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All Forum Posts by: Steven Mcnutt

Steven Mcnutt has started 1 posts and replied 12 times.

Post: AirBnb calculator and expense questions

Steven Mcnutt
Posted
  • Pompano Beach, FL
  • Posts 12
  • Votes 16
Quote from @Ruben Kanya:

 [...]There are no comps because there are too many variables that could make 2 exact properties on the same street have very different numbers in gross revenue and average daily rate, a lot of it has to do with aesthetics[...]

This has 100% been my experience so far - Gets to the heart of why some properties kill it while comparables sit empty despite enticing price points.

Quick anecdote:  launched my second property in June. got a few bookings.  Changed my photos and didn't get a single booking for like 3 weeks.  retook photos and took my time in lightroom to polish them up, and made sure there was an overall story in terms of the compositions.  boom, the property started booking again - sitting at 85% occupancy for July which is better than I could hope for with such a small number of reviews.


After credibility, optics and telling a good story is everything.

Again, kudos for the insightful post.

-s

Post: Would you choose VRBO or AIR?

Steven Mcnutt
Posted
  • Pompano Beach, FL
  • Posts 12
  • Votes 16
hi Joseph,

I use hostaway.   The automations are great, I have 80% of interactions with guests and my cleaners  automated.  Also has a really good api which I use for automatically programming door locks and stuff like that.  The built-in self hosting portal is functional if Spartan, and I do get bookings out of it!  People can see it in google maps, and it's a single mouse click for them to be at my portal looking at my listings.  They also do a  great job of onboarding newbies and teaching you the basics of str property management software which I appreciated.

It's geared towards folks with multiple properties, and is definitely overkill for a single property. I went with it because I didn't want to start with something I would later outgrow.

Bests,

-s

Originally posted by @Joseph Cornwell:

I may be getting into STR soon, what software are you all using to coordinate booking on both sites so it cancels openings?

Post: Would you choose VRBO or AIR?

Steven Mcnutt
Posted
  • Pompano Beach, FL
  • Posts 12
  • Votes 16

Wow interesting information in this thread.  People seem to overwhelmingly favor vrbo.  i’m a bit soured on vrbo right now because I’ve experienced a high cancellation rate, usually the day after booking.  Meanwhile while Airbnb guests pack out my calendar and leave glowing five star reviews.

Post: Short Term Rentals... Are they the root of our housing issues?

Steven Mcnutt
Posted
  • Pompano Beach, FL
  • Posts 12
  • Votes 16

:puts on flame retardant pants:

it looks like you posed three questions.  one in the topic title, two at the end of your post.

1. are str's at the root of housing issues?   that's going to depend on the market/neighborhood.  not useful to generalize.

2. are strs csusing problems in resort towns & desirable vacation areas? yes absolutely

3. should str's be limited in some way?  if it's creating issues yes.

here's my viewpoint and experience:

during high season str guests are most definitely nuisance in the beach neighborhood I live in. They steal stupid stuff like people's flip flops. they party late into the night on weekdays. they behave as if residents are there solely to facilitate their good time and buttonhole them for information and directions when they're out walking their pets. they tailgate at the beach access because the hosts are too cheap to pay the association dues. they trespass on resident's property to fish and sightsee then become belligerent when asked to leave. etc etc etc.

It really does degrade the character of the neighborhood and the experience of living here during the high season.  I think it's a numbers issue; there are so many of them even if it's one out of a hundred problematic guests it means issues weekly.  since the investors don't live in the neighborhood they don't have to live with the issues so they don't care.

I'm also an str owner who been on the receiving end of resentment over the coming and going of strangers in a neighborhood.  

I think this is a classic example of the need to balance the rights of property owners with the common good.  too much str can destroy a neighborhood, living through it.  As a result I'm in favor of reasonable limits.

Post: Beachfront Condo vs Beach house a block away

Steven Mcnutt
Posted
  • Pompano Beach, FL
  • Posts 12
  • Votes 16

Can't speak as a subject matter expert in terms of revenue, but I can certainly speak to appreciation as a beachfront condo owner, and knowing a thing or two about coastal real estate.

