All Forum Posts by: Melissa Wesling

All good advice above-- I saw the same thing in my market and we had our best year ever in 13 years.  Drive-to markets definitely faired well.  Another trend we saw that wasn't already mentioned is that there was and is still a shorter booking window--guests are booking closer to the dates they reserve or booking "last minute." 

Right now the occupancy rates depend on the market since some areas are putting restrictions in place again.  However, real estate in "vacation markets" is still going strong.  

@Levon S. I am connected to investor friendly agents (who also own and manage properties) in Orlando, feel free to reach out!  

@Randy Pendergraft you could do that, especially if you plan to lock the extra unit to be sure there will be no access.  I personally would keep it easy and consistent and just offer one price for the max number of guests and one cleaning fee for the whole property assuming it will all be used.  If someone asks for a discount because not using the second house, maybe you can adjust at that time?  Some owners do offer a price for the min. number of guests and then charge more for extra guests.  We charge for the max number since that's often the number that books our properties (whole house).  But it's up to you!

@Randy Pendergraft Yes, it sounds like you are thinking it may be better to rent the whole property to one group.  Start with that!  

You can list the properties as one listing and also as 2 separate property listings all at the same time.  Guests would have the option to book one or both.  My prediction is that more often one group would book the whole property.  As a guest, I would hesitate booking one unit if the other unit nearby is also for rent and they have a shared space in a secluded area.  As an owner, I would probably rent as one property listing at this description.  But trial and error is a big part of the game here, so you can try listing each way and see how it books and change accordingly.  

Great post and good advice to always have a reserve fund.  We had a similar experience for my STRs in a small beach town.  Very scary when the spring stay at home order was enforced and rentals were restricted.  Once the quarantine was lifted, ours booked up.  We are mainly a summer season, but we had the best fall in 13 years of hosting.  Just as we got excited for all the extra cash flow, things started shutting down again...and the cancellations correlated.  

A few additional points to note:  1.  The guests are booking closer to their reserved dates and we are now seeing last minute rentals. 2.  We are in a "drive-to" location from a couple large cities and the drive-to trend was real.  Guests wanted to drive to a more rural or scenic town away from the city, but not too far away, during this time.   

Hi @Russell Payne! I started investing with an STR in 2007 and since have added 2 more STRs and 2 LTRs. My husband and I self-manage them. There are pros and cons to both, it comes down to your investment goals. Over the years it has become easier to self-manage our vacation rentals with channel management software and smart home technology. We find the STRs are more beneficial to us because we like to use them when we don't have a guest. I do think it requires a bit more research to find the right STR property in vacation rental markets for best ROI. Reach out if you'd like to discuss more specifics! Good luck!

@Aaron Haniff Welcome and congrats on your decision to invest!  Orlando is a great rental market for vacationers, but if your goal is to operate short-term rentals, make sure you research the neighborhoods that are rental friendly!  Some neighborhoods (and/or HOAs) have strict rules/regulations pertaining to rentals :) Good luck and have fun with your search! 

Hi @Robert Willard!  Nashville is a great market for tourism, however make sure you research the rental friendly neighborhoods in the city before you begin your property search.  Nashville has pretty specific rules and regulations in place for short-term vacation rental properties.  It is important that you connect with a real estate agent that understands these rules and regulations to guide you to the right property that will meet your investment goals.  

@Mac Boeve Our properties are about 45 minutes south of Holland but we actually do get guests who rent for the Tulip Festival! Once the restrictions were lifted in Michigan, our occupancy returned to normal and this fall has been booked too! Doing great, people are seeking drive-to scenic destinations to spend their "flexcations." Rentals are up in that area with more people working/schooling remotely.