Upgrading to new plans from legacy
I’m looking for some of my peers’ or MyVr’s perspective on the upgrade. As background, I have a vacation rental home that I do primarily through Homeaway and I want to keep that in primary position because I have 50 reviews and it’s an important business driver ($190k/yr).
I am in the process of adding two AirBnB properties that I can more easily work into the integration with MyVR. I was planning to integrate but seeing that the calendar updates automatically; I only use AirBnB for these new properties; and AirBnB pays directly, I was unclear about the benefit and have been hesitant to upgrade.
I’m happy to upgrade but am just unclear as yet on the benefits to this legacy subscriber. Any views very much appreciated!
Hey @Ted-Leavitt -
I was giving others the opportunity to chime in, but since no one’s responded yet, and the upgrade offer deadline is coming up, I thought I’d share a few thoughts. Doing so here in the forum will allow me to speak a bit more informally than I might otherwise do in a more formal customer communication…
I think the main reason to upgrade is to get access to new features going forward. While Airbnb is an obvious one (because it’s a big one and we just released it), I don’t think the decision to upgrade or not comes down to whether or not one wants Airbnb. There could be a feature released next week, or next month, or even next year that you want. I personally think it’s worth upgrading to stay current and get access to new features (either because they’ve been added to a new plan or as an app in the app marketplace), and there’s an incentive to do so right now that you might find worth taking advantage of.
I believe one major way that we’re different than the competition is the degree to which we’re investing in, and improving upon, our platform. I think the product is evolving at a pretty rapid pace, but there’s still a lot we still need to do and will be adding in the coming weeks, months, and years.
For example, just looking at the coming weeks, we have some new reports (like a daily check-in/checkout report and a deposits-due report), and we’re working on adding the ability to automatically queue, review, and return damage deposits.
We also have some larger stuff that we aim to release this year - things like insurance add-ons, rate optimization tools, a better/native mobile app, better tools for handling cleaners & maintenance, and accounting tools & reports.
So rather than analyzing Airbnb, I’d suggest taking a step back and asking yourself if you’re happy with MyVR, if you plan to be around for a while, and whether access to new features is something you might want. If so, I think you’re better off on a new plan, and there’s an incentive to upgrade now.
Lastly, I’ll throw this out there: it helps us out if you do. Maintaining old plans and pricing adds to the complexity and overhead of managing our platform, so we’d love for people to upgrade so we can have less of that activity and focus on new features and customer support. And the new subscription rates & fees we’re charging on the new plans going forward obviously helps us support you and continue to make MyVR better.
I hope that perspective helps, and let me know if you have any questions. Have a great weekend!
Sounds good. I appreciate the perspective. That’s my general sense, and I will upgrade this weekend. I hadn’t because I hadn’t heard much clamoring and it’s been working for me, but glad to get aboard the train.
I’m late in chiming in on this, but I want to reiterate a few things that Jonathan stated.
If you look at this as a tangible return on investment for one particular feature that you need now, vs. investing in a business partner for the duration of your business, I think you’ll miss the real opportunity.
I’ve been using MyVR since they started getting their feet wet. I can tell you that in just a few short years, the product they have now looks nothing like what they had when I got onboard. That’s due to their huge commitment to growth in this industry. When they tell you that more is coming - believe it.
I’ve also been repeatedly checking out their competition. I do that for two reasons. 1) I want to know if someone else is providing a better value, and 2) if someone else is doing something differently or has a new idea, I’d like to share that with them.
As far as #1 goes - I can honestly say I have yet to find another business partner that would give me the same value for my investment. And a lot of that is because of their growth and customization. Being involved with a company that is now expanding, adding, growing, and defining their product(s) around our business practically makes them a custom product! I don’t think you could find a competitor that listens and responds they way that they do. There are so many features that they’ve implemented that I’ve requested - I’ve lost count of how many! AND they’ve implemented some wonderful things that I hadn’t even thought about too! These guys and gals are service oriented and exceptionally good at what they do!
