Short Term Rental Riches: Recent Episodes
Tim Hubbard
Tim Hubbard, successful investor and CEO of a seven-figure short term rental management company shares it all. The insider tips you need to know to acquiring, operating and scaling a successful short term rental business.
Damage waivers sound like free protection. But the wrong setup can shrink bookings instead of protecting a property.
In this episode, we break down how damage waivers work, what they cover, and 1 alternative we recommend for properties with a lower nightly rate.
- How a damage waiver actually works, from claim to payout.
- The dollar range most damage waiver programs actually cover.
- What a damage waiver almost never covers, even with good documentation?
- Why a flat waiver fee can quietly price out a short stay?
- The alternative we recommend once ADR drops below a certain point.
Thanks for spending this time with us today.
If this helped clarify a booking policy question, subscribing and leaving a review genuinely helps this show reach more hosts working through the same decision.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
We sit down with Gil Chan, founder of CraftedStays, about what it takes to build a direct booking website for a STR.
We cover the gap between a generic template and an expensive agency build, the new AI tool Aria, and why owning a few direct bookings changes a host's leverage across platforms:
- What a direct booking site actually replaces for an Airbnb-only host?
- The 2 options hosts face for a website, and why neither worked?
- How Aria reads a portfolio and reviews before writing a single word?
- What OTA fees really add up to over a year of bookings?
- Why this isn't about leaving Airbnb, and what it's really about?
Gil's story is a good reminder that owning your guest relationship matters as much as owning your listing.
Subscribe to the show, leave a review, and share it with another host who is tired of renting shelf space on someone's platform.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Security deposits come up in almost every hosting conversation, but a lot of what hosts believe about them is wrong. We break down the difference between a deposit and an authorization hold, and why refunding deposits drains money from every stay.
We cover damage waivers, when to charge a guest for damage, and how to build one full protection strategy.
- How a security deposit and an authorization hold are actually different
- Why hotels never really "hold" your cash, and what they do instead
- The nine-day window a lot of hosts don't know they're racing against
- How to decide between an authorization hold and a damage waiver
- What to document before you ever charge a guest for damage
Thanks so much for hanging out with us today. We know this one got a little technical, but understanding how the money side of damage protection actually works will save you real headaches down the road. If this helped, subscribe and leave us a quick review, it means a lot.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Mattresses seem like a small decision, but they shape almost every guest review a short-term rental gets, and getting it wrong is the kind of mistake guests always mention.
In this episode, we share the exact mattress and bed frame we use, why the premium option rarely earns its price tag, and how to prioritize spending when budget is tight.
- The exact mattress our team buys for every rental
- Why a $5,000 mattress didn't make the cut
- The bed frame mistake that ruins a great mattress
- The right way to respond to a mattress complaint
- Where to spend first when the budget is tight
Mattresses are one of those details you set once, and guests either love it or barely notice, but get it wrong and they will mention it in the review. Choose wisely, don't overspend, and don't skip the bed frame. Subscribe today if you haven't already, we'll see you next time.
Bed Frame Link - https://www.wayfair.com/furniture/pdp/alwyn-home-16-premium-heavy-metal-platform-bed-frame-with-metal-supports-for-maximum-durability-in-black-w110994947.html?piid=1025917393
Mattress Link - https://www.amazon.com/dp/B0CKYYHD47?_encoding=UTF8&psc=1&ref=cm_sw_r_cp_ud_dp_BJKBNQC9JA460HJD1K8P_1&ref_=cm_sw_r_cp_ud_dp_BJKBNQC9JA460HJD1K8P_1&social_share=cm_sw_r_cp_ud_dp_BJKBNQC9JA460HJD1K8P_1
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Running more than one short-term rental often means answering the same guest questions, jumping between platforms, and hoping nothing slips through the cracks. In this episode, we sit down with Frank Bosi from Hostfully.
We break down what a property management system automates, who it is built for, and one mistake that slows new users down before it pays off.
- The one automation that gives hosts back two or more hours every single day
- Why syncing every booking channel might matter more than any single guest message
- The setup mistake almost every new PMS user makes in week one
- What actually happens to guest satisfaction scores once messaging goes automatic
- How many properties one person can realistically run once the busywork disappears
That is how the right system turns short-term rental management from a full-time scramble into something that actually scales. If this episode helped, subscribe so you do not miss the next one, and leave a review. It helps more hosts find the show and build operations that run without them.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Every host eventually faces a difficult guest. When they check out, the question hits: should we leave a bad review? More hosts get this wrong than you might expect.
In this episode, we break down Airbnb's blind review system, make the case on both sides, and share a practical framework for writing a negative review the right way.
- How Airbnb's blind review system works and why it changes everything about the risk of leaving a critical review
- The strongest argument for leaving an honest review and why the host community depends on it
- The underrated downside most hosts never consider before hitting submit
- The exact approach for writing a negative review that reads as professional and credible
- A simple framework for deciding when to write a review and when to let it go
Handling difficult guests is part of this business. What defines you as a host is how you respond, right down to the review you leave after they check out. If this episode helped you, please subscribe and share it with a fellow host who needs it. We will see you next week on Short Term Rental Riches.
Download the Host's Communication Checklist here: https://corzly.com/str-communication-checklist/
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Not every amenity pays for itself, and the ones that look great on a competitor's listing might do nothing for yours. This isn't about trends or gut instinct. It's about data and real ROI. In this episode, we share the exact framework he uses to evaluate any amenity before spending a dollar, so you can stop guessing.
- How to use AirDNA to compare listings with and without a feature: the data reveals your actual revenue opportunity before any money changes hands.
- Why a 25% revenue lift from a pool might still be the wrong move.
- Not every amenity shows up cleanly in the numbers, but photo value is real.
- What Orlando teaches every STR investor about market saturation.
- The five-tier amenity framework.
The right amenity in the right market can transform your numbers, the wrong one ties up capital for years. Tim gives you the framework to tell the difference. If this episode helped, subscribe and leave a review. It takes thirty seconds and helps more hosts find the show.
Download the Amenity Evaluation Checklist here: https://corzly.com/short-term-rental-amenity-checklist/
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Most STR hosts have a pricing tool, a cleaning checklist, and a messaging app. The gaps between those systems are where money quietly disappears. Today I'm walking through five things we've built at Corzly that most STR software doesn't do — from routing guest notes to your housekeeper to automatically adjusting your base price. Use Corzly or not, these gaps matter.
- Why your dynamic pricing tool might be working off a base price set months ago, and why that single error compounds into every daily rate adjustment you make
- How routing guest messages, private feedback, and review mentions to your housekeeper automatically closes the loop on recurring cleaning issues
- The reason your review score needs to be factored into your pricing strategy, and why a 4.6 and a 4.9 property should never be competing at the same rate
- Why most STR software, even good tools, still doesn't make turnover confirmation fail-proof, and what a proper AI-backed system actually looks like
- A preview of what's coming in Part Two: the AI features that let housekeepers confirm turnovers and submit notes via SMS or voice, automatically logged into Breezeway
These five things aren't complicated — but most STR software doesn't do them, and most hosts don't know they're missing them until something goes wrong. Start with the ones that fit your operation. Subscribe and leave a review, it helps us reach more hosts who need this. Part Two is coming.
Download the Short-Term Rental Software Audit here.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Download the STR Acquisitions Checklist here.
Most STR investors spend months researching markets, then hire the first agent they find. That gap between your research and your representation is costing more than you think.
Tyler from Savvy STR Agents works across 25 markets and sees the same investor mistakes repeatedly. What he shares today could change how you buy your next short-term rental property.
- Why the agent you hire for your STR purchase might be your biggest blind spot, and what to look for in someone who actually understands the business
- The permit research, zoning checks, and revenue projections most generalist agents never think to run before you make an offer
- How to evaluate any market for STR potential and what a property walkthrough with STR-specific eyes looks like in practice
- What has shifted in the STR buyer's market over the last 12 to 18 months, and where the real opportunities are sitting right now
- The single most underrated property feature serious STR investors look for, and the one thing first-time buyers consistently do wrong
Tyler, thanks for pulling back the curtain on this. To everyone listening, the agent across the table from you at your next closing matters more than most investors realize. Find someone who speaks the language. Subscribe, leave a review, and share this with an investor who needs to hear it.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Download the Guest Contact Info Capture Checklist
Your Airbnb account can change overnight. Algorithm shifts, fee increases, a sudden suspension, and if your entire guest relationship lives inside the platform, you have nothing.
In this episode, Tim walks through 10 platform-compliant ways to collect your guests' real contact info, legally, automatically, and without sending a single message that could put your listing at risk.
- The in-property QR code strategy that converts at the highest-intent moment of any guest stay — and why the offer matters more than the placement
- How WiFi login tools like Stayfi turn a giveaway you're already offering into an automatic email capture that runs in the background 24/7
- Why your Stripe dashboard may already hold dozens of real guest emails you've never used — and how to start putting them to work
- The exact post-stay message approach that stays compliant with OTA terms while sending guests directly to your own contact form
- How listing on Google Vacation Rentals and VRBO direct changes the contact info equation entirely — every booking comes with real data by default
If this episode helped you see your guest list differently, subscribe so you never miss what's next. Share it with a host who's still relying entirely on platform traffic — it could be the most important thing they hear this year. See you in the next one.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
If you're an Airbnb host, you've heard the pitch: three million dollars in AirCover protection. Sounds bulletproof. But after managing over 50,000 guests, Tim has seen why the gap between the promise and the payout catches so many hosts off guard.
The claims process is more specific than Airbnb lets on, and knowing it before something goes wrong changes everything.
- How AirCover actually works: it is a goodwill program, not contractual insurance, and that distinction matters the moment you file a claim
- The 14-day filing window most hosts have never heard of, and why the old "60 days" advice is dangerously outdated
- The exact order of steps to follow in the Resolution Center, and why skipping any one of them can get your claim denied before Airbnb ever reviews it
- A real-world win: how Tim's team documented a $6,727 HVAC damage claim and recovered it in full from both AirCover and their insurance carrier
- Why AirCover only covers Airbnb bookings, what dedicated STR policies cover that it never will, and the one coverage gap that can easily exceed your repair costs
AirCover is a valuable safety net, but it's not a substitute for real STR insurance. File claims within 14 days, document everything, and carry a dedicated policy underneath. If this episode helped save you money on a future claim, share it with a fellow host who needs to hear it.
Download the AirCover Claims Checklist: https://corzly.com/aircover-claims-checklist/
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Most hosts put up a security camera and call it done. But the right setup does far more than watch the front door. In this episode, Tim breaks down the three features every STR camera needs, compares four popular options, and reveals how cameras can verify guest counts, catch unauthorized pets, and support your housekeeping team — all while keeping your listing fully compliant.
- Discover the three non-negotiable features any STR security camera needs before you spend a dollar — and the one common feature that actually does not matter
- Get a side-by-side comparison of Ring, Google Nest, Arlo, and Reolink, including the one Tim puts on every new property right now
- Learn how cameras go beyond security to help you charge for extra guests, unauthorized pets, and other policy violations through Airbnb's resolution center
- Find out the exact disclosure requirements every host must follow to stay compliant on Airbnb and protect their listing from being taken down
- Understand how to use cameras operationally to confirm check-ins remotely, support your housekeeping team, and protect guests during their stay
Security cameras are one of the highest-ROI tools an STR host can add. Whether you have one property or fifty, the right setup protects your revenue, your guests, and your listing. Subscribe so you never miss an episode, and share this with a host who needs to hear it.
Download the camera checklist: https://corzly.com/camera-checklist/
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Download the Furniture Checklist 👉 https://corzly.com/furniture-checklist/
Most hosts guess their furniture budget and hope for the best.
In this episode, Tim shares his full real Orlando property breakdown — $40,983 in costs, by category — plus the framework he uses on every new property. From knowing where to always splurge to building your annual refresh cycle, this is the furniture episode every STR host needs.
- Find out why more expensive furniture does not always mean better returns — and what the difference actually comes down to when you look at the numbers
- Discover the $10-20 per square foot formula Tim uses to estimate any property's furniture budget before he spends a dollar
- Learn exactly where to always splurge (the items tied directly to your review scores) and where you can safely save without guests ever noticing
- Get Tim's full real Orlando property cost breakdown — $40,983 in total startup costs, category by category, including the numbers most hosts never talk about
- Understand how to plan your annual refresh cycle so you are never caught off guard by replacements, and how to use AI to track costs for tax purposes
Smart furnishing is one of the highest-ROI decisions any STR host can make. Budget well, prioritize the right items, and your review scores and revenue will follow. Subscribe so you never miss an episode of Short-Term Rental Richest, and pass this one along to a host who needs it.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Short-term rental management companies are becoming some of the most sought-after businesses in hospitality — but what actually makes one valuable? In this episode, Tim sits down with Jacobie from C2G Advisors, who has helped close over $750 million in STR business transactions. From EBITDA and profit margins to AI efficiencies and buyer demand, this conversation breaks down what operators need to know to grow smarter and potentially position their company for a future exit.
- Why clean financials and accurate reporting dramatically increase business value
- The EBITDA ranges and valuation multiples buyers are paying right now
- How operational systems and team structure impact profitability and sale price
- What buyers look for during acquisitions — and why retention matters
- How AI, automation, and operational efficiencies could reshape STR management margins
Whether you're managing 20 properties or scaling toward hundreds, this episode offers a behind-the-scenes look at how the biggest players in the short-term rental industry think about growth, profitability, and acquisitions. If you want to build a more valuable company and stay ahead of where the industry is heading, this is an episode you won't want to miss.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Your short-term rental might look perfect online, but behind the scenes, your housekeeping system could be quietly hurting your reviews and revenue.
In today's episode, we break down why cleanliness is the #1 driver of guest satisfaction and how small operational changes can create massive financial results. If you want better reviews and higher income, this is an episode you can't afford to miss…
- Why cleanliness, not design or location, is the biggest driver of revenue
- The hidden risks of hiring large cleaning companies vs. smaller teams
- Simple systems to organize turnovers and prevent negative reviews
- Key questions to ask before hiring your next housekeeper
- How to turn guest feedback into better cleaning performance
Your housekeeping team isn't just cleaning, they're protecting your reputation and driving your revenue.
Dial in your systems, set clear expectations, and build the right relationships to unlock higher reviews and stronger profits. If you found this helpful, be sure to subscribe and share it with another host looking to level up.
Download the Housekeeping Questionnaire: https://corzly.com/housekeeping-questionnaire/
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Fresh off a high-level STR summit in Phoenix, this episode unpacks what top-performing operators are doing differently right now. With rising competition and shifting guest expectations, standing out is no longer optional. Discover the strategies driving massive revenue gaps—and the one theme everyone keeps coming back to…
• Why some short-term rentals outperform others by up to 300% in the same market • The 5-step framework to confidently choose your next (or first) STR investment • Practical design tips that actually increase bookings—not just aesthetics • How top hosts use revenue pacing and data tools to stay ahead of the market • The real strategy behind direct bookings—and why social media drives demand
The STR game is evolving fast, but the opportunity is still massive for those who adapt. From smarter design to stronger branding and better data use, this episode shows what's working now. If you're serious about increasing revenue and staying competitive, this is one you don't want to miss.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Short-term rentals can generate incredible income—but are you actually keeping any of it? In today's episode, we sit down with David Richter, author of Profit First for Real Estate Investing, to uncover why so many investors feel broke despite growing portfolios. If you've ever wondered where your money is going, this conversation will open your eyes…
- Why doing more deals doesn't guarantee more profit—and how investors get stuck
- The "black hole bank account" problem silently draining your cash flow
- A simple system to start paying yourself consistently (even with tight margins)
- The PRU method to quickly identify wasted expenses and hidden profit leaks
- How the right financial systems (and team) can transform your entire portfolio
This episode is a must-listen if you want clarity, control, and real financial freedom from your short-term rentals. Implement even one of these strategies and you could start seeing immediate improvements. Don't forget to subscribe, share with a fellow investor, and explore the resources below to level up your business.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
After three years of building a boutique hotel resort in Colombia, it's finally time to pull back the curtain. This episode dives into the real opportunities, and unexpected challenges, of international real estate development. If you've ever considered building or investing abroad, this behind-the-scenes breakdown reveals what most investors never see… and what you must prepare for.
Key Takeaways:
- Why Colombia's tourism boom created a compelling (but competitive) investment opportunity
- The hidden risks of international construction projects—including permits and delays
- How exchange rates can significantly impact your returns (for better or worse)
- What makes this boutique resort uniquely positioned to stand out in a crowded market
- Real numbers: costs, projected revenue, and what a 20% return could look like
International investing can unlock massive upside—but only if you're prepared for the long game. This episode offers a rare, transparent look at what it takes to bring a project like this to life. If you're serious about scaling your portfolio, this is one you don't want to miss.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
In today's competitive short-term rental market, efficiency and automation aren't optional—they're essential. This episode dives into how top operators are eliminating fraud, increasing revenue, and creating seamless guest experiences through smart tech. If you're still relying on manual processes or missing out on hidden income streams, you may be leaving serious money on the table…
Key Takeaways:
- How one operator scaled to 200 properties—and eliminated chargebacks entirely
- Why preventing fraud upfront is far more effective than fighting disputes later
- The real revenue opportunity most hosts overlook after the booking is confirmed
- How simplifying the guest journey can dramatically increase upsell conversions
- Why automation—not people—is becoming the foundation of scalable STR businesses
If you're serious about scaling your short-term rental business, this episode is packed with actionable insights you can implement today. From fraud prevention to maximizing revenue per stay, it's all about working smarter. Don't forget to subscribe, share with fellow hosts, and explore the resources below to level up your operations.
Download the 5-Star Guest Experience Guide with Charge Automation: https://corzly.com/5-star-guest-experience-blueprint/
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
If your VRBO bookings have slowed, the problem might not be your property—it could be a major platform shift. VRBO's 2026 update is quietly reshaping how listings get visibility, and most hosts haven't caught on yet.
In this episode, we unpack what changed, why it matters, and how to adapt before your competitors do.
- VRBO's move from portfolio-based to listing-specific Premier Host status—and why it changes everything
- The 5 exact requirements you must hit to unlock higher visibility and better placement
- Hidden "visibility tiers" most hosts don't even realize exist (including the top 1%)
- Why a single bad listing no longer drags down your entire portfolio—and how to leverage that
- A smart (and slightly unconventional) strategy to rebalance bookings across Airbnb and VRBO
This update isn't just a tweak—it's a shift in how visibility, trust, and bookings are earned on VRBO. If you want to stay competitive (and profitable), this is one episode you can't afford to miss.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
The short-term rental game is evolving fast—and staying ahead means asking better questions.
In this live Q&A, we dive into real challenges operators are facing right now—from AI tools and hiring to market shifts and scaling pains. If you're growing (or thinking about it), this episode uncovers what's working today… and what could be holding you back.
Key Takeaways:
- How AI is transforming guest communication, inspections, and operational efficiency
- The fastest way to find reliable local cleaners and maintenance teams (hint: it's easier than you think)
- What actually changes when scaling from 5 to 15 properties—and where most people fail
- Why 1–2 bedroom properties may no longer be the "easy win" in today's market
- The pricing mistakes (like cleaning fees & damage waivers) that quietly kill your bookings
Whether you're just starting or scaling fast, this episode is packed with real-world insights you can apply immediately. Don't fall behind as the market shifts—stay informed, stay optimized, and stay competitive. Be sure to subscribe, share with a fellow host, and explore the resources below to level up your STR game.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
The short-term rental landscape is evolving fast—and if you're not adapting, you're falling behind. In this live Q&A, Tim Hubbard breaks down the realities of dynamic pricing, AI-powered guest communication, and the systems top operators use to stay competitive.
From pricing pitfalls to automation myths, this episode uncovers what's really working right now…
Key Takeaways:
- Why relying solely on dynamic pricing tools could be costing you thousands—and how to fix it
- The hidden flaw in "base pricing" that most hosts completely overlook
- How review scores and listing performance should directly impact your pricing strategy
- The truth about AI in guest communication (and why 95% automation is misleading)
- What separates top-performing operators from everyone else when it comes to systems and tech
Success in short-term rentals comes down to smarter systems, better data, and constant adaptation. This episode gives you the edge to stay competitive in a rapidly changing market. If you're serious about scaling and maximizing revenue, don't miss these insights—then take action on what you've learned today.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Short-term rental hosts are divided on one big question: should you allow pets in your property? While some hosts see massive boosts in visibility and bookings, others worry about damage, cleaning headaches, and insurance issues. In this episode, we break down the real pros, cons, and strategies behind pet-friendly listings—and what every host should consider before flipping that pet-friendly switch.
- Why allowing pets can instantly increase your listing visibility and reduce competition in many markets
- The smartest ways to structure pet fees on Airbnb, VRBO, and Booking.com without hurting bookings
- Essential pet rules every host should include in their house rules or rental agreement
- Damage protection strategies, deposits, and insurance considerations when hosting pets
- The critical difference between service animals and emotional support animals—and what hosts can legally ask
Allowing pets can be a powerful strategy to boost occupancy and stand out in crowded markets—but only if it's done the right way. From setting smart policies to protecting your property, this episode walks you through everything you need to decide if pet-friendly hosting is the right move for your rental business.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
In this episode, we take a trip down memory lane and reflect on how Airbnb has evolved over the past decade. From the early days of personal connections with hosts to the modern streamlined check-in experience, things have changed dramatically.
What we'll cover:
- 10 years ago on Airbnb vs today's culture
- Why this shift happened.
- What has changed and what's important to stay ahead today.
- Investing in STRs in 2026: Short-term rentals are still a great investment if done right.
- Our counterintuitive takeaway
While the Airbnb landscape has changed, the opportunities are still strong. Hosts who embrace technology, dynamic pricing, and high guest expectations will succeed in this evolving industry.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
The short-term rental industry is evolving fast—and the strategies that worked five years ago may not cut it today. In this episode, Natalie Palmer shares how she scaled from co-hosting in a single condo complex to raising capital for luxury destination properties. If you're wondering where STR investing is headed next, this conversation might change your approach.
- How Natalie scaled to 10 co-hosted units in one condo complex—and why that model simplified operations
- Why housekeepers are your most valuable asset (and how to structure your team for success)
- The pricing strategy shift that's working in today's more competitive STR market
- How luxury upstate New York properties are generating $150K–$200K annually at a fraction of major-market purchase prices
- Why the "middle-tier" STR may disappear—and how to position your property to survive and thrive
The STR landscape is shifting—but opportunity is everywhere if you know where to look. Whether you're refining operations, upgrading amenities, or exploring passive investing, this episode is packed with actionable insights. Be sure to subscribe, share with a fellow investor, and explore the resources below to level up your portfolio.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
The short-term rental industry is shifting fast — and if you're not paying attention, you'll get left behind. In this episode, I'm breaking down the six biggest takeaways from the IMN Conference, where top operators managing hundreds of properties reveal what's really happening behind the scenes. From venture capital moves to AI breakthroughs, here's what you need to know before 2026.
5 Key Takeaways:
- Venture capital is quietly buying 100–200 unit property managers and reshaping the industry.
- Luxury rentals are outperforming commodity listings as investors chase higher returns.
- 80% of guest experience depends on processes — and poor systems lead to bad reviews.
- AI is transforming guest communication and operations — but no single tool does it all.
- Design matters more than ever: invest in your top 5 photos, prioritize comfort, and create visual impact.
The STR market is evolving quickly — and the operators who adapt will win. Whether it's refining your processes, leveraging AI, or repositioning toward luxury, now is the time to level up. If you found value in this episode, subscribe, share it with another operator, and keep building smarter.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Most short-term rental hosts focus on what they should be doing, but what about the things quietly hurting your business? In this episode, we flip the script and break down eight common mistakes holding hosts and property managers back. From guest screening to tech overload, these missteps could be costing you bookings, reviews, and peace of mind, and you may not even realize it yet.
• Why poor guest screening can lead to damage, bad reviews, and long-term platform risk • The hidden danger of relying too heavily on a single booking channel • Where cheap furniture costs you more in the long run, and where it doesn't matter • How shiny new tech and AI tools can quietly hurt your operations if chosen wrong • The mindset shift growing hosts must make to scale without burning out
Avoiding mistakes is just as powerful as taking the right actions. These eight reminders can help you protect your properties, improve guest experiences, and build a more resilient rental business. If this episode sparked a few "aha" moments, be sure to subscribe, share it with another host, and keep learning.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Scaling a short-term rental portfolio sounds exciting — until the cracks start to show. In this episode, Tim breaks down the real differences between managing 1–5 properties versus scaling to 10–20 units. From systems and staffing to pricing and mindset, you'll learn why growth magnifies everything — and what to fix before it costs you time, money, and sanity.
Key Takeaways * Why portfolios hit major breaking points between 10–20 units — and how to prepare for them * The systems, SOPs, and technology you must have before scaling * How delegation (and lack of it) directly impacts reviews and revenue * The hidden revenue losses most hosts don't see until it's too late * Why mindset shifts are just as important as tools when growing your STR business
Scaling doesn't fail because of bad intentions — it fails because of missing systems. This episode gives you a real-world look at what changes as your portfolio grows and how to stay profitable without burning out. If growth is your goal, this is a must-listen.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Ever dreamed of sleeping under a glacier or hanging off a cliffside in a glass pod? In this episode, we uncover the world's most extreme short-term rentals and explore why guests are willing to pay top dollar for once-in-a-lifetime experiences. If you're looking to stand out in the saturated STR market, this episode will spark bold ideas.
- Discover a floating glacier suite in Greenland that charges over $1,000 per night—and why it's worth it
- Hear a wild story about getting stuck in the Colombian jungle en route to an unforgettable jungle Airbnb
- Explore what makes guests crave "digital detox" stays and how off-grid rentals are capitalizing on it
- Dive into a cliffside glass pod in Peru and a shark-surrounded suite in Paris (yes, really)
- Learn the key factors that make or break guest expectations in extreme rental settings
For any STR owner or investor curious about breaking out of the ordinary, this episode is packed with inspiration, real stories, and practical takeaways to elevate your rental strategy. Share it with a friend or leave us a review if you loved it!
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
What if your guests' best memories outside your property could skyrocket your reviews? In this episode, we dive into Airbnb Experiences and how you—yes, you—can leverage them to boost income, deepen guest connections, and improve satisfaction. Whether you're hands-on or prefer to delegate, this is a game-changing strategy every host should know.
5 KEY TAKEAWAYS FROM THIS EPISODE
• Why off-property guest experiences can impact your Airbnb reviews—for better or worse • The untapped income potential of hosting unique local experiences (without doing them yourself) • How to research, price, and market your Airbnb Experience like a pro • The key to crafting irresistible listings using guest reviews and AI tools • Why setting clear expectations is crucial—and how to ensure 5-star ratings every time
Airbnb Experiences are more than just tours—they're tools to increase guest satisfaction and drive more bookings. Whether you're ready to host or simply want to recommend amazing local adventures, this episode gives you the blueprint to boost your brand. Be sure to subscribe and share with fellow hosts who want to elevate their rentals.
RESOURCE LINKS Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
The short-term rental world is evolving fast, and Lodgify is helping hosts keep up. In this episode, CEO Shaun Shirazian reveals how Lodgify empowers small-scale hosts with powerful tech, AI tools, and unmatched usability. If you're ready to automate, grow, or simply do less while earning more, this is one episode you don't want to miss.
5 Key Takeaways:
- Learn how Lodgify's laser focus on independent hosts sets it apart from larger, less agile PMS platforms.
- Discover how AI is already transforming guest messaging, onboarding, and support—plus what's coming next.
- Why simplicity and ease-of-use are Lodgify's not-so-secret weapons in a crowded tech landscape.
- Insights into Lodgify's massive global user base, and how the software adapts to international markets.
- What the future of property management software looks like—and how Lodgify is shifting from SaaS to "service as a software".
Lodgify is helping shape the future of short-term rentals by making life easier for hosts and property managers. Whether you're just starting out or managing multiple units, this conversation offers valuable insights to help you scale smarter. If you found this helpful, don't forget to subscribe and share the episode!
Resource Links:
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
2026 might just be the strongest year we've seen for short-term rental investing in a long time. From game-changing tax incentives to tech innovations and rising midterm rental opportunities, now's the time to gear up. In this episode, we dive into trends, predictions, and strategies to help you win in the year ahead.
• Why falling interest rates and tax code changes signal a buying opportunity for STR investors • How midterm rentals are gaining momentum—and what this means for your strategy • The AI revolution: how guest communication and search visibility are being transformed • Why national property managers are losing—and how local operators can dominate • New OTA growth (Booking, Google & Hopper) and what it means for your visibility and revenue
2026 is shaping up to be a year of transformation—and profit—for short-term rental pros. Don't miss this crystal ball episode!
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
What's the one mindset shift that separates successful real estate investors from the rest? In this special episode, we welcome Robert Helms—host of one of the longest-running real estate shows—to unpack 30 years of wisdom. From syndications to short-term rentals, Robert reveals how to build wealth that lasts.
Tune in to shift your investment game.
• Why short-term rentals are still one of the most powerful wealth-building tools • The one mindset difference that top-tier investors always have • How equity "just happens" (if you understand this overlooked principle) • Why management is the real make-or-break for any rental property • The secret power of syndications—and how you can scale even with no capital
Want to master real estate at the next level? Don't miss Robert's expert insights.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Canceling a guest's reservation on Airbnb isn't just awkward—it can be costly if you do it the wrong way. In this episode, we break down a proven playbook for canceling bookings penalty-free without tanking your visibility or getting fined. If you're hosting on Airbnb, these strategies could save your listing.
Key Takeaways: • Discover the exact scenarios where Airbnb allows penalty-free cancellations for hosts. • Why properly documented house rules are your first defense—and what happens if they're not up to date. • Learn how to gather and present solid evidence before contacting Airbnb support. • The correct way to communicate with guests when you need to cancel—and what NOT to say. • What to do if Airbnb penalizes you after following the rules—and how to successfully dispute it.
Canceling a reservation doesn't have to mean sacrificing your rankings or revenue. Follow this step-by-step approach to protect your listing, avoid penalties, and maintain great guest relationships. Don't forget to subscribe for more tactical hosting tips every week!
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Interest rates might not sound exciting, but they can make or break your real estate investments. In this episode, we break down the types of interest rates, how they're changing, and—most importantly—what this means for real estate prices, demand, and your next move. Lower rates are here... so what should you do next?