Beachfront condos have poor appreciation.  As they age the maintenance costs escalate and the long-term residents esp retirees will push back on assessments, exacerbating the problem.  Also, condos tend to appraise conservatively so to get top dollar you need a cash-heavy buyer to cover the gap. I would not recommend a beach condo if asset value appreciation is a priority.

For appreciation in a coastal area, Concrete block SFH is the gold standard (ideally with no HOA if you plan to rent).

Post: Setting up STR to be more "hands off"

Steven Mcnutt
Posted
  • Pompano Beach, FL
  • Posts 12
  • Votes 16
This is gold great stuff.

Originally posted by @Jefferson Brown:

Hey Justin!  Just my two cents here but we just put up our 8th property in Florida (I live in Utah) and I might have some tips for you.  After 2 or 3 properties you really start to feel the tug of the inquiries on your personal life so we hired someone on Upwork and pay them $20 per booking to manage the inquiries and call the maintenance person when needed.  They speak perfect English and have phenomenal customer service skills.  Its really improved our business and allowed me to spend more time with my family.


Post: Setting up STR to be more "hands off"

Steven Mcnutt
Posted
  • Pompano Beach, FL
  • Posts 12
  • Votes 16

@Justin Knighten I use a channel manager called hostaway.  Never seen Yourporter. 

The templates are predefined messages that I can populate with variables (like first name, number of days staying, phone number etc) to personalize.  I pick how I want to respond (in-app, SMS, email), and click the template I want to use.  works really well.

Personally, I would never automate inquiries.  As you point out there are so many ways that can go wrong.  Automation is great for routine messages/consistency of experience, but the initial contact needs to be a real person imo.

Post: Setting up STR to be more "hands off"

Steven Mcnutt
Posted
  • Pompano Beach, FL
  • Posts 12
  • Votes 16

Hi Justin.


responding to what I think is the pointy end of your message:  "The burden at this point is being responsive to messages, booking inquiries and the like".

Similar situation, have two rentals, one up and running the other we just closed on and getting ready to rent.

The original plan was my wife was going to run the business but I've found myself handling the customer communications because she's just not the kind of person who monitors her phone and responds to alerts.

So far I have the routine communications automated and message templates to cover frequently asked questions.

Regarding booking inquiries I see that as sales activity; that's where buying decisions get made. I'm absolutely fine with owning that and developing my skill at converting those into bookings.  Only takes a few seconds to respond to an inquiry so I'm fine with it.


I have a handyman on retainer who lives nearby in case someone needs to get on site quickly to fix something (and a backup guy of course). I probably overpaid but I would rather error on the side of making sure my support people are on point and make me the priority while I learn the ropes of doing the operations stuff.  Also have an amazing cleaning crew that will alert me to anything they can't handle that needs attention.  The cleaners have access to the booking calendar and customer communications, and they adjust their schedule accordingly without me having to say anything.


looking forward to following your journey,

best regards,


-s






Post: Trash pickup solution for short-term rentals

Steven Mcnutt
Posted
  • Pompano Beach, FL
  • Posts 12
  • Votes 16
Leon,

The way I see it is my cleaners are vitally important to my STR operation.  Consequently I pay them very well and quickly, and in return I expect these kinds of details to be taken care of.  More to the point, the quick pay encourages them to service the property immediately after the guest leaves.

B/R,

-s

Originally posted by @Leon Lee:

Hi, Fellow STR investors:

What is your ideal trash pickup solution for short-term rentals? [...]

Post: Any STR hosts seeing a drastic drop off in bookings?

Steven Mcnutt
Posted
  • Pompano Beach, FL
  • Posts 12
  • Votes 16

Hi,

First year of operating and we're seeing something similar.  Our Western NC cabin has been 90% occupied since we started renting in June.  Booked solid through the third week of August, then just a single booking from the last week of August to the first week of October.

Bookings filling in for October/November though.  Has to be the kids going back to school thing.