VRBO and AirBnB Basic Launch Questions

[Chad Hack]

Hi again, BP! We are launching our first STR in Florida. I have listened to BP for 3 years so I am armed with the minutia of optimization of a rental business itself! However, to my naive surprise, the absolute very basic headaches I have faced with the VRBO and AirBnB websites are astonishing. I've spent hours on helplines and watched hours of YouTube videos to no avail. We have the content no problem. The photos no problem. The amenities no problem. Here is where we are struggling:

1. How do we turn on "dynamic pricing" on VRBO? Eventually, I will use Price Labs, but I want to launch with basics. I can only change Base Rate. Is that what they mean by dynamic? If I say $300 base rate, my calendar simply says $300 every day of the year. Hardly dynamic.

2. Does anyone use the Guidebooks offered by both sites, or do you develop your own 3rd party guidebook (e-book), and simply link to it?

3. What about a Welcome Letter or Rental Agreement? Where to find templates for this? I want to automate as much as possible while keeping a personal touch.

4. If anyone knows of a good follow explaining these basic steps, I'd love to hear about it. Neither helpline has been of much value. I'm surprised both booking sites do not have their own useful tutorials guiding owners from start to finish. I know millions of others have figured this stuff out so I'm feeling pretty defeated at the moment. I never thought simply listing the property would be the hangup. Thanks for your help and support as always.

[Michael Baum]

Hey @Chad Hack so a couple of quick things:

I avoid the dynamic pricing tools on both AirBNB and VRBO. They will undercut your rate to get bookings. That means cash for them and less for you. Start with Pricelabs right now first thing.

I don't use the guidebooks but I do a physical one in the lake house. Easy to update with new info and having it right there in the house is nice rather than having them use the internet. Having said that, there are a lot of online options to create guidebooks.

I have a rental agreement I created that is linked to each booking. By agreeing to book the lake house, you agree to the rental agreement. Pretty simple.

If you don't want to jump to Pricelabs right off, you could set a flat rate based on your competitors nearby. That can get you started then research Pricelabs and implement when you are ready.