All Forum Posts by: Yiwei Cheng

I am just starting to onboard with Guesty pro. Not very impressed so far. They run your credit report to start so I did not love that. I have yet to onboard with them as they are backed up about 1.5 months after you sign up to just do the initial onboarding call, at this rate I am expecting onboarding to take 2-3 months from the time I signed up. Their reps also appear to be from Europe so a big time variance in available times for calls with them.

I used to use Guesty but I did not like them. They are too sales focused. I am on Hostaway now. No PMS is perfect so it's just what can you deal with... Hostaway isn't perfect either but it's good enough for me like I don't have that many complaints based on what I need.

0 Votes

I'm sorry to hear! I have only taken 1 program in STR world when I first started, but I do get a lot of ads for them. I just don't agree with what a lot of them are pushing or advertising...

0 Votes

Boston, Massachusetts

Quote from @Mya Toohey:

@Zach Strong

Hello!!! I have managing STRs for 10 years now. I am in the Tampa, Clearwater, St. Pete Area (BEACH VIBES here) LOL!!! You can find great info here on BP and I am happy to answer any questions you may have.

1.Check Zoning and regulations and state licensing (don't take other peoples advice, get the facts from your local zoning board, State business regulations and City, even County and Fire Dept)

2.Make sure no changes are going to be made in the rules.

3.CONSULT a Lawyer and an Accountant. I suggest to Get an LLC just for your management of the property. Last thing you need is to be sued for your personal assests.

4.Does the profit make sense? After all costs and your time as manager...Does it make sense...It is very time consuming...If you have ever rented Long Term, take those questions and you get 20x more in inquiries and questions once there...Speak to a few Management Companies, I KNOW you want to do it yourself but time is money. If you are an investor and have Management Company, or CO-host (VA) they have systems that rank your property higher and will bring you MORE money even though you are paying them. Big companies use Hosting sites that you can ask about..they rank higher and therefor bring you more bookings and more money. AND they handle the workload so can go out and find more deals.

I know its basic, but I have watched so many STRs come and go in my area over the last 4 years,only for the owners to have to sell or lose money.

I hope that gave you some insight on how to start...

As an owner and STR manager for others, I completely agree. Many people think not using a full service property manager saves them money, but the good ones will make you more money than what you would be able to do yourself because you are starting from 0 while they have been doing it for years in the market.
Real estate is a long term game, so buy somewhere you would want to hold for 10, 20 years. Buying and then selling because it's not making the amount of money you initially thought is only going to make you lose more money from all the transaction, finance fees.

0 Votes

For short term rental, it's about a seamless guest experience, so I would recommend including the charges into the nightly rate. For a mid term rental where people are staying longer, I would offer that as an add on and they can decide if they want to.

1 Vote

I do not make my tenants get renter's insurance. Most of the things inside are mine since it's furnished. If you do want to require it, disclose it up front in the listing vs after booking, so they can make a decision about renting.

2 Votes

Quote from @Robert Liddle:

I love Hospitable for the messaging, best in the business, they disconnect calendars a lot! I have 25 listings, and probably have to reconnect calendars 2x a day, IGMS is who is use for the calendaring, and Hospitable for messaging, strongly considering going to Ownerez.

Sounds like a pain...

1 Vote

Quote from @Nikky Jarvis:

Quote from @Yiwei Cheng:

How many properties do you have if you're new to STR? It would also be good if you make a list of what's important to you. At different stages, different functionality was important to me and I've switched PMS based on my needs at the current stage.

Thank you for your reply. I have just one STR, but feel overwhelmed because I got into STR by chance not by choice. I am more of a passive investor which is why I am trying to find how I can be less involved with communication part of it, including pricing. I can take care of repairs and supplies.

Hi Nikky, for 1 property it's not exactly necessary to have PMS but you can and at that point you may choose to go with something more cost effective. Some PMS have minimum number of properties. If you are looking to be more passive, I would suggest going with a property management company. a PMS will not let you be passive with pricing or communications.

2 Votes

Houston, Texas

Do you sell notes?

0 Votes

How many properties do you have and what functionality are important to you?

I have used both Guesty & Hostaway so I can help answer any questions with those.

0 Votes

Houston, Texas

All Forum Posts by: Yiwei Cheng

Yiwei Cheng has started 4 posts and replied 138 times.

Post: Guesty / hostaway / hospitable?? Help!

Post: BNB Investor Academy Review

Post: What makes a 5 star experience?

Post: STR near Orlando

Post: Furnished Finder/ Medium Term Rental

Post: Guesty / hostaway / hospitable?? Help!

Post: Which STR management software

Post: Who is going to note expo

Post: Guesty / hostaway / hospitable?? Help!

Post: Which STR management software