Crushing the STR Game in Nashville
Summary
This article discusses how a short-term rental (STR) business in Nashville, Tennessee, successfully navigated the challenges of the COVID-19 pandemic using the master lease model, extended stays, and focused on providing housing for medical professionals. Hosts can learn from the strategies implemented during a crisis to expand their portfolio and adapt to changing market conditions.
Key Insights
- •Revenue dropped 95% in one week for the featured STR company due to the pandemic.
- •The STR company focused on extended stays (up to 6 months) to adapt to changing market conditions.
Action Items
- ✓Consider exploring the master lease model and targeting extended stays to diversify revenue streams, particularly during market fluctuations.Effort: mediumImpact: medium
- ✓Build a team of independent contractors and outsource tasks as quickly as possible to enable scalability.Effort: mediumImpact: medium
Tools & Resources
- →STR Legends: The article references STR Legends, which may be a resource for STR hosts.
- →Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing: The article mentions Get Paid for Your Pad and the book "Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing" by Jasper Ribbers and Huzefa Kapadia.
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Curated by Learn STR by GoStudioM