Jumping into the short-term rental industry can be both exciting and daunting. You can prepare yourself as best as possible, but there are some things you won’t know how to handle until you’re experiencing it first hand.
Not to worry - we've turned to the Minoan Curator Club to share some insights on things you may not realize about owning and operating your own STR property. Check the top four things these hosts wish they knew before launching their STR businesses.
Issues happen. Try not to stress!
You know things in life don't always go according to plan – and that holds true as a short-term rental host! It's inevitable that issues will arise, such as unexpected maintenance problems or the occasional difficult guest. Try and come to terms with the fact that issues are part of the process. This mindset can help calm hosts when issues occur and ensure you tackle problems confidently.
Overly stressing can also negatively impact your personal experience as a host. By acknowledging problems may arise and actively taking steps to manage them, hosts can enjoy a more positive and fulfilling experience.
You need to build a team you can trust
The cleanliness and maintenance of your property are essential to ensure guests have a positive experience. Hosts must establish a reliable and trustworthy team they can count on to make turnover easy and uphold a high standard.
Then, instead of worrying about cleaning and maintenance tasks, hosts can focus on other aspects of their business, such as marketing and guest communication.
One of the biggest misconceptions in this industry is that investing in short-term rentals can generate passive income, except there isn't much about being a passive host. But if you build out the right team and network, you will have a higher chance of succeeding than if you try to do it all yourself.
It’s a major time commitment
One of the most time-consuming aspects of being a host is managing bookings. This includes responding to inquiries, handling reservations and ensuring your property is ready for each new guest. This can be particularly challenging in areas with a high demand for short-term rentals, as hosts may need to stay on top of bookings around the clock.
Hosts must also invest time in marketing their properties to potential guests. This may involve cross listing to multiple OTAs (AirBnB, VRBO, etc.), creating your own direct booking site, and managing your brand across social media. In addition to our last point, hosts should enlist help from a strong team to help alleviate some tasks and focus on building their business.
Prioritize networking and learning from others
Networking with other short-term rental hosts and professionals can be invaluable in tackling common hosting challenges. By sharing insights and experiences, hosts can learn from one another, stay up-to-date on industry trends and collaborate on solutions to common problems.
Interacting with other professionals that understand the challenges of the business can also provide emotional support and a sense of community, encouragement, and camaraderie. Upon growing your network, you’ll quickly realize that the challenges you thought were unique to your STR business are challenges other hosts have also dealt with. Use these opportunities to support each other - the host network is one of the best free resources!
Networking with other hosts can also help you build relationships with other types of professionals in the industry, such as property managers, cleaners, and maintenance workers. There are countless Facebook groups and industry meetups for individuals in the STR space. If you haven't joined a group or attended a networking event, we strongly recommend it.
While this list is by no means exhaustive, these are important points to consider as you’re embarking on your hosting journey. One last bonus tip to not forget - if you haven’t already, join Minoan to save on all the items you need to furnish your property. Get started today, it’s free!
