The world of real estate is a broad and varied one, with many different facets and areas of expertise. It appeals to a diverse set of individuals and, as Katie Rice puts it, “there’s almost something for everybody.”
Rice, who is involved in several areas of the real estate industry ranging from short-term rentals to project management and facilitation, got her start in design and building, then moved into long-term rentals, and has since transitioned primarily into short-term rentals and full-scope management and facilitation of projects for clients. With her wide range of experience, she is able to offer informed insight about working in the industry, as well as on some of the hot-button issues in Asheville real estate today.
One of those issues is that of short-term rentals. As anyone who follows local politics is aware, the legality and regulations surrounding short-term rentals within city limits are contentious topics. Rice has a personal stake in the issue – she owns and operates short-term rentals in the area, and is therefore invested in their permittance and success. “I love them,” she says of short-term rentals and feels that Asheville is an ideal market for their operation. That said, she is a strong proponent of operating within the law – “I totally respect the lawmakers and I want to follow the rules.”
To those interested in getting started in short-term rentals, Rice advises thorough research and comprehensive understanding. “You have to understand the positive sides and the negative sides. At first, it’s a lot of work, like most things. The initial investment of time is pretty big. Learning the system, learning how to work it, learning how to do things right. And then, let’s say furnishing the place. You can do it on the cheap, but as these short-term rentals get more and more competitive, you really have to one-up.”
Knowing the rules, particularly as they continue to change, can also be a challenge for new investors and veterans alike. Rice, however, doesn’t necessarily see this as a bad thing and encourages others to take a positive approach as well. “That’s part of the fun,” she says. “In real estate, the laws, no matter what, are always changing. … That’s part of the adventure.”
