How to Invest & Crush It in Competitive STR Markets

Airbnb Superhost Rebecca Cramer lives by the philosophy that it’s better to regret something that you’ve tried than to regret something that you didn’t try at all. And that attitude has served her well, inspiring Rebecca to invest in short-term rental (STR) properties in highly competitive markets and absolutely crush it—proving that big risk, when done right, can reap big rewards.Rebecca is the founder of Mad Men Vacation Rentals, a STR business with listings in Maryland and Florida. She invests in vacation spots she and her family love, creating the Mad Men Beach House listing in Ocean City, MD, and the Mad Men Magic Kingdom House near Disney World. Rebecca started hosting on Airbnb in January of 2018 and has quickly proven that newcomers can be successful in crowded STR markets.On this episode of Get Paid for Your Pad, Rebecca is back to discuss her decision to invest in competitive locations like Maryland and Florida. She walks us through the process of finding, buying and renovating STR properties, explaining what she did to research profit potential and why her listings surpassed expectations. Listen in for Rebecca’s insight on furnishing your STR (without breaking the bank) and learn her top strategy for getting more bookings in the off-season!Topics CoveredRebecca’s STR portfolioStart with Ocean City vacation home in 2018Added Disney World property last yearDeep Creek Lake location will go live in 2020How Rebecca found the Ocean City propertyDiscovered neighborhood on vacation thereOutdated house on Zillow (9 months on market)How Rebecca researched STR profit potential in Ocean CityLook at similar listings in neighborhood on AirbnbTalk to realtor, friends with vacation homes thereWhy Rebecca’s listing surpassed profit projectionsRenovations, updated furnishings and amenitiesHigh level of customer serviceWhat Rebecca did to command a higher price for her listingOffer kayaks, pool and tennis courtsMade property dog friendlyHow well the Ocean City property performedCovers mortgage, updates and cleaning feesProvide down payment for next investmentWhy Rebecca chose to invest in FloridaOpen to risk, confident in ability to recreate successFamily loves Disney + can escape there themselvesHow Rebecca furnished her listings for lessSold furniture that came with propertiesUtilized Craigslist, Facebook MarketplaceWilling to paint/refinish distressed piecesRebecca’s strategy for getting more listings in the off-seasonList property twice (e.g.: 3BD/2BA AND 1BR/1BA)Fill booking gaps with solo travelers + small groupsConnect with RebeccaMad Men Vacation RentalsMad Men on InstagramMad Men on FacebookMad Men Beach HouseMad Men Magic KingdomResourcesRebecca on GPFYP EP309AirDNASTR Profit AcademySTR Legends MastermindEmail [email protected] subscribe to the podcast, please use the links belowClick Here to Subscribe via iTunesClick here to Subscribe via Stitcher (Android users)If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks! Hosted on Acast. See acast.com/privacy for more information.