or at least kicked to the Board.

@Mark Ainley I have one Chicago apartment STR now also listed it as a longer term - month-to-month up to a year - furnished rental and have had plenty of interest in it. It seems furnished rentals have some extra appeal, these days, because acquiring furniture can be more challenging for those who don't already have it.

Does a bear in a hot tub count?

@Matthew Peterson I’ve used both Outdoor Spas and Hot Tubs Etc. I like both and sometimes one will have a refurbished if you want to go that route.

We have a Google sheet checklist which has a column to note the level where we need to order more. She can check the needed items, tag me so I get a notification and then I just order it and clear the check boxes. Each property is a separate tab.

@Gary Dawson

Not sure this is sage, but it's worked for me:

1. Post after the inspection contingency is resolved. No need to keep the PM's bookings.

2. Block the calendar until you're SURE the property will be ready. Give yourself a buffer on that time. Use the inspection to learn what needs to be done, not only what the inspector checks but everything in the place - furniture, small appliances, silverware, pots, pans, everything. 

3. Headline = "NEW! Rest of headline"

4. Set prices competitively for 45-60 days out and at market beyond. Being new will gain bookings and then your early reviews will get the further out reservations. Don't use the discount feature because you don't want someone getting the discount for 6 months down the road during the busiest season.

Good luck!

Hey @James Rowe, here's a checklist I use:

https://docs.google.com/spreadsheets/d/13yRo15uhzVS6Luk0YIBQZG16Tcm1b2V4NfCDetcP7ek/edit#gid=0

You can get a sense of cost by adding up whatever you need or want to offer. As others mentioned, expect some deferred maintenance too. It seems most cabins typically need something (or will), some you find during an inspection, others you hear from guests, and then you need to be prepared to repair it ASAP.