• Discover why interest rates are falling for the first time in years—and why this matters more than ever. • Learn how the 10-year treasury yield sets the tone for mortgage rates and real estate pricing. • Unpack the difference between the federal funds rate, prime rate, SOFR, and mortgage rates. • Understand how falling interest rates could spark massive demand and rising home prices. • Get practical action steps on refinancing, selling, or entering new real estate markets.
Understanding interest rates gives you a huge edge as a real estate investor. With rates dropping, now may be the perfect time to refinance, diversify, or re-enter the market. Share this episode, subscribe for weekly updates, and check out our tools below to help you earn more with less stress.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
If you're feeling the pinch from lower occupancy or slipping ADRs, it's time to get proactive. This week, we're diving into 10 revenue-boosting strategies you can implement immediately to increase your visibility, occupancy, and profitability—without adding stress. From pricing tactics to pet policies, these quick wins will help you maximize every booking.
• Discover the overlooked upsells that can instantly add cash to your bottom line. • How gap-night extensions can fill your calendar and reduce unbookable dates. • The low-cost tech upgrade that slashes utility bills and boosts control. • Why going pet-friendly could dramatically increase your bookings. • Strategies to stretch your average length of stay—and your profits.
Whether you're managing one unit or a growing portfolio, these 10 tips will help you earn more from every guest. Hit play and start optimizing your rental today!
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Tired of paying high OTA commissions? This week, we're diving deep into the power of direct bookings for your short-term rentals and boutique hotels. Learn how to increase profits, build guest loyalty, and protect your listings—all without getting kicked off Airbnb or VRBO. Discover strategies that top hosts use to win repeat guests and take control of their business.
- Discover how to set up your direct booking site in under 10 minutes
- Learn which types of properties benefit the most from direct bookings
- Tips to safely promote your site without OTA penalties
- Tools & tricks to capture guest emails for repeat bookings
- Real talk on what actually works (and doesn't) with social media marketing
Direct bookings are more than a trend—they're your path to long-term success and sustainability. Start small, stay consistent, and take back control of your rental income. If this episode helped you, subscribe, leave a review, or share it with a fellow host!
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Clear house rules are the secret weapon of top-performing short-term rental hosts. If you've dealt with noise complaints, surprise parties, or property damage, unclear rules may be the culprit. In this episode, we're sharing the 21 updated house rules we use to manage thousands of guests—plus how to implement them effectively.
• Discover the #1 rule every host should have in place—especially for direct bookings • How to handle local guests and underage bookings without breaking discrimination rules • What to include in your smoking, pet, and party policies to avoid headaches later • How to protect your rental income from late checkouts and excessive mess • Why mid-term stays require a whole different set of rules (and what most hosts miss)
Protect your property, improve guest communication, and sleep better knowing your bases are covered. Hit play now to upgrade your STR strategy.
DOWNLOAD OUR HOUSE RULES: https://strriches.com/airbnb-house-rules-template/
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Is Airbnb still worth it? In this episode, Tim shares why he took one of his short-term rentals offline—revealing the real earnings, tenant conflicts, and whether switching to a long-term tenant paid off. If you're facing STR fatigue or weighing your rental options, this candid story may change your strategy.
• Why a small studio in Memphis seemed like the perfect STR… until it wasn't • The hidden management headaches of mixing short- and long-term tenants • How STR market saturation quietly crushed revenue expectations • Why a midterm rental wasn't the right solution this time • What Tim would do differently—and the one thing he doesn't regret
This episode proves that short-term rentals aren't always the easy win. Understanding market shifts, guest expectations, and management challenges is critical. If you're thinking of making a similar move, weigh the numbers carefully. Don't forget to subscribe, share this episode, and check out the resources below for more support.
Resource Links:
Download the Growth Handbook: https://strriches.com/growth-blueprint/ Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
In this episode of the Short-Term Rental Riches podcast, Tim sits down with Pierre, the CEO of Hospitable, a leading property management software that powers hundreds of thousands of properties across the globe. Pierre shares the story behind Hospitable's founding, its incredible growth over the last nine years, and the unique challenges they've overcome to help property managers automate and streamline their operations.
- Origin Story of Hospitable
- From 0 to over $5B in reservation revenue
- AI vs. Human Touch in Hospitality
- Impact of Dynamic Pricing and Automation
- The Future of Property Management Software
*]:pointer-events-auto [content-visibility:auto] supports-[content-visibility:auto]:[contain-intrinsic-size:auto_100lvh] scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]" dir="auto" tabindex="-1" data-turn-id= "447bff70-3d3f-47ed-9ddd-9a4e7801510c" data-testid= "conversation-turn-4" data-scroll-anchor="false" data-turn= "assistant"> Tune in for an insightful conversation on the evolution of short-term rental management and the innovative solutions that are changing the game for hosts worldwide!
Resource Links:
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Winter is here—and so are the risks and expectations that come with cold-weather hosting. From fireplaces to frozen sidewalks, the season can be a liability minefield for short-term rental owners. In this episode, we walk through your essential winter checklist to keep guests cozy and your property protected. Stay tuned—it's more than just turning up the heat.
- Why swapping out your traditional fireplace might save you a major insurance headache - How your kitchen setup could be silently tanking your reviews—and what to do about it - The real risk of winter slips and falls (and the easy fixes most hosts ignore) - Why lighting and insulation matter more than ever for winter guest satisfaction - The critical safety items that boost your Airbnb visibility and protect your property
This winter-ready checklist isn't just about staying warm—it's about staying protected, profitable, and five-star rated. Tune in, prep smart, and give your guests a season to remember (for the right reasons). Don't forget to subscribe and share with a fellow host who needs a winter refresh.
Resource Links: Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Platform promotions are everywhere right now, but are they actually helping your short-term rental business, or just draining your profits? In this episode, we dig into the truth behind Airbnb, VRBO, and Booking.com discounts, uncovering how they work and how you can use them strategically without sacrificing revenue.
Learn how to stand out in search results without slashing your nightly rate.
What You'll Learn in This Episode: • How Airbnb's early bird, last-minute, and length-of-stay discounts really impact visibility • The "new listing" discount every OTA is pushing—and whether you should use it • Why dynamic pricing tools miss these promotions and how to avoid double discounts • Booking.com's loyalty Genius Program and how it compares to Airbnb or VRBO • A pro hack using PMS channel markups to gain visibility without lowering your prices
If you've been unsure about whether OTA discounts are worth it, this episode brings clarity and strategy. Learn how to work the system—without letting it work you. Don't forget to subscribe, share, and check the links below for free tools to help you scale your rental income the smart way.
Resource Links: Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
If you've ever wondered how Airbnb's commission changes will impact your short-term rental business, this episode is for you. We break down what you need to know about the new guest service fee changes, and how to adjust your pricing to protect your profits.
Get ready to make sure your property stays competitive, no matter the changes.
• Discover why Airbnb is shifting the guest service fee to hosts and what this means for your bottom line. • How to mark up your prices by the right percentage to ensure you earn the same amount you do now. • Why hosts with PMS connections need to adjust their prices differently than those not using one (and what this means for competition). • The impact of Airbnb's changes on guests and how California's new law is keeping your pricing transparent. • Pro tips on how to adjust your cleaning fees, stay competitive, and keep your rental attractive for guests.
If you're serious about staying ahead of the game on Airbnb and other platforms, this episode is a must-listen.
Resource Links:
Download the Growth Handbook: https://strriches.com/growth-blueprint/ Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
If you've ever wondered how to profit from real estate without jumping through short-term rental hoops, this episode is for you. CEO of Furnish Finder, Jeff Hurst, shares how midterm rentals are solving affordability and regulatory issues—and why they're becoming one of the hottest trends in housing.
Get ready to rethink your rental strategy.
• Discover how Furnish Finder is quietly dominating the 30+ day rental space—more listings than Airbnb for monthly stays! • Why midterm rentals are booming—and what tenant types are driving demand in 2025. • Jeff Hurst's insider take on why Airbnb-style platforms miss the mark on midterm stays. • How to scale profitably with less turnover, more stability, and fewer regulations. • Pro tips to price and manage midterm rentals like a pro (and avoid costly gaps).
If you're serious about sustainable rental income in today's economy, this episode is a must-listen. Jeff brings deep insight from years at Expedia and VRBO, now focused on the booming midterm rental space. Share this episode, leave a review, and stay tuned for more expert strategies.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Are you spotting red flag guests before they check in? Managing guest bookings effectively is key to running a smooth short-term rental business. In this episode, we reveal 9 red flags to look out for when screening guests — and how to avoid problematic stays before they happen.
- Discover the 9 red flags that could indicate a difficult guest.
- Learn why incomplete profiles and lack of communication are immediate red flags.
- Understand why last-minute bookings could signal trouble for your property.
- Hear how pushing boundaries on your house rules could lead to bigger issues.
- Get tips on handling local guests to avoid potential problems.
Don’t let bad guests disrupt your short-term rental success. Stay ahead of these red flags and protect your property with effective guest screening strategies.
Stay proactive in your rental management — ensure your guests are a good fit before they arrive. If today’s episode helped, make sure to subscribe, share, and check out our free tools and expert resources to run a smoother operation.
Resource Links:
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Are hidden Stripe fees eating into your profits? Most short-term rental hosts don’t realize they’re losing up to 1% on every transaction — and it’s totally avoidable. In this episode, we uncover the overlooked costs tied to Stripe integrations and reveal the simple steps to keep more of your earnings.
- Discover how most hosts are unknowingly paying 30% more in transaction fees
- Learn the biggest mistake hosts make when setting up Stripe (and how to fix it!)
- Understand the sneaky “application fee” your PMS might be charging you
- Get the inside scoop on ChargeAutomation and other gateway alternatives
- Hear battle-tested tips for winning chargeback disputes and staying protected
Get ready to rethink how you collect payments and unlock real savings on every booking.
Still using Stripe the default way? This episode could save you thousands.
Don’t let Stripe fees quietly drain your short-term rental profits. With the right setup and tools, you can save big while keeping full control over your payments. If today’s episode helped, be sure to subscribe, share, and explore our free tools and expert management services to scale smarter.
Resource Links:
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Discount requests from guests are inevitable, even when your pricing is perfectly optimized. But how you handle them can make or break your rental’s profitability. In this episode, we’re diving into the psychology behind discount requests, how to respond with confidence, and when—if ever—you should say yes.
5 Key Takeaways:
- Why guests really ask for discounts and how cultural norms may influence their behavior.
- The one scenario where offering a discount might make sense (and when it doesn’t).
- 5 crucial considerations before you ever offer a discounted rate—including a warning on guest quality.
- Alternatives to discounts that can still delight guests (without slashing your profits).
- How to professionally respond to discount requests using pre-set rules, empathy, and AI tools like ChatGPT.
Discounts don’t have to be the norm—and they shouldn’t be. With a clear strategy, professional responses, and a little confidence, you can keep your pricing intact while still giving guests a great experience. Don’t forget to subscribe and share if this helped clarify your approach!
Resource Links:
Download the Growth Handbook: https://strriches.com/growth-blueprint/ Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Airbnb recently shook up its search rankings—and if you're still focused on Superhost status, you might be missing out. In this episode, we unpack the Guest Favorite Badge, Airbnb’s new trust signal that can directly impact your bookings, revenue, and visibility. Find out what it takes to earn it and why it’s more important than ever.
What You’ll Learn in This Episode: • Why Airbnb replaced the Superhost filter with the Guest Favorite Badge—and what that means for you • The 4 exact requirements to qualify (including the one most hosts overlook) • How this badge can skyrocket your listing visibility and lead to more bookings • The “gold trophy” benefits for top 1%, 5%, and 10% of listings • Why single-property hosts dominate the badge—and how to scale without losing your edge
Understanding and earning the Guest Favorite Badge could be your edge in a crowded Airbnb market. Don’t let your listing get filtered out—apply what you learned today, and watch your bookings climb. Be sure to subscribe, share this episode, and explore more resources to grow your short-term rental business.
Resource Links: Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Guest check-ins should be smooth—not stressful. With hundreds of smart lock options out there, how do you choose the right one for your short-term rental? This week, we break down the 8 essential features every host needs in a smart lock—plus, the top 3 models we’ve tested and trusted over tens of thousands of guests.
5 KEY TAKEAWAYS FROM THIS EPISODE
• The 8 non-negotiable features your smart lock must have for STR success (yes, wifi memory is one of them!) • Why direct Airbnb integration isn’t enough—and how to cover VRBO & Booking.com too • The top 2 smart lock brands that perform best after 50,000+ guest stays • How platforms like RemoteLock and Operto automate guest codes across all channels • Bonus tip: Always have a backup entry plan (because tech still fails sometimes)
Ready to avoid lockouts and keep your guests smiling? This episode gives you the blueprint to choose the right smart lock, boost automation, and reduce stress—for you and your guests. Don’t forget to subscribe and share with a fellow host who could use fewer late-night check-in calls.
Scams in the short-term rental world are more common and damaging than ever. From copycat listings to payment loopholes, both hosts and guests are getting hit. In this eye-opening episode, we uncover the 7 most frequent STR scams and share the steps you can take right now to protect your business and your peace of mind.
- The copycat Craigslist scam (happened to us personally)
- Booking.com payment loopholes that cost you money
- Chargeback fraud from guests who actually stayed
- Stolen credit card bookings
- The dirty linens scam
- Cleanliness fraud (they use your place, then demand refunds)
- Third-party squatters who sublet your property
Whether you're new to hosting or have hundreds of bookings under your belt, scam-proofing your short-term rental is no longer optional. Use these insights and practical tips to stay a step ahead. If you found value in this episode, don’t forget to share, subscribe, and explore our bonus resources below.
A powerful new bill has changed the game for short-term rental investors. If you’re looking to reduce your tax bill and increase your ROI, now is the time to act. In this episode, we reveal how 100% bonus depreciation can work in your favor—and how to qualify for it even without being a full-time host.
• The little-known IRS rule that could unlock massive tax deductions in year one. • Two surprising ways to “materially participate” (without being a hands-on landlord). • A strategy that turns your property setup time into a long-term tax advantage. • Why traditional STR management might be holding you back financially. • What smart investors are doing right now to stack tax savings for years to come.
If you’re earning a high income and want to reduce your taxes legally, this episode could be your biggest tax-saving opportunity yet. Don’t miss out—your future self (and CPA) will thank you.
Resource Links: Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
If your short-term rental isn’t booking, slashing your prices might seem like the easy fix—but that move could be draining your profits. In this episode, we uncover five common pricing mistakes hosts make that actually hurt their revenue.
Learn when not to drop your rates, and what strategies to use instead to maximize bookings., and so much more:
- Why matching market prices often misses the real problem (visibility & reviews)
- When low occupancy means hold steady, not slash prices
- How your market's booking window prevents panic pricing
- Why high occupancy + discounting = lost revenue
- How to price unique properties without comps
Knowing when not to lower your rates is just as important as knowing when to offer deals. These five pricing insights could save you thousands and unlock more consistent bookings. If you found value in this episode, leave a quick review and share it with another host—it really helps!
Resource Links: Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
It’s our 300th episode, and we’re pulling back the curtain on 10 years of short-term rental success! From 50,000+ guests to managing properties in 3 countries, Tim reflects on the real journey—wins, losses, and the seven books that changed everything. If you're serious about STRs, this milestone episode is one you don't want to miss.
● The early days: managing STRs from across the hall to managing globally from afar ● Why falling in love with the problem is the real secret to scaling your business ● The 7 life-changing books that built the foundation of long-term STR success ● How STR management has gotten harder—and why that’s actually good news for operators ● What's next: The vision behind building the largest virtual STR management company in the world
This episode is a blueprint for sustained success in the evolving world of short-term rentals—perfect for both newbies and seasoned hosts.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
While most hosts are still handling guest communication the old way, the biggest hotel chains and STR management companies are already using AI to handle guest reception. This week, we’re exploring how AI guest reception can revolutionize your operations, enhance consistency, and cut costs without losing the human touch.
In this episode, we break down:
- Exactly how AI guest reception works and when to use it
- 5 ways AI outperforms human communication
- When AI will fail you (and you need real people)
- Real examples from companies already using this successfully
- How our team of 20+ uses AI to manage guest communication for 200+ properties
Listen in to find out how to make it work for your business.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
How much money do short-term rentals really make after five years? In this episode, Tim pulls back the curtain on one of his personal properties, revealing actual numbers - gross, net, and everything in between. As the STR landscape shifts nationwide, find out how rising supply and falling rates are impacting returns and what to do about it.
• Discover supply surges in major STR markets • Hear the full breakdown of Tim's Memphis STR: gross income, cash flow, and true ROI • Learn why 2022 was an outlier year for many STRs and what’s changed since • Get 5 proven ways real estate pays • Walk away with actionable backup plans for when income dips and expenses rise
This episode is a rare, honest peek into real-world STR returns. Don’t miss the tips that could protect your profits and maximize your property's long-term value.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
First impressions make or break your bookings. In this fun and revealing episode, we react to real Airbnb listings that totally missed the mark, and break down exactly why. Whether it’s poor photo choices, bad review responses, or incomplete details, we uncover the do’s and don’ts of creating a listing that converts. Get ready to laugh and learn.
5 Key Takeaways • 73% of guests decide to book or bounce within the first 30 seconds of viewing your listing. • Your title should sell unique amenities, not repeat obvious info. • Bad lighting, poor staging, and non-professional photos tank your credibility. • Review responses can make or break your future bookings. • Small details and info go a long way in building trust.
Great listings don’t happen by chance. From polished photos to professional guest communication, the little things separate a booked-up property from a lonely calendar. Want help perfecting your listing? We’ve got the tools and team to help. Subscribe, share, and stay tuned for next week’s episode!
Resource Links: Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Do calendar gaps have you silently bleeding profits from your midterm rentals? In this episode, we tackle one of the biggest overlooked money drains for 30-night minimum properties and how to stop it. Whether you're managing due to regulations or love fewer turnovers, this strategy could save your ROI.
• Discover the #1 profit-killer in midterm rentals, and it’s not pricing. • Learn how Airbnb calendar settings unintentionally create unfillable gaps. • Get a step-by-step breakdown of the “Adjacent Night Availability” strategy. • See how dynamic pricing tools like PriceLabs can help you plug those revenue leaks. • Understand when a long-term lease might actually outperform your midterm rental.
If you’ve invested in a midterm rental, don’t let calendar gaps destroy your returns. This episode shows how a few smart settings can make a massive difference. Be sure to subscribe, share with fellow hosts, and check the links below to grow your rental income the smart way.
Negative reviews can crush your short-term rental’s visibility, but what if you could get them removed? In this episode, we dive into Airbnb’s evolving review dispute process (now powered by AI!) and reveal practical tactics to fight back against unfair ratings. Learn how to protect your listing, even in today's tougher review climate.
• Discover how Airbnb’s new AI dispute process works and why it changes everything • Learn the exact terms and proof Airbnb requires to remove negative reviews • Hear a real case where a guest left a 1-star review... without even staying! • Find out how to proactively stop bad reviews before they’re even posted • Explore smart recovery tactics to bounce back fast after a negative review
Bad reviews don’t have to define your success. With the right tools, responses, and strategies, you can protect your property’s performance and maintain strong visibility. Don’t forget to subscribe, share, and check out our powerful resources to stay one step ahead in your STR business.
Resource Links:
Download the Growth Handbook: https://strriches.com/growth-blueprint/ Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Grow your short-term rental management business without burning out! In this episode, we unpack 13 actionable strategies to help you scale, from building referrals and optimizing Google presence to leveraging tools like AirDNA and creating content that drives results. Whether you’re new or established, this episode is packed with must-know tactics.
• Discover how signing up for Airbnb’s co-host network boosts your visibility instantly • Learn how a CRM system and proactive outreach can unlock new client opportunities • Build strong referral pipelines with real estate agents, cleaners, and interior designers • Use data tools like AirDNA and PropWire to identify struggling listings and win them over • Scale faster with strategies like content creation, lease arbitrage, and even acquisitions
These 13 strategies are your blueprint to scaling your short-term rental portfolio. From tech to teamwork and outreach to ownership, this episode will help take your business to the next level. Don’t forget to subscribe, share, and explore the resources below to maximize your growth.
Resource Links:
Download the Growth Handbook: https://strriches.com/growth-blueprint/ Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Where are short-term rentals thriving, and why? In this data-packed episode, AirDNA’s Chief Economist Jamie Lane reveals surprising trends in booking windows, top-performing markets, and how STRs are evolving post-pandemic. If you're wondering where to invest next or how to outperform the competition, this one's a must-listen. Ready to unlock smarter, data-driven decisions?
• Discover how STR supply trends have shifted from urban cores to rural hotspots—and what that means for your portfolio • Learn the top 3 metrics investors should be analyzing before choosing their next STR market • Why booking windows are shrinking—and how to adjust your pricing strategy without panicking • The channel advantage: how Booking.com, Airbnb, and VRBO attract very different guest types • Forecasting future growth: Jamie Lane’s surprising predictions for STR demand and global travel
This episode unpacked the power of data in driving STR success. Whether you're scaling or just starting, insights from AirDNA can guide your next move with confidence. Don’t forget to subscribe and share this episode with fellow investors—your smarter portfolio starts here.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Short-term rental rules are tightening fast and ignoring them can cost you big. This episode reveals 7 critical steps to ensure your Airbnb or vacation rental stays on the right side of the law. Whether you manage one unit or dozens, avoiding fines and keeping your STR compliant starts here.
- Learn why zoning changes could cost you your STR rights overnight
- Discover all the layers of STR rules: city, county, HOA, and more
- Get smarter about permits, licenses, and ongoing inspections
- Hear a real-life example of a property that got shut down
- Find out how to set alerts and backup plans to protect your rental income
Staying compliant isn’t just about avoiding fines, but rather protecting your investment. Hit play to ensure your property doesn't get blindsided by new rules.
Resource Links:
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
What do 10 million new Airbnb guests mean for your STR? A lot, especially if you're unknowingly filtering them out. In this episode, we unpack why welcoming first-time guests isn’t a risk, it’s a missed opportunity if you’re not prepared. Learn how to vet, host, and profit from new users with confidence.
• Find out why so many top hosts are missing out on high-paying, first-time guests. • Learn the pros and cons of accepting new users and how to screen smartly. • Discover the red flags that matter (and which ones don’t) when vetting first-time bookings. • See why big events like concerts and the Olympics bring a flood of new, profitable guests. • Get the exact tools, messages, and house rules we use to protect properties and boost loyalty.
OUTRO
Every experienced guest started as a first-time guest and some of your best future bookings will too. With the right systems, you don’t just protect your property, you unlock more revenue and better reviews. Subscribe for more episodes like this, share with a fellow host, and grab the free house rules template in the show notes. Let’s grow your business, one great guest at a time.
Resource Links: Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
How could rising tariffs at the Canadian and Mexican borders possibly affect your Airbnb? Turns out, quite a lot. In this episode, we break down how new 25% tariffs could increase your renovation and furnishing costs—and what you can do to prepare for a tighter margin environment.
• Discover how new tariffs can increase your construction and renovation costs by 10% or more. • Learn why your furniture and appliance budget needs to grow—and how to plan for it. • Understand how these price hikes impact international travel, guest spending, and your occupancy. • Get actionable tips on using dynamic pricing tools like PriceLabs and AirDNA to stay competitive. • Find out how to prep for longer lead times, inventory issues, and future-proof your STR investments.
Tariffs may sound like far-off policy shifts, but they’re already working their way into your operating budget. Stay informed, adjust your strategies, and protect your margins by staying ahead of these shifts. Don’t forget to subscribe, share the episode, and tap into the resources below.
Resource Links: Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
How do you build a short-term rental business when you have kids, a full-time job, and almost no time?
In this episode, we break down a real story. I interview Lydia and unpack her journey, the systems she uses, and the lessons she wishes every host knew from the beginning. Discover the lessons every host should hear before starting.
- How Lydia scaled from backyard host to full-time STR owner in Florida
- Choosing the right market remotely and why it matters
- Tools Lydia uses to stay organized: ClickUp, Asana, Structured App
- Finding a reliable local assistant on Upwork
- How she keeps operations smooth—even during travel
This episode is proof that a stress-free, family-friendly STR business is possible, even across state lines. If Lydia can do it with kids, a full-time job, and limited time, so can you. Tune in, get inspired, and take that next step toward building your dream short-term rental setup.
You're not going to want to miss this one.
Think long-term tenants cause less damage than short-term guests? Think again. In this episode, we dive into surprising data from Tim’s personal portfolio showing how short-term rentals can actually reduce your maintenance costs.
Discover the real numbers, real stories, and real savings that might change your rental strategy forever.
- Why long-term rentals may cost you more in the long run—especially after tenant turnover
- Real-world maintenance savings Tim uncovered over 10+ years of STR operations
- How frequent cleanings and guest stays actually help preserve your property
- The secret power of proactive maintenance in short-term rental success
- What landlords often overlook when calculating true maintenance costs
Short-term rentals aren’t just higher income—they can actually be lower maintenance, too. If you’ve only considered LTRs for their “ease,” this episode may shift your thinking. Want to keep learning? Don’t forget to subscribe, share this with a fellow investor, and check out our helpful resources below.
Resource Links Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
What happens if a guest damages your short-term rental and they booked through Booking.com? Good news: they now offer host protection. But it’s not as great as it sounds...
In this episode, we break down the truth behind Booking.com’s new damage policy, what’s covered, and why you still might want to stick with deposits.
5 Key Takeaways:
• The Damage Policy Breakdown: Booking.com now offers a host damage protection program, but it’s filled with fine print and limitations.
• Deposits vs. Damage Program: Learn why collecting a deposit might offer stronger protection than relying on Booking.com’s mediation process.
• The Shocking Fine Print: Discover what’s not covered—like extra cleaning, pet damage, smoking, or even rule violations.
• How to Set It Up (Step-by-Step): A walkthrough on how to activate the damage policy within the Booking.com extranet settings.
• Our Recommendation After 50,000 Guests: Hear why Tim and his expert team still favor deposits and what evidence you can’t use in a damage claim.
This episode is a must-listen for any host using, or considering, Booking.com. Knowing how to protect your rental can save you thousands and major headaches.
Resource Links: Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Your reviews don't just reflect guest experiences—they create them. In this essential episode, we're breaking down how guest expectations (shaped by prior reviews) can make or break your reputation. Discover the psychology behind reviews, how many you need for protection, and actionable ways to build your "safety net."
Key Takeaways:
- Why guest reviews are shaped more by expectations than just the actual stay
- How negative reviews influence new guests to look for flaws
- The critical "40 review" milestone where bad reviews hurt less
- How clean communication can buffer against mistakes and save reviews
- The importance of consistency and exceeding expectations to maintain stellar ratings
Your reviews are doing more than you think—they're marketing for you. Stay sharp and proactive to avoid the downward spiral of negative feedback. Tune in to learn exactly how many reviews you need to create a safety net and ensure your short-term rental thrives. Don't forget to subscribe, share, and tap into our free resources below.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Want to unlock up to 30% more revenue from your short-term rental or boutique hotel? This week, we're diving into the powerful concept of "stacking wins" — small optimizations that, when combined, lead to massive growth. Tune in to learn the simple steps you can take today to maximize earnings and future-proof your property.
5 Key Takeaways:
- Why optimizing your listing photos, descriptions, and titles is the first big win for better bookings.
- How multi-channel distribution not only boosts revenue but shields you from platform changes.
- The importance of dynamic pricing — and why flat rates are costing you thousands.
- Why fast, stellar guest communication can make or break your entire business.
- How stacking these strategies leads to compounding results, pushing you into the top revenue percentiles.
Stacking wins isn’t about chasing hacks — it’s about strategically refining your operations for real, lasting success. Apply these optimizations or let our expert team do the heavy lifting for you. Subscribe, share, and connect with us to make the most of your property's potential!
Resource Links: Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
We’ve talked about Booking.com before, but in 2025, it’s more important than ever to take it seriously as a revenue-driving channel for your short-term rental. In this episode, we’re diving deep into why Booking.com deserves a place in your strategy this year—and how to set it up for success.
Whether you're brand new to the platform or you've tried it before and tapped out, we’re covering everything you need to know:
- Why Booking.com is a gold mine (especially for international and business travelers)
- Step-by-step walkthrough on setting up your property
- Key differences from Airbnb and VRBO
- How to handle payments (including new features like Payments by Booking)
- 2025 updates to know—AI tools, damage protection, visibility boosters, and more
- Mistakes to avoid and tips to boost visibility and guest quality
- Plus, why your photos, cancellation policy, and guest screening process really matter
If you’re only on Airbnb or VRBO, you’re leaving money on the table. This episode gives you the tools to change that.
Looking for hands-off help? Visit striches.com and see how our team can manage your property for you.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Think your dynamic pricing tool is doing all the heavy lifting? Think again. In this episode, we expose five major flaws that could be silently draining your rental revenue. With insights from managing properties in 20+ cities worldwide, Tim breaks down why pricing automation isn’t truly “set it and forget it”—and what to do instead.
Get ready to plug the leaks and boost your bottom line.
• Discover the #1 reason pricing tools misfire—and why their data isn't as accurate as you think • Learn why “one price fits all” fails across platforms like Airbnb, VRBO, and Booking.com • Find out how rural locations or unique properties throw off automated pricing strategies • See why top-performing listings get underpriced without proper manual adjustments • Understand how hidden fees and discounts distort true pricing across platforms
Don’t let lazy pricing leave money on the table. These 5 insights could make all the difference in maximizing your short-term rental income. Hit play to learn how to outsmart the algorithm and stay ahead of the curve.
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Struggling to fill your calendar for the summer season? This episode breaks down 7 essential steps to refresh your short-term rental listing, outshine the competition, and ensure your property is booked solid. Discover the tweaks and tools you need now to capture attention and secure high-value guests. Don’t wait—peak season is just around the corner.
- Why refreshing your listing and completing every OTA section could skyrocket your visibility
- The #1 way to understand why guests aren’t booking—straight from your listing insights
- How to position your summer-friendly amenities to beat out local competition
- Why knowing your booking window can make or break your pricing strategy
- Pro tips to elevate your guest experience with a digital guidebook that earns 5-star review
This episode is packed with actionable tips to help you stay ahead in a crowded summer rental market. Want to keep those bookings rolling in? Then don’t miss this one
Resource Links: Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
The short-term rental market has evolved, and unique properties are leading the way! This week, Tim Hubbard welcomes back Dave Zook of Zook Cabins to discuss how modular cabins are reshaping STR investments. Discover why smaller, high-quality units can generate massive returns and how turnkey solutions simplify the process for investors.
