Scaling Short term rental business?!
Hey Everyone,
I am looking for feedback from those who have scaled a short term rental business. 20+ Airbnbs.
questions:
-what does your team look like?
-how often do you do a “market survey” to check other properties?
-how close do you try to keep your airbnbs to each other? (In a large MSA)
- How many years do you budget to keep the furniture for?
-what KPIs are you tracking?
-what systems and subscriptions do you use?
-if you pay a 3rd party company, how much?
I appreciate all and any feedback!
Most Popular Reply
We have 50+ under management (mix of owned, managed & leased) - my answers are below:
-what does your team look like? Myself, Housekeeping manager (1), Maintenance specialist (1), Virtual Assistants (2), 1099s for cleaning, inventory, laundry jobs
-how often do you do a “market survey” to check other properties? Every time we are looking at acquiring a new property in a specific area, we re-review the market.
-how close do you try to keep your airbnbs to each other? (In a large MSA) Ours are primarily within an hours drive of our office
- How many years do you budget to keep the furniture for? I usually budget conservatively for a 3 year replacement.
-what KPIs are you tracking? Occupancy, Revenue per available night, revenue per booked night, total revenue, % from each booking channel, profit/loss
-what systems and subscriptions do you use? Tech stack cost about $50 per month per unit, Hostaway (PMS), PriceLabs (Pricing), Breezeway (Task Mgmt), Ruebarue (guidebooks), Grasshopper (virtual phone lines), Slack (team comms), Google Drive/Business (team folders), Quickbooks Online, Gusto (payroll)
-if you pay a 3rd party company, how much? We pay 1099's to clean units. Also pay 1099 for laundering services ($1 / lb).