Finally, I think they’ve even customized their pricing to pay for what you need, but also to grandfather so many in for a period of time, and help to make this affordable to everyone. They’re giving a great opportunity to take advantage of their continued future growth. I for one am looking forward to that!
So the real opportunity here is not just to upgrade to get AirBNB. The real opportunity is to upgrade to a business partner that will be with you throughout your VR business!
That’s just my two cents.
I manage Airbnb myself right now. If I upgrade I will have to pay an extra 1.49% per transaction on top of what Airbnb charges plus 2.49% credit card merchant charges per transaction from what I understand. Is that incorrect?
So will I pay an extra 4% in commissions? between 1.49% per transaction plus 2.49% credit card fees?
That would be the price for upgrade?
I actually would rather pay a fixed amount more per month subscription for the new services once they are all functioning instead of extra commissions.
For Airbnb? The incremental cost would only be the 1.49%. Airbnb processes transactions for this integration.
@Jonathan-Murray - so there’s a 1.49% commission to MyVR for AirBNB but no credit card processing fees?
@Jenny-Oest There is a 1.49% channel management fee to manage Airbnb via MyVR. Credit card processing fees are charged by the company who processes the transaction (Airbnb) and I think they charge hosts 3% for that. @Ghassan-Aboukhater was asking what the incremental cost is, and the incremental cost is 1.49% (the channel management fee).
So 1.49% times 100k in revenue per one vacation rental that I own? $1490 per year approximately if I book 100k. Airbnb deposits the funds into my merchant account without any credit card charges as far as I know so far. I’m embarrassed to say I actually do not remember how much my current not upgraded subscription is right now. So I’m not sure how much upgrading will cost me more than what I’m paying now.
Hey @Ghassan-Aboukhater -
Not sure I understand what you’re asking, but yes, our channel management fee is 1.49%. Many channel managers in the industry charge upwards of 3-7%. Doing this in house has allowed us to keep the costs lower, as well as having fewer entities between our customer and the listing site.
Channel management allows your listings to be populated from your centralized MyVR property data, and then it pulls the reservations into the MyVR software for centralized management and so that reservations work with our automation tools (e.g. automated stay emails, integration with MailChimp/Constant Contact, etc ). Currently we offer channel management on HomeAway/VRBO, TripAdvisor/Flipkey, Airbnb, and Booking.com (beta).
Airbnb definitely charges you a host fee. I believe it is currently still 3%. See here: https://www.airbnb.com/help/article/63/what-are-host-service-fees.
If you have questions about what your current software costs, please reach out through support. We can handle general questions here, but questions specific to your account should be handled privately in support.
I subscribed with MYVR back in November 2015. Back then MYVR did not integrate with Airbnb (only synced the Calendar). I’m saying I’m paying my subscription fee to MYVR which integrates with homeaway/VRBO. I did not know that I was also being (if you are saying I am) charged or will be charged an extra 1.49% per transaction if I upgrade and integrate with Airbnb. That would be an extra 1.49% on top of the 3% that you correctly mentioned that Airbnb charges. But MYVR would also charges an extra 2.49% on top of all that for credit card processing fees per transaction. Airbnb does not charge me that 2.49% because they process the funds themselves and then wire it to my account. Am I incorrect?
MyVR’s credit card processing fees start at ~2.99% on the new plans. These are only for transactions that go through your Stripe merchant account connected to MyVR.
For Airbnb, there is no credit card processing fee charged by MyVR because we do not process the credit card transaction. So the cost at MyVR for Airbnb transactions is the 1.49% channel management fee.
Airbnb charges a host fee which, I think is accurate to say, essentially covers their credit card processing fee. There is no incremental credit card processing fee at MyVR.
Sorry, I know it’s tricky because the channel integrations all work a little differently (based on what the channel supports), and WHO processes the money is not the same for each. Does that make sense though?