STR Opportunities in Small Towns

Think you need to operate in a major metropolitan area to run a successful short-term rental (STR) business? Think again! As STR hosts in larger cities are faced with more and more competition and mounting regulations, Airbnb property managers in small towns are thriving. So, how do you identify a small community with BIG potential in the STR market?

Christian Gissing is the CEO of True North Property Management, Northern Michigan’s short-term rental experts. TNPM is dedicated to building strong relationships with clients and providing memorable experiences for guests. In 2018, Christian and his team expanded to Mexico, Barbados and the UK, and today, they manage 100-plus units around the world. TNPM is a VRBO, HomeAway and Expedia Premier Partner, and the company has been recognized by Airbnb, TripAdvisor and Booking.com.

On this episode of Get Paid for Your Pad, Christian joins me to share the romantic story of how he got into STR property management in Traverse City, Michigan. He offers advice on optimizing your listing (no matter how many units you manage) and making your guests feel special with extras like a free bottle of bubbly or gym access. Listen in for Christian’s insight around how to handle seasonality and learn the benefits of operating your STR business in a smaller city!

Topics Covered

How Christian got into STR property management

Met woman on vacation in Traverse City, MIDecision to stay + look for investment propertiesHuge opportunity in STR, expand to other’s units

Traverse City trivia

Population 14,674 according to 2010 censusCherry Festival attracts 500K annual visitors

The benefit of operating STRs in small cities

Less competition, fewer regulationsCharge higher rates (huge demand)Respectful guests

How Christian navigates the challenge of seasonality

Switch to six-month lease in wintertimeAdvertise on Airbnb, Craigslist, Facebook

Christian’s insight around diversifying across platforms

Airbnb and HomeAway primary in his marketAdjust rates to accommodate platform fees

Christian’s advice for optimizing results on one listing

Find amazing photographer + stage unit wellCharismatic writing for descriptionsUse dynamic pricing (base on hotels, AirDNA)Personal touches to make listing stand out

Christian’s top ideas for making guests feel special

Free bottle of bubbly or local wine tastingCherry-themed gift bags and spa discountsPartner with local gyms (guests use for free)

How Christian thinks about dynamic pricing

Services like PriceLabs use compsStill need to modify yourself

Christian’s tips for hosts facing regulation in metro areas

Consider managing units remotelyScope out small cities with < competition

Connect with Christian

True North Property Management

Christian on LinkedIn

Resources

VRMA International Conference

Traverse City on Wikipedia

Article on Millennial Millionaires

AirDNA

Beyond Pricing

Wheelhouse

PriceLabs

STR Legends Live

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click 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!