All Forum Posts by: Leslie Anne Morris

Quote from @Bruce Woodruff:

Quote from @Leslie Anne Morris:

I am at STR Forum in Austin and this morning Bram Gallagher, an economist from AirDNA said they do not know where this report came from. Airbnb also put out a statement today to the same effect. I have the video on Instagram if anyone is interested. I don't know how to repost it here.

Bear in mind though that of course they would say this.

They’ve indicated that they cannot replicate the data. Instead of 46% decline they were able to calculate 7.2%. Personally, I have never heard of Alltherooms. I’d tend to believe AirDNA and Airbnb and not a company I’ve never heard of. I also don’t know who the original tweet came from. Was that someone reputable? I tend to not believe everything I see or read on the internet. 

In my market, some units are down by 15% this summer. Not 47%. 

I am at STR Forum in Austin and this morning Bram Gallagher, an economist from AirDNA said they do not know where this report came from. Airbnb also put out a statement today to the same effect. I have the video on Instagram if anyone is interested. I don't know how to repost it here.

This topic is going on multiple threads. This data doesn’t seem accurate for my market or my portfolio. Travel this summer is down. But more like 15%. 

Quote from @Raj Sat:

Quote from @Leslie Anne Morris:

The revenue collapse data doesn't ring true for me. I personally own 11 STR in the Smoky Mountains and I also own a management company. Rates are down about 15% for us. Still booking solid. I am still seeing properties pop up for sale that cash flow.

 Thanks for the reply Leslie, 15% rentals are down from last year and the property prices are 100% hiked how can I breakeven? if I purchase a new property now in Smokys.

You're going to have to underwrite every deal you look at. They are not all created equal. I calculate net operating income (NOI) and cash on cash (COC).

We are on moderate now, previously were strict. I did notice a lift in booking pace when I changed the policy but maybe it was a fluke? I’m not sure. Airbnb has coyly stated they give better ranking to hosts with flexible policies. I may switch back to strict again because you’re right there are a lot more cancels lately. 

We usually try to let them since it helps with the customer service aspect and 5 star reviews. You can let them know when the cleaner is done if you do get a stay the night before. Typically, I find that they ask for early check in and then always arrive after the normal check in time. So it’s really a waste of time to ask and then to fret over it. We also post everywhere that we don’t allow early check in because of cleaning protocols. That doesn’t stop them from asking though. 

Underwriting is key for STR. Due the the hospitality nature of these real estate investments overhead can be high. I have resources in my bio here if underwriting classes I've taught. Definitely learn net operating income (NOI) and cash on cash (COC).

A lot of the DSCR lenders I've used in the past operate nationwide. There are a specific few that are STR friendly - meaning they get the business model and understand the lack of leases as a source of repayment.

The revenue collapse data doesn't ring true for me. I personally own 11 STR in the Smoky Mountains and I also own a management company. Rates are down about 15% for us. Still booking solid. I am still seeing properties pop up for sale that cash flow.

Quote from @Cody Z.:

Quote from @Leslie Anne Morris:

I own a property management company in the Smoky Mountains and I have two employees dedicated to marketing. They are not VAs. Revenue management is tough. I even have a team assigned from Beyond and I still have to be the one to make the calls on price. I imagine I will eventually hire a full time strategy employee but for now it’s me. 

Leslie, thanks so much for replying to my post! Can you provide a little more detail in how you structure tasks / focus for your marketing and perhaps what high level comp looks like? Any help or insight is much appreciated!

 One is salaried and focus on more thought leadership and making recommendations.  One is hourly and focuses on the actual work and posting content.  If you're just starting out you may be able to hire an hourly person from Fiverr or Up Work.