I probably should have switched from year leases to STR about 5 years ago, instead of 2 years ago.
It was the commitment for the furniture that was the sticker, since I’ve always been paranoid about getting in much more debt than the mortgage and commercial vehicle loans. Plus my other business was also tourism related, and we have a Far North 5 month summer season, with the same cash flow cycle for both, that is, no cash income every spring until May, but flush in September.
So I sat and watched, and talked to the friends that were Airing (one room each), and tracked how often rooms were not available at all. I also tracked availabilities for our two really high end historic home B&B inns (who mostly do weddings).
We’ve had a summer hotel room shortage for years, and a room at the local Super 8, near the airport and 10 miles from downtown dining and nightlife, is over $100 in high season. A room at any of the major hotels here is $250-$300 in high season. I should not have been surprised that I stayed as full as I did with a new listing.
But I never thought that it would be easy money, any more than I thought that providing cruise passengers visiting for a day with a truly memorable tour would be easy. Both required advance planning, marketing, promotion, and meticulous attention to details.
I learned in other occupations to focus on giving clients and customers a good experience, because if I do that, I’ll not only feel good about it, but money will inevitably follow.