Why This Expert Investor Owns Only ONE Rental Property
Summary
This article shares the story of an investor who chose to keep only one short-term rental property despite having the knowledge and resources to scale. The host emphasizes the importance of planning, self-management, and personal guest communication, which helps to maintain high-quality guest experiences. This story provides an alternative perspective for hosts who may not want to scale.
Key Insights
- •The host doesn't rely on automated communication or bots of any kind to answer questions. They give their personal cell phone number and can count on one hand the amount of times they’ve been contacted for problems in seven years.
- •The host is a huge believer in self-management of your short-term rental, but you have to have all your ducks in a row. You have to have everything working.
Action Items
- ✓Consider personal guest communication over automated responses to create a better guest experience.Effort: lowImpact: medium
- ✓Ensure processes are in place for short-term rental, including maintenance schedules and hiring reliable contractors like cleaners and handy people.Effort: mediumImpact: medium
Common Mistakes
- ⚠The host vets every guest and does not have auto-book turned on because they get a lot of fake bookings.
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Curated by Learn STR by GoStudioM