New from Tim

?? New podcast episode:?DIY Handyman Projects To Save You Thousands

On this week's episode we are on-location from one of our properties in South Florida. Why? Because we have a punchlist of odd jobs that is part of the natural wear and tear of vacation rentals. But instead of just contracting the work out, we're getting our hands dirty and bringing you along with us.?Also, we had the opportunity to review and record all of these repairs with Chris Palcowski , owner of Residential Installations . These videos are coming soon to our YouTube channel!

?? On a previous episode:?Trade Secrets from an Interior Design Pro

If you have not had a chance to listen to this episode, we highly recommend! As part of our Partner Profile Series we had the opportunity to talk with Tammy LaVarro . Tammy is an Interior Design Consultant and Owner of Dream Vacation Interiors . In this episode, she shares her industry knowledge on planning out, sourcing and executing your short-term rental interiors.?

????Headlines That Caught My Attention

• Renting out a second home is no vacation! - InvestmentNews
• 13 Luxury Airbnb Rentals Around the World - Architectural Digest
• Travel Boom Continues Through Shoulder Season - TravelPulse
• Expedia Unveils OneKey - Yahoo Finance

???Key Conversation

As you navigate the exciting world of short-term rentals (STRs), it's crucial to steer clear of common mistakes that could hinder your success. Here's a re-ordered list of pitfalls to avoid in the next 12 months:

1. Diversify Your Platforms: Relying solely on Airbnb can be risky. Diversify your platform usage to mitigate risk and reach a broader audience.
2. Add Experiences: Don't just sell lodging. Enhance your guests' stay by offering unique experiences that make your STR stand out.
3. Use Current Data: Relying only on outdated, backward-looking, and 'dirty' data sets offered by many STR data providers leads to inaccurate predictions. Stay updated with the most recent data for accurate forecasting. I am currently trying out Vrolio and appreciate the commitment to ensuring a clean, useful data set.
4. Avoid Overpaying: In this competitive market, it's easy to get caught up in bidding wars. Stay disciplined and avoid overpaying for properties.
5. Invest in Unique Properties: Generic STRs are a dime a dozen. Invest in unique, one-of-a-kind properties that offer a memorable experience for your guests.

In a recent video, I recommended underwriting all new purchases using 2019's Average Daily Rate (ADR) and occupancy data, instead of the peak data from 2021 and 2022. This approach can provide a more realistic and sustainable projection for your investment.

Unfortunately, there are many misleading voices on social platforms, offering advice that serves their interests rather than yours. I'm proud to have the opportunity to sound a warning bell and I remain committed to helping build competence and confidence within the STR owner community, without making it sound like this is easy or that success is guaranteed. I hope it has helped many of you avoid potential calamities in your STR investment journey.

??STR Weekly is brought to you by?CleaningBnB? !

Are you concerned that you are losing business due to disorganized and ineffective cleaning companies that don't understand the important role they play in the guest experience. CleaningBnB? is working to change expectations and work to select only the best of the best. Most cleaning companies will not share their systems and processes...because they don't have them! CleaningBnB? focuses on making these available to their cleaning company independent contractors.

Reach out today and let's see how they can help your business.

???Thinking about starting or expanding your real estate investment portfolio??

I am here to help!??Connect with me?HERE

That's all for Week 29. Thanks for reading and until next time, HAPPY HOSTING!