All Forum Posts by: Jon Martin

Still possible to get 2016-2020 numbers you buy right. Although in most cases it needs to be a combination of buying an inexpensive property in an area that is experiencing a boom in tourism, whereas mature tourist markets already have that long term popularity and stability priced in. Plus the expectations for good design and amenities is much higher than it was pre-pandemic. 

If you can exceed the 15-20% mark of revenue to purchase price then the numbers really start to get spicy because it is all profit after that point. 

Make sure your tax form is up to date. I just fixed that on my account. 

FYI this thread was started 8 years ago, so doubt too many who posted here already are paying attention. 

Agreed! Too many STR owners are trying to reinvent the wheel and put the cart before the horse. You would probably have to spend a ton of money and effort to get half of the leads that an OTA would provide.

I think your challenge is expecting them to have "knowledge of local markets". You don't hire a VA to think for you and read your mind, you hire them to immediately answer the phone/email/message and execute on a SOP and hopefully resolve the problem, which @Andrew Steffens touched on above. 

If a VA can take care of after hours inquiries and solve 90% of the problems without you being bothered, I'd say that's worth it. A call center service could also help with this, because you typically pay VAs by the hour with a fixed number of hours where you have to keep them busy, whereas a call center charges you by the minute as needed with a lower monthly minimum. Combined with automation for basic stuff (lockouts, parking, WIFI) like @John Underwood said this would greatly cut down on your headaches. 

 Good point, with that amount of counter space he could almost certainly piece it together with some remnants. 

As stated above there are lots of issues. They often take a hefty management fee (upwards of half+), and when combined with an ever increasing HOA and all the other normal expenses it can really be tough to pencil out.

Plus they tend to have have weird rules about how guests can access which amenities and services. Would make for awkward conversations and complaints if your guests are excited to use the nice pool and get denied. 

 I thought that was the whole point? That said I agree, I much prefer granite or quartz. 

@Kenzer Hodgson for $1500 I would replace them but go with granite. Should be relatively cheap with that much counter space. Would be worth springing for a backsplash as well, another relatively inexpensive upgrade that really adds character and pops in photos. 

I do a Roku plus the streaming cable TV app service from whoever is providing the internet service. That way if people want to watch a game, local news etc they can most likely find it, in addition to whatever channels they are likely accustomed to. You are already getting hammered for the cost of the internet, so the add on streaming app is usually not too expensive (~$40/month) and you don't need a cable box and an extra remote for each TV. Plus they can use the Roku to log into whatever apps they use at home. No complaints yet. 

I'm not a fan of most of the streaming services because they all tend to be missing certain key popular channels (HGTV, Food Network etc) and/or don't have local channels. You may get by without them but your guests could feel differently!

Great idea, thank you both!

Is there an AirDNA equivalent for hotel data by city? Looking for the same metrics: Occupancy, Revenue, ADR etc. 

Thank you in advance