All Forum Posts by: Michael Greenberg

 A blank canvas = great opportunity.  I am guessing when you said "University" you meant Michigan.  That said, anything University related, sports, graduations, parents weekends, etc.... are ALL opportunities.  I have homes near ASU and I find the more activities, e.g., corn hole, giant jenga, rope toss, etc.... are great inexpensive items.  I also chose to install artificial turf as opposed to grass that's only green it the winter.  A hot tub is a great idea, just be careful about locking down the controls and get a remote device connected so if you're away you can adjust it.  Fire pits are a bonus as well, again be careful, there's a a number of potential issues that might exist (though I have one and people love it).  I installed a huge pergola with outdoor kitchen and seating that can host well over 100 people in the yard. The more heads in beds, the better for events and even inflatable mattresses.  If feasible, dual sinks in each full bathroom and match the # of bathrooms to the # of bedrooms, or ensuite bathrooms. Maybe a loft above a garage or a carriage house if the lot/local codes will allow it.  I lock off the garage and use that for storage (at this point), but considering converting it to a "bunk house".

I'm sure others will provide great feedback so I'll be following this one closely.

Best of Luck!

Mike  

@Paul Sandhu

@Paul Sandhu I like the idea of a help-yourself garden!!!  

I'm the same as everyone else, 5-stars, and it did take my cleaners a while to understand these are not personal homes, but basically a "business home / hotel".  They are now excellent at sending me damage photos and understanding the difference between a "mess" and "damage".  I am quite firm with "damages" to my place, including stains on fabric, etc...  In my house rules I ask that guests treat my home as they would treat their own.

Best,

Mike

When I purchase a property I rip and replace anything that is aged beyond 1/2 of it's useful life, including appliances and HVAC system.  I have all drains cleaned out to the street and make sure all electrical issues or inspection issues are fixed.  I have a landscape company I contract with for regular maintenance of the yards and he takes care of any sprinkler issues.  This eliminates a LOT of issues, though things do happen.  Since I am remote to my rentals, I have my various repair resources I can reach out to that can fix things on occasion, and then I travel about 4-5 times per year myself check and repair items as needed.  

Wear and tear, 6-12 months is a good gauge for linens and towels.  I also purchase and store an extra comforter/blanket in each of my properties.  I'll spare you the reasons why you'll want these, just purchase an inexpensive spare from Amazon.  I would advise getting a reliable handyman, plumber, electrician and HVAC resources in place - things happen and if you already have them identified you won't have to scramble to find someone when you have a problem your cleaners can't resolve.

Hi Ethan!

I have you used Cozy for VR's or just long term rentals?  I just watched their video, great tool set!

Thanks,

Mike

@Ashley Wolfe I really like longer stays, especially during low season.  One of the challenges I find is that the OTA fee can be excessive for this long of a stay so, on occasion, I'll encourage them to book directly with me.  Great advice by everyone that has posted.

I try to maximize heads-in-beds.  Two of my homes have four bedrooms and I use the 4th as a way to increase this number.  In my market I do get a lot of families, so I have a twin over full bunk, and a trundle bed.  In reality this could sleep 5 people in the room, however that doesn't happen very often, and the full size below the twin is used for adults on a fairly regular basis.

I don't have answers on "how" to improve the review process and I too like the "blind" process as well Julie, I just think there's room for significant improvement (I'm really helpful in this area huh? :-)   Maybe it's the "star" ratings on both OTA's and somehow we should be measured beyond the questions they ask.  Clear as mud.

@Beverly Daves I concur with @Julie McCoy marketing and CC processing is BIG, but a few other things would be great:  Only recently did HA/VRBO provide visibility to "post stay" per night rates, Airbnb does still not disclose this one the nights are booked.  I also like the HA/VRBO pricing tool MarketMaker, but Airbnb only works to convince hosts to drive their price to $0 because they only get paid, when we get a booking (so I like your idea - though it does exist elsewhere already, they just lack the marketing budgets).  Both tools don't have any real reporting capability, so it would be nice to have historical data performance as well as true futuristic pricing so I can get away from my spreadsheet tracking.  It would also be nice to have real empirical pre-booking pricing data, a project I know is being worked on by a few independents.  Integrated cleaning schedules and communication automation would be nice as well.  The review process for both OTA's is faulty, that needs to be rectified.