All Forum Posts by: Julia Bykhovskaia

@James Michael Few Thank you - I do use dynamic pricing too, Pricelabs - which I find more customizable than Wheelhouse or Beyond Pricing. I’m happy with Pricelabs but my gut feeling tells me I’ll be making more $$ if I bump up the base price and let the occupancy drop. Say if I have 20% price raise and only lose 10% occupancy- my revenue will be higher than it is currently.

A question to experienced hosts with urban locations: how do you fine tune your pricing and what occupancy do you target? I’ve been targeting 100% occupancy and I get close (93%) but I realize it’s probably not the best revenue maximizing strategy. I will probably be making more money with higher prices and lower occupancy. The big unknown - is the elasticity of demand and how much will it fall if you move prices up. Probably a trial and error exercise, I don’t see any other way to do it. Any thoughts/insights/experiences to share? Thank you very much in advance!

Hi Everyone! A question for hosts with multiple 2BR units in urban locations: do you prefer to furnish those with 2 queen/king beds OR 1 room with queen/king and another with 2 twins? And why? Thank you!

Hi! I'm too lazy to read all of the thread but a couple of thoughts: short term rentals won't work just in ANY multifamily building. It has to be a high traffic location, usually urban and you want to be close to transportation if it's a tourist destination. If not - parking. I'm looking for MF properties to buy in NC/Atlanta and none of the properties I'm touring (Class C, sometimes B) will ever be a good STR location. Turnover process - 1) You need to find reliable cleaners. Those who seek will find! I interviewed (email + in person) about 20 to find 2 teams I currently use 2) They will have a check list of what to look out for 3) you share calendar with them so they know when is the next clean. Hosts who are scaling typically use something called PMS which stands for Property Management Software and allows automation, including calendar sharing and sending out text messages to cleaners automatically every time there's a new booking.

Looking forward to it!! I am always interested to hear (1) success stories of newer investors and (2) would love to hear from someone who has been in the market for 20/30 years. Their perspective is always invaluable. Also, very important, February 21st is MY BIRTHDAY (!) and I invite everyone to attend my BIRTHDAY DINNER :) (Time and Place TBD). 

Most of the syndicators I know guide to 8%. But not all! Those with unlimited access to capital I see sometimes offering 6% and some deals guide to 11-12%. If they are in the major and popular market it naturally leads me to question the underlying assumptions. If your cap rate is 6-6.5%, even 8% is difficult to achieve (you need substantial upside from the value add to make it work). Depends if course on the fees the sponsors are charging as well - if those fees are very light, then low double digits could still be possible 

Originally posted by @David S.:

@Kira Golden. Always interested in syndicators that survived the last great recession. What lessons did you learn?

 I agree we need to be in solid markets based on fundamental and not speculation. My concern is almost all investors know the same thing and are competing so fiercely resulting in very few good deals.

Which brings me to  @Ivan Barratt. Can you elaborate on what you mean by "there WILL be day of reckoning in C properties"?

 I am also always very interested to hear from experienced syndicators who have been doing it for 15-20 years and started before 2008. I'm guessing they are not on BP - or at least very few of them are! If anyone knows one, please tag them :) 

Originally posted by @Jennifer Knight:

The data site Mike is mentioning could be Airdna.  

 Turns out, he is!

@Mike Sloan Are you teasing us? :) Do you want to sell it to us? Or tell us the source? Or just bragging? :)

@Mike Sloan Are you teasing us? :) Do you want to sell it to us? Or tell us the source? Or just bragging? :)