352. Hosting Hotline: Pros & Cons of Converting From STR to MTR Bookings
Welcome back to the Hosting Hotline! This is an Ask Me Anything where each week we’ll answer your questions on Airbnb, STRs, real estate, and everything in between.
Kendra asks:
We purchased a property, my husband's pipe dream, in western Wisconsin on the trout streams where he grew up fishing. We launched it on Airbnb and VRBO in March. It's called the Trimbelle Cottage and we've had good success with consistent bookings and buzz in the area since that time.
We had someone reach out asking to book it as a mid-term rental from November through March of next year. I believe those would be our slower months anyway. But it's hard to know because we haven't had it on the market for a whole year yet.
We're trying to decide if it's best for us to go for what seems to be a safer mid-term route. Do we risk losing ground in the STR market, on the algorithm, Instagram, or word of mouth?
We would love to hear your thoughts on the pros and cons of taking a mid-term rental vs. keeping it on the STR market through the down season. Thank you so much.
(00:03:01) Should We Convert to Mid-Term for Our Slow Rental Season?
(00:04:34) Understanding Risk & Knowing Your Why
(00:05:14) The (Harsh) Realities of Today’s Mid-Term Rental Market
(00:06:21) Prioritize Running Your Numbers with PriceLabs
(00:07:39) Nurture Existing Guest Leads: All of Them!
(00:10:19) Specific Prep & Comms for a Mid-Term Pivot
Thanks to everyone who submitted questions. To hear your voice on the show and send a question to Sarah and Annette, submit your burning hosting questions at: hostinghotline.com.
Resources:
• Video: 3 Analytics Airbnb Hosts Need to be Tracking
• Airbnb Essentials Checklist: hostchecklist.com
Thanks for Visiting is produced by Crate Media.
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