All Forum Posts by: Sofia Sharkey

@Matt Greenfield list on both. It depends on your market, in my market 99% of reservations come from Airbnb and about 1% from VRBO.

@David Zall read a lot. Become the most knowledgeable person in this topic and get a great understanding of your market, the areas, the price points, what properties will and will not cash flow, and get your own criteria established for what will work. As you manage your own str and get knowledge, things will start coming your way. Tell your network about what your doing and join real estate meet ups to network.

There are too many STR managers who have no clue how to analyze a deal or how to process a claim if damages occur. They destroy the reputation of STRs as a whole and cause issues down the road (such as very upset neighbors who will not tolerate airbnbs any more). That's why it's so important that you know what you're doing so you can provide a good service.

I wrote this a while back to help investors vet their STR managers https://www.biggerpockets.com/member-blogs/13688/92930-part-1-investors-expectations

Good luck!

@Eric Malone Instagram influencers can make great money, I know a girl who makes 30K a month from that only. Those jobs are on the rise as business try to figure out more ways to reach their consumers in the virtual world.

@John Underwood that's not entirely accurate. If taking 10% leaves you with no profit, your numbers went wrong. STR should have more leverage than that - besides it's a very hands on role even with the technology. Some people may not have the time or desire to be talking to guests at all hours of the day.

Cheers!

@Michael Fyvie hi Micheal, that won't be necessary. The management company you choose to go with will have their own tools and systems. I created a post a couple weeks ago regarding what to keep in mind when seeking a STR management company, I hope you find it insightful. https://www.biggerpockets.com/member-blogs/13688/92930-part-1-investors-expectations

@Bryan Crawford

- Furnish your place using STR best practices (make attractive and no clutter)

- Get STR insurance (proper or travelers are my recommended)

- Automate checking (use a keypad)

- Follow airbnbs prompts for info, house manual, photos, etc. Using airbnbs photographer will help some on the SEO but they don’t take the best pictures ... it’s a good place to start tho

- Don’t use airbnbs dynamic pricing, you’ll lose money. Either do it manually or use tools like Pricelabs

- There is a TON of info in these forums, read through them. I also like the STR success stories podcast by @JulianSage

Good luck!

@Matt Cupp I have developed my own calculator because the tools I found online didn’t provide a holistic view.

As part of my market research I use a method similar to Luke’s above. I described the process in this post: https://www.biggerpockets.com/topics/891742

@Jack Rozema

1. While there isn’t a way I know of to verify directly with the platform, there are other services such as mashvisor where you can look up a property and see how much they made (as long as it was through the platforms and not direct bookings). With that being said, they are not very accurate for Missouri and Kansas.

I always do my own market analysis because I want to make sure I know my numbers regardless of what the agent / property owner tell me the house made. I'm also very familiar with the area and know from experience what areas will make a good STR and what areas to pass on.

2. My STR business just had a fantastic month (December) with our properties in kansas and Missouri. It all boils down to location so depends on the university that it's close to and the general area. People are still traveling and moving so there is a demand in our markets, just not as a high as pre-covid.

@Joe Splitrock I agree with you 100%. In my sort term rental business, neighbors are a key deciding factor to onboard a new client or not because they can so easily cause bad reviews and it doesn’t even have to be extreme. I had a property in a residential neighborhood and the neighbors were all up in arms about it because “stranger danger”. Keep in mind that my guests had caused zero issues, were very respectful, and we lived in the house as well (just renting rooms). One day a guest parked a little too close to the neighbor’s driveway, neighbor came out and told the guest he wasn’t welcomed there and to move the car. Another day, guest was walking around the neighborhood and the neighbor walked behind them making them uncomfortable. That was enough to cancel operations because guests were uncomfortable and that wasn’t going to change.

I suggest you build a good relationship with them. Here are a few things I've done that have worked well. When the house is ready, invite them to tour the property (offer some snacks) and tell them you are very excited to turn it into a short term rental. You will make sure guests don't bother them and if they ever see something strange to call you so you can resolve it. Offer to have their lawn mowed and snow removed... small acts go a long way. Regarding the fence, you need to find a happy medium with them. Unfortunately you have to work with them for your STR to be successful. Good luck!

@Matthew Beckman hi Matthew do you have it yet? I’ll send you one - I want to join that group as well. What’s the name of it?