What You'll Learn in This Episode:
- Why modular cabins outperform traditional STR properties
- How investors can test the waters with a single unit before scaling
- The surprising ROI of compact, high-quality park model homes
- The benefits of tax-friendly depreciation for modular properties
- How off-grid solutions and Starlink are making remote rentals easier than ever
Why Listen? If you're looking for a high-return, low-hassle way to expand your short-term rental portfolio, this episode is packed with actionable insights. Learn how Zook Cabins simplifies STR investing with modular solutions that maximize profits while minimizing operational headaches. Tune in now!
Resource Links:Check out Zook Cabins here: https://www.strriches.com/cabin/ Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your FREE management eBook: https://strriches.com/#tools-resources Looking to EARN MORE with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Are you a short-term rental host with stellar reviews? If so, you might be sitting on a goldmine! In this episode, we break down how a perfect 5-star rating can significantly boost your pricing power. Using real data from cities like Palm Springs, Las Vegas, and Paris, we explore how top-rated listings perform and what pricing strategies you can implement to maximize your revenue.
What You’ll Learn:
- How review scores impact your booking rates and pricing potential
- The percentage of listings with perfect reviews in major STR markets
- How to use dynamic pricing tools like PriceLabs for premium pricing
- Why monitoring booking windows is crucial for revenue growth
- The best setting to automate and optimize your STR pricing strategy
Having an exceptional review score isn’t just about bragging rights—it directly affects your revenue! This episode dives deep into how to position your property for premium pricing, boost occupancy, and take advantage of automated pricing strategies. Tune in to discover how you can make the most of your hard-earned 5-star status and increase your short-term rental income.
Resource Links: Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches Grab your free management eBook: https://strriches.com/#tools-resources Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Pricing your short-term rental is no easy task—but with the right tools, you can maximize revenue and occupancy. In this episode, Tim welcomes Anurag Verma, co-founder of PriceLabs, to discuss how dynamic pricing has evolved, why data-driven decisions matter, and how hosts can optimize their strategies in an increasingly competitive market.
In This Episode, You’ll Learn:
- How PriceLabs grew from a beta tool to managing 450,000 properties worldwide
- Why pricing flexibility leads to higher earnings
- The most underutilized feature in PriceLabs that hosts should be using
- How AI and automation are shaping the future of dynamic pricing
- Actionable tips for setting the perfect base price and fine-tuning your strategy
Why Listen? Whether you’re a new host or an experienced property manager, this episode is packed with insights to help you optimize pricing, increase bookings, and stay ahead of market trends.
Resource Links:
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Relevant Tags: #DynamicPricing #PriceLabs #AirbnbOptimization #ShortTermRentals #RevenueManagement #VacationRentalSuccess #STRInvesting #HospitalityTech #RealEstateTools
Property management is evolving, and virtual management is leading the way. In this episode, Tim welcomes Justin Winfield, a real estate veteran and co-founder of Corzly Inc, to discuss why the traditional model is broken—and what the future holds for property owners. Justin shares his global real estate journey, from China to Vancouver to Colombia, and why he believes technology-driven management is the key to maximizing revenue while reducing headaches.
In This Episode, You’ll Learn:
- Why traditional property management is outdated and inefficient
- How virtual management increases revenue and improves guest experience
- The key role of AI and technology in optimizing short-term rentals
- Why big property managers struggle with guest satisfaction and reviews
- How Corsley is reshaping the hospitality industry with a tech-first approach
Why Listen? If you’re managing a short-term rental, boutique hotel, or vacation property, you need to hear why virtual management is the future. Tim and Justin break down how you can boost revenue, save time, and deliver top-tier guest experiences—all without the headaches of traditional management.
Resource Links:
Check out our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
Grab your free management eBook: https://strriches.com/#tools-resources
Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/ Check out Justin's Hotel at https://nidoskyhotelmedellin.com/ (p.s.. we created the website for him and do for all of our partners as well)
The short-term rental market is evolving rapidly, and in this episode, we dive deep into the world of vacation rental management with Marcus Rader, CEO of HostAway. With over $365 million in recent funding and a $924 overall valuation, HostAway is leading the charge in property management automation and software integration. Marcus shares his journey in defining what makes a great PMS and how technology is reshaping guest experiences.
- The Evolution of PMS Software – How HostAway became a top vacation rental software.
- The Role of Technology in Rentals – From smart locks to AI-driven guest interactions.
- Why Direct Bookings Matter – The push towards independence from major OTAs.
- Midterm Rentals: The Next Big Thing? – How the market is shifting to accommodate longer stays.
- Scaling a Rental Business Successfully – Key insights for property managers and investors.
Marcus also discusses how the short-term rental market is maturing and why now is an exciting time to get started. With competition growing, it’s crucial to adopt the right tools, optimize guest experiences, and stay ahead of industry trends. Plus, Marcus shares a game-changing tip that could instantly improve your guest reviews.
If you’re looking for a property management solution, want to optimize your rental strategy, or just stay ahead of industry trends, be sure to follow along with Short-Term Rental Riches for more expert insights. Don’t forget to grab our free property management guide at strriches.com to help maximize your rental income!
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Watch our videos on YouTube: https://www.youtube.com/@ShortTermRentalRiches
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Looking to earn more with your property (without the headaches)? Chat with our expert management team: https://strriches.com/management-services/
Housekeeping is one of the biggest contributors to short-term rental success. Yet, large property managers are consistently failing in this area, leading to bad reviews and lost revenue. In this episode, we look at national review averages from over 5,000 vacation rentals in the most popular areas and why they have averages from 4.02 to 4.62! Tim Hubbard discusses why property owners should consider hiring their own housekeepers to maintain higher standards and create better guest experiences.
- Housekeeping & Review Scores – Why cleanliness impacts guest ratings and revenue.
- Large Property Managers’ Shortcomings – How inconsistent housekeeping teams hurt your rental business.
- The Benefits of Hiring Your Own Housekeeper – Improved consistency, attention to detail, and guest experience.
- How to Find Your Own Housekeepers – Tips for recruiting and setting cleaning standards.
- The Financial Impact of Cleanliness – How better reviews lead to higher nightly rates and more bookings.
By the end of this episode, you'll understand why hiring your own housekeeper is one of the best investments you can make for your rental business.
If you’re looking for ways to optimize your rental strategy, be sure to follow Short-Term Rental Riches for more expert insights. Don’t forget to grab our free property management guide at strriches.com to help maximize your rental income! Looking to earn more money with less headaches? Chat with the team that manages Tim's portfolio of 46 properties: https://strriches.com/management-services/
One of the biggest mistakes short-term rental (STR) owners make is assuming their STR manager is handling repairs in the most cost-effective way. The truth? Many property managers either mark up repair costs, delay small fixes until they become major problems, or use their own preferred vendors who charge higher rates. If you’re not reviewing your Airbnb repair expenses, you could be losing thousands of dollars every year without realizing it.
The key to running a profitable short-term rental isn’t just about getting bookings—it’s also about managing expenses. STR maintenance costs can add up quickly, but with the right approach, you can avoid unnecessary fees and keep your property in great shape. In this video, I’ll share the top risks of letting your STR manager handle repairs unchecked and give you practical strategies to protect your rental income while keeping your guests happy. Let’s get into it.
In this episode, you’ll learn: * Overpriced Repairs – Many STR managers mark up maintenance costs or hire expensive contractors instead of getting competitive quotes. * Unnecessary Fixes – You might be paying for repairs that aren’t urgent or even needed at all. Always ask for before-and-after photos. * Delayed Maintenance – Small issues, like a leaky faucet, can turn into costly repairs if ignored. Some managers don’t prioritize timely fixes. * Lack of Transparency – If you’re not reviewing repair invoices, you could be paying hidden fees without realizing it. * Limited Vendor Options – Many STR property managers use their own preferred vendors who charge higher-than-average rates, cutting into your profits.
Letting your STR manager handle repairs might seem like the easiest option, but it can come at a cost—literally. If you’re not actively monitoring repair expenses, you could be overpaying for Airbnb maintenance without even knowing it. The good news? A little oversight goes a long way. Always ask for itemized repair invoices, get multiple quotes for major fixes, and consider having a backup handyman you trust.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
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Hosting on Airbnb is an amazing way to make passive income, but it’s not always smooth sailing. Most guests are great, but every now and then, you’ll get a guest who leaves you completely speechless. Airbnb horror stories are rare, but when they happen, they’re unforgettable. Recently, Brian Chesky, the CEO of Airbnb, shared a bizarre guest complaint—someone wanted a refund because a ghost was "harassing them." Funny enough, the Airbnb listing actually mentioned the ghost (his name was Stanley). But as wild as that sounds, I can tell you—we’ve dealt with way crazier things in our short-term rental properties.
In this episode, I’m sharing some of our craziest Airbnb guest stories, from guests checking into the wrong unit to naked people in common areas—and even a dead raccoon hidden in the walls. Whether you’re an Airbnb Superhost or just starting your STR business, these stories will give you a real look at what it’s like behind the scenes. Plus, I’ll share some Airbnb host tips to help you avoid your own guest nightmares. Let’s get into it!
In this episode, you'll learn: * Airbnb CEO Brian Chesky’s Ghost Story—We Have Our Own! A guest once requested a refund because a ghost was “harassing” them, even though they booked the listing because of the ghost. They left a 3-star review a full year after their stay! * The Naked Guest & Her Life-Size Unicorn One of our cameras caught a guest standing completely naked at the top of a shared staircase—with a giant unicorn prop next to her. Just another day in Airbnb hosting. * Wrong Unit Mix-Ups Happen More Than You Think From guests entering occupied units to one guest knocking on every door in a gated community, Airbnb check-in issues are more common than you’d expect. * The Worst Airbnb Smell Ever—A Dead Raccoon in the Walls Guests complained about a horrible smell in one of our vacation rentals. After weeks of searching, we found a rotting raccoon inside the walls. Definitely one of the worst hosting surprises ever. * A Guest Walked in on a Couple in Their Own Bed A guest returned from making a cocktail on a shared terrace, only to find a couple in their bed… in the middle of the act. Turns out, the other guests had walked into the wrong unit and made themselves at home.
If you’ve been an Airbnb host, you probably have a crazy guest story of your own. And if you’re new to short-term rentals, don’t worry—these Airbnb nightmares are rare, but they do happen. The good news? With the right guest screening and Airbnb hosting strategies, you can avoid bad guests and make your STR business run much more smoothly.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
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If you’ve ever set a revenue target for your Airbnb, you’re not alone. A lot of short-term rental hosts aim for a specific income—maybe six figures a year or $10K a month. And while setting goals can be motivating, the truth is revenue targets might be costing you money. That’s because your Airbnb revenue isn’t based on what you want to earn—it’s determined by supply and demand. If you’re using last year’s numbers or a random target, you could be underpricing or overpricing your property, leading to lost revenue.
Instead of relying on outdated data, it’s crucial to use a smart Airbnb pricing strategy based on real-time market conditions. In this video, I’ll show you how dynamic pricing for Airbnb works and why tools like PriceLabs, Beyond Pricing, and Wheelhouse are essential for maximizing Airbnb profits. I’ll also explain why you should be tracking RevPAR (revenue per available rental) instead of just focusing on occupancy rates or nightly prices. Whether you’re new to Airbnb hosting or managing multiple properties, these insights will help you increase Airbnb income and stay competitive in your market.
Key Takeaways * Revenue targets can limit your Airbnb earnings. Your short-term rental pricing should be based on real-time supply and demand, not a fixed income goal. * Last year’s data isn’t always reliable. Market conditions change—new properties, regulations, and shifting demand mean you can’t rely solely on past performance. * Dynamic pricing tools like PriceLabs, Beyond Pricing, and Wheelhouse adjust your Airbnb prices daily based on real market trends. * Track your performance using RevPAR (Revenue per Available Rental). Focusing only on occupancy or nightly rates can be misleading—RevPAR gives a more accurate picture of profitability. * Fine-tune your pricing strategy regularly. Even with the best pricing tools for Airbnb, you still need to monitor booking trends and adjust accordingly for maximum Airbnb profits.
So, if you’ve been setting a revenue target for your short-term rental, it might be time to rethink your approach. Instead of sticking to a fixed number, focus on real-time Airbnb pricing strategies that respond to market trends. Use dynamic pricing for Airbnb to automatically adjust your rates, track your performance with RevPAR, and stay ahead of the competition by analyzing supply and demand.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
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Is 2025 the right time to jump into the short-term rental (STR) game? It’s a question I get asked a lot, especially as the STR market continues to evolve. With rising competition, new regulations, and changing guest expectations, it’s natural to wonder if Airbnb is still a good investment. The truth is, while the industry has shifted, the opportunity to create a profitable Airbnb business is very much alive—if you know how to adapt. After nearly a decade in the short-term rental space, I’ve learned that success isn’t just about having a great property—it’s about understanding the trends, navigating challenges, and offering an experience that keeps guests coming back.
Today, I’ll share an honest look at the current state of the Airbnb market in 2025. We’ll talk about key factors like market saturation, guest preferences, and the impact of new tools and technology. Whether you’re considering starting your first Airbnb or scaling an existing short-term rental business, I’ll help you decide if 2025 is still the right time to jump in—and how to do it profitably. Let’s get started!
In this episode, you’ll learn:
- Competition Is Rising: With more people entering the STR space, market saturation is a real challenge in some areas. That’s why finding a unique selling point (like a killer design or standout amenities) is more important than ever.
- Guest Expectations Are Changing: Today’s travelers are looking for more than just a place to sleep—they want unique, Instagram-worthy stays with all the comforts of home. Use tools like my Recommended Resources to help you stand out.
- New Regulations in Some Markets: From city-specific rules to stricter licensing, it’s important to research regulations in your target market before you invest. These rules can impact profitability, so do your homework.
- Technology Can Be a Game-Changer: From dynamic pricing tools like PriceLabs to automated guest communication, leveraging the right tools will save you time and help maximize profits.
- Opportunities Are Still Out There: Even with challenges like competition and regulations, demand for short-term rentals remains strong in the right markets. Focus on high-demand locations and offer something guests can’t find elsewhere.
So, is starting an Airbnb in 2025 still worth it? The answer really depends on your strategy, market, and willingness to adapt to changes. Short-term rentals are still a great way to generate income, but success comes down to planning and execution.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
If you’ve ever wondered how to scale your short-term rental business or pivot into a new real estate niche, boutique hotels might be the perfect opportunity for you. Boutique hotel investing combines the fundamentals of STRs—guest experience, revenue management, and location—but on a much larger scale. And the best part? Unlike single-family STRs, boutique hotels are valued based on income, not comps, giving you more control over asset appreciation.
In this episode of Short Term Rental Riches, Tim interviews Rich Somers, a seasoned real estate investor with an $80M portfolio of boutique hotels. Rich shares his journey from managing Airbnbs to acquiring and renovating underperforming boutique hotels in some of the most competitive markets. Along the way, he highlights essential strategies, like leveraging seller financing, navigating Airbnb regulations, and mastering SEO and direct bookings. Whether you’re just starting in real estate investing or are a seasoned STR operator, this episode is packed with actionable insights to help you grow your portfolio while maximizing guest experience and revenue.
In this episode, you'll learn: * STRs vs. Boutique Hotels: Boutique hotels offer scale and operational control, and their valuation is based on income instead of comparable properties. This allows investors to force appreciation by increasing revenue. * Creative Financing Strategies: Many boutique hotels are owned outright by baby boomers, creating unique opportunities for seller financing. Offering flexible terms can help you close deals faster. * Airbnb Regulations Are an Advantage: Tight short-term rental regulations in many cities are driving demand back to boutique hotels. Choosing markets with strict Airbnb rules can create high occupancy and premium rates. * Direct Bookings & SEO: Focusing on direct bookings through SEO and social media marketing can reduce reliance on OTAs (Airbnb, Vrbo) and significantly boost your bottom line. * Overcoming Challenges: From high-interest bridge loans to unexpected renovations, boutique hotels require proper contingency planning and operational excellence to mitigate risks.
The boutique hotel space is rapidly growing, and as Rich Somers explained, it’s one of the best ways to scale your portfolio while navigating strict Airbnb regulations and a high-interest rate environment. Whether you’re leveraging seller financing, using bridge loans, or refining your guest experience strategy, the potential for forced appreciation and profitability is massive in boutique hotels.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
I’m excited to have you here because today’s episode is all about improving your short-term rental game with practical, actionable tips. I’ve been in this business for years, and if there’s one habit that’s made a huge difference, it’s taking notes on everything—whether I’m listening to a podcast, attending an event, or watching STR success stories on YouTube. I recently went through my inbox, where I save all my ideas, and pulled out 12 incredible tips to help you boost Airbnb visibility, improve your listing, and enhance your guest experience.
In today’s fast-paced STR market, standing out is key, and small changes can make a massive impact. From ensuring your property is categorized correctly on Airbnb (yes, you can request a category change!) to investing in high-quality photos with drone shots and twilight lighting—this episode covers it all. I’m also diving into smart tech upgrades like wireless chargers and pet-friendly touches that guests love. And if you’re scaling your business or managing properties remotely, stay tuned for operational tricks, including how to leverage same-day deliveries for emergencies. Let’s dive in!
Key Takeaways:
- Optimize Airbnb Categories: Request up to 5 new categories for your listing to improve visibility using the Airbnb category request page (visit elevate.translated.com/categories).
- Professional Photos Matter: Invest in drone photos, twilight shots, and highlight parking or nearby attractions to attract more guests.
- Add Convenience with Tech: Install wireless chargers by bedsides and in common areas—guests love having quick access to charging.
- First Impressions Count: Check your doormat! Ensure it’s clean and welcoming. Bonus points for adding a fun message that makes guests smile.
- Consistent Lighting: Make sure your lightbulbs match in color temperature (stick with warm 3000K for a cozy feel)—no "hospital lights"!
Thanks for tuning in! Whether you’re updating your photos, adding smart tech upgrades, or fine-tuning your pricing strategy, remember that every step brings you closer to running a standout short-term rental. These small but impactful changes can lead to higher bookings, glowing reviews, and a smoother operation overall.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Welcome back to Short-Term Rental Riches! I’m excited to be home in Medellin after visiting California, where I got to check in on my first short-term rental properties from 2015. This episode is all about the big takeaways from 2024 and what to expect in 2025. If you’ve been hosting Airbnb guests or managing short-term rentals, you know that market trends change fast—and understanding STR market trends for 2025 can be your key to maintaining high occupancy and revenue. This year, I’ve seen a significant drop in new STR supply, but demand has remained strong, creating a huge opportunity for hosts who are leveraging the right strategies.
I’ll cover the most important trends, including how AI is reshaping how guests search for properties and why Google Vacation Rentals could be a game-changer for direct bookings. If you’re using tools like Price Labs or considering listing on Google to avoid commission fees, this is your guide to staying competitive. Whether you're focused on increasing your Airbnb revenue or refining your guest experience to earn more five-star reviews, this episode is packed with practical advice. Let’s dive in and set you up for success in 2025!
If you're looking to increase your Airbnb revenue and optimize your STR listings, this episode is packed with actionable tips! In this episode, you’ll learn: * Occupancy Trends & Supply Slowdown: STR supply is stabilizing or decreasing in some markets, giving established listings an edge to increase bookings. * Average Daily Rate (ADR) Adjustments: Nationwide, ADRs have dipped slightly, making dynamic pricing tools like Price Labs essential for maximizing your revenue. * AI’s Impact on Search: Guests are using AI-based searches to find highly specific STRs. Properties that align with personalized searches will see increased visibility. * Google Vacation Rentals: Google’s no-commission listing option is a game-changer for direct bookings. Partnering with platforms like Hostaway makes integration seamless. * Long-Term Strategy with Direct Bookings: A direct booking website can reduce your reliance on platforms like Airbnb and VRBO, especially as competition grows.
Thanks for tuning into Short-Term Rental Riches! With the 2025 market shaping up, staying informed and proactive can help you outpace the competition. Whether it’s leveraging AI to boost your listing visibility, optimizing your pricing strategy, or listing on Google Vacation Rentals, there’s never been a better time to strengthen your short-term rental business.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Drop your thoughts or questions in the comments and let me know what trends you’re seeing in your market. Don’t forget to like, and subscribe for updates. Here’s to crushing your 2025 STR goals—see you in the next episode!
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Today, we’re unpacking all things short-term rental profitability with a special guest, John Bianchi, who’s mastered the art of finding profitable Airbnb markets and avoiding risky investments. Over the years, I've received countless messages asking, “Is this property worth the purchase?” or “Is this STR market too crowded to make money?” While I’d love to dive into everyone’s listings, it’s a time-consuming process that requires detailed research. That’s why experts like John are game-changers—they provide the market analysis and strategies you need to make informed decisions quickly.
In this episode, we’ll cover how to navigate saturated Airbnb markets, identify whether there’s still room to profit, and build a data-backed "buy box" so you can spot a winner faster. John also explains why amenities matter and how unique features like game rooms and outdoor spaces can give your listing a competitive edge. Whether you’re worried about how your listing ranks on platforms like Airbnb or struggling to figure out how much to spend on upgrades, this conversation is packed with Airbnb investing tips you won’t want to miss. Let’s dig in and help you level up your Airbnb portfolio in 2025 and beyond!
In this episode, you’ll learn: * Understanding Market Saturation Just because a market has lots of listings doesn’t mean it’s off-limits. John explains why some Airbnb markets are still worth investing in, even when they seem oversaturated. * Luxury Demand vs. Fun-Driven Amenities Instead of only focusing on a high-end look, create listings with experience-focused amenities like game rooms or outdoor entertainment to boost your short-term rental revenue. * The Power of Data Tools Not all data is equal! John recommends STR data tools like PriceLabs and AirDNA to track trends and find the right Airbnb pricing strategy for your market. * Risky STR Markets to Avoid Some regions that surged during the pandemic—like Blue Ridge—are struggling with low demand despite high home prices. John shares insights on when to walk away from "boomed" areas. * Building a Strong “Buy Box” Narrow down your options by creating a list of key features—like the right number of bedrooms and essential amenities. Once you spot an outlier with higher projected revenue, you’ll know you’ve found a winner.
Thanks for tuning in to another episode of Short-Term Rental Riches! John gave us a ton of valuable insights into building a profitable Airbnb portfolio and identifying top STR markets. Whether you're planning to buy in 2025 or upgrading an existing listing, remember that using the right tools and strategies can make all the difference.
Unlock Profitable Airbnb Opportunities with John Today!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Finding profitable Airbnb properties in 2025 might seem like a challenge, but it’s far from impossible with the right tools and strategies. Today, we’re joined by Airbnb investing expert Jon Bianchi, who has helped direct over $90 million in STR investments across 200+ properties. From real estate data analysis to selecting the right markets, Jon has fine-tuned a process to identify cash-flowing STR properties that outperform others.
In this episode, we break down Jon’s strategies for using platforms like AirDNA for STR market analysis, optimizing amenities to attract guests, and avoiding risky real estate markets. Whether you’re focused on boosting Airbnb income or expanding your real estate portfolio, this conversation delivers insights for STR success. If you’ve ever wondered how to turn your property into a revenue-generating asset, this episode is a must-listen.
In this episode, you’ll learn: * Effective STR Market Analysis: Learn how to use AirDNA and other tools to identify profitable short-term rental markets with potential for cash flow. * Key Amenities for Success: Discover the must-have amenities that make your property competitive and the nice-to-have features that set you apart. * Avoiding Risky Real Estate Investments: Identify oversaturated or underperforming markets to avoid costly investment mistakes. * Boosting Airbnb Income: Optimize your STR listings with better management, guest experience, and strategic amenities for maximum revenue. * How to Find Cash-Flowing Properties: Understand price-to-rent ratios and the importance of full-time hosting data for STR property selection.
Unlock Profitable Airbnb Opportunities with John Today!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Real estate markets are constantly evolving, and short-term rental investing adds another layer of complexity. As an Airbnb host or STR investor, it’s not just about demographics and trends. You also need to consider unique factors like oversupply in short-term rentals, the potential for unfavorable regulations, and even crime rates in your chosen market. These risks, if overlooked, can undermine the success of your investment.
In this video, we’ll unpack four reasons why some markets are just too risky for your next Airbnb or STR property. From volatile real estate speculation risks to markets with increasing short-term rental competition, knowing how to identify red flags can save you from costly mistakes. We’ll also talk about how guest reviews and selecting the right property type can help you stand out in competitive markets. So, whether you’re using tools like AirDNA to assess market trends or navigating landlord laws for STRs, these tips will ensure your next move is a smart one.
5 Key Points: * Speculative Markets Are Risky: Investing in areas reliant on unpredictable appreciation is a gamble. Focus on markets with stable growth and strong fundamentals, avoiding those known for real estate speculation risks. * Oversupply Can Hurt Profits: Use tools like AirDNA to analyze how new short-term rentals impact average occupancy and daily rates. Markets flooded with STRs often lead to declining revenues. * Landlord Laws Matter: Research local landlord laws for STRs to ensure you're compliant. Regulations are constantly changing and can significantly affect your ability to operate. * Crime Rates and Reviews: High crime rates can hurt both property value and guest experiences. Negative reviews stemming from unsafe neighborhoods can drive away future bookings. * Differentiation is Key: In oversaturated markets, focus on delivering exceptional guest experiences and maintaining strong Airbnb reviews to outperform the competition.
Investing in short-term rentals offers fantastic opportunities, but only if you approach it with the right knowledge. Understanding real estate speculation risks, avoiding oversupply, navigating landlord laws for STRs, and prioritizing safe neighborhoods are critical steps toward success.
Stay ahead by leveraging tools like AirDNA, focusing on guest reviews, and staying informed about market trends.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
If you're managing short-term rentals, you know how vital dynamic pricing tools are to maximizing your revenue. Platforms like PriceLabs and Wheelhouse integrate seamlessly with Airbnb, VRBO, and Booking.com, making it easier to adjust rates daily. However, what many hosts don’t realize is that the price you see in your tool often doesn’t match the final cost your guests pay. These hidden costs—from platform commissions to payment processing fees—can significantly impact your pricing strategy and overall revenue management.
In this episode, I’ll break down 6 hidden factors affecting the prices your guests see. Whether it’s Airbnb commission fees, property management software charges, or local taxes, understanding these details is key to staying competitive. We’ll also discuss how cancellation policies, STR promotions, and discounts influence your listings on platforms like Booking.com and VRBO. By the end, you’ll have actionable insights to fine-tune your short-term rental revenue management strategy for optimal results.
Key Points: * Channel Commission Fees: Airbnb, VRBO, and Booking.com charge varying fees that directly impact the final price your guests see. Stay informed to stay competitive. * Property Management Software Charges: Tools like HostAway and Guesty often add hidden fees, which can inflate the price without your knowledge. * Payment Processing Fees: Credit card fees, often around 3%, are passed on to guests or deducted from your revenue, depending on the platform. * Cancellation Policies & Rate Plans: Offering flexible or non-refundable booking options can change guest pricing significantly and impact your revenue strategy. * Taxes & Local Fees: STR taxes, like transient occupancy fees, can vary widely by location and platform. Make sure your listings on Airbnb, VRBO, and Booking.com are aligned.
Pricing isn’t just about setting competitive rates—it’s about understanding the ecosystem of fees and commissions that affect your listings. By diving into these dynamic pricing insights, you’ll be better equipped to maximize your short-term rental revenue and deliver great guest experiences. If you’re looking for help with revenue management or pricing strategies, my team and I are here for you.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Welcome back to the Short Term Rental Riches podcast! Today, we’re unpacking the latest trends reshaping the short-term rental industry, straight from the HostChella conference in Miami.
One of the biggest takeaways? Travelers are opting for more budget-friendly alternatives—what Airbnb calls "destination dupes." Instead of splurging on high-demand locations like Lake Como, Italy, guests are gravitating toward nearby, affordable destinations like Lake Maggiore. This shift offers a huge opportunity for property investors looking to expand their portfolios without breaking the bank.
Whether you're new to short-term rentals or a seasoned host, these insights will help you maximize bookings, improve efficiency, and stay ahead of the curve.
5 Key Takeaways:
- Budget-Friendly Travel Is Booming: Guests are seeking affordable "destination dupes," making secondary markets a hot spot for short-term rental investment.
- Maximize the 'Billboard Effect': Listing on OTAs like Airbnb and Booking.com can drive direct bookings—especially if you create a dedicated website using tools like HostAway.
- Adopt Dynamic Pricing Strategies: With tools like PriceLabs or Wheelhouse, adjust your rates to market demand and maximize revenue.
- Plan Ahead with Open Calendars: Travelers are planning further out—up to 18 months in advance—so opening your calendar wide can increase visibility and bookings.
- Navigate Changing Regulations: STR regulations vary by city and neighborhood. Use services like Avalara to ensure compliance and avoid surprises.
Thanks for tuning in to this week’s episode! The travel landscape is evolving, and staying informed is your ticket to success in the short-term rental industry. Whether you're adjusting to new guest trends or exploring tools to streamline your operations, there’s always an opportunity to grow.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Trash might not be the first thing you think about when managing your short-term rental, but it’s often one of the most critical pieces of the puzzle. From overflowing trash bins to improperly sorted waste, neglecting trash management can ruin a guest’s first impression and even lead to poor reviews. The good news? With a few simple strategies, you can streamline your vacation rental operations, leaving your property sparkling clean for every check-in.
In this episode, we’re diving into trash management solutions for Airbnb hosts and short-term rental property managers. You’ll discover why asking guests to take out the trash isn’t the best practice, how to coordinate with your housekeeping team, and how services like CanMonkey can simplify the process. Whether you’re managing a single property or an entire portfolio of vacation rentals, these tips will help you save time, avoid stress, and provide a seamless guest experience. Let’s get into it!
In this episode, you'll learn: * Leverage Your Housekeeping Team: Coordinate with your housekeepers to handle trash removal. Offer flexible scheduling or additional pay to align with local trash pickup days. * Use CanMonkey or Similar Services: Automate your trash management with services like CanMonkey, which handle trash can placement and retrieval based on local schedules. * Hire Landscapers for Trash Removal: If you have a landscaper who visits regularly, consider adding trash duties to their service for a small fee. * Build Neighborly Connections: Foster good relationships with neighbors. They, or their kids, may be willing to help manage trash bins for a modest payment. * Add Extra Trash Cans: Prevent overflowing trash by investing in additional bins, giving you more flexibility with pickups and capacity during busy guest stays.
Managing trash doesn’t have to be a burden, even for busy Airbnb hosts or property managers. With these tips, you’ll not only keep your property looking great but also enhance the overall guest experience—leading to better reviews and more bookings. Whether it’s working with your housekeepers, neighbors, or services like CanMonkey, there’s a solution for every host.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In this episode, we dive into the world of scaling short-term rentals through boutique hotel investment with Blake Dailey, a real estate investor who’s made waves in the Airbnb and boutique hotel markets.
