Episode Transcript
[00:00:02] This is Short Term Rental Management, the show that is all about short term rental property management with your host, yours truly, Luke Carl.
[00:00:16] All right, Short Term Rental management, short term shop plus and YouTube. We love you.
[00:00:22] I love you, you're awesome. You're also really good looking, you know, and everybody's talking about this AI, the integration with Price Labs and I love it, I'm using it and I'm going to do some screen share on it today and kind of explain it a little bit further in depth and how I'm using it.
[00:00:42] And I will also say, I'd like to start by saying that if you're in the software space of any kind, and again, this is coming from a 46 year old gentleman here, you had better figure out a way to get AI integrated asap because I'm seeing that this is very valuable, valuable here with Price Labs to be able to just ask questions on my AI as to what's going on. And I think that we're going to need all the softwares doing the same thing.
[00:01:17] In other words, if there were a short term rental data company out there that would get integrated with my AI, particularly the same AI that I'm using for Price Labs, that would be very helpful and effective. In other words, I could say, hey Claude, can you pull information from key data for these months of the year in this market and, and compare it to what I've got going on on Price Labs and also compare it to the Price Labs market dashboard and compare it to my neighborhood data on Price Labs, et cetera and let's come up with the greatest price per night. Now I will say that if you are an overthinker, this could be detrimental because it could really give you the opportunity to overthink and really overanalyze and confuse the hell out of yourself.
[00:02:14] Because AI is only as smart as you are, right? And if you are brand new and you don't know what to ask it or what it's telling, any way to verify what it's telling you is accurate or not based on historic historical data and you know, past performance and basically just having some experience, then it's probably going to just shoot you in the foot and give you a bunch of bad data and you're not going to rent your house for what you need to rent it for.
[00:02:44] But if you're good at this or you are getting ready to become good at this, or you've already got 600 units, then wow, what a valuable tool it is to be integrated with softwares. And I will Also say that thus far at the recording of this podcast, I have my Price Labs connected to both a chat GPT. I'm gonna go ahead and share the screen here, Chat GPT and claude.
[00:03:18] And the chat GPT was, I hate to say it was not effective.
[00:03:27] Let me get a screen share going here. I'm going to multi, I'm multitasking.
[00:03:32] But it just was not effective. It was confused, it didn't know how to answer my questions, etc.
[00:03:39] And.
[00:03:43] I found that the CLAUDE is smoking it. Now, I do love Chat GPT for other things, you know, I like it for many reasons. Many things.
[00:03:51] Let's see if this works. No, that did not work.
[00:03:54] There we go.
[00:03:56] Many reasons, many things.
[00:03:59] However, it didn't do well with, with Price Labs. Unfortunately, it just didn't.
[00:04:07] Now that doesn't mean it won't get better. It doesn't mean I was maybe not, you know, maybe I was doing it wrong.
[00:04:13] See if maximizing this helps out.
[00:04:17] So as you can see, I'm connected here to Chat GBT and claude. Now this is not a.
[00:04:25] This was not an easy thing to do with the custom client. I actually had to have Price Labs walk me through that. I don't know if they're going to be able to do that for the general public, but they were able to do that for me and it works and it's great. But this one is much better. And I have no experience with grok, to be honest with you, but the CLAUDE integration has been smoking it.
[00:04:47] The chat gbt. I would ask it a lot of questions and it could not figure them out.
[00:04:53] This one's doing great, but again, it's only as smart as you are. You have to be very careful with this and make sure that, you know, you gotta verify, trust, but verify. I mean, maybe not even trust, verify, verify, verify that you're doing this right and it's giving you good information, especially if you don't have any experience. Now, if you're again, a professional property manager with hundreds of units, this is wonderful.
[00:05:18] Thank you for joining us. Here at the Short Term Shop, we help real estate investors like you buy and sell vacation homes.
[00:05:26] We operate in over 20 true vacation markets across the United States.
[00:05:32] If you have more questions about buying and selling, join us every week for a live Q and A@strom.
[00:05:42] That's strquestions.com okay, so I mean, literally it's just as easy as clicking on this and logging into your, your Claude and then you go over to Claude and put in a couple of Codes and you're off to the races chat. GPT was very complicated, but let's go over to Claude and start asking it some questions. And another thing I will note is that it cannot make changes to custom seasonal profile. So if you're somebody like me that has say, you know, I've got custom seasonal profiles for every property here. Like if you come in here to whatever house this is, whatever property this is, you can, you can see I've got custom seasonal profiles, one for every month.
