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
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
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

All Forum Posts by: Chase Hoover

Chase Hoover has started 20 posts and replied 192 times.

Post: Vacation Rental Bookkeeping

Chase HooverPosted
  • Real Estate Broker
  • Staunton, VA
  • Posts 194
  • Votes 214

PMs - How do you keep up with the whirlwind of bookkeeping involved with vacation rentals?  I've tried different vacation rental softwares that feature "integrated accounting" without much luck.  For years I've used spreadsheets where I input each booking every month giving me final numbers I can trust, but as we scale and add more properties I'd like to find a more streamlined solution.  Does anyone use Quickbooks to keep up with VR bookkeeping?  My brain is spinning thinking about splitting deposits, classifying properties, and creating custom reports, but if I can get it set up properly I can see it being a great option.

Post: Airbnb Arbitrage Model

Chase HooverPosted
  • Real Estate Broker
  • Staunton, VA
  • Posts 194
  • Votes 214

Unfortunately, yes.  As long as you keep the same Airbnb login (hosting profile), those reviews will stay with you as a host, and guests checking out your new listing will be able to click into your hosting profile to view the reviews.  Having positive reviews as a host will increase your listings' rankings in Airbnb so you won't have to completely start from scratch from a search rankings standpoint.  However regarding reviews for your new property, you will have to start from scratch.  

Post: Where to find ALL realtors in local market's email address?

Chase HooverPosted
  • Real Estate Broker
  • Staunton, VA
  • Posts 194
  • Votes 214

Requested a quote from leadsdeposit.com - for 150k realtors in Florida $900, for 500k realtors nationwide $2000

Post: Which is Best )Lodgify/Hostaway/Guesty/Tokeet/Hostfully)?????

Chase HooverPosted
  • Real Estate Broker
  • Staunton, VA
  • Posts 194
  • Votes 214

I've bounced around on different platforms over the past couple of years.  Research is key, because each time you switch is a major headache.  It's impossible to find something that meets ALL of your needs and functions 100% perfectly, at least at this point in time.  The most helpful thing to do when demoing the platforms and talking to reps is to write down a list of exactly what functions you are seeking in a software.

I currently use two different PMS platforms as I have two STR businesses:

BookingAutomation is what we use for my Airbnb-focused business.  It offers a great level of customization and has full Airbnb API integration.  It is cost-effective and has integrations with third-party systems we utilize.  Cons - takes a bit of time to fully understand the platform.  Customer service is a bit difficult to work with.  You essentially have to figure everything out on your own.  Would not recommend it if you integrate with VRBO and other platforms where you manage payments directly.

Direct is the platform I use for my local full-service management business.  This came from the recommendation of another PM.  They push to Airbnb, VRBO, and Booking.com, plus your own white-label website.  I've only been using them for a little over a month now, but so far I am happy with it.  They are releasing updates on a regular basis to improve glitches and make improvements, and their customer service has been fantastic.  Their system for collecting and keeping track of payments on non-Airbnb bookings is great.  Cons - they take 2% commission on all bookings (I prefer flat-based fees for softwares), newer software that has glitches, however they seem to be aware of them and are working to fix them, the software is a bit rigid with less customization than I'd prefer.

My first dive into a PMS was with Orbi which lasted about 2 weeks.  I can't actually remember specifically why I dropped them, I think I just didn't have a grasp of what exactly I was looking for and was disappointed that it couldn't do what I needed it to.  Perhaps it's gotten better since I used it.

Then I tried Lodgify but was not happy with the channel management system.  As others have stated, they seem to focus more on their custom websites versus channel management.  Customer service was also difficult to work with.  Fast-talking salesmen and slow-responding customer support once you pay the onboarding fees.

Lodgix was next.  Overall I was happy with this system, it offered a good amount of customization.  It was a bit outdated however and it was obvious that the developers had no intention of coming out with new updates or integrations.  I dropped because they charged an additional 1% fee for Airbnb bookings, did not offer Airbnb API auto messaging, and didn't integrate with a dynamic pricing tool.

I used BookingAutomation for my full-service management business for a few months, but decided to make the switch to Direct.  The main reason is that Direct offers an effortless system for collecting payments from all OTA's, whereas BookingAutomation did not.  BookingAutomation works fine for my Airbnb business since all payments are handled directly through Airbnb, but when it came to VRBO and Booking.com where payments were handled through my own payment processor, things got sticky quick.

