All Forum Posts by: Bailey Kramer

 Yes absolutely!  I will say that making sure all of your settings are setup PROPERLY from the start makes this next part possible, and I can't explain the full setup process on a blog post because it's more complicated than that hahah but maybe I'll make a video or something!

But as far as my process for adjusting prices:

Pricelabs shows how occupied my property is compared to the competition in 7, 30 and 90 day increments (you can also adjust these increments, but these are the increments I have setup).  They use color codes (and will also show you the %) to show you where your property sits occupancy wise compared to the competition.  

*General rules of thumb*

If your property is wayyyyyy more booked, it usually means your prices are too low.  If thats teh case, RAISE THEM!

If your property is in the red zone and not occupied compared to the competition, chances are you should lower your pricing.

Let me know if this helps!

@Francisco Perez Either one works!  I personally change by a %, but I do mental math and know how much $$ it's actually going to increase/decrease based on the percentage. 

I often get asked how I handle pricing my properties so here's my playbook!

1. I use dynamic pricing software (Pricelabs) BUT the software isn't going to just "work magic" for you!  It's CRUCIAL that you set it up properly from the start!

2. Every Monday I check Pricelabs to see how my property is performing

3. If my properties are occupied wayyyy more than the competition, I'll increase my price.  

If my properties are occupied less than the competition, i'll decrease my price.

This takes me about 1-2 minutes/property per week!

Feel free to drop your questions and pricing tips below!

Congrats on the property @Emily Hammer!!!!  I Co-Host a Mid Term Rental in Cary, NC (as well as several other cities/states).  Zillow, Furnished Finder, and FB groups are solid spots to list your property.  I'd also recommend listing it on Airbnb and VRBO (I've gotten plenty of long-term stays on Airbnb AND Vrbo)!

If you had any other specific questions, feel free to drop em here or message me.

Happy to help! (:

Hey @Jonathan Gula! I no longer use Stripe for Direct bookings and use Baselane! In terms of Stripe, you would get paid out 100% after the 3% fee. In terms of reserves, that would only be if they set a reserve on your account and this only would happen if you are giving a lot of refunds, disputes, etc. Hope that helps!

You got it (:

Hey Shannon, thanks for the reply!  This property IS in the midwest where prices are typically lower, but there are opportunities like this EVERYWHERE!  

To answer your second question, there are many companies that coordinate housing for people whose houses are damaged due to fire, flood, etc. Best thing to do is register your property (for free) into the different companies data bases and build relationships with them so they know "if someone needs a house in X city, i'm going to see if Bailey's house is available". A couple of the companies by the way are companies like ALE Solutions, CRS Housing, etc.

Here to help!

When things go BETTER than expected (it doesn’t always happen, but it did this time)🙏🏼🔥💯

I bought this property back in April 2023 for $65K 🏚️

I put in $35K and put in brand new floors, painted the entire house, new doors, new bathrooms, new appliances, and new plumbing 🫠

When I underwrote this property I thought that if I brought in $2,500/month it would be a “double”

If I brought in $3,000/month it would be a “triple”

And if I brought in $3,500/month it would be a GRAND SLAM 💰🤑

We’ll Im happy to announce that I have officially signed a 3 month lease (will likely be at least 6 months) with an insurance company who needed a house for a family because a tree fell on their house (everyone was ok 🙏🏼)

And the monthly rent? $3,600 🥳💪🏼🤙🏽

I'm in the middle of refinancing right now, but the mortgage (PITI) will be roughly $900/month

Moral of the story

1. -There are still grand slam deals out there
2. -Be patient - it took me 5 months to find this deal
3. -Change your perspective on what “risk” is and start buying 🏡🏡

*This post is NOT to brag. It's strictly to show you that it's possible for you too!!! And if you have any questions on mid term rentals, airbnb, or this deal, feel free to comment below and i'll be happy to answer it for you! There is plenty of room in the STR/MTR space!!!
*

Hey @Dominic A.! 

The vetting process is super important to ask the right questions before a guest stays at the property. Obviously there are still going to be things that happen from time to time, but this helps us prevent a bad situation from happening. 

If damages do occur, we open up a claim with Airbnb or VRBO for reimbursement. 

As far as finding local teams, Facebook groups have been huge! I typically like to join the community groups for that city and there are always people posting about cleaners and handymen. 

@Jason Kudo - Really good question! My business has been built on referrals, so they typically know that I am a remote Co-Host. I build local teams in the markets I am in that consist of cleaners, runners, and handymen. I explain that I can't be in 10 places at once and that I have people who are specialized locally to do the job.