Is my place right for an Airbnb?

There are many factors that make for a great guest experience! Some things to consider when deciding to turn your property into a short term rental are its location, size, and amenities. Guest love to be close to the action while having plenty of room for friends and family to enjoy.

Any tips on being a great host?

Getting the basics down goes a long way. Keep your place clean, respond to guests promptly, and provide necessary amenities, like full kitchen set for all their cooking needs. Some Hosts like adding a personal touch, such as putting out fresh towels or sharing a list of local places to explore—but it’s not required.

What fees are associated with short term rentals?

Airbnb typically collects a flat fee of 3% of the reservation subtotal. In many areas, Airbnb collects and pays sales and tourism taxes automatically on your behalf as well. Property managers will typically charge anywhere from 15%-55% property management fees based on your location and services provided.

What Services can I expect with your property management company?

Your Stay is a full service short term rental property management company. As investors ourselves, we are out there with you looking for our next great Airbnb as well! We hand acquisitions, furnishing, interior design, listings, guest communication, maintenance, cleaning, inventory, contractors, bookkeeping, SEO, AI integration, asset management, and so much more.

How do I succeed with short term rental?

For every real estate investor that tries with short term rentals, there are a few who fail. If you rally want to succeed, you have to be organized from day one:

  • Do your market research before you even buy
  • Enlist a team of professionals to advise you
  • Create a business plan for owning and operating a short term rental
  • Consider the real numbers and nail down a budget
  • Stay dedicated to this for the long-run

Many people think short term rentals are just a quick financial win. While they can be, the savvier investors will see this as a long-term investment that yields long-term returns.

How do you calculate short term rental income?

STR and LTR comparables are very different. You can use tools like airdna.co to determine what annual gross market income is for your area. Then divide this number by 12 months to determine you monthly income. Subtract your expenses like mortgages, utilities, and any property management fees or other expenses you want to consider. Then subtract your monthly income from your monthly expenses to get your net profit!