All Forum Posts by: Michael Greenberg

@Paul C.

Look to a website called airdna.co (not .com) as they have empirical data mined from Airbnb.  I use it every so often to confirm my pricing, but they also have an investment tool that I have seen a tour of that makes an awful lot of sense.  I believe you can subscribe for one month to do your research.  They will also provide you a tour of the site and tool if you reach out to them.

Mike

Hi @Brandon Mendez

I have significant experience with Airdna's data.  The first thing I would do is call them and request to buy their raw data in excel format (they might even credit you back what you have spent already) for the zip code(s) you need.  I don't buy their standard reports because it's not a deep enough dive for me.  I can send you a sample of the data your receive if you want to PM me.  I have found their data to be very accurate.

Mike

@Toby Rachel I have 3 places in Scottsdale.  Can you be more location specific?  Address?  For a 1/1 will want to be in top of old town. 

@John D. That's a HUGE difference and I would concur if it was that big of variance.  if you don't mind sharing, how many properties does that span across?

@John D. @Ian Walsh I concur, human element and broad-stroke analysis is the best methodology, but I learned from running my own business for 25 years, it is best to work on your business instead of in your business.  The biggest thing for me is time value of money.  Is it worth capture a few extra bucks by combing through listings to maximize my revenue, or is my time better strategizing how I can make a bigger impact or exploring another expansion/property?  I lean towards the latter and why I use these tools.  I just think the tools are lacking some of this "tech broad-stroke analysis" and would like to see a more robust, empirical solution.

Hi @Steve Dove

I concur with you as to VRBO/HA's new plan.  In my humble opinion they are trying to become a better booking site like Airbnb but are not executing very well.  Their platform updates are poor and the mobile app - ugh (and that's being nice).  I do understand their desire to protect their interests, however like you mention they have also increased their fees dramatically.  As for their booking process, like @Kevin Lefeuvre I use their payment process without issue.  I don't accept instant bookings as @John Underwood mentioned because I have some concerns about their ability to screen guests (never had an issue with Airbnb guests, but have had a couple with VRBO guests).  To @Ariel Smith's point, any guest can dispute a charge to their credit card no matter where they pay - including Paypal and the CC companies lean heavily to protect their cardholders when resolving a dispute.  As to your final point, having a booking platform change your business is a tough nut to swallow and that is really the overarching angst for me as we are so closely tied to these "vendors" whom I would like to call partners but it just doesn't feel that way as the industry matures.  Who's guest is it anyway?  I believe they are mine as these platforms receive payments as a % of the booking (and a hefty $400 annual fee per property from VRBO/HA if you choose to go this way), but of course I would feel that way - they obviously don't if they are blocking the guests information.  Feels like I am always waiting for the other shoe to drop, but what other options do we have right now?  Build a direct business? The financial undertaking would be very challenging with no guarantees that you could capture this level of bookings.  

Mike

@Kevin Lefeuvre I get this logic and agree on some level. My theory behind using these tools is "time is money" and  algorithms.   To comb through listings (which I have done) and capture some data similar to my own property, then to find out these are within the same range as these data miners.  Is it worth 1% to create this spreadsheet, update it constantly, update my listings manually because it affects my placement (so they say) or pay a few bucks to someone who is close enough to my findings? I really like this discussion because it's an important topic and I'm certain we will see advancements in this software class in the coming years. Thanks all for your feedback and keep it flowing. 

I have experimented with Beyond Pricing and Wheelhouse.  Anyone using other automated pricing tools they really like?  I believe these tools help with the placement algorithm's of the listing sites by continually updating my pricing.  The issue I am finding is that most of them claim to adjust rates based upon "events" by market but I'm finding that not necessarily true.  I do end up overriding their pricing at times, especially in my low season.  There is certainly a convenience factor that is worth a few bucks, but is it worth 1%?  May not seem like a lot of money, but as my portfolio grows, so grows the 1%.  Thanks for the feedback....

Mike

@Anna Mommsen BTW - I used a Wordpress theme called Travel Eye by Wen Themes and additional plugins from VR Calendarsync and WP iCal Availabilty as @Jon Crosby referenced.  

@Anna Mommsen Similar to @Jon Crosby I too built my own in Wordpress (though not in a weekend).  I use it as a branding site as @Valerie Rogers mentioned, but I rarely get direct bookings from the site.  I'm considering more of a full court press as VRBO/Homeaway has been raising their rates and I do have some desire to be a bit more autonomous.  I use my brand in this capacity:  When a guest books on VRBO / Airbnb (the two sites I use), I then request and collect their email address by offering them a copy of my House and Area Guide. Virtually all guests will provide you with these details.  I then use my own URL branding to communicate with them directly (though I do send them final instructions through the booking site - safer bet).  Over a two year period I have been able to capture over 300 guests information and growing which can be used for direct marketing / branding.  In a nutshell, the website has provided me with a "presence" that I am serious about my business and providing guests with the tools and resources they want and need to have a great experience.

Hope that helps....

Mike