All Forum Posts by: Benjamin Vail

We do this as well, thank you for sharing this method! We actually send a template that lists the house rules, and asks them to accept our house rules in writhing on the message thread. It works as a deterrent to bad guests from wanting to book in the first place. But like you mentioned Airbnb's recent rule change makes this a violation of their Terms and conditions just to ask for the ID copy. (insane). I am curious if they will start to actually enforce this rule. Has anyone gotten push back from Airbnb yet for asking for a copy of the ID? 

You should have had your own agent, one that does not also represent the seller. When it sells, you will be able to see the public information of what it sold for. If it was less than your offer, you could try to take them to court.

I just had a guy contact me that just won a house in a court battle. Listing agent lists house for sale for $119,000 (but it is worth like $145,000). This guy puts in a cash offer for $90,000, and the seller accepts it. Then the seller gets several more offers for much higher, and the seller try’s to cancel the original contract to accept a higher offer. The 90k guy sues, and it is ruled that they must sell to him for 90k. He contacts me, and asks me to immediately list it for sale for $145,000 after he closes this week. That listing agent is stupid, and incompetent. They attempted to be crooked, but failed. 

From the day you make the listing active, if you follow recommendations on settings, and guidelines, you should see these number: 

- first 30 days = 50% - 75% of optimum expected revenue

- second 30 day = 75% - 90% of optimum expected revenue. 

- by 3rd month you will be at optimal. 

At first, only open a month of dates, and set you maximum night stays at like 1 - 3. You want shorter stays to begin with, because you are in a race to get 3 good reviews on your listing. Add the20% discount Airbnb offers, and raise your rates 20% - 30% higher than what you expect. Go out of your way to blow the socks off your first 3 guests with your service. After a few weeks (or after you have 3 good reviews), open the rest of your calendar at normal/high rates. Be sure to set weekend mush higher than weeknights. If you need any help, PM me. 
- good luck! 

Same day turns are what make this biz profitable. 11:00 - 4:00. Sometimes cleaning crew won’t hit that 4:00 pm Mark, but we can always contact the incoming guest and delay their arrival a bit. If the clean was really bad, I am not above offering to buy the incoming guest a drink, or dinner, so they are ok with not checking in until 5:00 or so. Send the $25, to be able to keep their $250/night reservation... yes. 

There is a LOT of money to be made by people who book in the “last minute”. This is even more true in my urban market. 40% of all bookings happen in last 7 days, and another 40% of all bookings happen 7 - 14 days out. I actually always try to save some vacancy on some houses so that I can always capture those procrastinators who need a place but didn’t book ahead. I actually raise my prices in the last 7 days (using pricelabs, does this on auto). So I accept last minute requests, but it is only at a 20% premium. I call it, “the procrastinators premium”. 

The book and podcast Get Paid For Your Pad. The author Jasper is great, It changed my life! Also, look into VRMA, there is an un-ending amount of info there. Another great source is on Facebook, the Airbnb Profit club, STRPA, STRU, and on YouTube you should look up “Airbnb automated”. There is a lot of white noise out there, but the list above will intro you to the few groups and gurus that are worth your time. (And of course on here all you ever really need has been said by @Lucas Carl, and @Paul Sandu! 

Today I am lucky enough to be doing a private mastermind called STR Ledgends. That is group of STR management companies that are doing at least 30+ units, (or $2m/year in STR revenue) and a rigorous application process.

My advice is instead of reading books, spend more time getting involved in these groups and forums.  Ask questions and also give back value whenever you can. This market is changing so fast that lots of info is outdated. 

More reasons to switch to Smartbnb from Porter. 

Hey! Yes, I have managed short term rentals in Indianapolis. I have other friends there that have as well. We were able to make a decent profit in them. Where is your located? Are you looking to self manage it? 

I use AirDNA for market data as a whole, and rough estimates using Rentalizer. Their specific data on specific properties is often unreliable, but I have no plans of canceling my subscription to AirDNA anytime soon. (It’s worth it). 

Hi @Mark Ainley I have a friend who manages over 100 STR's in Chicago, and he has a great business set up that should be able to help your friend. Send me a PM, with their contact info, and I will get it sent over to him. Thank you!