All Forum Posts by: Patricia Andriolo-Bull

As others have said, I don't have design dilemmas per se, but at first I struggled with finding quality / cost conscious pieces.  Over time, I have go to staples and with resources like Minoan, I've brought the price down a bit.  I'd love to source from Craigslist and FB like @Michael Baum but have often struggled.  I find pieces when I don't need them and don't find them when I do.  We even got a storage locker to keep things I find but that became expensive, too 😊

I'm now not afraid to spend a bit more on finding the design I'm looking for.  It attracts a different guest.  

 Yes, 10% Cash on cash return.  Some people are okay with less others wouldn't touch it for that much.

 I don't think you should pay a premium for the furniture but that's just me.

Agree with others that 20% is fair.  Regarding your other questions:

  - If the going value is $260/SF, why would you pay more than that?  This is like buying any other property, it is valued at whatever the market is.  Maybe a bit more furnished unless other properties are also selling furnished. 

- WRT income, at a minimum it has to cover all of your costs plus some for unforeseeable expenses.  What are your goals for this property (e.g. why are you getting into this)?  Will you also be using it for yourself, future appreciation, etc?  This could help decide if the income is enough.  How much do you expect to invest?  I usually look for 10% return if not more.

 This!

I have 3 properties but they are 4 listings (I also rent 2 of them together). I also had one in the Dominican Republic that I sold last year. I used a PM in the DR because it was just easier, especially with the language barrier and definite distance issues but I did co-host the listing on Airbnb. I self manage the rest. I would agree with what others have said. I am local to the other 3. When I had one, I was still working full time but it was manageable. The cost of PM here is between 20 - 30 % and frankly, while they can drive occupancy, they often have lower rates and less attention to detail (I worked with one when I transitioned a new property that was previously PM managed). The workload has more than doubled with the 3 I have now (and I am technically retired). I enjoyed hosting but it is getting tedious as my portfolio has grown. I have people coming and going on a regular basis. While I don’t clean the units, I am still very hands on. I enjoy the guest interaction for the most part but I have to always be on. People arrive at all hours. People don’t always know how to use lock boxes, things break, the unexpected happens. All this to say, it is work. 

Strategy vs. Tools?  I see both answers here.  I just started using PriceLabs (still on a free trial, will see if I continue using it).  From a tool perspective, nothing should be set it and forget it.  Like others have said, know your market.  Look at your competitors then adjust regularly.  From a strategy perspective, I market in the top 75-85% of the market.  I furnish and provide amenities that warrants this so I do a lot of work to find comps in this particular space.  I also find that if I am booking out too far in advance I am likely priced too low.  I price higher far out and bring my prices closer to market as dates get closer.  I look at average length of time for bookings by season and try to stay within that space.  Lastly, I'm having a bit of an issue with PriceLabs base rate pricing accordingly for far out stays vs. closer stays (e.g. I've had to override Christmas 2025 to make it higher because PriceLabs has it too low...but if I increase my base rate, the other dates are off...this may fix itself over time as PriceLabs learns my occupancy and rates, not sure).  Also, nightly stays should be adjusted based on your specific pricing strategy as well (e.g. longer stays further out, shorter as dates get closer or gaps exist).

I use OwnerRez but not for this.  They do have a property management function that maybe could assist with this?

 Same!  I would love an OMG category but I'm so far from that.