@Janette121 Ok soooooo.... I will try to keep this semi short but there are a lot of things to consider-
First and foremost (IMO of course) is the location. The reason that this is the first thing is because you can change almost anything else about your STR once you are up and running (remodel, décor, "vibe" etc.) but you are kind of stuck with your location unless you want to start over.
Some of the things to consider when looking at the locations would be things like- why people would be staying in your chosen city, proximity to local attractions (do you want to be super close... yes isn't always the right answer!), proximity to amenities/ stores/ shops, parking (if it is an area that guests would normally drive into as compared to flying in and using public transportation or ride share), local neighborhood (does it "feel" safe even if you aren't from the area), competition (is it a saturated market? room for growth?), expected pricing/ ADR/ seasonality/ occupancy. I'm sure this list could go on but it could probably be a post in of itself. **The very first thing to check when you have narrowed down the list of possibilities (or even during the beginning of the process) is to make sure the STRs are ALLOWED in your chosen location**
After you decide on your location your next thing to consider is how to outfit and design your listing to set it apart from the competition. It is amazing how just the way/ style that a listing is designed can have such a huge impact on the "kind" of guest that you will tend to get, over all profitability, off-season occupancy, etc..
Some things to consider when outfitting the listing- what size beds are you putting in your listing (king beds are most popular in many areas), will you have "bonus" bed options (pullout sofas and such), what color schemes in your listing will make you stand out (don't forget that you are not decorating it for you to live there; you are decorating it to entice guests to check out your listing based off of a picture and a title), what amenities should you have in your listing to be comparable to the competition, what amenities could you offer to set you apart, etc. Just like the location, this list could go on and on.
Building your listing- Pictures, pictures, pictures!!! Make sure that your pictures show off your listing! Highlight what makes your different. Highlight what would make a guest choose your place above others in the area. Highlight your added amenities. Remember that most people will scroll through their search area and will stop to look at pictures that catch their eye and/ or listing titles that make them interested.
Speaking of the title of your listing, you don't have to come up with a fancy name. Come up with a title that will draw guests in (make them want to know more and shout out why they will want to check out your place). You can go further into detail with the description and by filling out the rest of the listing build.
Pricing- When you are building your listing pay careful consideration to your pricing structure. Is your location super seasonal? Is it fairly steady? Is there more than one season? What is your actual competitions prices? Try to compare apples to apples as much as possible (this can be a bit difficult since no two places are exactly alike and try to keep hubris out of your estimation of how good your listing is as compared to the competition).
Pricing is a fine razor edge to walk. If you are priced too high you will most likely miss out on booking and if you are priced too low you will probably be heavily booked but missing out on income. (I have a post dedicated to pricing research and basic strategy if you want a more in-depth post about pricing strategy).
Once you have your place and it is set up and ready to go (outfitted, listing built, all permits acquired, etc.) there are some finer points and details to consider (some should probably come into consideration during the planning process also).
Guest access- I would STRONGLY recommend a digital lock that you can remotely change/ add/ delete codes. Thinking that you or an agent will always be able to be there to hand your guests a key is a recipe for a disaster. Giving a guest a physical key is asking for trouble also (they WILL forget to return it, they "could" copy it for nefarious purposes, etc.). My recommendation is a digital lock as described above with a manual lock box (with a physical key inside) mounted nearby in case of emergencies (dead lock and such), at least one or two replacement cores (to replace the core if a physical key is not returned) and a set of backup backup keys kept securely off site as a last ditch backup.
Cameras (NOT INSIDE!!)- do you want/ need them? Where should they cover? Where should they not cover? This is a hot topic debate so I am not going to weigh in on it. To each their own.
Cleaners/ Maintenance person/ Emergency back-up help - have a plan and a back up plan in place before going live. Just trust me on this....
Extra services- do you want to offer any? Make sure to have the logistics set up and prepped long before offering them! (you can always add this on later if wanted/ needed)
Local recommendations and guidebooks- my suggestion is to go digital with these. Either use the Airbnb available one or have a basic site built (check out carrd.io - super easy to set it up yourself with very basic knowledge). There are also 3rd party services that offer many options for this also. I know that a lot of hosts are still in love with the physical guidebooks but IMHO they are unsanitary, impossible to keep clean and in this post (?) COVID world it is a better idea to go digital (as stated this is only my opinion and I am not an infectious disease expert...lol). Also most folks are comfortable using QR codes if you decide to go that route to post the info in your listing.
Messages- do you have a plan for messaging with guests while you are otherwise engaged? Trust me on this... you may think "it will be fine" and I can answer as needed. There will be issues/ questions at some of the most inopportune times possible...lol. Have a plan in place for back-up or help with covering messages and calls.
