Rental Property Investor · Castle Rock, CO · Member since 2017 · 335 posts · 387 votes
What is your favorite dynamic pricing app? Everbooked vs. BeyondPricing vs. The Others? The best electronic door lock? The best Wi-Fi Thermostat? How about a Guest communication app? Synchronized calendar? What makes your life easier and/or increases revenue?
To sync prices and availabilities as well as doing markups for certain channels you'll need a channel manager or a PMS system.
The main difference between a channel manager and a PMS system is that a channel manager will only sync calendars. A PMS will let you control your whole operation from a central location.
There are tons of choices to fit different needs and different price points. My company uses Guesty which does all of that and more, but it can be over kill if you don't manage a lot of properties. Tokeet might be a good place to start your research.
Also regarding your question about pricing automation we use Beyond Pricing and have been happy with it.
Los Angeles, CA · Member since 2017 · 13 posts · 19 votes
8y
I like Wheelhouse. August Smart Lock is best in my opinion. Ecobee 4 for thermostat. smartbnb for messaging and automation. Don't have a calendar app, just sync Airbnb to VRBO and TripAdvisor. Smartbnb and wheelhouse make my life way easier. I use smartbnb to automate text messages to my cleaning and hot tub staff.
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
8y
My pricing comes from my brain. I change my prices daily, sometimes multiple times per day depending on the season and occupancy. I could never use or trust a pricing website much like I could never use or trust airdna. My compulsive obsessing does me much better than a website possibly could. There are many people using and having success with such things, it’s just not for me.
As for deadbolts and thermostats.... I won’t reply here. It’s too much for one thread. I’ll leave it to the president Paul Sandhu even though the “ultimate thread” was my idea ;)
Hit em with the Hein!
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
8y
I adjust my pricing weekly but the new tools that HA/VRBO has allows to me to see spikes in demand and how my pricing is against an average of over 200 competing properties so that I can quickly see where I need to adjust my prices. I wouldn't trust smart pricing. It wouldn't know I need to be at $500/night for a local event.
I use the Honeywell 9000 thermostat. I can program it and adjust it remotely. Honeywell will email if it looses internet connection. I can also set high and low thresholds that will trigger an email to me to let me know there may be something wrong. It also does the same for humidity. It has a color touchscreen which is simple for guests to operate.
I also have 2 Digital Watchdog exterior cameras so I can keep an eye on who is coming and going and monitor when the house is between occupants. I can set zones in the field of view and get alerts when motion is detected.
I have been using a tried and true combination lockbox for keys. I'd love to automate the door lock but I see too many failure points for my comfort. Maybe I'll try one in the slow season to see how it does.
Investor · Roseville, CA · Member since 2016 · 893 posts · 1k+ votes
8y
I'm partial to Everbooked myself but also feel like it really is an art form to get it right. I have found that in the end, you can really keep a simplified pricing schedule (weekday, weekend and holiday) set prices and be successful without all the headaches of being so 'dynamic'.
I'm with @John Underwood and like the Honeywell 9000 as well. It's just as 'sexy' as my Nest but it's 1/3 the price and does everything you need except maybe the ability to sense when somebody is home or not.
I use the Schlage/Nexia bridge combo currently for my automated locks. It's rock solid once it's setup but can be a bit of a pain to get it setup correctly. My Nexia subscription is $10/month and they have great support and an easy home automation interface to work within, especially with multiple units.
I created my own email automation hack which has worked great for me and is completely free.
You can guess what I like to use to scout and find my next vacation property as well. ;)
Thanks for the thread @Tim Schroeder, I'm currently closing on a new condo VR in North Lake Tahoe and actually in the process of deciding a lot of these options now!
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
8y
I'm probably the most unsophisticated STR owner/manager on here.
My pricing is based on what the local economy motels charge. It's been $200/week for each occupied bedroom in a house since I started. Extra beds in the house are free, but when things get busy I charge for the extra beds that are not in bedrooms.
My best door lock. The would be the standard deadbolt that the bank JP Morgan uses on their foreclosures. They are all keyed alike. The first 3 bank foreclosures we bought were from JP Morgan, each house had the same key. We looked at a 4th house with a realtor that let us in. We were undecided. But every few days we let ourselves in with our own key and looked at the house and its potential. 6 sleeping areas, one bathroom, $9500 is what we paid. $700/week is what we first got.
Guest communication app. Instant messaging hands down.
Synchronized calendar. A posterboard calendar with post it notes.
What makes my life easier. A Zmodo camera facing the front door and the HDTV. Returning tenants know there is a camera, they unplug it when they enter. I can see what is going on in a house when it's empty. In the last 2 years I've caught 2 people that were committing a burglary.
Thumbs down: Smart TV. You only get 3-5 streaming services.
Thumbs up: Roku. You get the the same 3-5 streaming services plus another 30 or 40.
Thumbs up: Square credit card reader. I don't leave home without it.
Thumbs up: Youtube. Fix most any household problem with tutorial video.
Rental Property Investor · Castle Rock, CO · Member since 2017 · 335 posts · 387 votes
8y
What about synchronized pricing? Currently I setup bi-directional calendar sync between AirBNB and VRBO which is great to avoid double-booking. A reservation on one site automatically blocks the other.
But if (WHEN) I decide to tweak rates, I really don't want to do it on both sites. Is there a good app for setting prices at a central place that then trickles down to multiple platforms?