[00:06:24] I did figure out a way to ask to, for Claude to be able to see these, but it has not been able to make changes to this yet. Now, that is coming soon. I've actually talked to Price Labs about it, and if you talk with their AI or get a live representative at Price Labs, they have told us that they are getting ready to start including custom seasonal profiles in what it can make changes to. However, as of the recording of this podcast, that is not possible.
[00:06:49] So keep that in mind.
[00:06:52] All right, so let's go over to Claude and start asking it, you know, some questions. Can you take a look at my Price Labs? And I'm gonna go slow with this. Some of this will be tedious and painful if you're watching on YouTube, but that's just the way it is. It's gonna be alive, you know. So are you connected to my Price Labs? First ask it that. It's going to say yes. See there you can tell it's connected directly to Price Labs. There's properties. Right.
[00:07:27] And then we will ask it, can you take a look at my September pricing and compare to market dashboards for that market, also neighborhood data.
[00:07:46] And can you compare price.
[00:07:51] Sorry about spelling. So you can basically ask it to put a spreadsheet together for you.
[00:07:57] So we're going to compare my September pricing to market dashboards, which is, as you know, paid data on Price Labs, also my neighborhood data, where I have selected, hand selected my enemies on Price Labs. Let's go look at that. Let's go over there and look at that. That's going to be my neighborhood data on Price Labs is here.
[00:08:18] And you can go in there and you can see where we have hand selected our quote unquote enemies. So it should be pulling data from those enemies.
[00:08:27] As you can see here, this, this house, I've only got five of them, which. This one looks like it needs to go. That one? Yeah. This one's not even any good anymore. So you do, you know, you do need to keep these up to date because in your comp Your competitor list here, because they come and go. People sell their houses all the time. Property manager changes hands and it goes to a different property, et cetera. So this one's not even up to date here. And a lot of these don't have really any bookings here. So, you know, this one here looks so far like a pretty good. Pretty damn good enemy. But I would say the rest of these maybe need a better look. That first one maybe.
[00:09:02] Oh, that's me.
[00:09:04] So I'm pretty good.
[00:09:07] Well, let's go back here and see what it came up with. 11 listings on this particular login on price labs. All of them, please. All of these, the properties you mentioned.
[00:09:19] Okay, there you go. And 45 minutes later, it's giving me some data. You know, so it's a pretty cool stuff. Got. It's doing 10 properties here, give or take. And you'd can see here me versus the market versus 2025.
[00:09:36] Now, how accurate this is, Lord knows. And where is it even pulling this stuff? It's not really telling me. I think it's coming from neighborhood and market data. Okay. That's what it says anyway.
[00:09:48] And it's telling me that I'm priced too low for September for these properties here compared to the market median and Also compared to 2025, it does say my occupancy is much higher.
[00:10:01] So those two things are related. Right?
[00:10:04] So that's where I have to say, okay, well, my occupancy is 80%, and then market occupancy is 50% on this property. So doesn't that mean that my.
[00:10:13] It's only giving me price per night? So I now I need to say, okay, well, what's. Can you add possible gross income if my occupancy pace is hit, and then add that to it. In other words, even though my price per night is lower here, my occupancy is way higher.
[00:10:36] So doesn't that mean that this 40% increase, 30% increase in occupancy will end up making me, you know, more money per month than, say, this guy, the median?
[00:10:48] You know, so this. This is what you got to know what you're looking at here. You know what I mean? You got to know. You got to know what to ask it, et cetera? So I'm gonna go ahead and ask it to add that and see if it can even do that. It might not be able to, but I'm going to give it a try. And I realize not Everybody's watching on YouTube, so. And it also might be like, you know, wrong Size for your device, if you're on your phone versus the TV versus computer, etc. But I'll read this to you here. It says, so what I asked it was, can you add a column for gross income, which. Sorry for the typo. During this period for both the median and my properties, please do consider that my occupancy pace is much higher than my competitors. The reason I ask is that isn't it possible my gross income will be higher even with much lower, lower price per night than the median simply because I'll end up with more bookings? Please add these columns to your chart. You have to give it as much detail as possible. Lots and lots and lots of detail and why you're asking it these questions. Otherwise it doesn't understand.
[00:11:50] And there's always still a decent chance that it's going to come back with things you don't want to hear. So now look at these.
[00:11:57] This chart here. My projected gross for September is higher, almost all across the board on every property than the market median.