As Airbnb’s popularity shifts, many investors are looking for alternatives to increase profitability and provide unique guest experiences. Blake shares his strategies for finding high-potential boutique properties, implementing direct booking strategies, and maximizing revenue through added amenities and efficient operations. If you’re interested in passive income from real estate or learning how to scale from single-family Airbnb properties to larger boutique hotels, this conversation is packed with valuable insights.
Topics Covered:
- Scaling Short-Term Rentals: Moving from Airbnb rentals to boutique hotel investment
- Airbnb Alternatives and Market Trends: Why direct bookings and boutique hotels are rising in popularity
- Boutique Hotel Investing Tips: Insights on finding, evaluating, and purchasing boutique hotel deals
- Property Management Automation: Leveraging virtual reception and tech for efficient STR operations
- Revenue Management and Value-Adding Amenities: Maximizing revenue through amenities and tailored guest experiences
Thanks for watching today’s episode on scaling short-term rentals with Blake Dailey! From real estate investing tips to the advantages of boutique hotel investments, we’ve covered a lot of ground. As Airbnb continues to evolve, many investors are finding that alternatives, like boutique hotels and direct booking platforms, can provide a profitable and unique approach to short-term rentals. Remember, successful STR management is all about creating a memorable guest experience, making smart investments, and staying efficient with automated operations.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In this episode, we uncover practical strategies for short-term rental cost management that every Airbnb host and boutique hotel owner should know. Tackling unexpected STR maintenance expenses, optimizing housekeeping operations, and reviewing recurring charges can be the difference between high profits and financial strain.
When it comes to running short-term rentals or boutique hotels, many owners overlook the hidden costs that can add up fast. While regular maintenance, guest turnover, and general operational expenses are common in the STR industry, the way we manage these costs can make or break our profitability. A critical area to pay attention to is STR maintenance expenses. Repairing major issues like gas leaks or roof damage is costly not just for the direct repair but also for lost income from blocked days. Every day your property is unavailable translates to lost revenue, which, when added up, could mean thousands out of your pocket.
In this episode, you’ll learn: * Factor in true maintenance costs: Include lost income from blocked days to get a comprehensive view of STR maintenance expenses. * Get business income loss insurance: Protect your rental property income against major disruptions. * Avoid over-blocking for housekeeping: Ensure cleaning is scheduled efficiently to maximize availability. * Audit recurring expenses: Regularly review and renegotiate your software subscriptions and utility bills. * Evaluate team productivity: Check if your support staff or virtual assistants are contributing effectively to cost management.
Before you move on to your next reservation or guest interaction, take a step back and evaluate your current practices. Are there recurring expenses you could cut or renegotiate? Are blocked days for housekeeping holding back potential income? Even the smallest adjustments can lead to substantial financial improvements in your short-term rental cost management. Remember, every saved dollar adds up to a stronger bottom line.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
If you've been in the short-term rental (STR) game for a while, you know how important a reliable virtual assistant (VA) can be for scaling your business. VAs can handle guest communications, bookings, and admin tasks, freeing you up to focus on growth. But with the boom in remote work, a challenge has emerged: virtual assistants working multiple jobs. While it's great for them to pursue extra income, it’s problematic when it affects their job performance and your STR management. Identifying and addressing these productivity issues is key to maintaining a successful STR business.
Today, we’re going to look at the signs that indicate your VA might be multitasking with other jobs and what this means for your STR business growth. The productivity of your team affects not only day-to-day operations but also guest satisfaction and overall revenue.
Key takeaways:
- Delayed Response Times: If your VA consistently replies late to guest inquiries or task updates, it could indicate divided attention due to other jobs.
- Frequent Excuses: An uptick in excuses, such as sudden technical problems or illnesses, can be a sign of multitasking.
- Drop in Productivity: Notable declines in work quality or output often hint at a VA handling multiple responsibilities outside your STR operations.
- Use of Monitoring Tools: While time tracking apps can help, focus on overall productivity to spot real issues—not just screen time.
- Clear Work Agreements: Outline that your VA should not work for another employer during their scheduled hours for you to maintain STR business efficiency.
Managing virtual assistants and remote teams comes with unique challenges, especially when running a short-term rental business. Ensuring productivity and clear communication can keep your STR management smooth and guest experiences positive.
Remember, maintaining transparency and setting upfront expectations are vital for long-term success. Thanks for tuning in, and until next time, keep growing your STR business!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
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You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
The short-term rental industry is undergoing rapid changes, and the Vacation Rental Management Association (VRMA) 2024 conference was the ideal event to catch up on the latest developments. This year’s VRMA conference highlighted the most recent trends in the vacation rental space, covering everything from revenue management best practices to AI-powered tools for hosts. Whether you're an Airbnb host with one property or a property manager overseeing hundreds of STRs, the insights from this event can make a significant impact on your operations and revenue. Key discussions centered around improving guest experiences, minimizing host cancellations, and leveraging AI tools to automate tasks and enhance STR management.
In this video, I'll share my top takeaways from VRMA 2024, focusing on how major players like Airbnb, Booking.com, and VRBO are tackling the industry's biggest challenges, including fraud prevention and evolving regulations. You’ll learn about effective STR revenue management strategies, AI tools to boost your property's performance, and tips to handle guest issues without affecting your superhost status. If you're aiming to optimize your short-term rental business, stick around—this video will offer valuable insights that can help you boost revenue, streamline operations, and ultimately achieve more success as a host or property manager.
Key Takeaways * STR Trends from VRMA 2024: Major OTAs like Airbnb, Booking.com, and VRBO discussed host cancellations, fraud prevention, and the need for clearer STR regulations. * AI Tools for Airbnb Hosts: New AI solutions include dynamic pricing adjustments, automated communication, and fraud detection, all designed to make STR management easier. * Revenue Management Best Practices: AirDNA data showed that professionally managed STRs saw a 6% revenue increase, while individual operators faced a 4% decline—emphasizing the importance of effective revenue strategies. * Fraud Prevention Tips for STRs: To prevent fraud, use verified payment methods, obtain rental agreements, and verify guest IDs, which can help reduce disputes. * Boosting STR Revenue with AI: AI-powered tools now offer personalized guest interactions, automated booking updates, and the ability to optimize pricing across platforms—key to improving STR performance.
Thanks for watching my recap of the VRMA 2024 conference! As you can see, the STR industry is moving fast, with plenty of opportunities for hosts and managers to optimize their operations, boost revenue, and prevent fraud. If you’re looking to stay ahead in the short-term rental space, keep tuning in—I’ll be reviewing more insights from VRMA in the coming weeks, covering the latest tools, revenue management strategies, and regulation updates.
If you enjoyed this video, please like, share, and subscribe for more Airbnb tips and STR success strategies. Let me know in the comments which topics you’d like to explore next, and I’ll see you in the next video!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In this episode, we're discussing emergency preparedness for short-term rentals and how to protect your Airbnb. Natural disasters like hurricanes, floods, and wildfires are becoming more frequent, and as short-term rental hosts, it's our responsibility to be prepared for when they strike. If you operate in areas prone to these events, ensuring you have the right insurance coverage, clear guest communication strategies, and a well-thought-out disaster management plan is crucial.
We'll explore how you can protect your business from loss of income due to natural disasters, navigate Airbnb cancellation policies, and handle emergency guest management during power outages or severe weather events. If you've experienced something like Hurricane Milton or a wildfire affecting your property, this episode is packed with actionable advice to help you get through it.
5 Key Takeaways:
- Get the right STR insurance: Make sure your short-term rental insurance covers natural disasters like floods, hurricanes, and fires, along with loss of business income.
- Clear guest communication is key: Keep your Airbnb guests updated with real-time information during emergencies, especially regarding power outages or evacuation protocols.
- Plan for cancellations and refunds: Understand Airbnb’s cancellation policies during disasters and have clear rules in place to manage cancellations or refunds fairly.
- Offer alternative accommodations: If you manage multiple properties, offer guests an alternative Airbnb location or a credit toward future stays if they need to cancel due to a natural disaster.
- Prepare for loss of income: Ensure your STR insurance includes loss of business income to cover any period when your property is uninhabitable, so you don't suffer financial losses.
Dealing with emergencies is stressful, but by being proactive, you can protect your Airbnb or short-term rental business and your guests. Make sure your STR is prepared by having the right insurance, setting up clear guest communication during disasters, and planning for cancellations or refunds when necessary. If you manage properties in disaster-prone areas, review your insurance policies and guest communication strategies now—before the next emergency strikes.
Thanks for tuning in! I hope this episode gave you practical tips on preparing for emergencies in the short-term rental space.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In this episode of Short Term Rental Riches, we're exploring how to maximize rental income using Padsplit, a platform that allows you to rent by the room instead of the entire property. This rental strategy is especially valuable if you're in a market where short-term rental regulations have gotten stricter or if you're looking for an Airbnb alternative to increase your rental revenue. Padsplit offers a unique way to rent rooms for semi-long-term stays, with average stays lasting 8 months, helping both landlords and tenants.
In this episode, you'll learn:
- What is Padsplit and how it works to boost rental income.
- Why renting by the room can increase revenue.
- How Padsplit helps landlords reduce vacancy risks.
- Why this model works well in urban areas and college towns.
- How to get started with Padsplit today.
If you're looking for an Airbnb alternative or a way to keep your rental income stable, Padsplit could be your answer!Thanks for tuning into this episode! If you’re looking for ways to increase rental income without the headache of nightly turnovers or if you’re in a market where short-term rental regulations are getting stricter, Padsplit might be the perfect Airbnb alternative for you.
Renting by the room offers a steady income stream and helps reduce vacancy risks.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Managing a successful short-term rental requires more than just a beautiful property—how you communicate with guests and manage their experience directly impacts your reviews and, ultimately, your revenue. Airbnb reviews have a huge influence on how often your property gets booked and at what price.
Recently, I spoke with a short-term rental owner who experienced a steep revenue drop after shifting from self-management to using a property management company. Despite having a great property, their Airbnb reviews tanked, resulting in their earnings dropping from $75,000 to $23,000. This shows just how important it is to maintain high Airbnb ratings and ensure your guests are satisfied.
In this episode, we’ll break down exactly how bad reviews can affect your short-term rental revenue and how you can boost your Airbnb guest reviews to maintain high occupancy and income.
Let’s dive into how you can keep your reviews high and your short-term rental profitable.
- Airbnb Reviews & Revenue: A low average rating (below 4.5) can significantly reduce your Airbnb bookings and slash your revenue.
- Effective Guest Communication: Quick and personalized communication is essential for earning 5-star Airbnb reviews and improving guest satisfaction.
- Managing Guest Expectations: Align your property description and photos with reality to prevent negative feedback and keep your short-term rental revenue steady.
- The Risk of Poor Property Management: Switching to a property manager with bad reviews can drastically impact your income, as seen with this owner’s revenue drop.
- Recovering from Bad Airbnb Reviews: Focus on improving communication and hospitality to bounce back from bad reviews and regain high Airbnb ratings.
As we’ve seen, bad Airbnb reviews can severely affect your short-term rental revenue. It all boils down to guest communication and setting the right expectations. If you’re struggling with maintaining high Airbnb ratings or have seen your revenue drop, take a close look at how you’re managing guest interactions and your reviews.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Struggling to fill your calendar and keep your Airbnb booked?
Today, we’re going to cover one of the most crucial aspects of running a successful Airbnb—pricing. Whether you're new to hosting or a seasoned pro, setting the right Airbnb pricing strategy is key to maximizing your occupancy rates and keeping your property fully booked. In this episode, I’ll walk you through how to use dynamic pricing tools like PriceLabs and Wheelhouse to ensure you're not leaving money on the table. More specifically, we’ll look at a short-term rental pricing metric that takes only a few seconds to find but can have a huge impact on your revenue.
One common mistake hosts make is setting their Airbnb minimum price too high, even with dynamic pricing in place. I’ll show you how to quickly check if your minimum price is too high and what to do if it is.
Plus, we’ll talk about how to adjust your pricing for weekends, holidays, and low-season periods to stay competitive. If your occupancy has been dropping or you're concerned about maximizing your Airbnb revenue, then this episode is for you.
Episode Highlights:
- Check Minimum Price Frequency: Find out how often your dynamic pricing tool sets your property at the minimum price and use this data to adjust if needed.
- Create a Wide Pricing Range: Make sure there's a large gap between your Airbnb base price and your minimum price, allowing dynamic pricing tools to do their job effectively.
- Seasonal & Weekend Adjustments: Always set different Airbnb pricing strategies for weekdays, weekends, and holidays to capitalize on peak demand times.
- Cross-Check Competitor Pricing: Compare your property’s prices to nearby competitors on Airbnb to stay ahead in your local market.
- Lower Prices When Necessary: Don’t be afraid to lower prices during off-peak times to boost your Airbnb occupancy—especially if you have strong guest screening in place.
Thanks for watching! I hope this episode helps you fine-tune your Airbnb pricing strategy and boost your short-term rental revenue. Remember, pricing isn’t a set-and-forget task—it’s dynamic and changes with the market. Keep checking how often your price hits its minimum and adjust as needed to stay competitive.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
If you’re looking to buy an existing short-term rental, it's essential to understand that it’s not as simple as transferring ownership. There are several critical steps involved in making sure the property you're purchasing will continue to perform well.
This episode will walk you through the financial due diligence process, how to handle existing reservations and Airbnb reviews, and the potential challenges of dealing with third-party STR management. Whether you’re a seasoned real estate investor or just starting your Airbnb business, these tips will guide you through the complexities of buying a property that's already operating as a short-term rental.
One of the most important aspects of this process is ensuring that the financials of the property are accurate. It’s not enough to rely on the seller's numbers—you'll need to verify the income with actual bank statements and use tools like AirDNA, PriceLabs, or STR Insights to get accurate estimates of the property’s revenue potential.
But beyond finances, there’s also the question of what's included in the purchase. Are the photos, furniture, and even the Airbnb account being transferred? If not, you’ll need a plan for how to manage existing bookings and recreate the property’s online presence. We’ll dive into these details so you can avoid the pitfalls that come with buying an existing short-term rental.
Episode highlights:
- Financial Due Diligence: Verify all income claims with actual bank deposits and use tools like AirDNA and PriceLabs for accurate revenue estimates.
- What’s Included: Ensure the purchase agreement clearly specifies what’s included in the sale—furniture, photos, and the Airbnb account.
- Airbnb Account Transfer: Learn about the challenges of transferring an existing Airbnb account and reviews, and what to do if the seller won’t transfer the account.
- Managing Existing Reservations: Understand how to manage and honor existing reservations, or how to reschedule or cancel them if needed.
- STR Management Tips: If the property is managed by a third party, know what to expect regarding the transfer of bookings and control of the property’s listings.
I hope this episode has provided some clarity on the process of buying an existing short-term rental. There’s a lot to consider, but if you take these steps, you’ll ensure a smooth transition and protect your investment. Whether you're handling Airbnb reviews, existing reservations, or setting up new listings, the key is to stay organized and informed.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In today’s episode, we’re diving deep into the world of tax strategies for short-term rental investors with the renowned Amanda Han, a real estate CPA and tax expert. If you're in the Airbnb business, this episode is a must-watch as Amanda shares how to take advantage of the short-term rental tax loophole to offset your W-2 income, even if you don’t qualify as a real estate professional. With over a decade of experience, Amanda has helped countless real estate investors, including myself, save thousands in taxes while building wealth through real estate tax deductions and depreciation strategies.
We also discuss critical tax updates for 2024, including changes to bonus depreciation and how it impacts your tax filings. Amanda walks us through the best practices for tracking material participation hours, which are key for audit-proofing your Airbnb business.
Whether you're new to the short-term rental market or a seasoned pro, Amanda’s insights into real estate tax benefits could make a huge difference to your bottom line. This episode is packed with actionable tips, so get ready to take notes!
In this episode, you’ll learn: * Airbnb Tax Loophole: Learn how short-term rental owners can use the Airbnb tax loophole to offset W-2 income without qualifying as a real estate professional. * Material Participation for STRs: Understand the importance of tracking your hours to meet material participation and how it can help you save on taxes. * Bonus Depreciation Updates: Get the latest on bonus depreciation for real estate investors in 2024 and how to apply it to your Airbnb property. * Real Estate Professional Status vs Short-Term Rentals: Find out the difference between real estate professional status and material participation for short-term rentals, and how each impacts your tax savings. * Audit-Proof Your Airbnb Business: Amanda shares her top tips for tracking hours and expenses, so you can audit-proof your Airbnb business and avoid IRS penalties.
Thanks for tuning in to this episode packed with tax strategies for short-term rental investors! Amanda Han’s expertise in navigating the Airbnb tax loophole and the latest updates on bonus depreciation are invaluable for anyone looking to grow their wealth while minimizing taxes. Whether you're aiming to qualify for real estate professional status or just want to ensure your tax filings are audit-proof, Amanda’s advice can help you achieve your goals.
For more great tips, make sure to visit Amanda’s site at KeystoneCPA.com where you’ll find a free eBook on short-term rental tax strategies. And don’t forget to subscribe to this channel for more insights into real estate tax benefits, Airbnb tax deductions, and other tips to maximize your profits as a short-term rental investor!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In this episode of the Short-Term Rental Riches podcast, we sit down with Leo Walton, co-founder of Superhog, to talk about effective guest screening and risk management for short-term rental hosts.
Leo brings a wealth of experience, from avoiding fraudulent bookings to preventing damage, Leo shares key strategies that every short-term rental host should have in place.
Discover how to prevent unwanted guests, minimize damage, and protect your Airbnb or vacation rental property with the best practices in guest verification and fraud prevention.
In this episode, you’ll learn:
- Guest Screening Reduces Damage Risk by Tenfold: Learn how Superhog’s guest verification tools help prevent bad guests from booking your property.
- Prevent Credit Card Fraud: Leo Walton discusses how to avoid fraudulent bookings with effective guest screening processes.
- Instant Book and Risk Management: Understand the importance of combining guest screening with instant bookings to increase occupancy without increasing risk.
- Deposit Waivers vs. Damage Waivers: Discover how offering these protective measures can help safeguard your property and increase your revenue.
- Fraud Prevention and Airbnb Direct Bookings: Find out how Superhog protects hosts from the rising threat of credit card fraud and unwanted guests.
Thanks for tuning in to this episode of the Short-Term Rental Riches podcast! We hope you found Leo Walton’s insights on guest screening and risk management as valuable as we did. If you're a short-term rental host looking to protect your property and minimize risk, Superhog's tools and strategies can make a big difference.
Take advantage of StayFi's special offer for our listeners
👉👉👉 50% OFF The First Three Months! Click Here! 👈👈👈
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In this episode, we break down the top 8 riskiest parties or events that can happen in your Airbnb. Drawing from years of experience and managing over 40,000 guests, we discuss how to spot potential red flags and what measures you can take to protect your investment.
Whether you’re hosting through Airbnb, Vrbo, or another platform, understanding these risks is crucial to maintaining a smooth operation. We cover everything from weddings to spring break parties, offering practical tips to help you manage your vacation rentals effectively.
Episode highlights:
- Music or Concert After-Parties: These events can vary significantly in risk depending on the type of concert attended. Keep an ear out for concerts that could lead to noisy after-parties.
- Weddings and Wedding Receptions: Large gatherings like weddings can lead to noise complaints, especially if your property isn’t suited for big events.
- 21st Birthday Parties: Celebrating legal drinking age often involves heavy alcohol consumption, making this type of party particularly risky.
- College Graduation Parties: These events often involve young adults who might not be fully aware of your house rules, leading to potential disturbances.
- Bachelor/Bachelorette Parties: High on the list of risky events, these parties often involve large groups and heavy drinking, especially in popular destinations like Nashville.
And there you have it—the eight riskiest parties you could host in your Airbnb. Remember, while these events can be challenging, they can also be lucrative if managed correctly. By taking the right precautions, like setting clear house rules and using security tools, you can enjoy the benefits without the headaches.
Take advantage of StayFi's special offer for our listeners
👉👉👉 50% OFF The First Three Months! Click Here! 👈👈👈
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Launching your Airbnb successfully and getting fully booked is the goal of every short-term rental (STR) host. It’s essential to have a well-thought-out strategy that ensures your property not only stands out but also secures those all-important first bookings. In this episode, we’ll walk you through the key elements of a successful Airbnb launch, from taking advantage of the initial visibility boost to optimizing your listing with Airbnb’s new listing discount. These strategies are designed to help you build momentum quickly, so your property stays fully booked and generates consistent revenue.
But it doesn’t stop there. To maximize your Airbnb revenue, it’s crucial to understand how to leverage seasonal pricing and diversify your booking platforms. While Airbnb might be your primary channel, expanding your presence to other platforms like VRBO and Booking.com can significantly increase your booking potential. We’ll also discuss the importance of building a strong review base early on, which not only boosts your credibility but also drives more bookings across all platforms. With the right approach, your Airbnb launch can be a major success, setting you up for a profitable year ahead.
Key takeaways:
- Maximize Airbnb Visibility: Leverage the initial visibility boost you receive as a new Airbnb listing to secure early bookings and establish your property in the market.
- Strategic Airbnb Pricing: Utilize Airbnb’s new listing discount to attract guests while maintaining revenue by adjusting your base price. Experiment with pricing strategies to optimize visibility without sacrificing income.
- Build Reviews Quickly: Accept shorter stays initially to build up your review base on Airbnb and other platforms like VRBO. A strong review base is critical for gaining trust and boosting bookings.
- Seasonal Pricing Strategies: Align your property launch with peak seasonal demand and adjust your pricing based on booking windows to capture high-value bookings at optimal times.
- Diversify Booking Platforms: Expand your property’s presence beyond Airbnb to platforms like VRBO and Booking.com. This strategy helps you reach a broader audience, build reviews on multiple platforms, and secure more bookings.
Launching a new short-term rental property in 2024 doesn’t have to be daunting if you approach it with the right strategies. By maximizing your Airbnb visibility, implementing effective pricing strategies, and diversifying across multiple platforms, you can set your property up for long-term success. Remember, the key is not just to get those first few bookings but to maintain a steady flow of guests and build a solid review base that will keep your calendar full all year round. Thanks for watching, and we’ll see you in the next episode!
Take advantage of StayFi's special offer for our listeners
👉👉👉 50% OFF The First Three Months! Click Here! 👈👈👈
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Today, we've got a real treat for you on the Short Term Rental Riches Podcast. I'm excited to welcome Tyann Marcink Hammond, the queen of guest experience from TouchStay. Tyann's been a powerhouse in the short-term rental industry since 2007, and she’s here to share her extensive knowledge on creating unforgettable guest experiences. From the days of manually uploading photos and waiting for listings to go live to the digital age of seamless bookings and guidebooks, Tyann has seen it all.
In this episode, we dive into the importance of digital guidebooks and how TouchStay is revolutionizing the way hosts communicate with their guests. Tyann explains how a well-crafted guidebook not only enhances the guest experience but also saves hosts time by answering common questions before they even arise.
Episode Highlights * Evolution of the STR Industry: Tyann started in 2007, dealing with platforms like Vrbo and Craigslist, witnessing the industry's growth and technological advancements. * Importance of Digital Guidebooks: Learn how TouchStay's digital guidebooks can streamline guest communication and enhance their experience by providing essential information right at their fingertips. * Effective Communication Strategies: Discover the best practices for timing and methods of communication to cater to different types of guests, from planners to last-minute travelers. * Upselling Tips: Explore creative upselling strategies, such as offering charcuterie boards, to increase your revenue and enhance the guest experience. * Managing Large Properties: Tyann shares her expertise on handling large family reunions and groups, ensuring smooth operations and high guest satisfaction.
Thanks for tuning in to this episode of the Short Term Rental Riches Podcast! We hope you found Tyann's insights as valuable as we did. If you're ready to take your guest experience to the next level, consider implementing some of the tips and strategies discussed today. Don't forget to check out TouchStay for their amazing digital guidebooks that can help streamline your operations and enhance your guests' stay.
Take advantage of StayFi's special offer for our listeners
👉👉👉 50% OFF The First Three Months! Click Here! 👈👈👈
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Welcome back to another exciting episode of the Short Term Rental Riches Podcast! I’m thrilled to have Mark Simpson with us today, the brilliant mind behind Boostly and the acclaimed author of "The Book Direct Playbook." Mark has been a pivotal figure in the short-term rental space, helping thousands of property owners navigate the complexities of marketing and increase their direct bookings.
Mark dives deep into the essence of building a sustainable short term rental business by reducing dependency on platforms like Airbnb and Booking.com. His journey, which began in a small community in the UK, has evolved into a mission to empower hosts globally with the knowledge and tools to succeed independently.
Mark also shared his insights on the evolving role of social media marketing and the immense potential of email marketing. As technology advances, AI in hospitality is becoming a game-changer, and Mark is at the forefront of integrating these innovations into everyday operations. Whether you're a seasoned host or just starting, this episode is packed with practical advice that can elevate your short term rental business to new heights.
In this episode, you'll learn:
- Direct Bookings Strategy: Learn how to reduce your reliance on third-party platforms like Airbnb by building a strong direct booking strategy.
- Importance of PMS and Website: Understand why having a property management system and a direct booking website is crucial for your short term rental business.
- Social Media Marketing Tips: Discover the power of documenting your journey and engaging with your audience authentically on social media.
- Email Marketing for Rentals: Find out how email marketing can offer an incredible ROI and why it's a must-have in your rental marketing toolkit.
- Future of AI in Hospitality: Explore how AI can revolutionize customer service in the short-term rental industry and streamline your operations.
Thanks for tuning in to this insightful episode with Mark Simpson! If you found these tips helpful, make sure to grab a copy of "The Book Direct Playbook" for even more valuable insights.
Take advantage of StayFi's special offer for our listeners
👉👉👉 50% OFF The First Three Months! Click Here! 👈👈👈
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In this episode of the Short Term Rental Riches podcast, we sit down with Eric Moeller, the visionary founder and CEO of FreeWild, a groundbreaking hospitality brand. Discover how Eric is revolutionizing the short-term rental market by creating unique, nature-based experiences that help guests disconnect from technology and reconnect with nature.
Learn about his innovative wild switch, the importance of direct bookings, and how personal growth has influenced his entrepreneurial journey. Don't miss this insightful conversation packed with actionable tips for short-term rental success! In this episode, you'll learn:
- Introduction to Eric Moeller and FreeWild
- The concept and inspiration behind FreeWild
- How the "wild switch" enhances guest experiences
- Strategies for driving direct bookings through social media
- Balancing unique experiences with market demands
- The impact of personal growth on professional success
Thank you for tuning in to this episode of the Short Term Rental Riches podcast. We hope you found Eric Moeller's insights as inspiring and informative as we did. If you enjoyed this episode, be sure to subscribe to our podcast and leave us a review.
Don't forget to check out FreeWild at freewild.com and follow Eric on Instagram and LinkedIn at Eric D. Moeller. Stay tuned for more expert advice and actionable tips on how to build a successful short-term rental business.
Don’t forget to take advantage of StayFi's special offer for our listeners
👉👉👉 50% OFF The First Three Months! Click Here! 👈👈👈
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Housekeeping is one of those critical aspects that can make or break the guest experience in your Airbnb. After all, nothing beats arriving at a clean, welcoming space that feels like home. But what happens when things don’t go as planned?
In this third part of our housekeeping series, we’re focusing on troubleshooting housekeeping issues with your housekeepers or housekeeping company. From handling negative feedback to ensuring reliability, we'll cover the steps you need to take to keep your property in top shape and your guests happy. By effectively managing housekeepers for Airbnb and other short-term rentals, you can minimize issues and enhance the guest experience.
🚀 Highlights in This Episode:
- Set Clear Expectations: Conduct a thorough walkthrough with your housekeeper, detailing your cleaning expectations and highlighting trouble spots.
- Use Technology: Utilize apps like Breezeway, Turno, or Properly to manage turnovers and create detailed checklists to ensure nothing is missed.
- Share All Reviews: Be transparent with your housekeepers about all guest feedback to help them understand what guests are noticing and how they can improve.
- Ensure Reliability: Confirm your housekeepers' schedules well in advance and ensure they have reliable transportation, especially for weekends and holidays.
- Set Tolerance Levels: Establish a threshold for negative reviews and reliability issues. If these are exceeded, consider finding a new housekeeper.
Housekeeping is a crucial element of managing a successful short-term rental. By setting clear expectations, leveraging technology, being transparent with feedback, ensuring reliability, and knowing when to move on, you can maintain high cleanliness standards and provide an excellent guest experience.
Don’t forget to take advantage of StayFi's special offer for our listeners
👉👉👉 50% OFF The First Three Months! Click Here! 👈👈👈
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Join us on the Short Term Rental Riches podcast as we welcome Arthur Colker, CEO and founder of StayFi. Arthur shares invaluable insights on how to boost your direct bookings and build a powerful email list for your short-term rental business. Learn about StayFi’s innovative Wi-Fi login system and discover strategies to reduce reliance on OTAs like Airbnb and Vrbo.
Whether you’re managing one property or hundreds, Arthur’s tips and strategies can help you maximize your revenue and build a sustainable rental business. So, grab a cup of coffee, sit back, and get ready to transform your short-term rental strategy with the power of StayFi! Don’t miss this opportunity to enhance your rental business and achieve greater financial freedom!
🚀 Highlights in This Episode:
- The origin story of StayFi and its game-changing impact on short-term rentals
- How to seamlessly collect guest data and build an extensive email list
- Strategies to reduce dependency on OTAs and increase direct bookings
- Effective email marketing campaigns to engage and retain guests
- Monetizing your guest interactions with upsell opportunities and partnerships
Thanks for tuning in to this episode of Short Term Rental Riches! Arthur Colker has shared some incredible insights on how StayFi can revolutionize your short-term rental business.
Don’t forget to take advantage of StayFi's special offer for our listeners
👉👉👉 50% OFF The First Three Months! Click Here! 👈👈👈
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
👉👉👉 Exclusive Offer Get 50% Off Your First 3 Months with StayFi 👈👈👈
Today, I have something really exciting to share with you. My team and I have been working on a groundbreaking tool that can analyze any short-term rental property on platforms like Airbnb, VRBO, Booking.com, and Google Vacation Rentals in less than 30 seconds. Yes, you heard that right! This isn't just a gimmick; it's a game-changer for anyone in the STR business.
