All Forum Posts by: Alex M.

Agree with you-- definitely good to do a full spec comparison with demos.  Good to look into their CEO and team as well.  I see Tokeet is located across many countries with a concentration in Pakistan whereas VReasy is mainly out of Barcelona.  Ive heard Tokeets customer service isnt the best, but they have a lot of functionality for the price.  I will do demos with all of them and see which fits our needs best.  Currently looking at Tokeet, VReasy, and Hostfully.

Hi,

Does anyone have experience using Tokeet? I am considering switching from AirGMS to Tokeet as its:

1) allows for pricing changes

2) has a direct booking engine

3) has all the basic features needed (universal inbox/ calendar, integrates with the big 3

4) Seems to have good integrations (mailchimp, pricelabs, etc.)

Any thoughts?

@Rob Johnson 

We do short-term rental management in Joshua tree.  Some of the best rates as well.   Were focused on sustainability and our renters appreciate our respect for the environment through our choice of cleaning supplies, marketing, and operation procedures.  We have several service options from: limited which is only including communication/calendars, to truly white-glove service including bookings tours, tickets, and full concierge.  99% of the time, guests who get the full concierge are leaving 5 star reviews and coming back to book direct.

Definitely would avoid NYC.  

Right now, with property prices where they are, you really need to do your homework to know where and what to buy.  You need to be buying a property that is about 10% UNDER market to even be in the game.  This means lots of research and lots of patience.  '

the warmer markets can be good- sure- but who wants to be in Phoenix in the dead of summer?  Does Phoenix have that year-round travel you need? Florida has floods (high insurance) and hurricanes as well as a fair amount of regulations and possibility of impending.  Texas has super high property taxes and with all that land for building, a huge increase in supply can crush your margins...? 

Maui may be great, but do you want to pay $1000/square foot? and  Maui has lots of regulations too.  

Finding these short-term rental gems is getting more and more competitive, but you can still find investments that will return you double or triple what a long term rental will do if you buy right, and use a very low cost management company, or self manage.  I self manage all of mine, and also manage for clients for a very reasonable price.  It's worked out well.  Good luck!

@Rachel Hughes I am good friends with the top guy for airbnb in Memphis. Let me know if you'd like an intro. He owns a massive building and 50% of it is for short term rentals. I think you could easily slip right into his building and onto his STR program if you wanted. Otherwise I have some other ideas for Memphis as I looked at that market myself last year.

@Robin Rinaldi @Mark Miles 

Little local knowledge here. I grew up in the Poconos, and have been studying the real estate market there since I was a teenager. My parents bought their house for $300k in 1991, and are currently selling it and hoping to get $400, for a whopping IRR of around 1% per year.

Now... I do happen to know some areas not far from my home, where property prices have increased alongside overall growth in other, hotter real estate markets, that would still be considered the Poconos, perhaps.   Take a look around Milford, Narrowsburg, Calicoon, and some other areas that are attracting New Yorkers and the "Escape Brooklyn" crowd who are seeking a more rustic experience than going to the Catskills (off I-84).  I know some people killing it--way better than breaking even-- in this space.  Happy to share my thoughts for those interested in Poconos.  There is definite potential in the region, being the same distance from NYC as the Catskills.  In the past 5 years, New restaurants, cafes, bars, art galleries, breweries, yoga studios, concert venues and other interesting stuff seems to be springing up around the Poconos more than I've ever seen.  Even in my hometown of Honesdale, PA which had been stagnant, a lot of the above have started to revitalize the town as milennials have opted to stick around for the low cost of living and make their hometown more interesting-- it's great to see!

I even put my family home that's up for sale on AirBNB with mixed success.  Again, get closer to the river, and your returns will go up accordingly.  Cater to the NYC crowd, and you'll do well.  Happy to share any thoughts or insights, as I am a long time airbnb investor and vacation rental manager (we manage across 6 states and expanding fast due to our low cost model).  I love this stuff, and enjoy sharing insights about investment returns across markets. Good luck!

@Bo A Vanecko 

An interesting point is that it's not necessary to be "local" to manage properties. I manage properties across 6 states-- for myself and my clients-- at a fraction of the cost of the local management companies. I simply do the research to know the trends and seasonality, and then research dozens of comparable listings to see where my prices should be based on location and season. I think we're the lowest cost solution out there- if there's one lower, I'd be surprised. I have a system which can increase revenue up to 50% (more frequently changing prices and minimum night stay requirements to be "on top of the market" and to show up higher on AirBNB SEO search results-- just one of many tricks I've learned doing this since 2015) which more than pays for itself. Like a good broker--which should pay for him or herself in the form of better advice on buying properties--a good STR property manager should pay for himself by making your listing more competitive through advice (picture order, listing descriptions, design/photography techniques, etc etc etc.) and active management, and thus making you more money! Feel free to reach out with any questions. I live and breathe this stuff and have a lot of fun doing it! We are currently looking to enter Colorodo as well, and have some insights into the market. We are currently based in park city, UT-- another top notch ski town so ski seasonality/pricing comes naturally ;)

If you quitclaim into an LLC, it can void your title insurance. Seek legal help, but I agree with @Chuck Kramer and @Luke Carl here.  For your first, just get some solid insurance.   Where will it be located?  I see you're a fellow New Yorker

Hi @Marcello Di Gerlando and @Dan H.

The Key is finding a HIGH value, LOW cost property management company -  These are "Unicorns" in this industry as most PM's charge upwards of 30% of Revenue (ends up being half your profit or more!) to manage the rentals.   Is it a lot of work?  Sometimes.  Do they pay for themselves if they are REALLY good? Meaning, do they get your place booked more, for better prices?  The answer is Yes. 

If you use this type of management company, you will find STR's are an excellent ROI-- upwards of 50% or more Cash on Cash, and up to 15-20% ROI.

Also worth mentioning that the bigger these Vacation Rental Property Management companies are, generally the lower quality of the service, as you become a "number" and they even sometimes compete with their clients by having their own inventory. 

If I can be of any help at all, please feel free to DM me.

@Debbie Bone  Evolve does not provide full service management and are not 'on-the-ground'.  They only do the easy stuff-- communication and calendar management-- and leave the hard stuff for you!  Hardly a good value for 10% of your hard earned income in my opinion!  10% of revenue ends up being closer to 30% of your net profit-- So they take a 3rd of your income just to send a few messages?

Vacasa is a massive company that does not provide the personal touch and even competes with its clients by owning/managing its own units.  I'm close friends with the ex Head of Growth, and he confirmed the company's service is lacking.  I stayed at a Vacasa unit in Park City recently, and the place was a dust bowl.   They pay their cleaners minimum wage.  This is what happens when you raise a $300M equity round and grow at all costs.  They are forced to drive down costs on other fronts-- namely the cleaning and maintenance.  Their General Managers manage upwards of 50-75 units each and make meager pay.  

The value in the property management industry is finding a reasonable (20-25% of revenue) that does not have a million clients and which can provide truly personal service.  These are your homes after all. Good luck!