Investor · Ogden, UT · Member since 2018 · 295 posts · 208 votes
Hi Everyone,
I currently manage my own Airbnb units but am about to double my number of units from 3 to 6 within the next month. I work full time in the military and am trying to spend less time hands on with running errands and handling issues when they come up - that is what I want to outsource. For 3 units it has been manageable but I expect it will get worse when we have twice the number of units. I am thinking about hiring property management so they handle it all but also want to find a way to maximize my income by handling it myself but with the systems in place to make it less demanding on my time.
How have you outsourced all the random tasks?
What systems do you have in place to spend less time answering guest questions/requests? (I use Smartbnb now for automated messaging)
How have you detached yourself from running all of the errands that come up?
Any tips on time management, task management, and operating more efficiently are greatly appreciated!
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
6y
@Sam Shueh, that is simply not true. I am booked solid until mid September. Many on the forum are in doing just as well and even better.
It might be true for some areas, especially in those markets where the government has shut down the STRs, but saying that most of AirBNB is dormant and no one is booking is not correct.
Property Manager · Saint Petersburg, FL · Member since 2016 · 182 posts · 51 votes
6y
Hello @ Blake Dailey, Greetings from west central Florida.
These are good problems to have, right? I think there are several groups who specialize in this sort of support. Actually I beleve Advanta IRA recently interviewed two men who have been active in this space during a recent webinar. If I can get some contact info together I'll try to send PM.
Just out of curiosity, did you aquire the last 3 together or were the individual 'finds?'
If I am ever lucky enough to find something that works, I'll be glad for winter visitors! Stay well.
Investor · CA: Lake Tahoe Berkeley, San Diego; Boise ID; Las Vegas NV · Member since 2019 · 88 posts · 74 votes
6y
My most valuable resource for managing my str remotely has been my handy man. I am able to call him whenever something is leaking or not working and he can usually come out within an hour to diagnose and fix the issue. My recommendation is to spend time looking for and developing a good working relationship with someone who can be your local handyman. This way you send a few text messages instead of having to go out and deal with things yourself.
Specialist · FL · Member since 2018 · 18 posts · 19 votes
6y
Hey @Blake Dailey,
I managed Airbnb for my past employer and yes, it could be time consuming.
I recommend episode #364 of the BP real estate podcast (I literally finished listening to that one) Avery Carl throws out some good advice there on how she runs here Airbnb business.
Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
6y
Most of Airbnb is dormant. No more tourist or conventions any more in San Francisco. All convert to long term housing with appreciable rent reduction in west coast. People do Zoom meeting and cancel all vacation and trips.
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
6y
@Sam Shueh, that is simply not true. I am booked solid until mid September. Many on the forum are in doing just as well and even better.
It might be true for some areas, especially in those markets where the government has shut down the STRs, but saying that most of AirBNB is dormant and no one is booking is not correct.
Rental Property Investor · Atlanta, GA · Member since 2014 · 83 posts · 21 votes
6y
@Michael Baum Glad to hear your response. I am very close to finishing a unit in my multifamily property that I want to use as a short term rental. I thought that it wasnt that good of an idea due to the virus and all BUT I have been hearing from several people in the exact business that they are still making a profit so I am going to push forward with it. I do have a manager in place that is helping me maximize profit and remain efficient.
Investor · Fort Lauderdale, FL · Member since 2019 · 124 posts · 68 votes
6y
@Mitch Price, can you share your net ROI and how the property manager impacted that versus how it freed up your time to potentially earn more in this industry? What did you outsource to the property manager?
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
6y
I cut back on the responsibilities of my day job so that I can focus more on my STRs. I'm up to 23, with 83 beds. This afternoon I'm going to look at a bank foreclosure that's been on the market for 2 years. If I buy it, it'll be STR #24.
Hello @ Blake Dailey, Greetings from west central Florida.
These are good problems to have, right? I think there are several groups who specialize in this sort of support. Actually I beleve Advanta IRA recently interviewed two men who have been active in this space during a recent webinar. If I can get some contact info together I'll try to send PM.
Just out of curiosity, did you aquire the last 3 together or were the individual 'finds?'
If I am ever lucky enough to find something that works, I'll be glad for winter visitors! Stay well.
Thanks I would appreciate that.
1 is the other unit that we are house hacking. And 2 were together on the same property with a main house and a detached apartment. The same is true for our next 3, one is the other unit of the new house hack we are closing on next week and 2 are together on one property with a main house and detached apartment with rehab finishing this week and beginning to move in the furniture.