In this video, I'll show you exactly how you can use ChatGPT to analyze reviews, identify top features and attractions, and even understand the ideal guest profile for any property. By leveraging public information from reviews, our tool digs deep into what makes top-performing properties successful. We’ve crafted the perfect prompt for ChatGPT, which you can download for free from our website. Stick around to see how you can streamline your property analysis process, make data-driven decisions, and stay ahead of the competition.
In this episode, you’ll learn:
- Step-by-Step Guide: Learn the two simple steps to analyze any short-term rental property using our AI-powered prompt.
- Key Features Analysis: Discover how to identify and count the most frequently mentioned positive features in property reviews.
- Local Attractions Insights: Find out how to uncover the top local attractions that guests love, and why you should highlight these in your listings.
- Negative Reviews Breakdown: Understand how to summarize the top negative feedback points to improve your property and manage guest expectations.
- Ideal Guest Profile: Learn how to use review analysis to define the ideal guest profile for your property, ensuring your listings attract the right audience.
I hope you found this video helpful and are as excited about this new tool as I am. Don't forget to visit strriches.com to get your hands on the free AI prompt and start analyzing properties like a pro. If you have any questions or need further assistance, drop a comment below, and I'll be happy to help.
👉👉👉 Exclusive Offer Get 50% Off Your First 3 Months with StayFi 👈👈👈
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
👉👉👉 Exclusive Offer Get 50% Off Your First 3 Months with StayFi 👈👈👈 Managing a short-term rental can be a rewarding venture, but it comes with its fair share of challenges, especially when it comes to housekeeping. A reliable housekeeper is not just a cleaner; they are the backbone of your operation, ensuring your property is always guest-ready. From managing linens to handling last-minute cleanings, a great housekeeper can make your life significantly easier and your business more profitable.
Today, I’m sharing my 7-step process to help you hire and maintain a stellar housekeeper for your STR, based on my experience managing thousands of guests across multiple cities.
So, let’s dive in and explore the seven essential steps to hiring and maintaining the perfect housekeeper for your STR. In this episode, you'll learn:
- Start with Referrals: Begin your search by asking friends, family, or other property owners for recommendations. Personal referrals can often lead you to the best candidates who have already proven their reliability.
- Utilize Technology: Use platforms like Turno (formerly Turnover BNB) and Properly to find experienced housekeepers who specialize in short-term rentals. These tools offer access to a large network of professionals.
- Set Clear Expectations: Clearly communicate your expectations regarding cleaning schedules, turnaround times, and specific tasks. Make sure your housekeeper understands the unique needs of a short-term rental property.
- Discuss Compensation and Logistics: Agree on a fair rate for cleaning services and discuss how payments will be handled. Ensure you also address details like laundry services and handling of supplies.
- Build a Strong Relationship: Maintain open communication and provide feedback to help your housekeeper improve. Recognize their hard work and make them feel valued as an integral part of your STR team.
Thanks for tuning in! I hope these steps help you find and maintain an excellent housekeeper for your short-term rental. Remember, a great housekeeper is key to your success, and building a strong relationship with them will ensure your property remains guest-ready at all times.
👉👉👉 Exclusive Offer Get 50% Off Your First 3 Months with StayFi 👈👈👈
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
👉👉👉 Exclusive Offer Get 50% Off Your First 3 Months with StayFi 👈👈👈 Today, we're diving into a topic that's essential for anyone managing a rental property, hotel, or any accommodation service – linen management. Over the years, our housekeeping manager, who has been with us for over eight years, has amassed a wealth of knowledge about the intricacies of maintaining linens. From understanding how many you need to dealing with inevitable damages, we've got you covered. This episode is packed with insights that will help you streamline your linen processes and enhance your guests' experience.
Linens are a crucial part of any guest accommodation, and their proper management can make a significant difference in operational efficiency and guest satisfaction. Unfortunately, linens can get damaged for various reasons, from makeup stains to pet-related issues. Today, we’ll explore the main causes of linen damage and provide you with actionable tips to minimize these issues. We’ll also discuss how to determine the right amount of linens to keep on hand, taking into consideration factors like guest demographics, property luxury level, and stay duration. So, let’s jump right in and unravel the secrets to effective linen management!
In this episode, you’ll learn:
- Common Causes of Linen Damage: Learn about the top culprits for linen damage, including makeup stains, baby formula, pets, and improper luggage handling. Understand how these factors can impact your linen inventory and discover preventive measures.
- Determining the Right Amount of Linens: Get insights into how to calculate the ideal number of towels and bed linens based on guest stay duration, property luxury level, and specific guest needs. This helps ensure you always have enough supplies without overstocking.
- Importance of Timely Washing: Discover why prompt washing is critical in preserving linen quality. Learn how delayed washing can lead to stains setting in and spreading, making linens harder to salvage.
- Guest Demographics and Linen Usage: Explore how different types of guests, from business travelers to leisure groups like bachelorette parties, can affect linen wear and tear. Tailor your linen strategy to match your guest profiles for better management.
- Charging for Damaged Linens: Understand the importance of setting a reasonable policy for charging guests for damaged linens. Learn how to balance maintaining your inventory without appearing petty, ensuring guests understand the value of your linens.
I hope you found today’s episode on linen management enlightening and packed with practical tips. Remember, the key to successful linen management lies in understanding your guests, timely maintenance, and having a well-thought-out strategy for handling damages and replacements. 👉👉👉 Exclusive Offer Get 50% Off Your First 3 Months with StayFi 👈👈👈
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In this episode, we'll explore the top 15 riskiest holidays for short-term rentals and provide valuable insights on how to navigate these challenging periods. From Christmas gatherings to Halloween parties, we'll cover everything you need to know to protect your property and ensure a smooth rental experience.
Our team has managed tens of thousands of guests across multiple cities and countries, and we've seen firsthand the challenges that come with high-risk rental days. With our extensive experience, we've developed a comprehensive approach to safeguard properties during these times. We'll discuss the importance of setting appropriate minimum night policies, thoroughly vetting guests, and implementing robust security measures. Whether you're a seasoned host or just starting, these tips will help you make informed decisions and keep your rental property safe and profitable throughout the year.
In this episode, you’ll learn:
- Minimum Night Policy: Ensure you have a minimum stay requirement of at least 2-3 nights during high-risk holidays to deter one-night parties and potential property damage.
- Guest Vetting: Screen your guests carefully by reviewing their profiles, previous reviews, and the purpose of their stay. Clear communication can help you address any concerns upfront.
- Security Measures: Increase security deposits and ensure comprehensive insurance coverage to protect against potential damages during these holidays.
- House Rules and Agreements: Clearly outline your house rules and require guests to sign rental agreements that include clauses about parties, noise levels, and property use.
- Noise Monitoring: Install noise monitors to detect potential disturbances early, allowing you to address issues before they escalate.
Thanks for watching! Managing short-term rentals during high-risk holidays can be challenging, but with the right strategies in place, you can protect your property and maximize your profits. Be sure to implement these tips and adjust your policies as needed based on your experiences. Don't forget to check out www.strriches.com for more resources and AI prompts that can help streamline your property management process.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Today, we’re diving into an often overlooked but crucial aspect of managing short-term rentals—setting up a reliable internet connection. If you’ve ever faced internet issues at your rental property, you know just how frustrating it can be for both you and your guests. We’ll start by breaking down the basics: what’s the difference between a modem and a router, and why should you care?
Understanding these basics is the first step to ensuring your property stays connected without a hitch. Stick around as we explore the best equipment options, practical setup tips, and maintenance advice to keep your network running smoothly.
In this episode, you’ll learn:
✅ Modem vs. Router: Learn the key differences between a modem (connects to your ISP) and a router (distributes the internet throughout your property), and why it’s essential to have both in good working order.
✅ Equipment Recommendations: Discover the benefits of investing in separate, high-quality devices. We’ll discuss top picks like Google Nest WiFi Pro and Orbi Mesh Network Routers. Remote Management Tips: Manage your network efficiently from afar using tools like LastPass for password sharing and Notion for documenting setup details and troubleshooting steps.
✅ Boosting Coverage with Mesh Networks: Ensure every corner of your property, including outdoor areas like pools, has strong internet coverage with mesh network systems.
✅ Marketing with StayFi: Learn how StayFi routers can help you collect guest emails and boost direct bookings by creating a splash page for internet access.
Thanks for tuning in! Ensuring a reliable internet connection for your short-term rental can significantly enhance your guests’ experience and your operational efficiency. By investing in the right equipment and implementing these tips, you’ll avoid common internet issues and keep everyone connected seamlessly.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
I'm thrilled to have you with us again. If you've been tuning in year after year, I hope you've implemented many of the tips we've shared and built a strong foundation of positive reviews for your property. These reviews are essential as they help attract more guests and keep your property booked. But reviews alone aren't enough. Today, we're going to dive into some crucial metrics that Airbnb provides, which can significantly impact your property's performance. These metrics will help you understand how many people are seeing your property and, more importantly, how many are booking it.
Understanding these metrics is vital for any Airbnb host. It’s not just about getting views; it's about converting those views into bookings. We'll cover the key metrics that Airbnb offers, like search impressions, first page search impressions, search to listing page views, and listing to booking conversions. We'll also discuss how to use these insights to tweak your listing and improve your performance. Whether you're new to the short-term rental game or a seasoned pro, these tips will help you navigate the competitive landscape and optimize your property for success.
In this episode, you’ll learn:
- Search Impressions: Increase your visibility by ensuring competitive pricing, offering flexible booking options, and highlighting key amenities.
- First Page Search Impressions: Understand that while you can’t always control being on the first page, you can improve your chances by keeping your listing competitive and up-to-date.
- Search to Listing Page Views: Make sure your title and cover photo are compelling enough to get potential guests to click on your listing.
- Listing to Booking Conversion: Address potential deterrents like high fees, non-instant booking settings, or strict house rules that might stop guests from booking after they click.
- Comparing Metrics: Use Airbnb’s benchmark data to compare your property's performance and adjust your strategy accordingly to ensure you’re not underpricing or missing opportunities.
I hope these insights help you optimize your Airbnb listing and boost your bookings. Remember, the short-term rental market is constantly evolving, and staying on top of these metrics can give you a significant advantage. If you enjoyed this episode, please subscribe to our YouTube channel for more tips and tricks on mastering short-term rentals.
Today, we're tackling a question we've been getting a lot lately: should you add people to your Airbnb listing photos? This topic has sparked quite a bit of debate among hosts, and it's essential to understand both the potential benefits and drawbacks before making a decision.
My team and I have managed tens of thousands of guests across the United States, both in my personal portfolio and for other owners. From this experience, we've learned a lot about what works and what doesn't in Airbnb listings. We'll explore how featuring people in your photos might help your listing stand out in a crowded market, but also how it could backfire if not done correctly. In this episode you'll learn:
- Unique Appeal: Adding people to your photos can make your listing stand out among a sea of similar-looking properties, grabbing potential guests' attention as they scroll through search results.
- Visualization: Photos with people can help potential guests imagine themselves enjoying your space, creating a personal connection and making your property more appealing.
- Subtle Integration: Use people sparingly and discreetly in your photos. They should complement the setting without being the main focus, ensuring the property itself remains the star.
- Activity Showcase: Highlight the activities guests can enjoy at your property, such as using the BBQ grill, lounging in the living room, or reading by the fireplace. This adds context and appeal to your amenities.
- Professionalism and Balance: Maintain a professional look by avoiding random or poorly staged images. Ensure that the presence of people in your photos adds value and enhances the visual appeal of your listing.
So, should you add people to your Airbnb listing photos? It depends on how you do it. If used correctly, featuring people can enhance your listing's appeal and help potential guests envision themselves in your space. However, it's crucial to strike a balance and avoid overdoing it. Remember to focus on what adds value to your guests and aligns with your property's unique features.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
I’m excited to dive into one of the most crucial aspects of running a successful short-term rental (STR) business—revenue management. It's a topic that can seem daunting at first, but with the right tools and strategies, you can significantly boost your earnings and occupancy rates.
We all know that setting the right price can make or break your rental business. While tools like PriceLabs are fantastic for dynamic pricing, there are additional strategies that can push your revenue even higher. In this video, we'll cover the importance of setting an absolute minimum price, the benefits of having different rates for weekdays and weekends, and how to leverage special event pricing to your advantage. By the end of this video, you'll have a clear understanding of how to fine-tune your pricing strategy to capture those last-minute bookings and maximize your revenue. So, let’s get started!
In this episode you’ll learn:
- Absolute Minimum Price: Determine the lowest price you're willing to accept to fill last-minute gaps without compromising the quality of guests.
- Weekday vs. Weekend Rates: Set different minimum prices for weekdays and weekends to reflect varying demand and occupancy rates.
- Special Event Pricing: Adjust your pricing for major events and high-demand seasons to ensure you’re not leaving money on the table.
- Dynamic Pricing Tools: Utilize tools like PriceLabs to analyze market data, booking lengths, and windows to set competitive prices.
- Comp Set Analysis: Regularly review your competition to stay informed about market trends and adjust your pricing strategy accordingly.
I hope you found these pricing strategies helpful. Remember, fine-tuning your pricing can make a significant difference in your STR revenue.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In today's episode, we're focusing on 41 factors that could be affecting your short-term rental listing's performance. These aren't about whether you have a five-bedroom or a four-bedroom property, nor are they about pricing, which we've covered recently. Instead, we're talking about the finer details that can significantly impact how your listing performs on sites like Airbnb, VRBO, and Booking.com. We've managed tens of thousands of guests across multiple states and countries, and we've learned a lot along the way. So, let's dive into these key factors and see how you can optimize your listings to attract more guests and increase your bookings.
In this episode, you’ll learn:
- How to ensure your property photos are bright, high-resolution, and professionally taken to attract potential guests.
- The importance of using captions to highlight features in your photos, helping guests visualize their stay.
- Tips for creating catchy and informative titles that highlight key features and appeal to your target audience.
- How to use bullet points and clear, concise language to highlight your property's amenities and unique features in your listing descriptions.
- The best practices for responding to guest reviews promptly, showing that you care about their experience and addressing any concerns.
Thanks for tuning in to this episode of the Short-Term Rental Riches Podcast. I hope you found these tips helpful and are ready to implement some of these strategies to improve your listings. Remember, optimizing these non-property factors can make a significant difference in your rental performance. If you haven't already, check out our past episodes for more in-depth discussions on various aspects of managing short-term rentals. And don't forget to visit strriches.com for more resources and tools to help you along your journey. Until next time, happy hosting and see you soon!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Today, we're diving deep into a topic that's crucial for every investor: analyzing the supply and demand in your market. Whether you already own a property or are thinking about diving into a new market, understanding this dynamic can significantly impact your pricing strategy and overall investment returns.
In the fast-evolving short-term rental market, staying ahead means not just keeping up with current trends but also anticipating future changes. With platforms like Airbnb and VRBO expanding rapidly, the number of listings can fluctuate significantly, affecting both availability and pricing. Today, we'll explore practical, easy-to-implement strategies to gauge the supply and demand in any market. This knowledge will not only help you position your property more competitively but will also guide you in making informed investment decisions that could lead to better financial outcomes.
In this episode, you’ll learn:
- Utilize Industry Tools
- Understanding Market Dashboards
- Creating a Competitive Set
- Interpreting Data Correctly
- Adapting to Market Changes
Remember, having a clear grasp of these elements can dramatically enhance your ability to set competitive prices and maximize your earnings. Be sure to implement these strategies to stay ahead of the curve in the bustling world of short-term rentals. For more tips and tricks on building a thriving rental business, don't forget to visit our website at strriches.com and check out our past episodes. Keep investing smart and remember, knowledge is the key to success!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In today’s episode, we’re unpacking a comprehensive list of factors that play a critical role in the success of your rental ventures. As someone who has been immersed in the short-term rental market for over a decade, I’ve witnessed firsthand how these elements can make or break your business. From essential pricing strategies to guest experience enhancements, we're covering the gamut to ensure you're well-equipped to thrive in this dynamic industry.
Navigating the short-term rental landscape requires a keen understanding of a myriad of components that influence both your property’s appeal and its operational efficiency. In this episode you’ll learn:
- Dynamic Pricing Strategies: Learn how to adjust your pricing based on seasonality, local events, and market demand to maximize your earnings.
- Enhancing Guest Experience: Discover the importance of amenities, design choices, and customer service in securing repeat bookings and stellar reviews.
- Regulatory Compliance: Understand the impact of local regulations on your rental operations and how to navigate them effectively.
- Marketing Techniques: Explore innovative ways to market your property on platforms like Airbnb and VRBO to stand out from the competition.
- Operational Best Practices: Gain insights into the best practices for managing your property, from automated check-ins to efficient cleaning protocols, that can save you time and enhance guest satisfaction.
Thanks for tuning in to today’s episode on the critical factors affecting your short-term rental property. Remember, each point we've discussed today has the potential to significantly impact your rental's success, so take the time to evaluate how you can implement these strategies in your own business.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Building a team isn't just about filling roles; it's about fostering a group that shares your vision and dedication. Today, we'll cover everything from analyzing resumes to conducting effective interviews, ensuring you find the right fit for your business. This video is perfect for rental owners looking to expand their operations without compromising quality or losing personal touch.
As the short-term rental market grows, the need for a reliable and skilled team becomes essential. Hiring the right people can significantly alleviate the daily pressures of management and improve guest experiences, which in turn boosts your business reputation and profitability. We'll dive into how you can identify and attract individuals who not only have the necessary skills but also embody the core values of your brand.
In this episode you’ll learn:
- Understanding Resumes
- Discover the top questions to ask potential hires to reveal their true potential
- Remote Work Considerations
- How to use hypothetical scenarios during interviews to gauge problem-solving skills and decision-making capabilities.
- Importance of hiring candidates who share your core values for sustained business growth and a harmonious workplace.
If you found these tips helpful, don’t forget to like, subscribe, and click the bell icon so you never miss out on our latest content. Hiring the right team can transform your short-term rental business, and we're here to help you make that transition smoothly and successfully.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In today's episode, we're diving deep into the topic of managing deliveries at your short-term rental properties. In an era where online shopping is the norm and guests expect convenience at their fingertips, it's crucial for property managers to navigate the complexities of receiving deliveries while ensuring a seamless guest experience.
As the demand for short-term rentals continues to soar, property managers must stay ahead of the curve in providing exceptional service and meeting guest expectations. Whether you're managing a single-family home, condominium, or urban apartment, mastering the art of handling deliveries can make all the difference in guest satisfaction and property success.
In this episode, you’ll learn:
- Understanding the suitability of your property for receiving deliveries
- Setting clear guidelines in house rules regarding the acceptance of deliveries
- Exploring alternative delivery solutions
- Implementing practical solutions such as designated delivery boxes or drop-off locations to streamline the delivery process
Thank you for tuning in to this episode of the Short Term Rental Riches Podcast. We hope you found valuable insights and actionable strategies for optimizing deliveries at your short-term rental properties. Remember to subscribe for more tips and tricks to unlock the full potential of your property portfolio. Until next time, happy hosting!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
In this week's episode, we dive into a highly effective strategy for increasing your rental income and enhancing guest satisfaction simultaneously. Discover how to capitalize on 'gap nights'—those unbookable days between reservations that often go unnoticed.
These gaps can easily become revenue losses if not managed wisely. But here's the good news: with a strategic approach, these very same gap nights can transform into additional income and even happier guests. This episode dives deep into practical ways to recognize, value, and fill these gaps, ensuring you're not leaving money on the table.
In this episode, you’ll learn:
- Learn what gap nights are and why they're a crucial aspect of your STR management strategy
- Adjusting Minimum Stay Requirements
- The Art of Offering Discounts
- Explore how using dynamic pricing tools like Pricelabs and AI technologies such as bestie.ai can automate the process of identifying and filling gap nights
- Guest Satisfaction & Reviews
It's clear that the power of gap nights, when harnessed correctly, can significantly contribute to both your STR's profitability and guest satisfaction.
Remember, it's all about staying proactive, flexible, and guest-focused. So take a moment to review your calendar for upcoming gap nights and start applying these strategies today.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Hey everyone, welcome back to the Short Term Rental Riches Podcast. It's not always sunshine and rainbows, and today we're taking a serious look at the state of the economy and what it means for us in the short-term rental world. With the impact of inflation hitting hard and credit card debt reaching new heights, it's essential to understand how these macroeconomic factors influence our industry. But don't worry, it's not all doom and gloom. We've got some real insights and actionable advice to help you navigate these choppy waters.
In this episode, we're breaking down the nitty-gritty of what's happening across the country, with a special focus on the short-term rental market. Thanks to a report from KeyData, we have access to precise data from thousands of properties, giving us an accurate picture of the challenges and opportunities we face. Whether you're a seasoned investor or just starting, this episode is packed with valuable information to help you make informed decisions during these uncertain times.
In this episode you’ll learn:
- Economic Overview: An honest look at the current economic challenges
- Nationwide Data Analysis: Insights from KeyData's report that reveals nationwide trends
- Despite the downturn, learn about markets that are still thriving and how proper management can lead to success.
- Practical tips and strategies for improving property performance
That wraps up our deep dive into the state of the economy and its impact on short-term rentals. Remember, while the landscape may be shifting, there's always opportunity for those prepared to adapt and innovate. Don't miss our next episode, where we'll explore overlooked opportunities for boosting your rental's revenue. Until then, keep striving for excellence in your properties and remember, the best investment you can make is in your own knowledge and preparedness. Stay tuned, and here's to your continued success in the world of short-term rentals!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
👉 MAXIMIZE your STR success with my FREE resources 👈
Today, we're peeling back the layers of what it truly means to provide an exceptional guest experience, drawing lessons from one of the most prestigious hotels in the world: Claridge’s. Nestled in the heart of London, Claridge’s is a beacon of luxury, not merely for its plush interiors or the exorbitant price tag attached to its rooms but for something far more crucial - its impeccable service.
While watching a documentary on this iconic hotel, I was struck by the realization that the core principles of their success are not confined to the realms of luxury hotels. They are, in fact, incredibly relevant and applicable to short term rental (STR) operations, no matter the scale or location. So, let's delve into the world of high-end hospitality and uncover how the lessons from Claridge’s can transform the guest experience in our own STR businesses.
In this episode you’ll learn:
- Exceptional Service Overcomes Shortfalls
- Personalized Experiences Create Loyalty
- Pets Welcome
- Remembering Guests
- Never Say "I Don't Know"
As we wrap up this episode, it's clear that the principles of luxury hospitality hold valuable lessons for anyone in the short-term rental business. It's not about the price point or the lavishness of your property but how you make your guests feel. Exceptional service, personalized experiences, and attention to detail can set your STR apart in a crowded market. Remember, in the world of hospitality, it's the small gestures that leave a lasting impression.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
👉 MAXIMIZE your STR success with my FREE resources 👈
Today's episode is a bit different and quite the rollercoaster. It's one of those stories you hope never to have to tell, but here we are, sharing a real-life experience that could have easily turned into an STR host's worst nightmare: our first squatter scare. Now, I know what you're thinking – "squatter" is a strong word, especially when referring to a guest who has overstayed their welcome. But when a routine check-out transforms into a lock-in situation with a guest refusing to leave, it feels nothing short of a squatting scenario. Before we dive in, I want to reassure you, especially if you're new to the short-term rental game or considering diving in, that this is not the norm. My team and I have managed tens of thousands of reservations, and this is the first time we've encountered such a stressful situation. So, take this episode as a learning opportunity, one that arms you with the knowledge to prevent, manage, and navigate through the rare but possible challenges of being an STR host.
This experience was eye-opening for us in many ways.But, it's not just a story of stress and panic; it's a tale of learning, adaptation, and reinforcement of our operational protocols. So, buckle up as we walk you through the entire ordeal, step by step, and share the vital lessons learned along the way.
In this episode, you’ll learn:
- Red Flag Recognition
- The complexities of managing bookings from OTAs like Booking.com
- The importance of having a comprehensive rental agreement
- Dealing with Overstayed Guests
- Preventive Strategies and Lessons Learned
Remember, the goal here isn't to scare you but to educate and prepare you for the realities of being an STR host. By sharing our story, we hope to equip you with the knowledge and tools to protect your investment, maintain your peace of mind, and continue to provide exceptional experiences for your guests.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
In today's digital age, the bulk of our interactions with guests happen through written communication—be it through Airbnb messages, emails, or text messages. While this modern convenience allows for efficiency and clarity, it also poses unique challenges. Without the benefit of face-to-face interaction, ensuring your message is both clear and warmly received requires a nuanced approach.
This episode sheds light on the art of written communication for short-term rental hosts, focusing on crafting house rules and guest messages that are inviting rather than intimidating.
In this episode, you’ll learn:
- Embrace Emojis for Tone
- Focus on Positives
- Explain the Why
- Be Clear and Concise
- Visual Enhancement
Remember, the goal is not just to inform but to make your guests feel at ease and excited about their stay. Check out our resources for templates and further tips on elevating your Airbnb listing through effective communication.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
In this episode of the Short Term Rental Riches Podcast, we dive deep into a common scenario every rental property owner faces: guests leaving personal items behind.
Discover how to turn potentially stressful situations into opportunities for outstanding hospitality. Whether you're a newbie or a seasoned pro in the short-term rental business, this episode is packed with invaluable insights to elevate your guest experience and operational efficiency.
In this episode, you’ll learn:
- Implement Clear Policies
- Effective Communication with Guests
- Secure Storage Solution
- Streamline the Return Process
- Leverage the Opportunity for Exceptional Hospitality
By following the tips we've outlined, you can ensure that every guest leaves with nothing but fond memories (and all their belongings). Remember, it's the little things like getting back a forgotten item that can turn a good stay into an unforgettable one. So, take this opportunity to review your policies and procedures, and make sure you're prepared to handle left-behind items with grace and efficiency.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
In today's episode, we're venturing into the heart of Nashville, Tennessee, for the first-ever live interview on the Short Term Rental Riches podcast, straight from the bustling halls of the STR Wealth Conference. The energy here is palpable, with a crowd of over 2,000 attendees, all eager to soak in the wisdom of industry leaders. Among these luminaries is Marc Hostovsky, whose innovative approach to furnishing short-term rentals has set the stage for a fascinating conversation.
Marc's company, Minoan, isn't just another furniture supplier; it's a game-changer for hosts looking to distinguish their properties in a crowded market. As we dive into this special episode, prepare to uncover the layers of strategy, design, and financial savvy that Marc brings to the table, offering a blueprint for success in the competitive world of short-term rentals.
In this episode, you’ll learn:
- Revolutionizing STR Furnishings
- Strategic Partnerships
- Maximizing Guest Satisfaction
- Avoiding Common Pitfalls
- Future-Proofing Your STR
As we wrap up this enlightening conversation with Marc, it's clear that the journey to STR excellence is paved with more than just good intentions. It requires a meticulous eye for design, a strategic approach to partnerships, and a relentless pursuit of guest satisfaction.
Remember, in the world of STRs, it's the details that define your success.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Join us for an insightful conversation with Mike, a trailblazer in the short-term rental (STR) and boutique hotel industry, as we explore his journey from STRs to owning boutique hotels. Having started in the world of STRs, he quickly identified the untapped potential within the boutique hotel niche, transitioning with impressive success.
His story is a testament to the power of vision, hard work, and the importance of adapting to the evolving landscape of the hospitality industry.
In this episode you’ll learn:
- Strategic Growth from STRs to Boutique Hotels
- Discover the unique challenges of running boutique hotels compared to STRs
- Leveraging Technology and Systems for Efficiency
- The Importance of Direct Bookings
- Creative Financing and Finding Deals
His experiences offer a roadmap for anyone looking to diversify their real estate investment portfolio or venture into the world of boutique hotels and STRs. Whether you're a seasoned investor or just starting out, there's a wealth of knowledge to be gained from Mike's approach to real estate investment.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Today, we're unpacking an often overlooked but crucial aspect of STR management: booking windows. Understanding the dynamics of booking windows can significantly impact your pricing strategy and, ultimately, your profitability. Whether you're a seasoned investor or just starting out, recognizing the multiple booking windows your property might have and knowing exactly what they are is key to maximizing your returns.
So, stay tuned as we break down the inside scoop on booking windows, explaining why they vary and how you can master them for your property. We'll explore how booking windows aren't just about how far in advance a booking is made; they're about understanding market dynamics, seasonal trends, and event-driven demand. In this episode you’ll learn:
- Dynamic Pricing Tools Are Essentia
- Understand Your Property's Booking Window
- Strategic Pricing for Major Event
- The Importance of Minimum Expiring Prices
- Last-Minute Discount
Remember, understanding and optimizing your booking window isn't just about keeping your property booked; it's about maximizing every booking's value.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Welcome back to another episode of the Short Term Rental Riches podcast, where we delve into the world of real estate with a sharp focus on Airbnb hosting and vacation rentals. This time, I'm thrilled to share some fresh insights I gained from a recent 15-day cruise. Not only was it a test of remote work capabilities thanks to Starlink internet at sea, but it also proved to be a treasure trove of lessons that can be directly applied to enhancing our short-term rentals. From impeccable service to the meticulous attention to detail, the cruise industry has perfected the art of guest satisfaction, and there's so much we can learn from them.
Whether you're just starting your journey or looking to elevate an existing property, understanding the importance of service, communication, and attention to detail is key to success. Let's explore how we can implement these lessons from the cruise industry to ensure our guests leave rave reviews and keep coming back for more.
In this episode you’ll learn:
- Exceptional Communication and Service
- Invest in the First Impressions
- Furniture and Durability Matters
- Leverage Technology Wisely
- The Power of a Strong Team
Remember, the journey to short-term rental success is continuous, and there's always room for improvement. So, take these insights, apply them to your properties, and watch as your business thrives.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
In today's fast-paced world, where the click of a button brings the world to our screens, the question of whether to offer streaming services in short-term rental properties is more relevant than ever. Gone are the days of Blockbuster runs; in their place, platforms like Netflix, Disney+, Hulu, and YouTube TV have taken center stage. As hosts, we're at a crossroads, figuring out how to navigate this change. Should we keep up with the trend and offer these services to our guests, or is it time to reconsider what entertainment means in the context of short-term rentals?
This episode aims to provide you with the insights needed to strike the perfect balance between providing modern amenities and maintaining operational simplicity in your short-term rental business.
In this episode, you’ll learn:
- Evaluating Guest Expectations
- Operational Challenges
- Setting Clear Expectations
- Considerations for Luxury Properties
- Future Trends
Remember, the ultimate goal is to provide a stay that guests remember fondly, leading to repeat bookings and glowing reviews. Whether that includes access to Netflix or relies on guests using their own accounts, the key is to communicate effectively and set the right expectations from the start.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
In this episode, we delve into the crucial topic of increasing supply in the short-term rental market. Understanding the dynamics of supply is essential for every STR investor.
