We are experts in the short term rental space in the Greater Phoenix Metro. We can help sell your short term rental, but we equally assist those interested in diversifying their real estate portfolio by finding and setting up a short term rental:
How to Sell Your Short Term Rental
Have you decided to sell your short term rental, airbnb or VRBO? If that is the case, there are certain guidelines you want to follow when preparing the STR property for sale.
Those who own a short term rental (STR) either love being a host, or they have found that the hospitality business is not for them. Maybe you would like to change your investment strategy or you’re ready to cash out. It could be a great time to do a 1031 exchange into a more passive income producing property.
Just because you do not want to own an an airbnb rental any longer, and would prefer to sell your STR, doesn’t mean that it’s not a good investment for someone else! Scroll down for tips to prepare your STR for sale.
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 selling your short term rental. This is the opportunity we can sell to the new buyer.
– FRANCESCA HAMILTON, REALTOR AND SHORT TERM RENTAL SPECIALIST
That’s why when you decide to sell your short term rental, it is important that you consider what is going to attract the best buyer.
Obviously, it goes without saying that choosing the right real estate agent is an imperative part of selling or buying a short term rental property. I would be doing myself, and you a disservice to not introduce myself. My name is Francesca Hamilton, I have worked as a realtor for 10 years and specialize in selling short term rental properties. Some agents are simply not experienced in this niche market of selling airbnb homes or they’ve never owned one. I personally own and manage a successful airbnb and I can speak the language.
If you work with an inexperienced agent, you will not have the same success buying or selling a short term rental as if you work with a pro. This is especially the case if you are selling your airbnb.
A pro knows about the changing laws, market viability, THE attraction of the exact location and amenities that guests look for. A pro can explain the benefits of your airbnb property compared to the options buyer’s have and ensure they understand the value that your home is offering.
With the market shift over the past 6 months, there is plenty of competition when you are selling your airbnb property. You want to make sure you prepare the airbnb/VRBO/STR home for sale so that it is appealing to that next investor.
Here are things you can do when preparing to sell your AIRBNB that don’t break the bank:
- Full Paint inside. We all know that our lovely airbnb guests scratch up the walls. I am not sure how it happens to be honest, nobody kicks the wall in the hallway at my personal home, but at my airbnb the halls are scuffed. It’s truly a mystery. Make your airbnb property turn-key when you are selling by completing a full interior paint, including the bathrooms/kitchen and baseboard. It will make a world of difference and is well worth the investment.
- Fix anything that needs repair. You don’t need to do a full overhaul or remodel when selling your airbnb property, but the home should be in good working order.
- Throw away unused/old linens or decor. Anything that’s really past its useful life and is showing age on the property. Are there two side chairs that have seen better days? Toss them. You don’t need to bring the property up to the latest 2023 design, but you can keep the property from looking old by eliminating old looking things in the home that need to go anyways.
- Prepare a list of all the upgrades you have completed at the home since ownership. This includes any notable furniture purchases (like a beautiful new couch you added last year, or new carpet in the bedrooms two years ago, etc). Have that list ready for your realtor.
- Compile information about your past host payouts since you have been a host on AIRBNB. Make notes if there are any gaps in reservations that can be explained by outside factors, like maybe your use of the home or downtime for upgrades. Have that list ready for your realtor.
- Compile information on your future reservations. This includes reservations you plan to transfer to the new buyer. Have that list ready for your realtor.
- Compile information about the monthly operating costs including utilities, housekeeping, property management fees and landscaping. Have that list ready for your realtor.
Can you transfer your AIRBNB listing to the new owner? The answer is no. Read more about Why You Can’t Transfer an AIRBNB listing.
Realtors who specialize in selling short term rentals
My name is Francesca Hamilton and I own a short term rental in Scottsdale, Arizona, and help many clients buy and sell short term rental properties. We have the advantage of deeply understanding the local short term rental marketplace in the Greater Phoenix metro, and know how to reach that specific buyer audience.
Most recently, in the start of 2023, we listed a turn-key airbnb home and the property sold within 2 days on the active marketplace. Before putting the home on the MLS, we worked quickly to spread the word online, and to ensure that every agent and potential buyer in the sphere of interest in AIRBNB/VRBO and STR properties were made aware of this short term rental opportunity for sale.
Despite the changed market factors, we attracted dozens of calls and interest immediately. We received a great offer quickly and have a few people interested in making a back up offer.
Can you transfer the future bookings to a new host? The answer is Yes, read about how to transfer your future bookings to your new host.
Call me at (480) 382 – 8514 today to discuss how we can help you if you are considering selling your short term rental.