As promised, here's the link to the full STR Kitchen shopping list:
87 items your kitchen needs for <$3,500. Including Amazon links, as well as Costco products and links when I think they offer a superior product.
https://t.co/bnMXrcrOFj
@rohindhar If I operated in a market with lots of supply I would actually run a strategy somewhat like this.
Buy six, run for 24 months, keep the 3 with the best financial return/ease of management. Buy 8, repeat. Buy 10, repeat.
If you want to ensure that managing your STR is (relatively) pain-free, you MUST avoid this one operational landmine:
The pull-out sofa.
- They break incredibly easily and are a pain to repair/replace
- They are disgusting
- Linen management is a nightmare
- Groups who are willing to sleep on a pull-out sofa are generally worse guests
- Increased wear-and-tear on the property
If the return profile of your STR is acceptable only because you slammed 2 (or, gulp, 4) extra bodies into the house then you don't have a good investment.
@farango77 I hate pullout couches
If I need to slam another body into a house to make the investment work, then it's not a good investment.
Also, they get disgusting. And they break. And guests who are willing to sleep on a pullout bed are generally worse guests.
A few years back I ran this test on a pretty significant data set - won't claim 100% accuracy, but a King bed resulted in 6% better occupancy and 5% higher ADRs than a Queen.
(1bd STRs)