We'll dive into six specific reasons that could lead to a surge in your local STR market supply. From the impact of regulatory changes to the burgeoning trend of remote work, each factor plays a pivotal role in shaping the landscape of short-term rentals. As we unpack these reasons, remember: knowledge is power, especially in the world of real estate investing. So, buckle up, and let's explore these insights together, equipping you with the tools you need to adapt and thrive in the dynamic world of STR investing.
In this episode, you’ll learn:
- Understand how relaxed STR regulations can lead to an increase in market supply.
- Learn why new hotels in your area could be both a sign of increased demand and increased competition.
- Explore how shifting population dynamics can impact STR supply.
- Discover how changes in lending and interest rates affect the STR market.
- Uncover the influence of remote work trends on the availability of short-term rentals.
Stay tuned for more tips, strategies, and insights to help you navigate the world of real estate investing. Until next time, keep your properties bustling and your investment dreams soaring. Have a fantastic day, everyone!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
We're really grateful to Jay Conner for taking the time to share his deep insights and experiences in private lending with us. His expertise is invaluable, and it's always awesome to learn from someone who is an expert in the field.
Explore the details of using private funds instead of traditional banking, especially in the profitable realm of short-term rentals. This episode is a goldmine for real estate investors seeking actionable strategies and insider knowledge on leveraging private money to amplify their investment portfolio. Don't miss out on Jay's compelling journey through the 2009 financial crisis and discover how private lending can transform your approach to real estate investing.
In this episode, you’ll learn:
- Private Lending
- Financial Growth
- Private Lending Program
- Getting Started in Real Estate
- Structuring Private Lender Deals
- Financing Options
- Using Private Money in Real Estate
- Importance of Having Cash in Real Estate Transactions
As we wrap up this enlightening episode of the Short Term Rental Riches Podcast, we extend our heartfelt thanks to Jay Conner for sharing his wealth of knowledge and experience in private lending. His insights not only illuminate a path to success in real estate investing but also inspire a mindset shift towards innovative financing strategies. For those eager to delve deeper into the world of private lending, Jay's book, "Where to Get the Money Now," is an invaluable resource. Additionally, his podcast, "Raising Private Money with Jay Conner," offers ongoing education and inspiration. Thank you for joining us on this journey of discovery and empowerment in the realm of short-term rental investing. Stay tuned for more episodes where we continue to unlock the secrets to achieving rental riches!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
In this episode of the Short Term Rental Riches Podcast, we dive deep into the often-debated topic of whether to choose a 15-year or a 30-year loan for real estate investments. We unravel the math, the psychology, and the economic rationale that make 30-year loans a more strategic choice for most investors. Join us as we break down the key advantages, including lower monthly payments, investment opportunities, and the impact of inflation and tax benefits on your overall financial strategy. Whether you're a seasoned investor or just starting out, this episode is packed with valuable insights to guide your real estate financing decisions. In this episode, you’ll learn:
- Financial Flexibility
- Inflation's Silver Lining
- Tax Benefits
- Investment Opportunities
- Risk Mitigation and Qualification for Future Loans
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Mid-term rentals, a unique blend between short-term stays and long-term tenancies, present a distinct set of opportunities and challenges for property owners and managers. Over the course of our three-part series, we've explored the intricacies of this rental niche, offering practical advice and strategies to help you excel in this market. From setting up appealing listings to attract long-term guests to managing every aspect of their stay, our series provides a comprehensive roadmap for success in mid-term rentals.
In this final installment, we focus on the crucial aspects of tenant management. Understanding how to effectively manage tenant relationships, address maintenance issues, and handle financial transactions are pivotal elements of running a successful mid-term rental business. We will guide you through the nuances of the move-in and move-out process, discuss the importance of maintaining communication channels with your tenants, and offer solutions for common challenges that arise during longer stays. This episode is designed to equip you with the tools and knowledge needed to ensure a smooth and profitable rental experience for both you and your tenants.
In this episode, you’ll learn:
- Tenant Welcome and Onboarding
- Strategies for addressing maintenance issues
- Lease Management and Extensions
- Mastering the move-out process
- The importance of adapting to tenant needs and feedback
We hope this series has provided you with valuable insights and practical tools to enhance your rental property business. Remember, success in mid-term rentals requires a blend of strategic planning, effective communication, and adaptability to meet the evolving needs of your tenants.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
In a world where change is the only constant, staying informed and adaptable is key to thriving in the real estate and STR sectors. 2023 was a year of significant developments, and as we look forward to 2024, it's essential to understand how these changes will shape the future. We dive deep into the macroeconomic factors influencing the market, from interest rates to inflation, and dissect how they're impacting both commercial and residential real estate landscapes. Our focus extends beyond mere speculation, aiming to equip you with the knowledge and tools to make informed decisions and capitalize on emerging opportunities.
In this episode, you’ll learn:
- Comprehensive analysis of how current interest rates are reshaping the real estate markets
- Trends and predictions for the STR market in 2024
- The role of AI in the STR industry
- Investment Strategies
- Strategies for navigating the evolving real estate landscape
Remember, the key to success in this dynamic market lies in continuous learning, adapting to changes, and strategically planning your investments. We invite you to revisit your goals, analyze market trends, and embrace the technologies and practices that will elevate your real estate journey. Stay tuned for more episodes where we'll continue to explore the depths of real estate and STR markets, offering you the knowledge and tools to turn your investments into success stories.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
In today's episode, we're exploring the undercurrents that drive demand in various markets, offering you a comprehensive guide to understanding and capitalizing on these trends. The landscape of real estate investment is continually changing, influenced by a myriad of factors from economic shifts to cultural trends. As an investor, staying informed and adaptable is key to navigating this dynamic terrain.
Our journey through the world of short-term rental investment is both exciting and enlightening. We delve into seven critical reasons that are currently driving demand in different markets across the globe. Each factor we discuss is a piece of the larger puzzle, providing a clearer picture of what makes a market ripe for investment.
In this episode, you’ll learn:
- How new attractions can significantly boost tourist inflow and demand
- The positive impact of developments like new hospitals and universities
- How events like concerts (e.g., Taylor Swift shows), sports events, and even the Olympics can temporarily surge rental rates
- Understand how changes in short-term rental regulations can create unique opportunities
- The significance of improvements in travel infrastructure, such as new airports, highways, or expansions
We hope these insights into the seven key drivers of demand in short-term rental markets have provided you with a new perspective and valuable knowledge to apply to your investment strategies. The world of real estate is vast and full of opportunities, and with the right information, you can navigate it successfully. Remember, every market has its unique characteristics and potential; it's about finding the right fit for your investment goals. Don't forget to visit our website, strriches.com, for more episodes and resources.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
In this insightful episode of our podcast, we delve deep into the world of short-term rental property management, emphasizing the crucial role of maintenance in ensuring guest satisfaction and property value. Join us as we discuss the challenges and solutions of remotely managing properties, the importance of a dependable team, and practical tips for keeping your rentals in top condition.
As a property owner myself, I have firsthand experience managing multiple properties across various locations. The lessons learned and the maintenance oversights I discovered are valuable for any property owner or manager looking to streamline their operations and ensure top-notch guest experiences.
In this episode, you’ll learn:
- Understanding the challenges and advantages of managing short-term rentals remotely
- Critical Maintenance Oversights
- Strategies for ensuring your property meets guest expectation
- Innovative Tools and Techniques
- The importance of having a reliable team
As we wrap up this episode, remember that successful short-term rental management is a balance of attentiveness, innovation, and effective teamwork. Whether it’s ensuring the little things like scissors and wine openers are in place, or tackling bigger challenges like pest control, every aspect of maintenance contributes to the overall guest experience. By implementing the strategies and tools discussed today, you can significantly enhance the efficiency and appeal of your rental properties.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Hey Real Estate Enthusiasts! Welcome back! In today's episode, we'll show you how YouTube can revolutionize your real estate research. Forget traditional methods—YouTube is now a treasure trove of property insights, from market analysis to local details. It's been a game-changer in my own journey, but remember, approach it with a discerning eye. Let's dive into the untapped potential of YouTube in real estate!
Join me in this eye-opening episode where I break down my personal journey and strategies for leveraging YouTube to scout out the best real estate deals, especially in the ever-changing landscape of short-term rentals.
In this episode, you'll learn:
- Understanding Market Dynamics
- Learn to use YouTube for in-depth research on specific areas
- Tips on distinguishing between sales pitches and genuine advice
- Additional Resources for Investors
I hope today's episode sheds some light on how YouTube can be a valuable tool in your real estate investment journey. While it offers valuable insights, remember it's just one part of the larger property investment landscape. Use it as a starting point, but supplement your research with diverse sources, consult professionals, visit properties, and maintain a critical mindset – not everything in real estate that glitters is gold.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Welcome to the Short-Term Rental Riches, in this second installment of our three-part series, we focus on the critical steps you need to take after receiving an inquiry for a longer guest stay.
In the first part of our series, we explored strategic listing placements and optimized copywriting to attract longer-term guests. Now, as inquiries start rolling in, we shift our focus to the meticulous process of running tenant background checks. The transition from guest to tenant varies across states, typically kicking in after 28 days. Now, it's time to change how you manage things. Property owners need to handle longer stays with the same care as they do for long-term leases. Buckle up as we guide you through securing your property, from checking guest reviews to running comprehensive background checks.
In this episode, you'll learn:
- Strategic Background Checks
- Crafting a Comprehensive Lease
- Payment Processing Strategies
- Deposit Dilemma
- Lease Highlights and Communication
As we wrap up part two of our three-part series, you're now equipped with the knowledge to navigate the landscape of medium-term rentals. From background checks to lease agreements and payment processing, every step is a vital piece in ensuring a seamless and secure experience for both hosts and tenants. Stay tuned for part three! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Welcome back to the Short Term Rental Riches Podcast! In this episode, we dive into the dynamic world of medium-term rentals. Discover invaluable insights and strategies to optimize your property for stays lasting a month or more. From choosing the right platforms to streamlining communication and setting competitive prices, this episode is your comprehensive guide to transforming your short-term rentals into lucrative medium-term opportunities.
In this episode, you'll learn:
- Adapting Policies for Medium-Term Success
- Targeting the Right Audience
- Listing on the Right Platforms
- Alternative Guest Sources
- Instant Book and Visibility
Stay tuned for the upcoming episodes in this three-part series. Subscribe for weekly insights that will elevate your short-term rental game. If you're navigating the evolving landscape of property rentals, this podcast is your ultimate resource.
If you found this episode helpful, don't forget to like, share, and subscribe for more expert insights. Connect with us on our website, strriches.com, and let us know your thoughts and questions. Here's to turning your properties into thriving medium-term rentals!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Have you ever been left scratching your head, wondering why guests, who seemingly had a perfect stay, end up giving a less-than-stellar review? It's a scenario that perplexes many hosts, but fear not - we've got the answers and strategies to ensure it happens less frequently.
So, what are the reasons behind this inconsistency, and how can you ensure your property consistently earns those 5-star ratings? Stick around as we explore five crucial factors and provide actionable strategies to transform your guest reviews.
In this episode, you’ll learn:
- The importance of setting the right expectations
- Effective communication strategies
- The critical role of cleanliness
- Secrets of handling minor maintenance issues
As we conclude this eye-opening episode, remember that mastering guest reviews is an ongoing journey. By implementing the strategies discussed here and honing your communication skills, you're on the path to turning every stay into a 5-star experience. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. We hope you found these insights valuable for your short-term rental journey. If you did, don't forget to like, subscribe, and share this with fellow property managers and enthusiasts.
This week's episode is a special treat as I'm joined by industry experts Bill Faeth, Jasper Ribbers, Shawn Moore, and Will Slickers. Get ready for a deep dive into the top three criteria for selecting profitable short-term rental properties and efficient management strategies.
We've condensed the panel discussion for this episode, focusing on marketability, location, and proximity. If you want the full hour and a half of expert insights, head over to restmethods.com/panel. Let's unlock the secrets to short-term rental success!
In this episode, you’ll learn:
- Top three criteria for selecting profitable short-term rental properties
- Efficient management and maintenance strategies
- Unforeseen expenses
- Challenges for new hosts
- Future trends in short-term rentals
Head over to restmethods.com/panel for the extended version. Connect with our expert panelists and tap into their wealth of knowledge.
Get ready for a jam-packed episode filled with wisdom from experienced professionals in the short-term rental industry. Don't miss out on the secrets to success—hit play and let's dive in!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Bonjour! Welcome to another exciting episode of the Short Term Rental Riches podcast. I've just returned from my adventures in beautiful France, and it's time to share some valuable insights with you. We'll explore how to enhance your property for an exceptional guest experience. So, let's jump right in!
In this episode, we will cover:
- The importance of guest expectations and how it can make or break their stay
- Dealing with unexpected weather conditions
- Enhancing your property's entrance for a seamless arrival experience.
- Simplifying Wi-Fi access
As property owners, it's essential to create a welcoming environment for our guests. I'll also share some tips based on my personal experiences to help you avoid common pitfalls and ensure your guests leave with unforgettable memories. Travel is a powerful way to open our minds and see the world through new lenses. Join me on this journey, and let's make every stay a fantastic experience for your guests.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others who may find the info helpful as well.
In today's episode, we're diving deep into the world of super properties with the incredible Bill Faeth, a real estate veteran who has mastered the art of creating unforgettable experiences in short-term rental properties. So, whether you're a seasoned pro or just getting started, fasten your seatbelts because we're about to embark on a journey to discover the secrets of supercharging your short-term rental properties. Stay with us as we uncover the strategies that can turn your rentals into memorable, five-star experiences for your guests. In this episode, we will cover the following key points:
- Understanding Super Properties
- Discover how to stack value in your properties to create unforgettable experiences for your guests
- Learn the secrets to achieving consistency in property management
- Find out how to assemble and manage the ideal team of cleaning and maintenance professionals
- Explore the significance of first impressions and attention to detail in guest satisfaction
- Why marketing is the most important thing?
We hope you've gained valuable knowledge and inspiration that will help you enhance your short-term rental business. Remember, the path to success is built on a foundation of continuous learning and improvement.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others who may find the info helpful as well.
The world is becoming a more accessible place for everyone, and this is leading to a surge in travel demand. This is great news for short-term rental hosts, as it means there are more potential guests out there looking for places to stay. In this episode, we discuss the five major reasons why it's easier than ever to travel. From seamless planning and payments to effortless arrival and connectivity! We explore how this trend is impacting the short-term rental industry and what it means for hosts and guests alike. In this episode, we'll cover:
- The five major reasons why travel is easier than ever before.
- How the rise of easy travel is impacting the short-term rental industry.
- How guests are benefiting from the ease of travel.
- The future of travel and how it will continue to evolve.
If you're a short-term rental host, it's important to be aware of the trends that are shaping the industry. By understanding the factors that are driving travel demand, you can make informed decisions about how to market and manage your properties. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others who may find the info helpful as well.
Welcome back, everyone, to the Short Term Rental Riches Podcast! We've got another exciting episode lined up for you today as we dive deep into the world of short-term rentals. Our guest for this episode is none other than Luke Carl, the host of the Short Term Rental Management Podcast and the Director of Education for the Short Term Shop. Luke brings a wealth of knowledge and experience to the table, and we're thrilled to have him on the show.
In this episode, Luke takes us on a journey through his real estate ventures, starting with buying his first house and gradually venturing into the world of short-term rentals. He shares stories of early Airbnb adoption, property management, and the birth of the Short Term Shop. Luke's insights and experiences are invaluable for both newcomers and seasoned short-term rental hosts. In this episode, we'll cover:
- Luke's Real Estate Portfolio
- Property Management
- Challenges of Remote Management
- Housekeeping and Maintenance
- Taking care of short-term rental staff
We've explored a wealth of knowledge, delved into intriguing discussions, and shared ideas that we hope will inspire you.
Remember, the pursuit of wisdom never ends, and we'll be here, guiding you through it. Until next time, keep learning, growing, and embracing the wonders of our ever-evolving world.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Welcome back to the Short-Term Rental Riches Podcast! Every week, we're your trusted source for quick, actionable real estate tips, tailored specifically for the world of short-term rentals.
In this episode, we're diving into the AI revolution that's been making waves across the industry. From market analysis to crafting the perfect listing, we're exploring seven ingenious ways to leverage artificial intelligence for your short-term rental portfolio or your quest to acquire the next lucrative property. So don't let the tech jargon intimidate you – we've got user-friendly solutions in store. As we've seen with Airbnb's CEO announcing a transformative AI-centric approach, the future is here, and AI is at the heart of it. Plus, we'll share our five-step process for extracting optimal results from AI, ensuring you're well-prepared to harness its potential.
Join us as we unlock the secrets to AI success in the short-term rental game. From market analysis to guest avatars and beyond, you'll leave this episode armed with invaluable knowledge and strategies to elevate your rental business. So, let's dive right in and explore the incredible ways AI can supercharge your short-term rental journey!
In this episode, we'll cover:
- Market analysis made easy with AI-powered tools like Chat GPT.
- Identifying your guest avatar to enhance your property's appeal.
- Crafting compelling listing copy with AI assistance.
- Visualizing interior design with AI tools like Decor AI.
- Streamlining communication responses, especially for handling negative reviews.
- Leveraging AI for marketing materials and email campaigns.
- Easy website development with AI-driven solutions like Hostdinger.
As AI continues to shape the future of short-term rentals, staying ahead of the curve is crucial. Tune in and discover how AI can be your secret weapon for success. Whether you're a seasoned host or just getting started, our insights will empower you to thrive in the ever-evolving world of short-term rentals. Stay updated on all things short-term rentals and join us at our upcoming virtual event on October 14th, where we’ll delve into margin mastery and share our industry expertise. Find out more here
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
The key to success in the short-term rental business is exposure, high reservations, and maximizing your income. And one way to achieve this is by expanding your listing reach beyond Airbnb or VRBO. This week, we're putting the spotlight on Furnished Finder, a platform initially designed for traveling nurses but now catering to a broader audience. Whether you're a pro or new to the platform, this episode will unveil the potential benefits of incorporating Furnished Finder into your property portfolio. Stay tuned for a deep dive into this game-changing platform!
Welcome back to the Short-Term Rental Riches Podcast! We're thrilled to have you with us for another week of valuable insights and strategies. In the ever-evolving world of short-term rentals, there's always something exciting to discuss. If you're new to the podcast, be sure to explore our previous episodes and check out strriches.com for a treasure trove of resources, including the tools and programs I personally use in my short-term rental business. Today, we're shining a spotlight on Furnished Finder – a platform with enormous potential. Let's explore how it can take your rental income to new heights!
In this episode, you'll learn:
- The unique opportunities Furnished Finder provides for hosting extended-stay guests.
- How to adapt your short-term rental strategies for Furnished Finder's platform.
- Strategies for simplifying operations on Furnished Finder
- Tips for preventing double bookings when listing your property on Furnished Finder.
- The importance of centralized communication channels and dedicated phone numbers for efficient management.
As we wrap up this episode, we hope you've gained valuable insights into the potential of Furnished Finder for your short-term rental business. With its focus on medium-term stays, this platform is paving the way for the future of the industry. So, if you're looking to expand your exposure and bookings, don't hesitate to explore Furnished Finder. Whether you're a seasoned host or just starting out, there's a world of opportunity waiting for you in the medium-term rental market. Thanks for tuning in, and we wish you a fantastic week ahead, filled with fully booked properties and thriving rentals. Until next time!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Stay updated on all things short-term rentals and join us at our upcoming virtual event on October 14th, where we’ll delve into margin mastery and share our industry expertise. Find out more here
Welcome back to the Short-Term Rental Riches podcast. In this episode, we're diving deep into the world of short-term rentals with a true industry expert, Shawn Moore. With 23 years of experience in real estate investing and short-term rentals, Shawn has a wealth of knowledge to share.
Join us for an insightful conversation where Shawn discusses how he stumbled upon the world of short-term rentals by accident, the evolution of the industry, and the keys to success in this ever-growing market. From choosing the right property to finding the perfect management partner, Shawn shares valuable insights to help you thrive in the short-term rental business.
In this episode, you'll learn:
- The three phases of short-term rental success: Acquisition, Management, and Marketing.
- The importance of curating a unique guest experience.
- Strategies for choosing the right property manager for your short-term rental.
- How the short-term rental industry has evolved and the opportunities it presents.
- Tips for navigating regulations and raising the bar for hospitality.
If you're considering entering the world of short-term rentals or looking to elevate your existing portfolio, this episode is a must-listen. Shawn's expertise will empower you to make informed decisions and achieve success in this exciting industry.
Don't forget to grab a free copy of Shawn's book, "What the Hell Is a Lifestyle Asset?" on Vodyssey's website to dive even deeper into the world of short-term rentals. And if you enjoyed this episode, please like, subscribe, and leave a review to help us continue bringing you valuable insights from industry experts. Thanks for tuning in, and let's get started!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Stay updated on all things short-term rentals and join us at our upcoming virtual event on October 14th, where we'll delve into margin mastery and share our industry expertise. [Find out more here]
Welcome back to the show! I'm thrilled to have you here as we explore the exciting intersection of technology and short-term rentals. In today's episode, we're delving into the essential tools and tech that can supercharge your property management game. Whether you're a seasoned host or just starting out, these insights will help you save time and boost your efficiency.
By investing a bit of time in strategizing and adopting technology, we can unlock a world of possibilities for our short-term rental businesses. I understand that we all have busy lives, but trust me, dedicating a few minutes to optimize your processes can pay off immensely in the long run. So, let's dive in and discover how you can make your short-term rental venture a tech-savvy success!
In this episode, you'll learn:
- Streamline Your Workflow
- The One Thing Principle
- Browse Smarter
- Investigate Alternative Methods
We hope you found these tech and tool insights valuable for your short-term rental journey. If you did, don't forget to like, subscribe, and share this video with fellow property managers and enthusiasts. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Stay updated on all things short-term rentals and join us at our upcoming virtual event on October 14th, where we'll delve into margin mastery and share our industry expertise. [Find out more here]
Welcome to a milestone episode, #200! It's hard to believe that for almost four years, we've been sharing valuable insights about short-term rentals every week. In this special episode, we take a moment to reflect on the incredible journey we've had so far.
From the early days of traditional rentals to the exciting world of short-term rentals, we've covered it all. Whether you're a seasoned host or just starting, our real-world experience and advice are here to help you succeed. Join us as we share the highs and lows, from property purchases to international travels, and discover how short-term rentals can be a game-changer for your real estate journey. Thank you for being part of our community, with listeners from around the globe, and let's look forward to the next 200 episodes of Short-Term Rental Riches!
This episode covers:
- Reflecting on 4 years of weekly episodes dedicated to short-term rentals
- Going from traditional rentals to short-term rentals
- The bright future of the short-term rental industry
- Recommended books to expand your knowledge and mindset
- The value of continuous learning and staying informed in the industry
- Seizing opportunities in today's buyer's market
Thank you for joining us on this incredible journey! If you enjoyed this episode, don't forget to like, subscribe, and share it with fellow short-term rental enthusiasts. Stay tuned for more invaluable insights and here's to your ongoing success in short-term rentals!
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Stay updated on all things short-term rentals and join us at our upcoming virtual event on October 14th, where we'll delve into margin mastery and share our industry expertise. [Find out more here]
In this exciting episode, we're diving into Part 2 of our Q&A series, where we address your most pressing questions about the dynamic world of short-term rentals. Whether you're a seasoned host or just starting in the industry, this episode will provide you with valuable knowledge to enhance your success.
In this episode, we'll:
- Discover the tasks you can delegate to virtual assistants in the short-term rental industry.
- Explore the differences between Relay Bank and Mercury Bank for property management.
- Get insights into how using multiple platforms affects your property's SEO and ranking on Airbnb.
- Learn about review removal strategies and why persistence matters.
- Find out if using a HELOC to buy a rental property is a good idea.
Join us as we unravel the intricacies of the short-term rental business, share industry secrets, and equip you with the tools to thrive in this ever-evolving landscape. Don't miss out on this valuable episode and take your short-term rental venture to the next level! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Stay updated on all things short-term rentals and join us at our upcoming virtual event on October 14th, where we'll delve into margin mastery and share our industry expertise. [Find out more here]
Imagine getting started in the short-term rental industry over 26 years ago.
Yeah, way before Airbnb even existed. How would you do your research? What tools would you use to help manage and operate?
Things would be much different, wouldn’t they?
Now imagine if you were still working in the industry day in and day out…
Our guest this week is just that person.
Steve Trover experience in the short-term rental world from building a management portfolio of 400 properties, developing new purpose-built STRs, the former president of the most recognized short-term rental conference; the VRMA.
The list goes on…
I had the pleasure of interviewing Steve and am looking forward to sharing some of his expert insights including:
- New Construction and purpose-built STRs
- How access to data has changed but doesn’t tell the whole story
- How to know if you need to hire someone
- What to look for with your first hire
- Why personality tests are crucial for any team member
- Importance of structuring your interviews
- Why the world is our oyster
- Why short-term rentals are here to stay
You can find out more about Steve by visiting his LinkedIn profile and make sure to check out bettertalent.com for your hiring resources specific to the STR industry.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
The dates for our Virtual Event in October are now up! [Find out more here]
We get quite a lot of questions and the topics range. I try to lump them together and create a podcast for the ones we get asked most often but I thought it would be fun to do a rapid-fire Q&A for this week’s episode.
The real world is much like school was when we were growing up – we often don’t ask enough questions. And the only way we can become comfortable with what we are doing is by uncovering the answers and diving deeper. So I encourage any of you who have been listening in over the last couple of years to let us know what’s on your mind!
And hopefully this week we will be able to answer some of the questions you wanted to ask.
No question is a stupid question! This weeks topics range from:
- Service Animals and our right to refuse them
- Lease arbitrage
- Airbnb Tax reporting
- Enforcing Min age restrictions on different rental websites
So, whether you're a seasoned real estate investor or just starting out, whether you're intrigued by the opportunities of short-term rentals or simply seeking financial freedom, I hope you will find this episode helpful.
I’m excited to announce the dates are out for our upcoming virtual event! We’ll be meeting with a panel of industry experts where you can get your questions answered.
We’ll follow that up with a remote management workshop where we’ll unveil every system our company uses, how you can use the sames ones, and EXACTLY how to actually set them up.
👉 Grab your spot here
Join us on this week's episode of the Short-Term Rental Riches podcast as we dive into a fascinating topic that's poised to reshape the world of real estate: the impact of autonomous vehicles.
In the ever-evolving landscape of real estate investing, demographic shifts and societal changes play a pivotal role in shaping supply, demand, and property values. Think of the seismic shift brought about by remote work – a game-changer for our society. But there's another transformative shift on the horizon, one that's not as far away as you might think, and it's going to have a profound impact on real estate that might not be on your radar just yet.
I recently returned from California, where the beauty of the state was a striking backdrop to ponder the future of real estate. Drawing on personal experiences and industry insights, we'll delve into the realm of autonomous vehicles – a revolutionary development that's quickly gaining momentum. From Tesla's strides in self-driving technology to the intriguing world of autonomous Ubers, the future is closer than you imagine.
Discover how this technological wave will ripple through the fabric of real estate. The traditional mantra of "location, location, location" might take a backseat as the importance of access and commuting changes the game. Imagine a world with reduced traffic congestion, fewer parking garages, and a society on the move like never before.
The dates for our Virtual Event in October are now up! [Find out more here]
Bang bang bang goes the nail gun from the construction project next door.
And…
There’s not much you can do about it.
That’s the reality when our neighbor starts a new renovation project or the lot next door finally sees some framing going up to support a new construction home or building.
While this might freshen up your neighborhood it might also create a not-so-good experience for your next short-term guest.
If they don’t know about it, that is.
Many times construction is out of our control so we need to be proactive.
This week we’ll discuss what you should be doing to make sure those 5-star reviews keep on coming even when things are out of your control.
Stay tuned as we unravel how to:
- Appropriately Planning
- Being proactive
- HOAs (the good and the bad)
- Your neighbors new project
- Making it right when you drop the ball
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
The dates for our Virtual Event in October are now up! Find out more here
Nearly every large real estate deal you see was accomplished through the efforts of more than just one person. Nearly every hotel, shopping center, large apartment complex, mall, you name it - these deals take a lot of work and thus require a lot of finances and brain power.
Most of the time on this show we talk about individual deals like a vacation rental or urban short-term rental. Or even smaller apartment buildings. But what if we want to go bigger? 50, 100, 200+ rentals in the same deal. How can we do that? And what does that look like in the short-term rental world?
As the visibility for short-term rentals continues to grow among investors and venture capital firms realizing the serious potential and returns that can be made through STRs, larger deals are happening.
In fact, I’m in the midst of one myself. So this week I want to share with you:
- What’s a syndication?
- What do these larger deals look like?
- How are larger deals (typically) structured?
- Why these types of deals will continue to become more common
I’m excited to announce the dates are out for our upcoming virtual event! We’ll be meeting with a panel of industry experts where you can get your questions answered.
We’ll follow that up with a remote management workshop where we’ll unveil every system our company uses, how you can use the same ones, and EXACTLY how to actually set them up.
Grab your spot here
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
These days there are so many resources and experts for every industry….
After spending years in the STR industry I feel very fortunate to have access to some of the most seasoned experts in the space.
Avery is one of those people.
She is the host of the “Short Term Show” which is arguably one of the most recognized podcasts in our space.
She has been featured on almost every short-term rental industry resource.
She wears a lot of hats. From her position as CEO at the Short Term Shop where they’ve connected owners with profitable STRs generating over $1 billion in revenue to managing her own personal portfolio.
We dove deep on several subjects that you will find helpful!
Stay tuned as we unravel how to:
- As a STR sales agency - the current market outlook
- Benefit to being in an owners market
- Supply & Demand
- Growth Mode vs. Cruise Mode
- the “enemy method”
- Established vs. Emerging Vacation rental markets
You can find out more about Avery and The Short Term Shop by visiting her company website here. Don’t forget to check out her podcast, “The Short Term Show”
Let's face reality here… there’s no getting around your property tax.
You have to pay for it.
But, that doesn’t mean you have to pay all of it!
Many people have been caught off guard lately at their huge property tax increases.
This week we’ll break down why this is happening.
We’re going to go one step further too because unfortunately, your taxes don’t stop with just property tax.