[00:12:07] Let's see. One, two, three.
[00:12:10] Okay, not all of them.
[00:12:12] Not all of them. But let's see if it gave me another chart here.
[00:12:16] Market gross 2337 versus my gross 2551 for whatever property this is. So I'm 9% up. I'm 33% up. I'm 27% up. I'm 108% up. What's up with that? You got to dig deep on that.
[00:12:32] You know, what happened there?
[00:12:35] 82% down. That makes no sense, you know, so that's where you got to keep asking the questions, which it did. Spit that out pretty quick. The original set of data took it forever. Like, I mean, it took like 20 minutes.
[00:12:47] So sometimes I'm sitting here like, man, is this even worth it? I got things to do. But, you know, it's nice when it comes out with this. This really detailed stuff here. And I do think that so far, this is pretty damn, pretty damn helpful. So let's ask it another question.
[00:13:03] Let's say, what do you recommend I do with my price per night based on this data?
[00:13:16] I would like my occupancy pace to stay the same, higher than the median.
[00:13:28] But I would also, of course, like my gross income to be higher than the median. And my competitors.
[00:13:45] Can you also please pull the base rate? I can't even imagine what this is like listening to this on a podcast. I'm so sorry.
[00:13:56] Please pull the base rate from my custom seasonal profiles.
[00:14:03] Has. That is where most of my pricing is coming from.
[00:14:09] And perhaps you can give me a new recommended average rate for my custom season custom seasonal profiles.
[00:14:24] Again, it can't change custom seasonal profile prices for me, but I do have an average base rate for the month of September for all of the properties that it's pulling right here. And that's where I would generally make my changes. So I basically am asking it, not so many words, what is my current September base rate? And based on what you're finding on neighborhood data and market dashboards, et cetera, what should my September base rate be?
[00:14:52] Now, I'm not gonna. I'm never gonna just take its word for it.
[00:14:56] Maybe in 10 years, but not right now. We're not to that point. Also, wouldn't it be nice if Price Labs could pull data from air DNA and key data and aerobic, et cetera, and put. Put all that together and really drive us nuts?
[00:15:13] It's only a matter of time, right? Like, to me, the data companies have got to be able to integrate with Claude and chatgpt sooner than later.
[00:15:25] I mean, I would buy subscriptions to every one of them right now. I mean, I already have them. But if I could integrate it to this to give me even more data, you know, because now it's much easier with this, with the Claude, again, Chat GPT, whichever one you like, to pull that information and do things with it.
[00:15:48] So to me, it makes perfect sense. So let's see what it comes up with.
[00:15:54] All right, so this is some pretty good stuff here. I kind of like what I'm seeing. I got my current base rate, my minimum floor pricing, which I don't have that on every property. So. And then I've got my average price per night.
[00:16:05] It's pulling that from my actual calendar. That's not even. You know what I mean? Like, base rate versus average price per night is a whole different thing.
[00:16:14] So that is actually really cool to see.
[00:16:19] And then if you scroll down here, it's telling me, group a raise with confidence, property 1, 2, 3, 7, and 9 to this base rate to get a projected gross of here, which is slightly higher than the market gross. I like that. I do. I don't know. I don't know that this is gospel. So from here, what I would do is I would take this number and go. I don't even know which property that is. You know, how many bedrooms, where it is, et cetera. I would assume it's a beach house at $432 a night in September.
[00:16:49] That seems very high. I don't know that I have any Properties that are gonna book for 500 bucks a night in September. That seems a little optimistic.
[00:16:58] But the base rate in the new projected price per night is a whole different thing, as you see here.
[00:17:05] So you got to play with it like, you know, it brings up an interesting conversation as to, you know, your base rate versus what your actual price per night translates to, you know, because those two things are sometimes wildly different.
[00:17:22] Which is again why I do the custom seasonal profiles. 1, 1 base rate per month. Because then I'm only dealing with 30 days at a time. Obviously, if you only have one base rate on your main page, then your base rate and your price per night could be like way the hell different, which is why I don't like that.
[00:17:39] As a matter of fact, I might even ask it. You know, this is where I would say, do you realize I have a base rate for 30 days as opposed to 365 days? Because you're telling me my base rate and my actual price is quite a bit different, but my base rate, my custom seasonal profile is only operating for one month as opposed to 365 nights. And you may not realize that, you know, group B range cautiously and check seasonal customizations first.
