All Forum Posts by: Turo Tales

I appreciate everyone's feedback but I am still curious if there are any professional PM's with case studies. For example, let's say you manage 100 properties and over the last couple of years some have decided they no longer want to list on VRBO. Did the occupancy rates of those properties decrease in a way that similar properties in the portfolio did not decrease? I know for certain there are professional PM's that stopped listing on VRBO a few years back when they changed their policies, but I don't know those PM's well enough to get the relevant data.

My first inclination was "I need 5% or more increase in occupancy to make it worthwhile". So I went on the Google machine and according to AirDNA you get a 4% bump by being on both. Falls a little short of my 5% but it is close enough to make me wonder. My high value nights are going to book with or without VRBO so really that 4% increase is going to come from the lower value nights. So the increase in revenue probably ends up being 5-6%.

Maybe I am over estimating the cost though. Maybe I don't need 5% to make it worthwhile? Can you really manage both platforms without paid property management software? You have to keep the calendars sync'd, the pricing sync'd, the photos sync'd, the descriptions sync'd, guidebooks, messages, etc, etc.

I am not a large scale PM but from what I am reading here, others posts and yours, it seems that you want to get the answer you are looking for (that it doesn't make sense to list on both). If you are looking to increase your occupancy and ADR, it does. Period. Some markets are more VRBO centric and others are AirBNB. As I stated before, mine went from 80% VRBO for the first three years and I am now 80% AirBNB - no idea why. You are overcomplicating the syncing process. You set up iCal and it's automatic. You do need to keep the listings up to date (description, photos, etc.) but that is not that much work for one property once it is set up. My two cents and I have 3 properties. From the PM perspective, they have larger scale and are able to drive more direct bookings but I see all the PMs in my area still listed on both platforms and others.

Really I was just hoping a PM with a lot of properties had data to share. Definitely don't want to sound combative because I appreciate everyone sharing their experiences. However most the answers seem to be some form of "most of my bookings come from VRBO" which I don't think is that relevant unless there is a significant cost benefit to that.

To me this is a simple cost benefit analysis. According to AirDNA the average occupancy of a property listed on only AirBNB is 54%. A property listed on both is 58%. So that's a difference of 15 days per year. My average rate in the offseason (where the difference is going to come from) is going to be around $250/night. So that's $3750 per year. So my cost has to be less than $3750 to make it financially worthwhile. And then it has to be enough of a difference for it to make sense for the time cost. Really what I'm hoping for is for someone to tell me "Don't listent to the AirDNA averages. They are wrong because AirBNB has a lot of single rooms listed that skew the data. We manage a 100 properties in a tourist area and comparable properties listed on both platforms have 65% occupancy while properties only on AirBNB have 55% occupancy". Some form of that is what I'm hoping to hear. Obviously there is a part of me that thinks this might be the case. My main take away so far is that I am probably overthinking the cost quite a bit.

I just synced the calendars on both for free based on the overwhelming advice. What costs are you worried about?

You don't miss out on anything. I'm guessing that you are looking at some third party that you have to pay, but it took me 15 minutes to figure it out and would have been much shorter had I followed directions the first time. There is no additional cost to do this beyond the time it takes to do it and then manage it on two different platforms.

$0.00 is less than $3750 so it should be worth it.

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Quote from @Patricia Andriolo-Bull:

Absolutely yes. The market was mostly VRBO for me and then switched to Airbnb. I don’t think your perception of VRBO guests is accurate either. I’ve had good and bad on either platform. Lastly, not sure why you would need Hostaway or pricing tools for one property to add VRBO. It is very easy to sync.

How do you sync? Do the two companies work together?

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@Donnie M.

We recently closed on a a couple of units in Enterprise. Had to replace the sewage lines on one, then we'll have 2 more that need to be renovated before renting out.

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@Cheryll Ramirez

Stationed at Fort Bliss. Sent you a request.

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Originally posted by @Charles Carillo:

@Turo Tales

The best way I have found for locating good vendors and contractors is by referral from investors who are working with similar properties. Try connecting with local investors and see who they are using. Also ask your agent but speaking to an investor is best.

Thanks Charles. I suppose the best way to find other local investors is BP? Any other ways?

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We've purchased our first property with 3 different units. (We have previously had a SFH for rent, but had a close friend who did most of the work on it. The wasn't any rehab needed on it.)

A large 4bd/3ba SFH in good condition, a 1000 ft² 2bd/1ba (that definitely needs a fair amount of TLC and updating), and a 3rd unit that was used as a kindergarten that we'd like to turn into a 1bath studio (possibly for STVR).

We need a contractor, but aren't super familiar with the area.

I was curious how others vetted their contractors and if you could share tips for what you are looking for and who to avoid.

Thanks!

James

(Super excited and appreciative to this community.)

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@Jeff Sullivan

Do you currently have RE investments here or just looking to break into something?

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@Josh Chapman

We're in the middle of a deal now in Enterprise. If it falls through, we'd be interested in something near Fort Rucker.

I'm always happy to look though!

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@Nick Voyer

Just start.

Start small, but start.

You'll learn as you go. Don't get caught in analysis paralysis.

Run the basic numbers beforehand and then, if you are able, jump in and get started.

No amount of BP posts, podcasts, or RE books will ever compare to the learning that occurs in your first property!

Good luck!

2 Votes

@Theresa Harris

They include the $20K that they received for filming into their profits. 😂

2 Votes

All Forum Posts by: Turo Tales

Turo Tales has started 3 posts and replied 19 times.

Post: Is it worthwhile to list on multiple platforms

Post: Is it worthwhile to list on multiple platforms

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Post: How do you select a contractor?

Post: How do you select a contractor?

Post: Dothan Alabama New Investor

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