How to find a profitable STR

Finding a profitable STR (Short-Term Rental) involves several steps, which are outlined below:

1. Identify the Target Market: The first step in finding a profitable STR is to identify your target market. This involves determining who your ideal customers are, such as business travelers, tourists, or families, and what their needs and preferences are.
2. Choose the Right Location: Once you have identified your target market, you need to choose the right location for your STR. This involves selecting a neighborhood or area that is popular with your target market and that has a high demand for short-term rentals.
3. Research the Competition: After selecting a location, you need to research the competition to determine what other short-term rentals are available in the area. This involves looking at prices, amenities, and customer reviews to identify gaps in the market that you can fill.
4. Determine the Rental Price: Once you have identified your target market, chosen a location, and researched the competition, you need to determine the rental price for your STR. This involves calculating your costs, including mortgage, utilities, and cleaning fees, and comparing them to the prices of similar properties in the area.
5. Invest in Marketing: After setting your rental price, you need to invest in marketing to attract customers. This involves creating an attractive listing on online rental platforms, such as Airbnb or VRBO, and promoting your STR through social media and other channels.
6. Provide Excellent Customer Service: Finally, to ensure that your STR is profitable, you need to provide excellent customer service to your guests. This involves responding promptly to inquiries and complaints, providing clean and comfortable accommodations, and offering amenities that meet the needs of your target market.

Overall, finding a profitable STR requires careful research and planning, including identifying your target market, choosing the right location, researching the competition, setting the right rental price, investing in marketing, and providing excellent customer service. By following these steps and working with experienced rental professionals, you can create a profitable STR that meets the needs of your customers and helps you achieve your business goals.