[00:18:11] I'm roughly even with the market on these properties.
[00:18:15] Don't add the same cushion to absorb a big jump without risking occupancy.
[00:18:21] A modest 7% base test still leaves gross below market on all five. Now this is where it would become very handy for me to be able be like, hey, can you, can you raise my custom seasonal profile September base rate 7% across the board?
[00:18:37] And it would say, yes, we can do that, we're done and move on.
[00:18:40] That's how I do things. It can't do that yet. That is coming very soon. But if you're, if you're running on one base rate and you're doing all this same similar type stuff, you might just say, can you raise my base rate 7% and move on to the next property.
[00:18:53] Now, if you're doing multiple properties at the same time, can you raise all my base rate 7%? Now, you know, is that realistic? No, it's probably going to be a different number for every property, give or take. Unless you've got 700 properties. And that's complicated.
[00:19:08] But that is where this comes in so handy. When you're a huge property management company and you care about your job, which those two things are, you know, somewhat rare.
[00:19:19] You know, I don't, I don't see somebody with 400 properties drilling this deep on, you know, price Per night. I just don't. But now with AI, it sure makes it a hell of a lot easier. A hell of a lot easier, you know. So it's very interesting stuff here. I'm actually going to ask it that last question and then we'll. We'll call it for the day. But I'm going to say, do you realize my base rate only operates 30 days and see what happens. So I said for the group, a chart. I'm not sure if you realize my custom seasonal profile is a base rate per month, meaning my September base rate only operates the 30 days in September, which if it's 31, I don't know, whatever. I didn't look, but I can't remember. Versus a main page base rate that operates 365 nights. The reason I ask is because your chart shows the base rate and the projected price per night to be quite a bit different. Maybe you did realize that. I'm just checking.
[00:20:08] And it said you caught something that something real. And yes, that's a mismatch. I should flag directly rather than grow gloss over the base I pulled. Ba ba ba is the year round default base price. Aha. See, that's where we got to start all over again.
[00:20:25] See, luckily I've been doing this long enough and I'm smart enough, I hate to say it, to be able to catch that.
[00:20:32] So let me ask it another question.
[00:20:35] Okay, so now that it caught on to the fact that I have custom seasonal profile base rate for September, it pulled that for me, which you can pull that. It's very difficult to get it to figure that out, but it took me seven or eight questions for it to figure out how to find that. Because again, it can't see that directly. It was pulling it from somewhere else. I don't even know remember where it told me it found it, but it can't change it yet. It will be able to soon. And again, I realize that most people watching this are probably not using a base rate per month, but current September average base rate needs to be raised 12%. It says on 1, 2, 3, 7 and 9 new September average price target. And then it would be very nice for me to say, okay, can you go ahead and raise 1, 2, 7, 1, 2, 37 and 9 base rates up 12% to that new September average price target for my projected gross blah blah blah. And it would theoretically do that for me. It can't do that just yet, but it's getting there.
[00:21:32] Also, I find it curious here, why are they all 12%?
[00:21:38] I can't have priced every one of these perfectly 12% lower than what they should be.
[00:21:44] So that's. That's a red flag. Why is this one not 10, 9, 11, 14, you know what I mean?
[00:21:52] They're all 12, so that's curious, but you get the idea, so I'm going to let you go. Be very careful with this, my friends.
[00:22:04] It's awesome. It's a great tool, but don't drive yourself nuts with it. And you got to be very careful that it's giving you good information, because as you can see, I just caught it once or twice, not really knowing what I was asking, you know, but it's great stuff. And I cannot wait for all the other softwares. Wouldn't it be great if Hospitable was on there also?
[00:22:25] And owner res and air DNA? And I could just say, hey, Claude, you know, while we're at it, are any of my guests having trouble?
[00:22:36] Do we have any conflicts or of any kind on any of the properties? You know, and I can ask all that on AI as well and, and say, hey, what's the best way to handle this?
[00:22:48] Or do you have any recommendations as to what to respond to these people with?
[00:22:53] You know, and that's gonna be a whole different thing than the host buddy AI automated messages.
[00:23:00] This is, you know, eventually this is gonna become like an AI property manager kind of a thing, you know, and for those of you that are managing hundreds of properties, wow.
[00:23:09] So sky's the limit. You know, it's not going to be like massively revolutionary stuff here, but it will make our jobs easier. So great stuff. We'll do another one of these soon. Hope you enjoyed.
[00:23:20] Love you. Don't overthink it.