So to reiterate - Make a list of exactly what you're looking for in a PMS.  Demo, demo, demo.  Make sure you go with a software that is actively developing updates, as the industry is ever-changing.  Hope this helps!

Post: Fort pierce: Short term rental prospects

Chase HooverPosted
  • Real Estate Broker
  • Staunton, VA
  • Posts 194
  • Votes 214

@Joe Garvin In the past year or so since your last post, have you noticed any change in the demand for STRs or any indication of gentrification of Ft Pierce? Best areas to invest in? I am eyeballing the area for STR investments and any local advice would be greatly appreciated.

Post: Fort Pierce Florida Contractor Search

Chase HooverPosted
  • Real Estate Broker
  • Staunton, VA
  • Posts 194
  • Votes 214

@Jermaine Chad Ingram I am sorry that I am not able to help with your question, however I wanted to connect as I am interested in learning about the Ft Pierce market.  Do you mind if I send you a direct message?

Post: Charleston Airbnb House Hack

Chase HooverPosted
  • Real Estate Broker
  • Staunton, VA
  • Posts 194
  • Votes 214
Originally posted by @Jacob D Adamczak:

@Chase Hoover What do you recommend adding/upgrading?  I had a few things in mind but wasn't sure what would produce a good return on my money.  Also, do you list on VRBO as well? Use any pricing software? These are some of the things i'm still trying to figure out.

We pretty much re-did everything top to bottom (pic attached).  I did most of the work myself, so the total reno was around $8k.  In peak season (winter months here in S. Florida), the cottage grosses $3-4k/month.  Off-season $1500-2000/month.  Before we bought the house and renovated the cottage, the old owner rented it annually for $750/month.

It was very well worth it to spend the money upfront in order to have one of the nicest quality Airbnbs in our market.  I've managed other Airbnbs that are "halfway-renovated", and they do not perform nearly as well.  In our market there are hundreds of Airbnbs so travelers have many options.  I'm sure Charleston is the same way.  You need to make sure yours stands out among the best in order to be successful.

I'd say the biggest value-add features include full-size stainless appliances in the kitchen, a coffee bar, and new flooring throughout to brighten the space and give it a new, clean feel.  We also provide bicycles and beach gear for guests' use.  Adding things like Netflix/Hulu, board games and puzzles, and any extra little touches really go a long way.  Photography is absolutely essential.  If you do not have a camera with a wide angle lens, shell out the money and hire a professional and edit the photos so they're bright and colorful.

I do list on VRBO and Booking.com as well as a direct booking website, however the majority of our bookings 80%+ come from Airbnb.  VRBO fees are much higher (5% commission + 3% cc fee vs. Airbnb's 3% for everything), and in my experience everyone who sends me a message on VRBO asks for a discount.  With my new management business we list exclusively on Airbnb and our properties are staying just as booked as if we were advertising on all platforms.

PriceLabs and BeyondPricing are two great pricing systems worth checking out.  It takes a lot of the guesswork out of pricing and maximizes your occupancy.  To automate housekeeping, check out TurnoverBnB and others like it.

Hope this helps!

Post: Airbnb?

Chase HooverPosted
  • Real Estate Broker
  • Staunton, VA
  • Posts 194
  • Votes 214

@Brian Garrett Palm Beach County allows short-term rentals as long as you have a LBTR and pay Tourist Development Tax https://www.pbctax.com/btr-tdt

Post: Best type of investment property AirBnB or Rental?

Chase HooverPosted
  • Real Estate Broker
  • Staunton, VA
  • Posts 194
  • Votes 214

@Larry John I am in West Palm Beach where I own and manage Airbnbs.  Our properties are generating up to 2x more revenue than the going annual rental rates.  It involves a bit more work, but as long as you have processes in place it is well worth it.  Feel free to send me a message and I'll be happy to share some numbers with you.

Post: Charleston Airbnb House Hack

Chase HooverPosted
  • Real Estate Broker
  • Staunton, VA
  • Posts 194
  • Votes 214

Cool cottage!  I also have a ~350 sq. ft. guest cottage on my property that I rent on Airbnb.  It nearly covers my entire mortgage.  We renovated the entire thing making it one of the nicest Airbnbs in our area, which was very well worth it given our performance over the past year.  I've actually turned it into a business and now manage other Airbnb's, all of which are doing extremely well.  Best of luck!