My most valuable resource for managing my str remotely has been my handy man. I am able to call him whenever something is leaking or not working and he can usually come out within an hour to diagnose and fix the issue. My recommendation is to spend time looking for and developing a good working relationship with someone who can be your local handyman. This way you send a few text messages instead of having to go out and deal with things yourself.
Most of Airbnb is dormant. No more tourist or conventions any more in San Francisco. All convert to long term housing with appreciable rent reduction in west coast. People do Zoom meeting and cancel all vacation and trips.
A great point that real estate is local and strategies that work in some areas may not in others. In the Florida Panhandle Airbnb is hot. It makes a big chunk of the tourism market which carries Florida's economy. And in this area people are leaving the big cities for their trips to get away from places like Atlanta, New Orleans, Birmingham, etc. Hopefully in your area it comes back in a big way like it did here around May!
@Michael Baum Glad to hear your response. I am very close to finishing a unit in my multifamily property that I want to use as a short term rental. I thought that it wasnt that good of an idea due to the virus and all BUT I have been hearing from several people in the exact business that they are still making a profit so I am going to push forward with it. I do have a manager in place that is helping me maximize profit and remain efficient.
Adding STR rentals out of existing units in a multifamily complex can be a great way to increase your returns, or reduce your vacancy rate if you rent it to an Airbnb arbitrager. I have a friend in my mastermind who is doing this and having a lot of success and it benefits the person arbitraging the unit and the landlord/owner.
We own 2 properties that we have on AirBnB and VRBO. From where I am sitting I can say AirBnB is still very active as our properties are getting booking requests quite often.
We also self manage and do it with a good handyman, cleaner and reliable electrician and plumber.
The one new thing we did when we purchased the 2nd property was we added automation software for the bookings and this has been one of the best decisions we made. It cuts down on a lot of the post-reservation "thank you" message, the pre-checkin message, the "how are you doing" message, and the pre-checkout message as well as sends messages to your cleaner every time you get a booking or cancellation. Please feel free to connect with me and I can share more specifics if you are interested.
@Sam Shueh, that is simply not true. I am booked solid until mid September. Many on the forum are in doing just as well and even better.
It might be true for some areas, especially in those markets where the government has shut down the STRs, but saying that most of AirBNB is dormant and no one is booking is not correct.
I am sure it depends on the type of visitor and the location. I have stayed at STR in San Jose simply because hotels were booked or cost $600+ a night. I would imagine without business travelers that the Bay Area STR market is suffering right now. Normally I would have 50K miles logged for business by this time of the year and I have been grounded since February. Last I heard major airlines had cancelled 90% of their flights. It is all web meetings and the conferences I had planned have all been cancelled. Even Las Vegas conferences in October I was supposed to attend have already been cancelled. It is only logical with all these events cancelled that there are STR or hotel vacancies running wild in some markets. Count yourself lucky if your market is doing well.
Rental Property Investor · Atlanta, GA · Member since 2019 · 43 posts · 15 votes
6y
@Blake Dailey I would give another vote to BP podcast episode #364. It is one of my favorites because they teach about systems and tools to make our investor's life easier.
Rental Property Investor · Atlanta, GA · Member since 2014 · 83 posts · 21 votes
6y
@Michael Baum@Reese Newell in my case my manager is also my general contractor so we agreed on more than the usual 10% management fee. I dont have a problem giving up a little more equity to make sure the deal runs smoothly. I dont have the exact numbers as far as ROI yet but we came up with something that makes sense. There were alot of repairs the unit needed before it was considered ready. They have experience in the STR market and provide whats needed to be successful: marketing, listing, screening guests, staging property, cleaning service, and overall hands on expertise
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
6y
Hey @Mitch Price, what do you get for that fee? 10% is normal for a long term rental, but for a short term rental that is quite low for full service. If all they are doing is answering calls and bookings, then it is a waste.
Rental Property Investor · Atlanta, GA · Member since 2014 · 83 posts · 21 votes
6y
@Michael Baum our agreed upon amount is feasible for both parties involved. they provide marketing, management, repairs (large and small), staging property, and the agreement is only for a set amount of days (ei...for a quarter to see how things work out) if not ties our severed
Rental Property Investor · North Fork, NY · Member since 2016 · 1k+ posts · 631 votes
6y
@Sam Shueh Dormant? No more? All? It amazes me that you can speak with such certainty for all us on this short term rental forum. I am curious what you based your responses on. Please share.
While I can’t speak for anyone else, I will say we are busier than ever and grossed more money than any two month period ever. In all three properties in three different markets. Today, we listed our 4th.
Investor · Idaho Falls, ID · Member since 2019 · 85 posts · 62 votes
6y
@Melissa Bovee Great advice. How do you compensate your handyman? Do you agree on a price for a certain task up front or does he/she have an hourly rate?