All Forum Posts by: Michael Greenberg

@Debra Broussard I purchase the raw data from Airdna and not their report.  The raw data will give you greater detail on occupancy, rates, etc... for every property in a certain area/zip code.  Reach out to them first for a sample of this data and ask for a quote.

Good topic @Luke Carl!  I have a check-in time after 2PM, check-out by 10AM and get regular requests to extend these times, which on occasion I try to accommodate but limit this keeping my cleaners on a regular schedule, giving them some flexibility to clean the place thoroughly.  It can get very complex managing numerous properties with numerous reservations if I waiver off of this schedule too much.

@Kevin Lefeuvre It is not an issue with my lender for a single member LLC.

Thanks for the follow through @Jon Crosby

Been hearing some mixed reviews about Evolve lately, maybe related to their growth spurt, and would love to learn more when / if you have a moment.

Mike

@Jon Crosby Brilliant!  We are running businesses and while we certainly have empathy sometimes we have to separate the two.  I'm going to put this idea in my back pocket for future use as I really like this approach.  Yes, hmmmmmmm, definitely makes you wonder.

Cheers,

Mike

Hi @Travis Eckert,

Yes, likely 20% or more is going to be required and your interest rate will be higher as well. I buy my properties personally the quit claim deed them to my LLC. Pretty straight forward but you might want to check with the local municipality in Sapphire (county) for particular requirements.

Nice returns.  I too accidentally ended up in the business and it is indeed a good one.

Best of luck!

Mike  

Hi @Dan Sheeks

I too live in Denver and have (3) homes in Scottsdale.  Vince Famusa is your man.  PM me and I can send you his phone and email address.  Maybe we can catch up for a cup of coffee some day and I can give you a little more scoop about the area as well.

Mike

@Charles Mullins you are thinking correctly about this!  Cleaning and maintaining schedules remotely are the most challenging items.  You can always find a plumber, HVAC guy, etc... using an website like Yelp.  I started out using a cleaning service, but they turned out to be pretty pricey and not wonderful.  So I posted the request on a website called nextdoor.  It's free and posed the question to my neighbors.  Within 10 minutes I had 10 responses and found my "team", two sisters and have never looked back.  All of the sudden I was their largest customer with three units, having to clean each multiple times a week.  Now she is willing to restock my owners closets and other favors.  I totally concur with @Jon Crosby 's comments as well as @John Underwood and @Becky Fischer's.  I think some booking sites are better than others and a lot depends on whom you are trying to attract.  In my limited market field of view, Airbnb has been my #1 for short term stays the past two years, VRBO a distant 2nd (opposite of John Underwood).  A few other tools to take a look at are Airdna.co (not dot com) for Airbnb pricing/occupancy data.  You can create a free account and capture some strong basic information about your market.  I'd also poke around and subscribe to some blogs (like Jon Crosby's) and get a twitter account to scout out what others may be doing.  There is also a great Facebook Group called Airbnb Profit Club (closed group) that is full of owners that are experienced and have some good ideas.  You might also search for a guy named @Matt Landau, who runs a group called VRMB and subscribe to his newsletter.  Besides that and all the other suggestions you are receiving you have nothing to do. :-)

Best of luck and we are all here to support your effort!

Mike

@Ariel Smith

Hi Ariel,

I'm not at all looking for 30 day stays, only during certain seasons as my homes are in Scottsdale which is quite seasonal (if you call 117 degrees today seasonal - LOL).  I understand the calendaring functions of the booking sites.  In prior years I have receives monthly requests from what we call "Snowbirds" looking to get away from the frosty northern states in the winter time.   All of these requests come from VRBO/Homeaway.  Thus far, it has been quiet.  I'm not blaming it on any booking site, but I believe the fees they are now imposing on guests (on top of our increased annuals fees) are likely steering a number of them away.  If I'm correct, where are the Snowbirds turning to now?  Most of my daily/weekly's do come from Airbnb, many are millenials, but not all.  At one point I used Flipkey (Trip Advisor) which was a waste of effort, and Booking who's technology makes VRBO look like the creme de la creme.  So is it time to start paying Google because my Snowbirds are web searching and skipping the booking sites?  My website is up and running, but I still would rather pay a "reasonable" fee to the booking sites and I believe new guests feel better, at least for their first booking, to use a site like Airbnb, VRBO, etc....  

Mike

@Kevin Lefeuvre Disturbing indeed and as @William Leahy stated they are now a "me too" Airbnb site but doing a very poor job.  Most of my long term bookings have been through VRBO in the past (2 weeks or more) but I suspect this is being affected by their guest fees as it has indeed quieted down.  They are already pushing instant booking but I am leery to turn this on just yet.  Would be interesting to learn Evolve response to this @Jon Crosby.  If it's true in the last paragraph of their announcement that they are working to enhance traveler profiles, then it might fly, but for now Airbnb maintains the brunt of my business and my rates at VRBO remain higher. Maybe another question might be... what site is successful in landing longer terms guests now that VRBO/Homeaway fees have increased?

Mike