If you’re considering purchasing a short term rental investment property that you plan to rent out on AIRBNB or VRBO, we would love to help you!
How to Buy a Short Term Rental:
Step One: Meet the Right Agent MEANS You Buy the RIGHT Property and Create STR Success
The properties that are not performing well with the competition and new regulations are the properties that don’t offer something special. There are the wrong homes for short term rentals, I see them sit vacant on AIRBNB all the time. It could be too east by one street on the AIRBNB map and its occupancy rate won’t be as successful as a home six streets west.
Gone are the days when you could furnish a simple 3 bed 2 bath home, and make a huge profit. Now, you need to curate a special experience for your guest. The good news is, that’s not that hard to do, it just takes some finesse and the right location!
Not every agent has experience working with short term rentals, as an owner of a successful AIRBNB myself, I understand what it takes to find the right property. Having sold many properties to my investor clients over the years, who are also having great results, we have a proven track record in this space. We are coming into our 10th year in business so we offer vast experience whether you’re looking to buy or sell.
The airbnb and short term rental market in the Phoenix area is still prosperous for many hosts, but there are some people transitioning out of the market. Personally, I think that’s a great thing. Less competition, meanwhile, the tourism industry in our city is not going anywhere.
The analogy I use is that someone can own a restaurant and make X amount of income, then sell that restaurant to someone else. The same restaurant, same staff, and same menu, can either generate more or less sales based on that new ownership.
The same goes for owning your short term rental.
The first step is to contact us so that we can discuss your investing goals and see if owning a short term rental aligns with those goals. Some of my clients find that they’d rather have a mid or long term rental, versus a short term rental as the returns, depending on the price point, can be similar. OR, those clients might prefer a more passive income stream versus the active income stream received from self-managing an airbnb.
We also have an incredible list of resources, from designers, property managers and our favorite cleaning company, Well and Good Property Services.
Whatever you do, make sure you are aligned with an agent familiar with the short term rental market. We meet people all the time who bought the wrong property before they met us, make sure you’re on the right track- call us today!
– Francesca Hamilton
Please call or text 480-382-8514, or send me an e-mail.