All Forum Posts by: Michael Ablan

@Jacob Fussell -  If you put a property under contract then you better have the means to close it.   It's not fair to drag a seller along for a few months and then walk from the deal because you never intended to buy it in the first place.

 We use a cleaning company.

We use a software called Hostaway.   The head cleaner has an account set up so she can see the schedules, messages, checklists, ect.   

No, I rarely talk w/ them anymore.  Basically only if there's an issue or we need a large supply reorder.

No, we only send in maintenance when we've been notified that there's an issue.  It'd be too much of a time suck for our maintenance guys if we required that.   Most of the time there aren't any repairs that are needed

@Kunal Mishra  - We shut down our waterfront properties during the winter.   We tried keeping them open for ice fishing, but it wasn't worth the hassle.  Too many freeze up related issues.  

You could pull off winter if you were in a ski resort area though.   

We are 95% occupied from May to September.  October/November range from 40-60%.  Same w/ April.

@Don Konipol -  Location and condition/size of the house

I'm only looking for places that can sleep 8+ people.   The more people you can sleep = the more you can charge.  We typically turn garages into additional bedrooms if the house itself is too small

The house needs to be on a really nice piece of land (nestled in the woods, on a golf course, on the water, ect).  The more privacy the better.  Not only do guests enjoy privacy, but your neighbors will too.   Owner occupiers typically aren't big fans of living next to Airbnbs.

The home needs to be fully upgraded w/ top of the line finishes.   The nicer the home = the more you can charge.   The higher the quality of materials = the more resilient to damages.

@Michael Plante -  Yes.  I use Airbnb, VRBO, and the other ones I listed before

@Jacob Maes -  Our market has slowed, but good inventory is still moving.   The only difference is that people aren't buying EVERYTHING.   Crap houses, in crap locations are finally rotting on the market (as they should)

@Rachel Luoto - Unfortunately people can sue for anything if they have the money to burn on an attorney.   

I wouldn't worry about this.   Just cease communication and move on

@Andrej Walilko  -  I have a 14 unit that runs off one giant 100 gal gas hot water heater

I have a 4 unit that runs off 2x electric hot water heaters

Typically we try to do 1x hot water heater per unit though.   

This business can be very hands on if you don't run it right.   However, you can automate most of it with the right software/checklists in place,    The majority of my work really consists of being responsive to questions on my phone when they come through (which isn't all that much if you get ahead of FAQ w/ auto-responses and drips).

So with that said,  10% is too low because you must be responsive to 4-10 new guests every month.   However, doubling it to 20% seemed too high because the extra work is normally just extra communication.   So I split the difference.

But again, I'm also at the point now where I wouldn't manage these for anyone,...including myself.

@James Wise -  I self manage, but I'm going to be exiting that pretty soon.  I owned and managed 4 at once.  I'm selling 3 and keeping one.   Going to be purchasing 2x more and going only for A+ real estate moving forward.

My best advice is to bulletproof your property on the front end and treat your cleaning staff/maintenance man like gold.  They're the lifeblood of this business.

What does your PM do that you like?

Responsiveness to guests is key.  People will overlook some bs as long as they feel like they're being heard.

What does your PM do that you do not like?

Not forcing cleaning staff to do before/after pictures of every move out.   You need these for supporting docs when there's issues.

What does your PM charge you in relation to what they charge you for normal long term rentals?

I would charge 15% if I were to do this for other people.

What market are you in?

Upstate NY

What is your average nightly rate?

$250-$400.   On the water or on the golf course

What websites does your PM use outside of Airbnb and VRBO?

We use hostaway, which gives us a 3rd party website.  We use that website on facebook, expedia, ect

Are you happy with your PM? Why/Why not?

I'd only be happy with a PM whose capable of maintaining a 4.7+ star rating.  You're only able to do that by doing a great job