All Forum Posts by: Patrick Osterling

I highly recommend using a duvet with an insert vs a comforter, it’s much more sanitary. Our cleaners put a freshly washed duvet cover on after every use. We provide extra duvet covers in the supply closet, and they don’t take long to wash. It’s the same process hotels use too. 

Hey Robert, the data shows remote work is here to stay. Before 2020, only about 8% of remote-capable employees worked exclusively from home. Recent figures show that 26% now work exclusively remotely, and 55% have adopted a hybrid model, combining remote and on-site work. Either way you slice it, people have way more flexibility. We even We always offer and highlight work desks/chairs, sometimes a monitor and fast internet. I think it's a staple for STR's. We just had someone check out an hour later at our lake house property because she had a work zoom meeting she needed to be on.

Hey @Michael Smythe, is there any way to get the water mark off the pictures? It might seem trivial, but marketing photos are really important and it gives off a strange vibe to have those water marks on every single photo. Just my 2 cents. 

@Bradley Buxton - My understanding is Measure T was supposed to help with affordable housing and cut down on neighborhood issues, but it doesn’t seem like it actually did much. Housing prices are higher than ever, and I haven’t seen any real proof that it created more long-term rentals. Most of those STRs just turned into second homes that sit empty most of the time or were converted into 30+ day rentals, which still doesn’t solve the housing issue. I’ve talked to several owners recently, and they either leave their place vacant or try to rent it out monthly, but it’s not exactly making housing more affordable for locals. If they push for a full ban, wouldn’t that hurt the local economy even more? South Lake Tahoe runs on tourism, there has to be a better way to find a balance.

 Thanks, Matt! Makes sense. I'll look out for local banks in my community and start some conversations. 

Thanks @Collin Hays! More favorable terms sounds great to me, and I've heard this strategy before, but I'm not sure I understand how it works in practical terms. Could you share an example or two how that actually works in practical terms? For example, I've used several banks for loans: Flagstar Bank, All Western Mortgage (a broker), PenFed Credit Union (HELOC), NewRez and probably a couple others I'm forgetting. None of which I never actually met in person. But are you saying to find a local bank branch and physically go in and develop a personal relationship with a banker? If so, how many deals/loans do we need to do before I can expect more favorable terms? How do you know which bank/banker to establish a relationship with? What if I like a banker but another bank is offering better terms on the first couple deals? I'm having a hard time wrapping my head around how to actually make this happen in today's world. Thank you!

Hey @Justin Brown, I agree with the comments above. But to answer your question why you still see so many active STR's on Airbnb in a restricted area, it could be a couple things: It could be a "hosted rental" meaning the homeowner is there and is just renting rooms on Airbnb. It could also be that although many municipalities do have laws that restrict STR's, they rarely have the time, resources and manpower to actually enforce those rules. I've sat on city council meetings where a county will straight up say they can make changes to the laws, but they don't have the resources to actually enforce them. Although you might be able to get away with it for a while, all it would take is for a neighbor to call in and you could get shut down or fined. Just my 2 cents. 

@Cody Lewis - Awesome! That's super smart and strategic, love that idea. 

Hi @Diana Mulvihill

Increasing guest count from 7 to 9 can definitely boost both nightly rate and occupancy. However, it’s best to analyze the data first. Compare your property to other listings in your area that sleep 9, but make sure to only look at comparable properties and exclude any outliers (like a mansion, or a property with not great reviews). We use PriceLabs to pull 2 lists (sleeps up to 7, and sleeps up 9) of properties within a 5–10 mile radius, then compare occupancy, nightly rate, and annual revenue for those 2 lists. If there’s a significant difference, it might justify the cost of adding more beds.

For example, we manage a 4BD property where one bedroom is currently locked off, so it only sleeps 6 (1 king, 2 queen). We considered furnishing that locked room to increase the capacity to 8. Our analysis showed a $20K annual revenue increase for comparable 3BD vs. 4BD listings, making a ~$1,000 investment in furniture well worth it.

Hope this helps! I also noticed you’re looking to invest in Nevada. We’re based in Reno/Tahoe, so feel free to reach out if you’d ever want to chat.