Rental Property Investor · Castle Rock, CO · Member since 2017 · 335 posts · 387 votes
8y
Sorry, just thought I'd bump this thread and see if anyone is using an app that sets prices on multiple platforms? I don't mean dynamic or other automatic pricing. I just want to manually set prices in one place and have all listings updated automatically. Even better, I'd like to be able to increase the price by X percent on a particular listing site. (Example, add a couple percent to AirBNB listings because they don't collect local tax in my jurisdiction)
Rental Property Investor · San Francisco, CA · Member since 2016 · 227 posts · 365 votes
8y
Thank you @Tim Schroeder for asking the question. I would LOVE to be able to sync pricing: adjust pricing on just one website automatically update the pricing on AirBnB, HomeAway/VRBO, TripAdvisor and any other websites where the property was posted. Is there a good way to do this?!
To sync prices and availabilities as well as doing markups for certain channels you'll need a channel manager or a PMS system.
The main difference between a channel manager and a PMS system is that a channel manager will only sync calendars. A PMS will let you control your whole operation from a central location.
There are tons of choices to fit different needs and different price points. My company uses Guesty which does all of that and more, but it can be over kill if you don't manage a lot of properties. Tokeet might be a good place to start your research.
Also regarding your question about pricing automation we use Beyond Pricing and have been happy with it.
Investor · Milpitas, CA · Member since 2015 · 278 posts · 155 votes
8y
I use Guesty, which is a PMS. It has its rough edges, and its not the prettiest UI. But it helps me manage my 8 properties pretty well, so there's that.
Wholetailer & Architect · San Francisco, CA · Member since 2015 · 544 posts · 298 votes
8y
I do 30 day minimums so pricing depends on season and how close it is to being vacant.
I use a heavy-duty lock box on the gas meter out front since it is a condo building a smart lock on the entrance door still needs to be negotiated with neighbors.
It was surprising to me that people seem to prefer or at least not mind the lockbox since they don't have to arrive at a specific time
Longmont, CO · Member since 2018 · 105 posts · 79 votes
8y
Here is my list of of what I use that I really like:
For my Thermostats, I use Inthrma with Proliphix thermostats. The system is pretty amazing. It is not cheap, but the feature set and savings are worth it. They have just deployed a great feature, synchronization with your calendar (VRBO, a few others and ABB coming soon). It is called their Villa edition. No having to worry about setting the thermostat while the house is unoccupied will create enough ROI for me. Sam is the owner and his customer service it really good. He has spent a lot of time with me showing me how everything works. I have had these in two of my houses for years and just added it to a third.
For reservation management I use OwnerRez. Really like it for automated guest communications, digital rental agreement signing and a few other things.
For locks I use the Schlage connected to alarm.com Via z-wave. This is also how I control my security system. I setup temporary code for guests on the alarm.com website and it is all managed from there. I can also manually lock/unlock the door and arm/disarm the security system remotely.
I use Ubiquiti Access Points for my wireless directly connected to the cable modem. These things are super reliable and virtually never have to be rebooted. I do it once a year proactively. I am I.T. person in my other life and we deploy Ubiqiti APs for tons of clients because of their reliability.
I have a ring camera on the exterior of one house and look at it every few months. It seems pretty unnecessary. I virtually never have issues with guests.
I don't sync any calendars automatically because I am pretty much only on VRBO/HomeAway. I am looking for primarily family bookings so ABB does not seem like the right demographic for me and I do well with VRBO/HomeAway and repeat guests.
Software Engineer / Real Estate Investor · Kansas City, MO · Member since 2017 · 30 posts · 16 votes
8y
Hi @Tim Schroeder as far as electronic door locks go, I'd recommend the Kevo Quickset Lock for apartment unit doors and the Brivo lock system for building access control. I agree with @Jon Crosby on if you are unwilling to pay to install something like a nest, the Honeywell 9000 and the Ecobee 4 are great options for thermostats. He also recommended Nexia to manage all the smart devices, but I'd also look into Homebase.ai, which offers resident communication, payments, maintenance management and smart device control through their property management web platform and ios/android resident apps for 7$ per month per unit.
Thank you @Tim Schroeder for asking the question. I would LOVE to be able to sync pricing: adjust pricing on just one website automatically update the pricing on AirBnB, HomeAway/VRBO, TripAdvisor and any other websites where the property was posted. Is there a good way to do this?!
I think the issue here, Ethan, is that a bunch of us are doing 30+ day rentals. The pricing is different than typical short-term pricing models, and vacancy/timing of move-in matters a lot to me also..
I think that's the big challenge.
Currently, my price syncing is a team of Filipinas :)
Biddeford, ME · Member since 2017 · 19 posts · 9 votes
8y
For remote thermostats, we have installed two Nests (expensive, but I got the first one for practically free and I don' t like changing platforms).
I read many reviews for smart locks and chose the Schlage Sense Smart for its reliability. I know when my guests arrive and when they leave, and I know when the cleaners have come and gone. It requires that there is an Apple TV on the premises, but I already had one so that wasn't a problem. If the internet fails, the lock operates correctly, but just doesn't allow me to see it remotely.
I'm planning to install an exterior camera, possibly a Nest (given their reliability), but that's mostly because I want to know whether the plow guy needs to come and whether he has.
I'm super interested in what others have done, particularly the ability to automatically adjust thermostats based on calendars.
Specialist · FL · Member since 2017 · 139 posts · 88 votes
8y
@Tim Schroeder Opted out of Beyond Pricing and Wheelhouse. Dislike the percentage they take off the bookings. Pricelabs is more robust and provides more control for experienced managers.
You'll need to find a property management software to push rates over to all listing sites. The majority are integrated with dynamic pricing tools so once it's setup in the software it'll feed over to all the listing platforms it's integrated with.