All Forum Posts by: Matt Osojnicki

Are you looking to purchase a Short-Term Rental or increase your revenue for the coming summer? As a STR property manager who loves data driven results, here are my 3 and 3 for Airbnb. These hacks have boosted my revenue and created a space that separates our listings from the competition!

Furnishing:
Bedrooms - Want to create instant value to your home and increase revenue the quickest? Take your current homes office, study, or flex space and turn it into another bedroom to increase the amount of guests that can enjoy your home.
Hot Tub - If you haven't considered this option before now is the time. Hosts are trying to stand out amongst a competitive market and there's no better single addition you can make to a home than adding a spa. On average, we see a 15% increase in our annual revenue based on similar comped properties in our area.
Accent Walls - For 10 years Boho designs and other flat colored features have been the craze. As cozy and as warm this interior design may feel, everyone's listings are furnished in a similar manor these days. Our premortal selves are coded to recognize the movement and danger lurking in the grass. If you really want to stand out be the danger in the grass and mix it up. Try adding some darker modern industrial features to your property and showcase them! Your property will be guaranteed to stand out in front of the bland competition.

Listing:
Photos - Airbnb is psychological warfare. The first thing a guest will see is your featured photo. This HAS to be your best photo that describes your place with visual emotion. Even if a guest doesn't book your listing the amount of clicks you generate off a click bait photo boosts your conversion rate in the algorithm. Also, don't be afraid to interchange this photo for the seasons. 
Price - It's very important to run a comparative market analysis against other properties close by that share the same amenities. If your property offers a greater value then your competition then you're continuing to funnel the guests into booking Your Stay.
Reviews - The almighty judgmental 5 stars in the sky. As much as it makes me cringe, we must succumb to the review. All our guests care about is a high rating with plenty of reviews when booking. Here's my one hack to great reviews. Offer a product that exceeds a guests expectation after booking while providing timely customer service.

All of these tips and tricks will increase your nightly rates, occupancy, and annual gross income in just a few easy steps. 
Hope this helps some hosts out there as we head into the summer months of 2023 :) 

There's nothing better than connecting with other like minded individuals! I'm sure most will agree that networking has done more for our businesses than we thought was possible. However, I noticed a grammatical error. I think what you meant to say is "First Beer On Us!"

Jan is 100% correct here. I see to many people miss label "turn over frequency" as "high wear and tear". The type of rental doesn't matter. There is still a physical person in your home regardless. The benefit of Short Term is that the property is looked at 6 times a month and not once every six months. HUGE misconception. Because of this, STR's are kept in a "for sale" status for the entirety of its use. Another added bonus in my opinion.

Good to see you again @January Johnson :)

Sounds like a wrap to me! 
Just one thing to keep in mind. It's expensive to furnish a property for short or mid term rental. May want to consider getting a tenant in if you plan to sell in 6 months. 

Best of luck!

So much value from everyone's posts here that its hard to go wrong with any option. Here' my 2 cents for what it's worth as a PM who has a client who flips homes.

The STR model requires you to meet specific data points to be successful. For example, a great place to start is identifying how many bedrooms it takes to be successful in your area? I know here in the Boise market studios and 5+ bedrooms outperform the rest of the competition. Secondly, the homes my flipping client flips makes sense for flipping, but not for Airbnb. However, he needed to hold some of them while the market adjusts. They still pay the bills, but he doesn't see huge numbers STR's can produce.

In closing, determining a properties highest and best use can be challenging when there are more factors involved. If you budgeted the project for a flip and you stand to make a profit then that will always be a good choice. However, if your flip just so happens to be everything your market needs for an Airbnb then absolutely hit up a local PM to find out more information! I work with investors all the time so they should be just as spun up on answering all the questions you may have.

Hope this helps and let us know what you decide to do!

That's great news! I've looked around and Avery Carl and her team have come up often. Guess I should read her book too! 

Thanks Luke Carl!

Hey BP family!

My wife and I are traveling to the great state of Florida next week from September 15th tot he 20th. Specifically Pensacola from September 15ht-18th then Destin from September 18th-20th. Our goal is to meet with some of the local PM's, Realtors, Contractors, Handy Man, or just anyone who wants to talk REI! We lived there for 2 years and are excited to be returning as investors in the STR industry. Our goal is to locate the team and properties we will be working with in the coming months. We will also be putting together a pitch deck for other investors who wish to do the same thing with us.

If anyone knows someone we should be talking to or just has some general advice we would greatly appreciate it! 

Thanks in advance for everyone's time!

Matt & Kyli

Definitely going in the right direction. However, there is more opportunity than this in the Boise area. I run an a short term rental company that specializes in investor returns. I have properties of my own and am currently converting a duplex into an Airbnb. 

What matters most is location and beds. As an investor, if you can compound this into denser property like a 2-4 unit it’s incredible and not something I’ve seen much of in Boise. 

If anyone wants to grab a coffee sometime I’d be glad to share what I have! There is still plenty of room for growth in the treasure valley for short term rentals. Those who do it professionally will exceed. 

Hey Chad,

Best of luck moving forward! From personal experience here in the Treasure Valley Eric is right on the money with his assessment. He's a great resource to reach out to and has helped many people reach their goals!

Inflation is defiantly coming for our cash! It's been hard to get a pulse on the real estate market when the dollar is crashing. That being said, I'm still buying! 

As far as ratios go, Boise is under the national average for rent at -19% while the mortgages are over the national average at 22%. (this information is 2 months old) Either way, this will continue to level out and we are already starting to see the cost of rent on the rise.