Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Short-Term & Vacation Rental Discussions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 4 months ago, 08/05/2024

User Stats

17
Posts
9
Votes
Sokun So
9
Votes |
17
Posts

STR Property Manager Secret Sauce

Sokun So
Posted

I'm about to start my 1st out of state STR, but 2nd overall STR property in the portfolio with 3 years of experiencing managing a property in Joshua Tree by myself without a co-host/property manager. It's done well enough to keep the lights on with a modest profit, but definitely could do a lot better with more of that experienced property manager's "secret sauce". Other than the property manager's location advantange, this sauce is the reason why I'm considering hiring a property manager instead of self hosting.

After 3 years of the "set it and forget it" dynamic pricing mentality on VRBO & AirBnb, I'm on a mission to really understand what I'm not doing right that an experienced co-host is doing. Maybe that'll give me more confidence to manage this second property remotely + increase bookings of my current place. 

Here's a list of ingredients that I've been trying to cook up to figure out what this magical "secret sauce" is:
1. Updated Property with more amenities, maximized beds from 2 queens to 3 beds ( 1 king + 2 queens) , and remodeled exterior with a much more appealing hangout space that includes hot tub/outdoor dining/geodesic dome. 

2. Added Booking.com as an additional online travel agency (OTA) to increase potential guests.

3. Integrated into Lodgify so I can better streamline all my OTA management into 1 central location.

4. Pricelabs Education - Doing a lot of research into Pricelabs' toolsets so I can better understand how daily prices are adjusted + integrated Occupancy Based Adjustments.

5. Monitoring the booking calendar much more closely and adjusting some of the recommended prices from Pricelabs on a case by case basis.

6. Set up Direct Booking site.

7. Started marketing the STR outside of the OTAs via social media.

So what's everyone's thoughts on my receipe above? Would really appreciate if anyone has some additional suggestions that they find works well or didn't work well.

Thank you in advanced!

Loading replies...