All Forum Posts by: Michael Greenberg

I've always liked what they've developed and this is indeed a good addition.  One of the remaining challenges I view as "big data".  How I define this is "how do I limit my data source for like-4-like properties?"  Can AI compare photo's,  Location, other differentiation's?  No two properties are the same and as I swim upstream, these become more and more important.  

 Love the reference.... books and toilets.  So true!  Impressive that you can manage so many properties running solo.  I'm likely to be in SF in the coming months, one of my nieces is getting married and my wife is her God Mother.  Used to live in Corte Madera and Palo Alto in the late 80's early 90's.  I'll reach out before we book anywhere if we're not staying at the family hotel.

Understood John, I was thinking that maybe just being able to automatically update your pricing on a daily basis might be worth the 1% cost.  I agree, their tool is lacking.  I have a similar issue with HA's tool as you indicated, your suspicions are correct.  Two of my homes are higher end (not very high, but higher) and they don't do a very good job of holding their water.  I never thought WH did either and it was so flaky at times I just scrapped it.  

All of these efforts (family collection, "performance", ANR, RevPar, Team, Work Collection, that ABB is making feels like they're trying to appease us Superhost's, but it really feels like just a bunch of "fluff". If they really wanted to help those of us that are serious about the "business" of STR's, they would create "business" tools to help us grow, e.g., reporting, financial, bi-directly communication, pricing, etc. That would "feel" a whole lot better.

Hey John! It's been months since WH lost their connection with VRBO/HA.  They used to be do this, but then it stopped abruptly.  What are they telling you?  Couldn't you switch to Beyond Pricing if it's a headache?   Have you tried HA's MarketMaker tool?  It's not fully hands-ff but takes about 30 seconds every day to check and adjust.  I also like it as I can select my nearest competitors to create a competitive set.  There's a new tool on the horizon that will provide this type of functionality for Airbnb as well, it's just not ready for prime time yet. I'm an "Alpha" test subject and it will be a differentiator.

Mike

@Sean Wilt - I just had a little regurgitation and haven't even had my breakfast, thanks.  It's high season and I'm getting hammered with communication on just 4 properties.  You're getting some sound advice here, 30% does seem to be the norm.  I can't imagine receiving even 2x the number of messages, emails, and challenges that come along with this business.  @Ethan Cooke - do you use Evolve now or manage these properties yourself?  I have a colleague who manages 30 herself and has hired an assistant.  I would recommend adding some automation to your budget/plan, something that can at the least manage some communication.  Keep us posted on your journey and good luck!

Mike

 Great plan Ash!  Think "heads in beds" when you're designing rooms, especially if you are near attractions for kids.  Unless you are marketing as a "theater" or your guests are staying at the home a lot of time, I think that's overkill, but surround sounds is always good - tie it into Alexa or Google Home for entertainment throughout.  Counters - granite can't be beat and you can even find pre-cut slabs sometimes that are WAY cheaper.  If they're available in your area I really like J&K cabinets, they're inexpensive but really well built.  Shower inserts are OK, but the floors in them tend to stain easily and get pretty nasty.  I spent the extra bucks for tile - it photos really well and you have a Floor and Decor in Cincy they have fabulous pricing.  No on the game room either, I would toss an Xbox or PS in the surround sound system, and I always leave an extra HDMI and RCA jack for families that tote a game console of their own.  Look to add some outdoor games, cheap and easy, cornhole, rope toss, giant jenga, etc....  Gas fire pits are always a hit too!

Hi Lynette,

I have been researching manufactured homes myself to build a hunting/fishing/skiing lodge in Colorado. One source of these homes are shipping containers and I located a builder who is certified by the state (they inspect the build as if it was any other home) and certify the building process. My vision may be somewhat similar to yours, and I will be either building a larger "lodge" central gathering home on the property. I don't view any of my STR's as significant long term equity (though it's going to be a nice to have someday), I view them as cash generating investments no different than a stock, but significantly higher returns and less volatility. Make sure to check your local municipality/county/state laws regarding these types of structures and the acreage vs structure allowances.

Lots of good advice here, and I would agree to stay away from mobile homes.

Mike

When I send them their check-in details I remind them that for every 15 minutes they check-out late, they will be charged $X per 1/4 hours.  This is also posted in my house rules.  This has worked well to deter the late check-out.    

I think what I like about the raw data Jon is the ability to narrow down the competitive set I want to study.  Airdna looks at each market as a whole, whereas the data provides links to each property it has scraped.  I used the raw data to validate an area I did NOT end up buying in, whereas I might have if I didn't have the ability to limit the data set.  In the end it was worth the expense and effort.