Yes, those of us that have the luxury of being involved in the short-term rental world also have a special tax we have to pay; the TOT tax.
We’ll break that all down this week as well as:
- The upside to having extra short-term rental taxes
- Remitting your STR taxes
- Why property taxes are on the rise
- The highest and lowest states
- How to save on your property taxes
I’m excited to announce the dates are out for our upcoming virtual event! We’ll be meeting with a panel of industry experts where you can get your questions answered.
We’ll follow that up with a remote management workshop where we’ll unveil every system our company uses, how you can use the same ones, and EXACTLY how to actually set them up.
Grab your spot here
Your short-term rental expert,
Tim
This week we had the pleasure of interviewing Brooke Pfautz on the show. Brooke is an author and short-term rental industry expert. His experience ranges from building custom short-term rentals to growing a portfolio of 500 properties in just five years and now to providing software services.
The episode is jam-packed with insights and lessons learned from Brooke’s journey including:
- Top mistakes property managers make (and how any STR owner can learn from them)
- Tips on hiring
- Growing pains
- Changes in property management
You can find out more about everything Brooke and his company have to offer by visiting his website here. I also highly encourage you to check out his books which are packed full of expert advice.
Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
We have some many great examples of businesses that have shaped the way we live today.
From the invention of the first automobile to the smartphones we rely on so much each and every day.
We’ve seen some amazing progress in our lifetimes and I’m excited to see what is around the corner.
There is a darker side though.
Many businesses have failed.
In fact, most businesses have failed.
This is exactly what I love about real estate though.
We don’t have to be a rocket scientist to make it work; it just comes down to the numbers.
Ok… so maybe it’s not quite that simple.
We still have to have a good understanding of our market, regulations, and supply and demand.
If we get this right though we should be good to go for the long run.
While other businesses don’t have it so easy.
I’ve been revisiting a classic book this week, perhaps one of the most recognized and influential motivational books of all time, “Think and Grow Rich” by Napoleon Hill.
Napoleon dedicated 25 years of his life to this timeless book, or what I would call, a handbook for living a successful life.
In this, he also talks about failure and how most failures can be summed up into thirty separate items.
For those of you that haven’t yet had the pleasure of reading this book, I want to sum up just seven of those 30 failures in what I can most closely relate to the short-term rental and real estate industry.
P.S. If you ever make it down to Brazil you might want to take a little trip here :)
These days there are so many resources and experts for every industry. They seem to come from all directions. Some even seem to become experts overnight (be careful).
It’s no different in the short-term rental world. We’ve talked about some of those experts in the past, we’ve had some of them on the show, and we’re always discovering new ones and people to go-to.
But does any of that really matter?
It might…
If you’re using the advice and research wisely then absolutely.
We don’t want you to get into analysis paralysis but we do want you to get into the short-term rental world.
For me, it’s been life-changing.
I feel very fortunate to be doing what I love (from anywhere in the world).
At the end of the day though our success comes down to one thing; property performance.
And while expert and guru advice can be a huge help it still doesn’t help us figure out how well our properties are actually doing!
No, that’s something we need to do for ourselves.
So how exactly do we do that? Determine if our short-term rental is doing better than our neighbors.
If it’s doing better than the average.
We need a scorecard and this week I’ll fill you in on exactly what your property scorecard should have.
Stay tuned as we unravel how to grade your properties success:
- Creating a comp set
- Comparing apples to apples
- Removing the “outliers”
- Insights you will gain
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Cheers,
Your Short-Term Rental Expert
Tim Hubbard
P.S. Looking for help managing your property? Click here to find out how we can partner up
If you’re building a short-term rental business or planning on adding another property or two in the future you might find yourself getting overwhelmed. The reality is, we can’t do it all ourselves! Not if we want to grow anyway. The first step for many of us is to hire someone to help with all the guest communications. We’ve talked about this before and how our company has been hiring lots of extremely talented help out of the Philipines and Mexico.
It’s a big world out there though and since we can now work with others virtually easier than we’ve broadened our horizons and began hiring out of Eastern Europe.
This week I want to share with you a new place you can look for virtual help and find extremely talented and capable team members at a fraction of what it might cost to hire in the USA. This week we’ll break down:
- Where to hire directly in Eastern Europe
- Why you should hire someone (even if you think you’re not ready)
- Benefits of hiring in Eastern Europe
- What to expect
- Some interview questions you’ll want to ask
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
As many of you know we recently starting managing other properties - we’re really excited to bring on our new partners but as Ive been meeting with owners from all over the place (around the world) I'm finding that the competitive options differ quite a bit.
Not just in services but in fees. Many fees that owners don’t even know are being charged. I looked up an example with Vacasa recently to illustrate the example and a $500 reservation had over $1100 in fees.
So as we evaluate our options I thought it would be good to do a recap to make sure you’re totally aware of any and all “common” fees in the industry.
Please note that not all property management companies charge all of these fees, and the specific fees and amounts can vary depending on the company's policies and the services provided. It's essential to carefully review and understand the fee structure of any property management agreement before entering into a contract.
Short-term rental fees:
- Flat monthly management fee
- Cleaning fee per guest stay
- Booking/Reservation Fee per booking
- Advertising and marketing fee
- Technology/software fee for using property management software
- Furnishing and decor setup fee
- The maintenance fee for coordinating repairs and maintenance
- Seasonal rate adjustment fee for adjusting rental rates based on seasons or demand
- Guest communication fee
- Key exchange fee
- Administration fee for managing paperwork and documentation
- Monthly statement fee for providing financial reports
- Credit card processing fee for handling guest payments
- Inventory and inspection fee for conducting property inspections
- Security deposit management fee
- Late payment fee for managing overdue rental payments
- Cancellation fee for cancellations made by guests
- The utility management fee for managing utilities on behalf of the owner
- Emergency after-hours service fee for handling guest emergencies outside of regular business hours.
Remember:
- Your management fee comes off your GROSS income
- Who owns your reviews listings / whats your contract policy? Do you need to start over? That could be difficult in a down economy..
I’ve also worked with a lot of management companies more so on the Long term rental - sometimes it’s really hard to find the right one.. If you’re interested in help managing your properties and we’re a bit different in that we use my team to manage your properties
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
We would all love to have our properties 100% occupied but many times a 100% occupancy rate is a clear sign that we are not charging enough money per night. What if we increased our rates 20% per night and, even with a lower occupancy, were making more money?
And then we have to think about the opposite equation. What if we have a low vacancy, does it make sense to offer a long term discount to try and increase our revenues?
I know, it’s odd to hear the word discount and increased revenues in the same sentence but with the latest travel trends showing that guests are opting for longer stays this can be a reality.
Many people give out discounts because of the fear of not getting booked but, oftentimes, caving into that fear ends up earning less profit at the end of the day. Whether you are using your pricing tools or not, you might want to stop first and think if offering discounts works out to your advantage.
I know, I know… You hear a lot of opposite opinions about whether to send special offers or not for longer stays. Luckily we have access to a lot of data that can help us figure this out to determine whether a long term rental discount is truly going to help us or not.
It’s not a guessing game. The data shows us what to do, as it almost always does in real estate. This week let’s discuss whether a long term discount makes since for your property:
- Pro & Con recap of long term reservations
- Do you know your numbers?
- Do you know your averages?
- Expenses to cover and consider
- Duplicating discounts & custom pricing
- Things to consider when calculating or giving discounts
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Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
One of the biggest components of a short-term rental is the turnover between guests and all that dirty laundry. Sometimes you can hardly tell your guests even used the linens and others, well…
I’ll let your imagination run with that one
Either way it’s something we have to deal with and the bigger the property the more laundry we have. For some of us it’s pretty easy; your housekeeper shows up, throws it in the washer, cleans the property and has fresh linens to replace before they’re done cleaning. But for others properties this isn’t so easy…
What happens if you have 3+ bedrooms?
There is too much laundry for one load, so what happens then? Well maybe you’re housekeeper thinks they can fit it all in one… so they try anyway. Or maybe it’s obvious they’re going to do multiple loads so they end up waiting around for the second load to finish even after they’ve finished cleaning the property. Whether you’re working with a professional housekeeping company or paying someone on your team directly the more laundry you have the more it’s going to cost you. That’s a no brainer right. So what do we do?
I’ve learned a ton about laundry over the days managing tens out thousands of guests with my team. Even to the point where I purchased a commercial building and brought in industrial sized laundry machines on forklifts.
Those babies can handle whatever we throw at em’
They’re bolted to the concrete to make sure they don’t spin out of control and run through the wall.
While this is a natural progression for many growing larger portfolios, for others just getting started, we also need other alternatives. This week we talk about those alternatives. Stay tuned as we break down your laundry options for your short term rental:
- Challenges doing laundry in your property
- Wear and tear and the life of your machines
- Housekeeping costs
- Off-site options, worth it?
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
Are you managing your property yourself? If so, make sure to get a copy of our management handbook to make sure you’re not missing any crucial steps - get your copy here
If you are looking for help managing your property, we’d be happy to see if we can help. Lets chat
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
“I’m going to turn the thermostat as cold as it will go.”
Your guest thinks to themself stepping in from the hot summer sun.
Regardless whether or not your property is at a cool temperature - some guests will still turn down the thermostat…all the way. This ins’t just a challenge for your equipment, it can also be a challenge for you pocket book. Air conditioning and heat are usually one of the largest utility expenses for most properties. And those bills get even worse if your property is not properly equipped.
Whoa that’s a tongue twister–say that one 3x fast. “Property is not properly equipped”
Ok down to the point.
The easier the thermostat is to use the easier it is for you guests.
And they are not all created equally. In my personal portfolio we use multiple different brands.
But, I now have a favorite.
I purchased a dozen or so of them and we’ve tested them…
All is looking good so I figured it’s time to pass the tips on to you all.
This week as we dive into everything from:
- Potential HVAC issues
- Essential thermostat settings
- Several Industry Options
- The thermostats we now use
Looking for the closest possible thing to a turn-key short term rental you can find. Check out the episode I did with my friends Dave and Leon who are building them :)
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Even if an older, short-term rental property is not perfect in terms of its amenities or aesthetics, it can still earn perfect five-star reviews on Airbnb.
It can still outperform a brand new, well-designed competing property by leveraging five key concepts.
The money is in the details.
On a last-minute trip to Miami for a friends wedding I stayed at a guest house in a nice little neighborhood near my friends wedding venue.
The neighborhood was nice but the property… egh, not so nice.
But it had everything I needed.
It met my expectations.
One slight little hiccup however, and it would have been really easy to slip this Airbnb a less than perfect review.
I left a glowing 5-start review though for 5 basic reasons!
All of which we’ll cover in this weeks episode.
Stay tuned as we dive into the five things you can do to make sure your non-perfect property gets perfect reviews—everytime.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Before we can determine whether or not a real estate investment will be a successful one we need to first look at the bigger picture. We need to know and understand the demographics and fundamentals driving each market.
Once we know what real estate markets are ripe for investment it drastically helps to narrow down our options. With a market decided, we can go hunting. But it’s not always easy to determine what makes a “good” market for investment. This comes with practice, education, and experience. So when I’m doing my market research I turn to advice from some of the industry’s leading experts. This week we had the luxury of interviewing someone who’s education has been a big influence in my life. Education that has saved me from putting my money in real estate markets that were too risky (and that’s evident now as prices fall). I’ve gone to several of his conferences in person and been listening to his podcast for years soaking up all of the knowledge that he shares so freely and wisely. He is, arguably, one of the industry’s most recognized and respected thought leaders in real estate; Jason Hartman. Jason is the host of the popular “Creating Wealth Real Estate Investing” Podcast. With almost 2000 episodes and years of experience under his belt, Jason brings a ton of value. Stay tuned as we dive in deep to:
- Why money is still “cheap”
- What makes a market risky
- Examples of risky markets where you don’t want to invest
- Which markets are ripe for investment and why
- What it means to live a “Rich” life
You can find out more about everything Jason has to offer by visiting his website here. Need help managing your short term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
If you have been investing in real estate for a while you know it has a lot of moving pieces.
Especially if you have ever remodeled a property. All those tiny little expenses need to be recorded. From the miscellaneous screws you bought at your local Home Depot to the new, fresh vanity for your master bathroom. Don’t forget the gas you paid for on the way to the home goods store; that should be expensed too. So maybe you’re not doing the remodel yourself. If you’re like me, when I started I definitely got my hands dirty. I’m not saying I knew exactly what I was doing but that’s where I started anyway. It was fantastic graduating to the point where I could pay professionals to do professional work. No more uneven grout lines or crooked tiles. But of course hiring professionals costs money… and yep, that money has to be tracked too. If you’re working with a local handyman many times you’ll send over an easy payment through the Cash app or Venmo. But as you get bigger, you add more properties, and then you add more expenses. Sometimes, you come across the occasional vendor that doesn’t accept venmo payments. Checks only? Yeah, that still exists unfortunately. So now you need to send a check out that’s not going to process until it’s cashed. I’ve got an easy solution I’m getting too soon–I promise.
And I’m not referring to the turn-key short term rentals we recently talked about (although that’s an excellent way to skip the bookkeeping too) But first let's flip the switch here and assume we’re no longer referring to a long term rental property. Tips from the Short Term Rental Riches Podcast and you’re friends' Airbnb success have led you down the path to getting in the STR game. And as you dive in head first the amount of transactions you have shoots through the roof. Cleaning supplies. Furniture. Housekeeping payments. Utility payments. Software subscriptions. Landscaping. The list goes on and on… This week we’ll break down how we can make all of the expense tracking and banking so much easier! I’ll share with you my best practices and what I’ve learned paying hundreds of contractors, and hundreds of thousands of dollars (remotely) over the years.
This week as we dive into everything from:
- Safe banking options & what makes them “not safe”
- My struggles
- Features you need
- Why speed matters
- Sharing features with your team
- Connecting to accounting programs
- Two banking options to make your life easier (Incl. one I use)
To find out more about the bank options recommended you can head here to Relayfi.com or mercury.com
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
There is a lot to learn in the short term rental industry. The environment is constantly changing; new tools, tips, markets to look for, and best practices to incorporate into your short term rental (or your upcoming purchase. Too much to learn in fact that there is no way for me to process it all myself. So to change things up a bit i’ve decided to bring on a few other experts in the space. This week we meet with my friend and former Airbnb employee Danny Rusteen. Danny is also the author of the best selling book “Optimize your BNB” and has a new book coming out soon I’m excited to talk about “profitable properties - Airbnb Insider secrets.” Danny doesn’t just talk the talk, he also owns and operates arguably one of the best performing properties in all of Medellin, Colombia. Medellin is no small city… thousands of Airbnb’s are actively listed there and it takes work to get to the top of that list. He brings a ton of value this week as we dive into everything from:
- What it means to live a “Rich” life
- Why direct bookings are important
To get in touch with Danny you can find him at https://optimizemybnb.com/ or get a copy of his book here. He is also launching the Optimized Business course, which I believe could be of great value to you. By using the code STRRICHES, you can enjoy a 50% discount for three months. The course begins on May 29th.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
There is a lot to learn in the short term rental industry. The environment is constantly changing; new tools, tips, markets to look for, and best practices to incorporate into your short term rental (or your upcoming purchase. Too much to learn in fact that there is no way for me to process it all myself. So to change things up a bit i’ve decided to bring on a few other experts in the space. This week we meet with Jonathan Farber. John is the real deal. He also happens to spend half of his year in Medellin, Colombia where I ran into him and have had the pleasure to meet up with several times afterwards for dinner and drinks. I’ll let John tell his own story on the episode but just know that he brings some EXPERT tips. Join us this week as we discuss with a fellow short term rental expert:
- Why having virtual team members is necessary
- Best practices for hiring your own VA
- How your team can “train themselves”
- How traditional management can hurt (or crush) your STR returns
- The current economic and industry outlook
- What it means to live a “Rich” life
Make sure to catch Johnathan on his popular podcast - Millennial Millionaires. You can also find out how to work with John and have real estate deals hand picked for you by going to:
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
When I first got started with my real estate investment career the idea of a turn-key rental always sounded enticing to me. Turn-key property = a property you can purchase that is renovated, rented, and professionally managed all in one spot. Easy peasy. Problem was, after visiting multiple states and markets, I wasn’t able to find many opportunities that led to decent returns. In fact, some of the so-called “opportunities” weren’t earning any cash-on-cash return at all. That’s what led me to start investing in short term rentals. It was a natural progression after having used them during my world travels time and time again.
Now years later, after over 25,000 guests have passed through my personal portfolio and for the first time I’m witnessing a potential turn-key short term rental investment opportunity just beyond the horizon.
An opportunity to purchase a short term rental property that comes professionally designed, fully furnished, and ready to list online with minimal effort. A short-term rental that also happens to have an exceptionally affordable entry-level price.
It’s brand new. It’s eligible for bonus depreciation. You will never have to pay property tax on it.
All with the potential to earn much higher cash-on-cash returns. Heck, our team will even help you manage it!
I know, I know, this all sounds too good to be true…
I’ve dedicated years to becoming an expert in short term rentals and I’ve never come across an opportunity like this that has so many value-added components all in the same place. Until now… People all over the world are choosing many short-term rentals for the experience they provide—no matter the size.
And if you’ve followed my content for any length of time then you already know that many of my smallest properties also happen to be my best performers. So when I travelled to Phildelphia recently and saw with my very eyes an opportunity to purchase a short-term rental that I could have delivered anywhere in the USA, my ears perked up. Listen in to this week’s episode and find out how a couple friends of mine are changing the short-term rental investment landscape. They’ll break down how a park model home has the potential to multiply your investment returns and save you from the hassle of getting things going on your own. We break down all the highlights this week including:
- Defining a park model home
- Tax benefits from day one
- Built to last with minimal maintenance
- How a $100k investment could earn 4x more than a $1 million investment
- Who these properties are right for
- A truly turn-key short-term rental opportunity?
If you want to find out more you can simply leave your email here and setup a quick meeting with our week's guest who has already worked with dozens of other happy investors.
Worried about the management? My team and I might be able to help you out with that as well. If you haven’t heard, we’re now partnering with others to help manage properties (no matter where they’re located) just like mine—find out more here.
Your short-term rental operations don’t stop the moment your guests check out. Nope.
Actually, in many ways, they are just beginning. Much like a new born baby you have to care, protect, and monitor your STR for its whole life.
You have to make sure it stays clean. You have to make sure it stays smoke-free. You have to make sure that it's warm when it needs to be and cool when it’s heating up outside. And much like how a child's experiences impact its future experiences—so do guest bookings. Every single reservation that comes through your property impacts future bookings in the way of a review. Over time, your property builds a solid foundation (hopefully a positive one) and allows for the good times to keep on coming. So in a way, while a short-term rental and a baby may seem like two very different things, both require a significant amount of attention and care to ensure that they live out successful and enjoyable lives. So yes, if you have a short-term rental, you have something that needs to be cared for! This week in part 4 of our management series, we’ll break down all the things you need to know after your guest leaves your property. And if you have someone else managing your property—hopefully they are doing these things as well. Your future pocket book depends on it.
Stay tuned as I break down for you:
- Managing your property AFTER a reservation
- Turnover Operations
- Housekeeping
- Maintenance
-
Resolutions and charges
-
Monitoring Performance
- Analytics
-
Review management
-
Making informed decisions
If you are interested in partnering with me and my company “Midtown Stays” fill out a few quick questions here and I will personally reach out to you via zoom to find out more and chat. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
You made it. You successfully set up and advertised your short term rental property and you are ready for your first guests. The day has finally come and all of that hard work is about to pay off. You are slightly nervous though since you know just how important the initial reviews to any STR can be. The guest arrives and… they can’t get it! Even though you sent them the carefully laid out check in instructions, created a unique digital lock code for them, and were there for them every step of the way.
They just can’t, for whatever reason, get the lock to open. Let me save you the trouble of guessing why… user error! Yes, as simple as it is to use digital locks these days they are all different and STRs attract guests of all ages and nationalities and sometimes our guests just can’t seem to enter the codes right. Leaving off a digit. Not entering a pound sign or hitting an unlock button. Trying to open the door before it’s actually unlocked causing the “smart” lock to jam up. From the tens of thousands of guests my team and I have managed in my own personal portfolio I can tell you that lots of reasons pop up that could lead to a bad guest experience. The entry example just happens to be the most common reason a guest will call you. And worse… sometimes they call you a bit frantically because they have been traveling long hours, they’re exhausted, and it’s late at night. So… things happen. Whether you are self-managing your property or you have a team helping you, you have to be prepared for anything and most importantly you have to know how to handle it. The better we manage our properties the better our guests’ experiences will be and the more money we will make.
As we kick off the 3rd episode of this 4-part series, this week we will be going in depth on all things you or your property manager SHOULD be doing during your guest reservation, from arrival until check out. What happens if there is an emergency? What if the guest wants to change their reservation? The guest can’t sleep because the neighbor is being too loud? The best way to respond to a guest? We will cover all of that this week as well as:
- Guest management tips during the reservation
-
Handling common issues
-
Monitoring home security
- Following up
- Upselling reservations
- Altering reservations
- Involving OTA support when needed
- Effective communication
- Robot Response Vs. Human Response
- Response times
- Keeping it written
-
Knowing your property
-
Making informed decisions
If you are interested in partnering with me and my company “Midtown Stays” fill out a few quick questions here and I will personally reach out to you via zoom to find out more and chat.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
The returns we earn on our short term rentals is a direct result of how efficiently and effectively we manage our short term rentals; there is a lot that goes into it. At the root of it all lies hospitality but since we don’t have on-site staff like a hotel might, we have to offer the best hospitality in other ways—virtually. There is also a fine line between too much automation and not enough. My team and I break down all of our operations into three parts: (1) before guest check in (2) during guest check in (3) at guest checkout / post-checkout. Make sure to check out last week’s episode (episode 174) on why I believe virtual management is the future of all management. On today’s episode we’ll talk about the steps involved that need to take place BEFORE your guests even arrive. Stay tuned as I break down for you:
- Your success depends on your management skill
- Your management should be doing this BEFORE a booking:
- Advertising
- Property protection (Guest Verification)
-
Pricing
-
Communication
- The little things matter…Hospitality
- Making informed decisions
If you are interested in partnering with me and my company “Midtown Stays” fill out a few quick questions here and I will personally reach out to you via zoom to find out more and chat. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
An exciting thing is happening in the real estate industry; the technology sector has finally entered and embraced this age-old industry.
Today we have improved processes and efficiencies across the board and, for many, higher investment returns. Companies like Blackstone for example, have acquired nearly $600 billion in real estate world wide. That just wasn't possible to manage in the recent past. This week I will be discussing why I beleive virtual management is the future of all property management.
I've been scaling slowly but have certainly learned a lot over the years. After managing over 25,000 guests with my team and I don’t want you to make the same mistakes I’ve made. It’s important to always remember there are two sides to every story. So from the less exciting side, today’s story reads… “Short term rental owner fails to manage his property professionally, or hire the right manager, and now has another job has to go back to his day-job because his expenses have exceeded income”
So what do you do? Option #1: You can catch all the latest youtube videos, blogs, and podcast episodes pulling out every tip and trick you’ve learned. This works for a lot of us (and recommended if you have the time) but a lot of us don’t have the time. Option #2: Many owners have turned to companies like Evolve Vacation Rentals offering an industry low 10% management fee and who now have close to 30,000 short term rentals in their portfolio promising higher revenues. Option #3: You turn to your local property manager knowing they have a firm grasp on the local market but the 25% commission digs even deeper into your pocketbook.
Whatever way we go we need to be careful with who we entrust to help us with our properties and if we are managing them ourselves we need to make sure we don’t skip any steps–the same steps professionals dedicate their careers to staying on top of. My pick? Option #1. Let’s talk about what exactly virtual management is, why I think it’s the future for most STR owners, and what you need to know if you are interested in having your property virtually managed (or are planning on doing it for someone else). Stay tuned as I break down for you:
- Why Virtual management is the future
- Virtual management Vs. Traditional Property Management
- Why choosing the right partner can make or break your rental performance
- Are the big box management companies, like Evolve, right for you?
- How much does virtual management costs
- Are you interested in managing other people's properties?
- What the onboarding process looks like (listener Q&A)
If you are interested in partnering with me and my company “Midtown Stays” you can find out more info here and I will personally reach out to you via zoom to find out more and chat. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
There is a lot to learn in the short-term rental industry. The environment is constantly changing; new tools, tips, markets to look for, and best practices to incorporate into your short-term rental (or your upcoming purchase). Too much to learn in fact that there is no way for me to process it all myself. So to change things up a bit, I've decided to bring on a few other experts in the space in the coming weeks. And if I had to name one of the industry’s most well known experts… a man that literally wrote the book on Airbnb..ing, that would be Jasper Ribbers. Jasper is the host of one of the industry’s top podcasts; “Get Paid for your Pad” and also wrote the book Get Paid for Your Pad years ago before many even knew what Airbnb was! In fact, I read Jasper’s book years ago before I got started with my first Airbnb. This week’s interview is packed full of EXPERT tips. Everything from why you should have an “ammo box” in your rental to how you can have a long lasting, successful partnership. Join us as I discuss with a friend and fellow short term rental expert more on:
- Maximizing your experience at in-person conferences
- Why being a “digital nomad” has changed
- Midterm stay rental platforms and their potential evolution
- Tips for working with a partner
- Tips for someone getting started today!
- Future outlook of the STR industry
- Having an “ammo box” in all of your rentals
- What living a “RICH” life really means
Make sure to catch Jasper on his popular podcast: “Get Paid for Your Pad.” If you want to listen to the episode where Jasper interviewed Tim over two years ago you can listen in here from December 2020 episode #363. The crazy thing is… even though it's been years since the interview, the content we discussed is still relevant! Like predicting higher interest rates for example…
You can also find out how to work with Jasper and his partner Eric by going to https://www.overnightsuccess.io/ . There you will have more info on their excellent coaching programs, resources, and much more.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Bring a sense of wonder to your guests from the moment they set foot on your property.
Just like judging a book by its cover, a guest formulates an opinion of your short-term rental property the moment they set eyes upon it. The interior is likely the most important to renters, but the home's exterior can play a big role in catching the eye of your traveling guests, too! You want your place to look inviting to guests so they can picture themselves feeling at home - or someone else’s nice home!
Today we’ll talk about creating the best first impression by presenting a charming curb appeal. Why it is so important and how your home’s exterior can set the mood for a marvelous stay. We will discuss:
- What is curb appeal?
- How curb appeal differs with STRs
- Virtual curb appeal?
- Why it matters
- Bonus Tips on Boosting your curb appeal
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Having a highly cash flowing short-term rental is not only liberating but it’s motivating. When the cash is rolling in, occupancy is staying high, and the times are good, it seems like there is nothing but blue skies ahead and your next STR is always in sight. Until… something changes that stops you in your tracks. “I knew it was good to be true,” you mumble under your breath.
Your Airbnb is banned! An ordinance or regulation changes and you can no longer rent your property as you were. What do you do now?
While visiting friends and fellow short-term rental owners in Lancaster, Pennsylvania we visited a beautiful wedding venue with a huge barn turned into four or five short-term rentals. The perfect cash flowing machine until the city shut him down.
I have my own properties that have been restricted and it’s not fun. I want to talk about this week how you can handle changing times. Let's discuss:
- Being proactive
- Where the rules are blurry
- Four and a half back up options
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
In the world of long-term rentals we do a lot of screening before we put a tenant in one of our properties. We don’t want someone getting in there not taking care of the property, and on top of that having a legal right to the property without some sort of financial reserve; that’s why we always get a deposit and in many cases first and last month's rent. In the world of short-term rentals however, many people are not getting security deposits. They are relying on Airbnb to cover their back should something go wrong. But what if Airbnb doesn’t cover your back? What can you do to add additional protection to your properties? This week we will discuss some additional insurance you may want to take out:
- Airbnb protection
- Every other OTA protection
- Your essential protections steps
- How much of a deposit?
- Is your deposit adequate to cover damages?
- What happens if you have no deposit and no OTA protection
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
When the facts change, I change my mind. What do you do sir? This was a quote I heard and has stuck with me for years since an Int’l business class I took as a young buck. This is reality: things change. I’ve spoken before about Booking.com and how they weren’t right for us but… We’re now back on Booking.com! And I think you might want to use them for extra exposure for your short-term rental as well. They have also released a few new features I think you will find very handy since the last time we reviewed them. Stay tuned this week as we discuss:
- Why we went back on Booking.com
- How to get started with them (for beginners)
- How to save time in the setup
- Why now they are easier to use then ever
- Extra exposure
- Property protection
- What type of guests they will bring to your property
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Have you thought about renting by the hour? I know what you’re thinking… Tim you have stooped too low. I’m not about to start running a brothel. Besides, even if I wanted to, that's not even legal. No, I’m not talking about running a brothel. The truth is there are lots of legal, productive, and lucrative ways to rent your short-term rental by the hour. The best part, if your property is already set up there not much more to do! The platform is here. So, let’s dive in! We will discuss:
- What is a STR squatter?
- How to proactively avoid them
- Some preventive measures you can ensure
- Pro tips in evicting short-term rental guests the smart way
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Coziness goes a long way when it comes to guest experience in your STRs. If there is one other important thing you should consider focusing on, it would be something relatively timeless: COMFORT. We are talking about linens, towels, mattresses and pillows. Having a superb quality of these coupled with proper care and some nice presentation can totally enhance the guest experience!
As traveling has been redefined, we see more inclusive stays across short-term rental properties lately. But some guest expectations remain the same. Regardless of the main reason why our guests are traveling, they are still coming to your short term rental to relax, so make sure you’re providing them the space to just do that!
So in this week’s episode, we will talk about how to provide guests with a quality and comfortable stay in the form of these amenities. Tune in as I give you extra bonus tips straight from Airbnb Host Plus! We will discuss:
- Keeping quality comfort in mind
- Caring tips and when to replace them
- What I personally use and where to get the best
- Bonus Tips for making a welcoming bed - Airbnb Host Plus!
If you want to checkout the recommended video from a bedding expert see it here.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
As occupancy around the nation has slowed slightly (although not in all markets) we really need to consider our expenses. Afterall, we earn more if our expenses are less! There is one consumable item I have been using in my properties for years but just realized something… Maybe we don’t actually need it. Well, we’re now testing that theory. And the chances are you might not need to be leaving this consumable item as well (and I can guarantee it's something you are currently leaving). I’ve found that Hotels (even with kitchens) don’t leave this for their guests either so after reviewing how much it was costing us we have decided to cut this expense. This week we will discuss:
- The consumable items we leave guests and whether they are all necessary
- Have you considered alternatives?
