2023 hosting

[Susan3725]

Hello Hosts,

My name is Susan. Fairly new new here managing my own condos.

I was wondering how is everyone doing this year? I didnt't make any money at all this year.  I  tried two different management company but-not much luck on both of them.

I decided to manage myself moving forward. Any advice, feedback from any host will be greatly appreciated.

Susan

[Mike-And-Jane0]

@Susan3725 With  Airbnb taking about 20% (inc tax), management companies another 20 ish %,  and interest rates so high I can see why you would struggle to make money. The market may well be saturated at present so until some hosts give up the only way to make money may be to do what you are doing and manage the place yourself.

[Helen3]

Hi Susan

According to your profile you have over four years experience as host so I am sure will be quite familiar with managing your listing so I will focus on demand and pricing.

What market research did you do around supply and demand before starting up your STR business with two listings,  to understand what the STR market is like and whether it was likely to be profitable for you. @Susan3725 

As you know many areas are suffering from over saturated markets coupled with falling demand due to the recession.

How many days do you estimate you will be booked per year ? at what day rate.

If you plug your likely income figures into a profit and loss account with your one off and ongoing costs you can see how profitable you are likely to be and therefore whether it is worth doing STR.

[Mike-And-Jane0]

@Susan3725 I do like @Helen3 's advice but for the record we never did any market research neither did we create a business plan. We just decided that the space we had available to us would be better off as STR due to the ever increasing anti-landlord rules in the UK.

I guess my point is don't feel bad about not doing any research as many others will be in the same boat. Oh and we do know, to the penny, how much money we actually make as that is required by HMRC who might fine us if we get our tax wrong.

[Helen3]

The reason I suggested @Mike-And-Jane0  that @Susan3725 does her market research is to understand why she's not making any money .

I didn't suggest a business plan just research around supply and demand and a simple profit and loss budget will help her understand what sort of profit levels she might expect .

lots of hosts make good profits even factoring in management fees so it's important to understand why her listing hasn't been profitable previously.