Airbnb Property Management Dallas
Airbnb Property Management Dallas – Today’s guest is DeShan. He rents out on Airbnb four listings near Dallas, Texas with one business partner. He started last year in September with one place and is in the process of adding one place for rent every month. His first two buildings generated a profit of $2,100 to $3,000 every month – the initial investment required was about $6-8,000 to repair those two buildings. With this coronavirus situation, more than 70% of nights are booked in the next 30 days.
Start up costs around 3-4k for renovation (2bed 2bath) + 1 month rent deposit (1.4k)
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When he received cancellation requests, he tried to persuade them to keep the reservation by moving the reservation to another day.
Br, 2 Bath House
How did you start from the beginning to now? Want a fifth? Tell me about how you did it.
Yeah, so, um, we got into that Bnbformula program and started using it in August of last year. So, we started learning about everything. Then we started doing our research and looking for a place. And then when we went through all the study materials, and found a place, we contacted a few landlords and found a house where the owner was good with the idea, he was interested in the idea. So, what we’re doing is actually doing rental arbitrage. And to continue to grow, we are working with private equity investors,
So we have them, we have people that we have connections with, or Facebook and personal relationships that have worked with us and given us some money to get these properties and give them and everything. And that’s the business model we’re currently working on and will continue to work on throughout our business.
Yes, we started it at the end of August. But we didn’t write it until the beginning of September. So we actually started like the beginning of September.
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So we started our first listing in September and then our second listing, we finished in mid-November.
And so we were a little behind on that. However, I think our growth has been very good so far. And we’re going to keep getting builds like we’re doing the fifth one next week and everything, so we’re off to a good start. And we look forward to continued growth
And how much does it usually cost to start a new two bedroom apartment in the Dallas area to work on Airbnb.
So it depends on the type of building it is, the size of the space… I know you said two bedrooms, but even the square footage of this space can make a big difference.
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Um, one thing that we’ve probably found, that we’re trying to stick to, is for two bedrooms, let’s say like two bathrooms, we’ll try to spend anywhere from three to four thousand on furnishing. That usually matches our budget. And then it depends on the style of the goods we make because our business is called “Unique”. So every material we have is different than the last one we made. So each style comes at a different price. But I would say on average about three to four thousand.
Yes, so the deposit here is always the same as any rent. So for example, one of our places, the rent is 2, 350. So the security deposit was also money. But generally, what we do is try to get pre-lease approval. So we try to get at least the first month free, and in many cases, we may sign a longer lease to get that first month free. And that’s what we usually try to do when planning a site. But we don’t always get that, especially if you work as an apartment building or management company. So…
Yeah, so it’s different if we can’t rent anymore, yeah, we’ll do that. So for example, we have one place, we signed a 13 month lease, and we were able to get one month free upfront. And then another place, we signed an 18-month lease, and that allowed us to get one of the three months in advance. So if we’re able to get that approval, we’ll usually sign for more than a year. But if we don’t get permission, we usually stay for a year.
That’s right, understood. You have 21 business days in the next 30 days of the listing you displayed. That’s about a 70% occupancy rate right now, which is pretty good, given all the cancellations that are happening. What is your strategy?
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Yeah, so I’m in a lot of Airbnb Facebook groups, so what I usually do, like once or twice every day and just get my advice on questions or see what other people are doing. Recently, there have been quite a few people posting advice on what to do. And almost everyone says the same thing. So what we’ve done is the first thing you can do is lower your rates. So we really tried to stay aggressive in our standards and be lower than our competition. And it’s probably the first thing we did. And after that, we prepared our topic and our explanations to deal with the situations that happened recently. As you can see from the article you read in our list about social reduction.
And then, in our description, we talked about how our cleaners make sure that every item is thoroughly cleaned after every guest. We have a picture in our main picture reel that says the house is clean and cleaned after each guest, to make sure people who want to book are comfortable with that. And another thing we’ve done is made our cancellation policy more flexible because Airbnb has given more search quality to listings that have that. We were very strict in the beginning, so this time, in addition to Airbnb, the extenuating circumstances policy that they had, we already know that even if we have a strong cancellation policy, Airbnb has indicated that they will leave. next to that. So there is really no reason to have a strict policy yet. I would say those few things are very important. And I think another bonus thing we did is, we went back and sent all our previous guests a message, we’re giving them and their friends and family a discount if they want to book with us, and we’ll be giving them a 20% discount. And then for the tourists who tried to cancel or asked about the cancellation, what we did was we talked to them and told them all the facts about the virus and tried to ease their tension that they saw in all the media and everything. . And try to convince them to keep their reservation in place, but just move it to a later date. And in addition, giving them extra free nights, in addition to keeping the reservation in place. So those are the things that we were doing that allowed us to keep the booking or get a new booking. And it worked very well for us. So…
I see. Yes, that is very surprising how you have done those actions to ensure that you have a good booking. And so you mean you’ve lowered your price. Now I see $79 per night? How long was it before all those cancellations happened?
So the listing I sent you is a new listing. So what we do with the brand new list is we try to, when we list it, we try to be about 20% less than the competition. And so considering that, and the reality of all viral things going around, we had to try to be as aggressive as possible with our pricing. So there, when all the viral stuff started going and we started going back to all the regular bookings and everything, we found out that in our area, some hosts were charging anywhere from $100 during the week to about $125-150 for the weekend. So that will probably be our goal going forward. But right now, like I said, because of everything that’s going on, and the fact that it’s a brand new list, we have it at that price. We also have a dynamic pricing strategy. So as we get closer to the date, if it’s open, we’ll lower the rate. So it depends on how far in advance the booking is, too.
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I actually do it myself, myself. So what I’m going to do every morning is check everything
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