3 Apps you NEED to Manage Airbnbs

What’s up guys, in today’s video, I’m going to talk to you about three apps that you absolutely have to have if you’re going to be investing in or managing Airbnb properties, short term rentals. If you want to do this, these three apps and tools are absolutely essential in my opinion, I could not possibly succeed without them. So here they are. Let’s start at the top with a very first tool that any investor or manager needs for Airbnb and short term rental. And that’s data, you need to know your numbers. If you’re familiar with this channel. By the way, if you’re not, if you’re not yet subscribed, make sure you hit the subscribe button down below. But if you are, and you’ve been watching my videos for a while, you’ll know that I’m an absolute lover of data. I love knowing the numbers before going into something especially on the investing side of things. And so for that, I love to use air DNA. The reality is there’s a few different tools that we use out there shout out to short term rental insights, we use all the rooms sometimes we use price labs for this sometimes, but err DNA is definitely the pinnacle, it’s the one tool that if you’re gonna go to one stop shop, that’s going to be the place you’ll want to go. Other tools are really great to supplement but you absolutely just have to have the data and know your numbers I see too many investors talk about well, you know, I’m looking at this property, but I just haven’t bought air DNA yet. So I don’t know if it’s a good deal. Just buy it. It’s crazy to not get air DNA and get that data. Now if you work with us, we’ve got a huge enterprise package with air DNA that allows us to have some really cool access to incredible data that allows us to make the best possible investing decisions, but data is an absolute must have. So that is the number one on my list. The second on my list is going to be for management. Once you actually have the data, you know which deals are the right deals and you buy them, you’re going to need a tool to help you manage the day to day and make sure this property runs smoothly. Now, if you’re handing this over to a property manager, they’re going to need that tool. But if you’re not, or if you are a property manager, you’re going to absolutely need to have this tool for management and it’s going to be a channel management software. My recommendation for this is a tool called Host away. Now I’m not getting comped by any of the companies in this video that I’m talking about here. But err DNA is my favourite for data and host ways my favourite for a channel management software. Basically what the channel manager software does is it allows you to do all your guests messaging, your pricing updates, all your listing management, your calendar management, all your financial reporting everything all in one place. So if you have multiple properties, or if you have one property listed in multiple different places like Airbnb, VRBO booking.com, it allows you to take that into one centralised back end, so you never miss a beat. And you can do everything in a much more streamlined way. It also just makes things a lot easier from task management and maintenance, keeping all that coordinated to your pricing updates everything there. So it’s an absolute must have, you’ve just got to have a really good solution dialled in for your channel management for managing everything on the back end. So that’s my second recommendation is a great channel manager. And for that I recommend hosts do it. Now the third thing you’re absolutely going to have to have now that you’ve got your property, you’ve got it up and running well, you want to make sure it is profitable, and not just profitable, but as profitable as possible. And for that you need a good pricing strategy. And you’re going to need some tools to help you with pricing. Now the reality is there’s lots of different options out there. You can use Airbnb smart pricing, you can price it yourself, you can use something like price labs or wheelhouse or beyond pricing. So which option is great? Well, for starters, definitely don’t use Airbnb smart pricing. I’m sure you probably know that at this point. But if you’re brand new to Airbnb, it is a terrible tool to use if you’re trying to actually generate the most possible return from your property. But all that said, like really? Where do you go from there? There’s still so many options available. And for me, honestly, for most people, I recommend that you price the property manually, I know seems crazy, there’s tools out there that promise the world and say that they’re going to do this incredible job of pricing it for you. And you’re no data science, why wouldn’t you let this software do it for you? Well, from my experience, what I found to be true is that any one of these software’s and I do have a software recommendation for pricing as well, that I’ll get to in a minute. But any one of these is only going to be as good as the person using it. So if you’re just getting started, or you’re not an expert yet at pricing, then putting one of these tools in place is just going to automate a poor pricing strategy, you need to have a good pricing strategy dialled in, and a good understanding of your overall pricing in order to actually use one of these tools effectively and get the most out of it. So if it comes down to pricing the property manually, or just putting it under a pricing tool, you’re gonna get much better results, pricing it manually. And then once you get those great results, you can then automate the great results with one of those tools. It’s