All Forum Posts by: Patrick Osterling

Thanks @Collin Hays! More favorable terms sounds great to me, and I've heard this strategy before, but I'm not sure I understand how it works in practical terms. Could you share an example or two how that actually works in practical terms? For example, I've used several banks for loans: Flagstar Bank, All Western Mortgage (a broker), PenFed Credit Union (HELOC), NewRez and probably a couple others I'm forgetting. None of which I never actually met in person. But are you saying to find a local bank branch and physically go in and develop a personal relationship with a banker? If so, how many deals/loans do we need to do before I can expect more favorable terms? How do you know which bank/banker to establish a relationship with? What if I like a banker but another bank is offering better terms on the first couple deals? I'm having a hard time wrapping my head around how to actually make this happen in today's world. Thank you!

Hey @Justin Brown, I agree with the comments above. But to answer your question why you still see so many active STR's on Airbnb in a restricted area, it could be a couple things: It could be a "hosted rental" meaning the homeowner is there and is just renting rooms on Airbnb. It could also be that although many municipalities do have laws that restrict STR's, they rarely have the time, resources and manpower to actually enforce those rules. I've sat on city council meetings where a county will straight up say they can make changes to the laws, but they don't have the resources to actually enforce them. Although you might be able to get away with it for a while, all it would take is for a neighbor to call in and you could get shut down or fined. Just my 2 cents. 

@Cody Lewis - Awesome! That's super smart and strategic, love that idea. 

Hi @Diana Mulvihill

Increasing guest count from 7 to 9 can definitely boost both nightly rate and occupancy. However, it’s best to analyze the data first. Compare your property to other listings in your area that sleep 9, but make sure to only look at comparable properties and exclude any outliers (like a mansion, or a property with not great reviews). We use PriceLabs to pull 2 lists (sleeps up to 7, and sleeps up 9) of properties within a 5–10 mile radius, then compare occupancy, nightly rate, and annual revenue for those 2 lists. If there’s a significant difference, it might justify the cost of adding more beds.

For example, we manage a 4BD property where one bedroom is currently locked off, so it only sleeps 6 (1 king, 2 queen). We considered furnishing that locked room to increase the capacity to 8. Our analysis showed a $20K annual revenue increase for comparable 3BD vs. 4BD listings, making a ~$1,000 investment in furniture well worth it.

Hope this helps! I also noticed you’re looking to invest in Nevada. We’re based in Reno/Tahoe, so feel free to reach out if you’d ever want to chat. 

Thanks @Cody Lewis! I'm thinking HubSpot is the best choice. What PMS system do you have? And what information is it pulling in relation to your email marketing? 

 Thanks Andrew! Did you like Vintory? Or find it particularly useful being industry specific? 

Hey John, just using a basic excel spreadsheet to manage leads. I have a sales background so I’ve been able to manage things well up until now, but with more properties and leads I’m hitting my limit. We also use Hospitable for PMS. 

Hey everyone!

I'm hoping to tap into the wisdom of fellow STR Management operators here. My company currently manages 15 properties, with 20+ leads in the pipeline, and we're expecting to double our portfolio this year. As we continue to grow, it's becoming clear that we need a solid system to manage all our leads, nurture those leads, manage owner relationships, and property details so nothing slips through the cracks.

I've been looking into Vintory's CRM since it's specifically designed for the STR industry, but I'm also considering HubSpot for broader capabilities (and because it's free for up to 2 users). I'm curious which CRM's (if any) other management companies use to stay on top of leads and owner relationships? Any lessons learned or tips you can share?

Really appreciate any insights! Thanks in advance!

Hi Brett, you should run a proper property analysis. We always run a market analysis before making a purchase for ourselves or our investors. Here's an example: we use PriceLabs to gather data on all 2BD/2BA condos within a specific radius (5 or 10 miles, depending on the market). We then export this data into an Excel spreadsheet to review metrics such as average occupancy, daily rates, and annual revenue for that specific property type and location.

We'll also look at the top-performing properties in the area and analyze the amenities they offer, their location, proximity to attractions/beach etc. This method typically provides an accurate, data-driven view before deciding to move forward with a property. If you need any assistance or have questions, feel free to reach out.