A connection to family and nature are most important to people traveling, as well as opportunities for outdoor activities. This can be an opportunity for locals who love Flagstaff and want to share the lifestyle with others as well as for those who want to benefit financially from the growing demand. How does one finance, purchase and operate a short-term rental? This can be a daunting endeavor, but if you think you would find enjoyment and financial benefit from this expanding market, here are some basic steps to follow:.
Work with an experienced real estate agent. In your search for your perfect vacation rental, a real estate agent who is experienced with the market, investment properties and regulations will prove priceless in the process of finding and purchasing your new endeavor.
Or, maybe you already own a property or properties that you would like to convert to short-term rentals. A good property manager will help you figure out the details.
Do your research. Appealing to tourists can take many forms: some people like to be downtown and able to walk to restaurants and other local attractions. Others may desire quiet and solitude away from crowds and tourist areas.
Consider what you think would be the best fit for what you want to provide your guests and dive into Airbnb and VRBO websites to evaluate what is already out there. How are these properties doing? What do the vacancy rates look like? These sites and others such as AirDNA and Mashvisor provide analytics of the local short-term market and will also help with pricing. Consult with local property management companies to determine if your potential STR will provide cash flow.
