All Forum Posts by: Gi'angelo Bautista

In our market, having a GC partner or being the owner builder/GC helps a lot. 

I did notice that it sort of depends on the price point. For some reason, I can get the numbers to work for houses over a certain value versus under. I think it may be because there is less competition for higher valued properties. 

I also noticed that in some cities, I am facing a bunch of real cash buyers (no hard money loans) and using a GC would not work.  

It depends on the price point, but I'm going to assume that you are flipping an average house with shaker style cabinets in your market instead of a luxury home with modern flat panel European style cabinets.

I'm not sure if this is available in your market, but we buy from local Chinese Building supply stores. They are always pretty cheap, aren't custom, pre-built, and they have their own manufacturer. They also have the kitchen designers at the store so they can help you with measurements and visualize your order. It's pretty fast. Don't expect the best customer service unless you find a good sales rep. 

@Sarah Kensinger Will look into it! Did you join? 

Dynamic pricing is better than fixed pricing.

You can adjust pricing by using a pricing tool and discounts. For our pricing tool, we use Wheelhouse and it's a lot better than Price labs. I heard Price labs might've get more venture funding so it may change in the future. We don't let Wheelhouse automate everything because the market is moving too much (especially now). Our team changes pricing every week and we also use various discount incentive strategies to get guests to book with us.

There are data providers you can use in tandem with your pricing tools. Analytics are also provided by the OTA's and you can use your PMS if you have historical data.

There is a calendar section in our pricing tools that compare our nightly rates with comparables and we can see how much more we are getting. 

My vote is for dynamic pricing.

@Chad Raggio thx! I'll reach out to him!

@Michael Baum sorry, I was driving around town too much earlier today and I couldn't find the information right away. The company was KeyData.

@Michael Baum I got it from one of the sessions at a vacation rental conference.

We own a licensed short term rental property management company in an Urban market. 

Here are fees from property managers you can expect (but do note that it will vary):

- Property Management fee: 20-30% (depending on the market and I think I've seen higher than that)

- Repair Management Fees: Fees are tacked on top of actual cost

- Setup Fees (getting the unit ready)

- Design Fees (hiring a designer)

- On-boarding Fees

- Linen Fees

- Cleaning Management Fees

- Any other fees (i.e. resort fees)

Expenses to expect (may vary):

*Some may be covered by the property manager*

- Supplies & Linens, Propane tank replacements, Water filters, 

- Utilities (water/sewer, garbage, electricity, WiFi)

- Permit fees, TOT (local and/or state), business license fees, HOA fees, and any other local fees

- Maintenance (air filters, touch up painting, plumbing issues, and etc)

- New Amenities/furniture to improve listing as time passes 

- Upholstery cleaning

- Pool & Hot tub cleaning

 - Gardener 

- Security Camera subscription
- Noise / Smoke / etc monitoring 
- OTA service fees

- etc

I hope this helps!

We paid for Sean's Airbnb Automated course. He focuses on Arbitrage, but we focus on property management. His coaching helped us a lot and we asked a lot of questions. It was definitely worth it.

I was wondering if anybody knew of any short term rental masterminds with 50+ unit operators or at least 30+ units?