not really going to work to optimise your performance with one of these tools. It’s more going to be to automate performance that’s already running well. So we have a tool that we use, called our target occupancy rate tracking spreadsheet. It’s a tool that we built so that we can track our metrics and know where we’re at relative to our goal and make the adjustments we need to make. Now it’s a really cool tool that we built ourselves, that just tells us exactly when to raise rates. And when to lower rates based on the data, you want to make sure that you have a data driven pricing strategy, because it’s really easy when it comes to pricing to get emotional, and panic and lower prices when you shouldn’t, or raise your rates too high and hold out for this really high number that you have no business getting in the first place. So you need to make sure that you can be unemotional about these decisions. And the best way to do that is to use data. Now, if you’re using data, obviously, understanding exactly where you should be at in terms of bookings for any given month of the year, pretty hard to keep it all up here. So that’s why we built this tool to put it into the tool. And the tool just escapes makes it really simple, where it will see how many days we should have booked how many days we do have booked and then make adjustments from there. If we’re overbooked, then we know we need to increase prices. If we’re under booked, then we know we need to decrease prices. And we can apply that to every single month of the year depending on exactly what our goal is for that month, and how far out from that month we are. So that’s a really, really great tool. Again, if you sign up for the free training that’s linked in description down below and you want to work with us you want check out more about that, you can get access to that tool, that ultimately you just need to have a tool that’s going to help you with a data driven pricing strategy. And you need to understand pricing strategy. So again, that’s something that we help people with all the time. So if you want to learn more about that, then check out the video down below, we’ve got a free training on how to succeed with short term rental investing. And so you can use that and check that out. Guys just want to take a quick break here to say that for those of you watching, who want to build cashflow, and long term wealth by purchasing Airbnbs and short term rental properties, there’s a link in the description right down below for a free training that will walk you through my exact strategy for investing successfully in Airbnb. Now, if you’re not ready to actually buy properties, and you want to get started managing other people’s properties on Airbnb the same way I got started and build a full time income managing other people’s properties. There’s actually another free training linked in the description down below as well, there’ll be a really great fit for you. So whether you want to invest in short term rental properties and actually build amazing cash flow and long term wealth by acquiring the assets, buying the properties themselves, or you’re looking to earn a full time income managing other people’s properties on Airbnb, we’ve got some awesome trainings that are links in the description down below, that will definitely help you out. When you sign up for the trainings, we’re also going to send you a few other tools and resources completely for free just to help you get started. Again, the links to sign up are in the description down below. And both trainings and all the tools are completely free. So make sure to register for the trainings, links in the description down below. But once you do have that optimised, then you will want to automate and a really great tool that I love for that is price labs. Like I said, I just want to make it super clear. I don’t recommend using that for the average person just getting started that wants to optimise things, it’s not really going to do that. But it is going to do a really great job of automating what you’ve already optimised as long as you have a solid understanding of it. So that’s a tool that we’ve started using relatively recently, within the last six months here that I really love pricing tools have come a long way since years ago when I first got started with short term rentals. And so it’s really cool to see the amount of customizability and how well you can get them working to really automate a great pricing strategy. So that’s it for me, those are the three tools that are absolute must haves, there are obviously tonnes of different tools and apps that are out there for short term rental that can make your life easier and there are some that I use but those are the three that I absolutely could not live without. Let me know yours in the comment section down below. Drop a like on this video if you got value from it if you found it helpful if you found it useful, please just take half a second here hit that like button, always just hit it just give it a little like give it a little practice it really does help me out a lot with growing this channel. So really appreciate in advance you hitting that like button. And then last but not least, make sure you subscribe to this video to stay up to date with the two new videos we post every single week on this channel. Stay up to date with that we always try to help you with your investing or being property management’s whatever it is, make sure you hit that subscribe button so you can stay up to date. With all that said thank you so much for watching this video and I’ll see you in the next one.