- Do you know how much they are costing you?
- Will forgetting something lead to a bad review
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
It's quite possible that your short term rental is not the right size. I don’t necessarily mean the square footage, but more specifically the number of bedrooms. For example, when it comes to size, I have found little difference in the performance of an STR based on overall size. For example, I have studios as small as 250 square feet and then one bedroom in the same city up to 800 square feet and the performance is essentially the same. One isn’t noticeably outperforming the other. When you look at the number of bedrooms however, and not the size that is when things change. If you take that same 800 square foot one bedroom and compare it with a two bedroom of the same size the performance could be drastically different! Even though the size has not changed. So how do we figure this out? Good news, we have several ways. Let's discuss this week if you are missing out on some opportunity by not having the right number of bedrooms and what you can do about it. We will discuss:
- What's the ideal number of bedrooms in your market?
- Should you add another bedroom?
- Alternative ways to “add” a bedroom
- Finding the data that tells you yes or no
- Potential increased return
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
One of the upsides to real estate investing vs. other investments, stocks for example, is that with real estate we can know when we buy a property if it’s a good investment or not. It all comes down to the numbers. While there are a lot of metrics out there to compare investments there are a few that are more important and one in particular that every conservative investor should have in their tool belt.If I had to choose just one metric, it would be the Cash-on-Cash (COC) return. This tells us how much cash we are actually making at the end of the day–which, to me as a conservative investor, is always more important than what we could make. By investing for appreciation for example. In our current economic environment you can pretty much kiss your appreciation returns goodbye since the market is dropping. BUT we can still find properties that earn a good return and to do that we will need to fully understand the COC metric. To take it one step further, as short-term rental investors, we need to add in a few items to make sure that we are accurately calculating our potential returns. Let's break that all down this week to make sure you are not getting into a deal that doesn’t make sense.
- What is the cash on cash return?
- An easy example
- Historic averages
- Today’s averages
- Why the annualized COC return is important
- Why CAP rates are not as useful.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
What the heck is going on? If we look beyond the US borders most currencies are getting crushed against the dollar. I just got back from a 4-week Euro trip and the dollar for the first time in my life the US dollar was at parity with the euro! Just to put things in perspective, the first time I went to Europe one Euro equaled $1.50 (a 50% difference). And why does this all matter anyway.
There has never been a time in my lifetime when the dollar has been as strong as it has now. What does that mean for Americans or those of us that are earning US dollars? It means everything is on sale! Unfortunately at the expense of many other nations. The subject of currency exchange is a complicated one. A subject that isn’t easily calculated or forecasted and that can change on a whim from the news. But if you have interest in investing in other countries now may be your time!
- Historical highs
- Brent Johnson’s Milkshake theory
- Exchange arbitrage
- Using your USD to live like a king / queen
- Plan Bs and potential options
- Virtual Assistants
- Considerations for buying foreign properties
- My current deal CLOSED
- I got lucky I didn’t invest a year ago…
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
What the heck is going on? If we look beyond the US borders most currencies are getting crushed against the dollar. I just got back from a 4 week Euro trip and the dollar for the first time in my life was at parity with the euro! The first time I went to Europe one Euro equaled $1.50 (a 50% difference). And why does this all matter anyway.
There has never been a time in my lifetime when the dollar has been as strong as it has now. What does that mean for Americans or those of us that are earning US dollars? It means everything is on sale! Unfortunately at the expense of many other nations. The subject of currency exchange is a complicated one. A subject that isn’t easily calculated or forecasted and that can change on a whim from the news. But if you have interest in investing in other countries now may be your time!
- Historical highs
- Brent Johnson’s Milkshake theory
- Exchange arbitrage
- Using your USD to live like a king / queen
- Plan Bs and potential options
- Virtual Assistants
- Considerations for buying foreign properties
- My current deal CLOSED
- I got lucky I didn’t invest a year ago…
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Do you know the one power tool that you can use to maximize your earnings and expedite the booking process, too?
I am talking about Airbnb's Instant Book feature. Instant book is a hassle-free booking process that allows guests to book your listing automatically. It also improves guest experience on top of that. It is like hitting 3 birds with one stone. But let’s pause here for a second and rethink, are we using it effectively?
In this week’s episode, we will talk about the power of Instant booking. Is it a yay or is it a nay? Stay tuned as I break down for you the perks, the downsides, and everything between! We will discuss:
- Pros and Cons
- Tips when dealing with Instant Book Guests
- Booking requirements you should apply
- Why don't some hosts use it?
- Top 3 FAQs about Instant Book
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Things are sounding a bit scary out there in the real estate world. Interest rates have surged, less people can afford to purchase, real estate prices are falling, and people are backing out of deals!According to Bloomberg, home prices are decelerating at the fastest rate in over a decade across major markets in the U.S., and homebuyers are increasingly backing out of deals (a record 16% in July 2022)On top of that we are seeing savings accounts depleted, consumer credit debt is on the rise, and general prices for necessities like food and energy keep creeping up due to inflation; that is not a good combination.
At the same time though, it’s been a while since I’ve seen so many real estate “opportunities” coming across my mailbox with price reductions. So now that we have officially entered a buyer’s market, should we actually be buying? Or should we wait around for prices to keep dropping?
This week:
- What it means to be in a buyers market
- Opportunities
- Should we actually buy? Or wait…
- Every Market is different
- What to do if you are underwater…
- What this means for rents (and renters)
- Int’l opportunities
It’s a great world for short term rental business but it definitely is no fairy tale!
There are still lots of things that can’t be in our control which may affect the total guest service that we offer. For those that we can, it’s important to remedy them right away and see how we can make it right for our guests if there is a need for that. Hopefully, these two things can better the experience and guests continue on having a great stay.
But not all guests can be understanding. We get the opposite, too! And they can hurt our business big time when it’s time to submit reviews and they give us a really bad one. With all my experience, Your property may be top of the charts when it comes to 99% of the experience but you will most likely see that measly 1% up on the review board.
The good news is we can have these reviews taken down if we believe it violates the platform’s Review Policy.
There are things we can do to mitigate the damage a bad review will cause to our listing. It’s not always easy but it's always worth the shot! So,let’s dive in! This week, we will discuss:
- 3 Reasons for reviews to be removed
- 2 Questions to ask yourself if the review is worth pursuing
- Importance of proof and evidence
- How to proactively handle a negative review
- Bonus Tip: How do I personally do it?
Do you want to take your STR to the next level and meet with me and a group of like minded investors each month? We now have the perfect place to do that and share resources and tips– check out our “Rested Investor Club House.” Hope to see you on the inside!
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
I believe communication is one of the main keys to success in life. But it’s more than just communication, it’s honest communication.
After managing tens of thousands of guests, however, it's clear that we are not always receiving honest communication. It’s true, my team and I have been lied to–and if you have a short term rental it’s possible you have been lied to as well!
This week we’re going to talk about dishonesty in the world of short term rental rentals and how it’s affecting you. Including:
- What does it actually mean to lie or be dishonest?
- What about “white” lies… Aren’t those acceptable?
- Lie maintenance.
- Issues with your short-term rental - you may be enticed to fib
- What our guests may lie to us about
- How we prove them wrong
- Our word against theirs…
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Do you want to take your STR to the next level and meet with me and a group of like minded investors each month? We now have the perfect place to do that and share resources and tips– check out our “Rested Investor Club House.” Hope to see you on the inside!
We have an extra special guest this week that you will not want to miss! He is one of the leading authorities on taxes in the nation when it comes to building your wealth tax free.
You may recognize the name, Tom Wheelwright, from his bestselling book Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes or because he is the CPA for Robert Kiyosaki! (author of Rich Dad Poor Dad).
Tom is an excellent teacher; his goal is to help people achieve their financial dreams faster by permanently and legally reducing their taxes. He has been a contributor to Entrepreneur magazine, and his work has been seen in Forbes, The Wall Street Journal, The Washington Post and on FOX, NPR, ABC News Radio and hundreds of other media outlets.
This week we will break down some insights from Tom’s latest book (I just had the pleasure of reading) The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make.
Don’t miss this extra special week as we discuss:
- Why short term rentals can have excellent tax advantages
- The difference between active and passive income
- Material Participation vs. being a real estate professional
- Why the government will discount your investment activities (if you pick the right ones)
- Why the rich don’t pay taxes
If you want to hear more from Tom (make sure you listened to part one) but you can also find Tom at www.Wealthability.com or on one of his two popular podcasts: The WealthAbility® Show with Tom Wheelwright CPA and The WealthAbility® for CPAs Show.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
We have an extra special guest this week that you will not want to miss! He is one of the leading authorities on taxes in the nation when it comes to building your wealth tax free.
You may recognize the name, Tom Wheelwright, from his bestselling book Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes or because he is the CPA for Robert Kiyosaki! (author of Rich Dad Poor Dad).
Tom is an excellent teacher; his goal is to help people achieve their financial dreams faster by permanently and legally reducing their taxes. He has been a contributor to Entrepreneur magazine, and his work has been seen in Forbes, The Wall Street Journal, The Washington Post and on FOX, NPR, ABC News Radio and hundreds of other media outlets.
This week we will break down some insights from Tom’s latest book (I just had the pleasure of reading) The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make.
Don’t miss this extra special week as we discuss:
- Why you should be an active partner with the government
- Why the rich don’t pay taxes
- What you should do if your CPA is skeptical about saving taxes
- Strategies for saving tax
- Why the government will discount your investment activities (if you pick the right ones)
If you want to hear more from Tom (make sure to catch part two) but you can also find Tom at www.Wealthability.com or on one of his two popular podcasts: The WealthAbility® Show with Tom Wheelwright CPA and The WealthAbility® for CPAs Show.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
There’s one thing that will guarantee you a bad review. It’s also something that you could encounter if you are not prepared!
We have to always have backup plans for when the unexpected happens. On a recent trip to Eastern Europe I was staying in an Airbnb and this very thing happened.
I got locked out! Even worse, it was in the middle of the night :(
So this week I want to talk about the experience and what you can do to make sure your guests are never left stranded.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
There’s one thing that will guarantee you a bad review. It’s also something that you could encounter if you are not prepared!
We have to always have backup plans for when the unexpected happens. On a recent trip to Eastern Europe I was staying in an Airbnb and this very thing happened.
I got locked out! Even worse, it was in the middle of the night :(
So this week I want to talk about the experience and what you can do to make sure your guests are never left stranded.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
There are so many things to think about when we are getting ready to invest and start a short term rental (STR). I don’t claim to know all of them but after managing my over 21,000 guests my team and I have learned most of them.
There is one component, however, that can’t just be “taught” with a few words or checklists. One component that does, seriously, make or break your short term rental.
This week we are talking about the “Experience” your guests have. If you get it wrong it will show up in the form of negative reviews and you can kiss your high occupancy and high daily rates goodbye!
This is a serious topic; you can literally make twice as much as your neighboring short term rental (or half as much if you get this wrong).
As investors and owners though sometimes its hard to know what our guests might be experiencing. One way to get some better insight is to stay in other Airbnbs!
I just got back from a little over 5 weeks of traveling and I stayed in a whole bunch of different accommodations over 6 different countries and I want to touch on the subject.
This week I want to discuss five things you can do to add to your guest experience and five things you should not do!
We will discuss:
- What I learned from my recent travels
- Why Airbnb puts so much emphasis on the experience
- Who is getting the “experience” part right
- Five things you can do now to improve your experience
- Five things you do NOT want to be doing
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
There are so many things to think about when we are getting ready to invest and start a short term rental (STR). I don’t claim to know all of them but after managing my over 21,000 guests my team and I have learned most of them.
There is one component, however, that can’t just be “taught” with a few words or checklists. One component that does, seriously, make or break your short term rental.
This week we are talking about the “Experience” your guests have. If you get it wrong it will show up in the form of negative reviews and you can kiss your high occupancy and high daily rates goodbye!
This is a serious topic; you can literally make twice as much as your neighboring short term rental (or half as much if you get this wrong).
As investors and owners though sometimes its hard to know what our guests might be experiencing. One way to get some better insight is to stay in other Airbnbs!
I just got back from a little over 5 weeks of traveling and I stayed in a whole bunch of different accommodations over 6 different countries and I want to touch on the subject.
This week I want to discuss five things you can do to add to your guest experience and five things you should not do!
We will discuss:
- What I learned from my recent travels
- Why Airbnb puts so much emphasis on the experience
- Who is getting the “experience” part right
- Five things you can do now to improve your experience
- Five things you do NOT want to be doing
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
We are talking about that yellow and red badge that shines bright next to your name and listing. The badge that sets you apart from the rest. The SuperHost status badge!
Being a part of a distinguished group is generally a pretty good feeling. But when it comes to our short-term rentals and Airbnb not only do we get to feel good… but we make more money! No wonder most of us aim to be a Superhost! In short term rentals, having that badge is adding an extra layer of trust and credibility to you and your listing and as a result, more people will book your property.
But is it as shiny as it looks and as glorious as it sounds? Is it really worth the struggle to comply with Airbnb’s strict requirements?
This week, we will talk about Airbnb Superhost status. We will look at the upside it offers our short-term rentals as well as a new insight on what we should really focus on for a more successful and profitable hosting experience. We will discuss:
- Defining a Superhost (Premier Host with Vrbo)
- How do you qualify to be one?
- Is it really worth aiming for?
- Benefits of being a Superhost
- The Lagging Indicator
- Bonus Tips: Getting your Superhost Badge
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
If you missed last week make sure to jump back and check it out as we ran through (in a nutshell) the essential steps to getting your Airbnb ready. Everything that you need to physically do, that is. But we can’t stop there.
A STR that no one can find is not going to make any money. So step two; get it ready online. Although this doesn’t take a long time, there may be more to it than you know. I’m going to walk through this week (in a nutshell) the nine step process for getting your Airbnb (or STR) ready and online to make sure it has the biggest reach and answers all of your guest’s questions so they don’t hesitate and hit that reserve button :)
This week we will discuss:
- Getting started on Airbnb
- My software stack
- The 4 essential components
- Setting up your pricing
- Setting up your guidebook
- Your home automation
- Going beyond Airbnb for max exposure
- A nice place to store additional property info
Great news, the dates are set for our next annual virtual event! Join us October 22-23 as we uncover everything you need to know to find, acquire and operate a short-term rental with passive operations!
Spend a jampacked weekend with us – for more details click HERE!
Are you enjoying the podcast?If you find value in any of our episodes or resources you would do a huge service to your fellow investors if you would share it with them!
This will also help us grow and it would be much appreciated. You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
P.S. You have asked for it for quite some time and it’s ready… We just launched a virtual clubhouse where we can talk directly! Find out more info here.
It can be quite a process, but it doesn’t have to be. Setting up an Airbnb that is. After we have our perfect property ready to go we have to furnish it, install home automation tech, and provide details to our guests.
It’s crucial that we do not overlook anything because, as you know, our initial reviews can make or break the success of our STR. I recently got back from hopping around the US and one of the stops was in a city where I own properties and I was doing just this with one of my team members.
So I'd like to break down the process for you in a nut-shell to make sure that you do not overlook anything during the initial setup. And if you haven’t set up your 1st STR yet well… then this can be your 15-minute handbook :)
This week we will discuss:
- Making a plan
- Ordering & Coordinating furniture
- Setting up / installing furniture
- Where to get help?
- How long does it really take?
- Essential rule to make sure you don’t FORGET anything.
Great news, the dates are set for our next annual virtual event! Join us October 22-23 as we uncover everything you need to know to find, acquire and operate a short-term rental with passive operations!
Spend a jampacked weekend with us – for more details click HERE!
Are you enjoying the podcast?If you find value in any of our episodes or resources you would do a huge service to your fellow investors if you would share it with them!
This will also help us grow and it would be much appreciated. You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
P.S. You have asked for it for quite some time and it’s ready… We just launched a virtual clubhouse where we can talk directly! Find out more info here.
I can’t believe it. This is our 150th episode! Wow, how time passes soo quickly. I thought we’d do something special and talk about a topic that’s not 100% real estate related but will, undoubtedly, change the markets we should be investing in and the type of guest we will be receiving in the future.
Let’s talk about the human lifespan. Our population as a whole is getting older; it’s a fact.
And as our population ages, demographics change and that changes the fundamentals of our real estate investments and the decision we are making.
Well… it should change our investment decisions!
But it depends on your investment timeline and to be honest - some of the demographic info is a bit hard to see from the ground level.
I’ll get to some excellent resources I’ve used in the past in a bit but, first, a bit more on breaking scientific research that is allowing us to live longer!
Every year we are alive we gain an extra 3 months of life. So, if you're alive for 10 extra years from today that means you added another two and a half years to your lifespan. And not too far off on the horizon, scientists believe that we will be adding an extra year of life for every year we are alive; imagine that.
So I don’t know about you but if I can live 20 years longer than the current life expectancy I am all for that; as long as I’m healthy, that is. The good news, we know what we can do today to live longer and stay healthy.
Lets go slightly off topic this week for a special 150th episode and talk about the latest scientific research behind longer lifespans and how:
- Our aging population affects real estate
- Why demographics are so important to real estate investing
- Exactly why we are living longer
- 5 scientifically proven tips we can implement to live longer
- The opportunities we all have with a longer lifespan
- Consistency & the Slight Edge recap (one of my favorite books)
If you haven’t already read it, please check out one of the most influential books I’ve ever read by Jeff Olson: The Slight Edge. It will change your life. I promise.
Also make sure to check out “Big Shifts Ahead” and “Emerging Markets” you can find on our resources section here.
If you want to jump around you can check these time stamps:
- 10:15 how living longer affects real estate
- 13:15 two of my favorite book recommendations for finding good markets & demographic data 13:35 how to predict demographic shifts
- 15:30 best book for finding emerging market data 16:35 how we can combine longer lifespan + consistency to achieve amazing results
Great news, the dates are set for our next annual virtual event! Join us October 22-23 as we uncover everything you need to know to find, acquire and operate a short-term rental with passive operations!
Spend a jampacked weekend with us - for more details click HERE
Are you enjoying the podcast?If you find value in any of our episodes or resources you would do a huge service to your fellow investors if you would share it with them!
This will also help us grow and it would be much appreciated. You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
P.S. You have asked for it for quite some time and it's ready... We just launched a virtual clubhouse where we can talk directly! Find out more info here.
Camera technology has really improved over the years. That’s really good news for us in the STR industry because security cameras not only help us protect our homes but they help us monitor our guests.
Ok… before you go thinking that I have been spying on our guests let me explain a bit more what I mean by “monitoring” our guests.
Cameras are NOT allowed inside our short-term rentals and that is obvious. But we can monitor our guests in other ways. We can see when they arrive. We can see how many people they arrive with. We can see if they, perhaps, are trying to sneak in one of their furry little pet friends when we have a no pet policy :)
So for us in the STR space cameras are essential. But there are a ton of options to choose from these days! So which one do we choose?
I’ll share my experience in this week’s episode using several different models over the last 7 years and break down some of the most important features you will want to have regardless of the camera you choose.
- Is it worth opting for a wireless option?
- Alternate uses for our STR (outside of security)
- 3 things to consider when purchasing
- 5 options on the market today
Are you enjoying the podcast?If you find value in any of our episodes or resources you would do a huge service to your fellow investors if you would share it with them!
This will also help us grow and it would be much appreciated. You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
One of the first things most people think of when they think of renting their property on Airbnb is “Someone is going to destroy it!”
Yes, this is possible but it’s very unlikely. The truth is, I actually think that long term rentals can be much more risky than short term rentals. I’ll explain shortly.
I’ve been investing for over 12 years and throughout the years I have not been particularly biased towards any one specific type of real estate to invest in. I started my career as a commercial real estate broker working exclusively with investors and different real estate investment options.
The small team I worked with completed over 2 billion (with a B) in real estate transactions including everything from shopping centers, to warehouses, to apartment buildings.
There are many, many different niches of real estate to invest in and we can take it one step further. Within each “sector” of real estate lies even more sub-niches. Short term rentals are just one sub-niche of the residential housing sector.
You may say… hey Tim… short-term rentals are part of the hospitality sector! They are for vacations! But the fact is, people are living in short-term rentals now.
So which type of real estate is the best to invest in? Short answer; it depends. It depends on your risk profile and what your experience is
But to make things simple, this week we will break down and compare just two different niches: Short-term rentals vs. Long Term rentals.
I own both and continue to invest in both so feel that I can provide you some great insight in this week’s podcast. Let’s discuss the pros and cons between the two including:
- Recap from 8 days with some of the smartest RE investors I know
- STR vs. LT rental risks
- Subtle advantages of STR (you probably haven’t though of)
- Scaling - which is easier
- Future outlook for both
Options are always good. Unlimited options? Even better!
That is what Airbnb is offering with its latest 2022 Summer Release. When you open it, you're presented with 56 categories that organize homes based on their style, location, or proximity to a travel activity. That is 5.3 million unique listings in 191 different countries around the globe!
Limitless possibilities are here to stay for the travel industry. The changing of work set-ups paved the way for “bleisure” stays (that’s business + leisure combined) and these beautiful, fun and sometimes quirky groupings just added more inspiration to travelers.
As Airbnb timely transitioned from a destination-focused search to an experience-focused search, we ask, “What are my chances of popping up on these new search results?” “Is my listing in one of those categories?” So to understand more about this latest update from Airbnb Summer Release, let’s dive in! This week we will discuss:
- Interesting Airbnb Categories
- Why was the search changed?
- Top 3 Host questions to Airbnb
- Elements Airbnb consider for you to qualify in a category
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Keeping your STR updated and contemporary will help to increase your property value and get more bookings. These types of upgrades are essential in order for your property to stay competitive and relevant in the booming 21st-century short term rental market!
But hold it just one minute! Before you start renovating, make sure you’re doing it for the right reasons! Sometimes, we think pumping more money into certain areas of the home will get higher rent, get a higher equity position in the house, and it simply does not happen! And then we ask, “Why??”
Yes, I have gone through my fair share of renovations here and there. It is not an easy decision to make and in actuality, it's an even more difficult task to undertake! But I always think of the areas of my rental property to concentrate on for the best return of investment from renovating. So today, I will share with you my experiences and a few good tips to consider if you are renovating your properties. Stay tuned as we discuss:
- When is it time to renovate your property?
- 4 Main reasons why you should renovate
- 3 Renovations that are a waste of money
- Tips to renovating your rental
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Keeping your STR updated and contemporary will help to increase your property value and get more bookings. These types of upgrades are essential in order for your property to stay competitive and relevant in the booming 21st-century short term rental market!
But hold it just one minute! Before you start renovating, make sure you’re doing it for the right reasons! Sometimes, we think pumping more money into certain areas of the home will get higher rent, get a higher equity position in the house, and it simply does not happen! And then we ask, “Why??”
Yes, I have gone through my fair share of renovations here and there. It is not an easy decision to make and in actuality, it's an even more difficult task to undertake! But I always think of the areas of my rental property to concentrate on for the best return of investment from renovating. So today, I will share with you my experiences and a few good tips to consider if you are renovating your properties. Stay tuned as we discuss:
- When is it time to renovate your property?
- 4 Main reasons why you should renovate
- 3 Renovations that are a waste of money
- Tips to renovating your rental
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
I’m sure we all have experienced this: a guest changing his/her plans and asking you to change the date of their stay to a time that is outside of the cancellation penalty period.You approve this request only to find out that, well your guest is, after all, planning to cancel!
Well quite sadly, this is an ongoing tactic. We understand that guests want flexibility but if you just give in to these alteration requests without checking how it goes with your cancellation policies, then you are losing a lot of potential income there! Imagine, a Reddit post about this tactic in ULPT (Unethical Life Pro Tips) has 10,000 upvotes on exactly how to go around the host’s cancellation policy. They are talking about this at your expense!
You definitely don’t have to fall for this! Remember that when a reservation is made on your listing, guests are locking in those dates so no one else books it. You have the right to earn money knowing the value of your home and the value of your home being booked! So this week, I invite you to join me as we talk about:
- What is a trip change request
- How it works
- Should you be accepting them and what you can do
- Red flags you should keep an eye for
- Bonus Tips you should know
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Investment philosophies should always revolve around returns that’s why we normally recommend areas of the US where the rent to value ratio (amount of rent we get back vs. purchase price) is higher. If you evaluate properties using this metric it’s an easy way to rule out a lot of areas; typically the areas with the highest cost of living. But when can these SAME CITIES actually make sense? Let’s talk about rental arbitrage and how the areas for rental arbitrage are often the opposite of the areas you would want to purchase or invest in but can still make you a fortune.
- Why some markets are bad places to purchase but better for lease arbitrage
- A few examples of cities
- How we can calculate to know for sure
- Lease considerations if you decide to go this route
- The operations are the same
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Check out this older Airdna report on the Best Markets for Lease Arbitrage in the US which is still relevant today (unless regulations have changed in the cities).
It’s exciting hosting so many guests from all over the world in our properties. We are helping to facilitate a new way people are deciding to travel that is more experiential. We are helping others to build lifelong memories.
But it’s not exactly easy.
Things happen, and people have questions. Questions about our properties. Questions about the area our property is in. Questions about what we recommend they do while they are there.
If you’ve been listening to the podcast for a while, then hopefully, you’ve figured out how to answer most of these questions BEFORE your guests actually ask them, but the reality is, there will still be more times when we have to communicate with our guests.
Every guest has slightly different questions and expectations. If you are just getting started and have one or two properties, then the questions you get from your guests are likely not dictating your life and waking you up at all hours of the night.
If you have more properties, however, there is no avoiding required communication at ALL times of the day, and if you’re like me, I didn’t begin investing in real estate to answer calls at all times of the day. I got into real estate as a way to earn passive income, and so I learned early on that the guest questions were one of the most important parts of an Airbnb business that I needed to outsource.
Over the years, I’ve explored several options for outsourcing guest communications, and that’s what I’d like to break down for you this week so you know your best options! Join me as we discuss:
- Options for outsourcing your guest communications
- Where to hire virtual assistants
- What to Include in Your job description
- Having someone 24/7 for your guests
- Challenges & requirements for a VA
- Tracking progress
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here, including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
It’s often said that “the devil is in the details.” When it comes to short-term rentals, this could not be more true. One little hair could be the difference between your 3-star review and a perfect 5-star review that will keep guests coming back.
So how do we ensure that we consistently get great reviews? We have to monitor the details! I know, that’s easier said than done. My team and I have managed over 20,000 guests over the years, and I know we have missed a lot of details. A dead battery in a TV remote, a loose door knob on the closet door, or mismatched hangars in the closet; there are a lot of details to consider.
So I’m excited to talk this week about a program that can help us manage all of these little details. Everything from housekeeping to maintenance to ensure that our properties are exactly the way they should be :)
- What is breezeway?
- Most management software programs are lacking
- The items we should be tracking
- Top features
- Connecting to Airbnb, VRBO, etc.
- Costs
You can check out the software here: https://www.breezeway.io
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
We are currently doing hundreds of reservations a month, and something just dawned on me after looking at our cleaning fee and realizing it was likely too low...We may be losing thousands of dollars! And not just in lost potential revenue but because our cleaning expense is actually higher than our fee. So that brings up a good question, how much should you charge your guests?
How do you calculate the right cleaning fee for your property?
Should you look at the cleaning fee as a way to earn additional revenue, or should you charge just enough to cover your costs? What happens if your cleaning fee is too low or too high? There are a lot of things to consider when you set your cleaning fee for your listing, so this week, we’ll uncover a few of them, including:
- Finding the average
- Lower fees vs. higher fees
- Housekeeping perceptions
- Is it fair?
- How often do we need to adjust our prices
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
Do you know all the downsides to renting to long-term guests for stays over 30 days? If you haven’t really thought it through before - there are quite a few. Everything from the legalities and taxes you will owe to the way you manage your property change.
Long-term stays are NOT well suited for all short-term rentals and markets. But on the flip side, there are a lot of benefits!
So before we decide if we want to attract long-term stays, we need to truly understand if having long-term stays will be to our advantage…So this week, we will dive into this discussion and talk about:
- Pros of accepting long-term guests
- The downsides
- The legalities (it is different)
- Management Changes
- Are you leaving money on the table?
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here, including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
What if you could travel for free? Without tax that is. Well, you likely can.
I stayed at the most remote Airbnb I’ve ever stayed at in my life. I literally could barely get to it. After putting the jeep in 4x4 and dredging up and down muddy roads with deep crater-like holes we finally made it. Not without, however, two gracious Colombian gentlemen helping to push us up a hill while I had the throttle to the floor and mud shot all over their ponchos.
It’s hard to imagine a moment of peace after such an arrival. But it was peaceful. Staring out at the beautiful mountains where the clouds rolled by like waves in the sky. The rain spattered in from time to time but there was no noise to be washed out. Just the sound of nature and a crisp breeze.
Of course, as an investor in the short-term rental space, having accommodated over 20,000 guests in my properties, my mind started churning. I couldn’t help but think about the future success (or failure) of this property. Was the arrival just too treacherous? Was this property just too remote? We’ll break down the pros and cons of remote listings this week and wrap up with just how cool it is to explore the world and travel tax-free! This week's topics:
- Remote properties
- Pros and cons of operating remote properties
- Expectations
- Are you eligible for a tax write-off for travel?
- Is it possible you could use travel expenses to offset your ordinary income?
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
I’ve been investing for over 12 years and have not been particularly biased to any one type of real estate to invest in. I started my career as a commercial real estate broker working exclusively with investors and different real estate investment options. The small team I worked with completed over 2 billion (with a B) in real estate transactions including everything from shopping centers, to warehouses, to apartment buildings.
There are many, many different niches of real estate niches to invest in and within each “sector” of real estate lies even more sub-niches. Short-term rentals are just one sub-niche of the residential housing sector.
You may say… hey Tim… short-term rentals are part of the hospitality sector! And you would be right if you were referring to just STRs used for vacations! But the fact is, people are living in short-term rentals now and they have become a mid-term option for many people.
So which type of real estate is the best to invest in? Short answer; it depends. It depends on your risk profile and your experience. It’s also helpful to be able to compare and contrast the various options.
So this week we’re going to make things simple and break down the risks and opportunities of just one of these niches (and my favorite as our listeners already know) and talk about investing in short-term rentals. This week we will have a rapid-fire list of the risks and opportunities as I see them with short-term rentals. Let’s discuss:
- Recap from 8 days with some of the smartest investors I know
- STR strengths and weaknesses
- Subtle opportunities (you probably haven’t thought of)
- The future outlook for the industry (and economy)
- What I’m doing in the current environment
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
It’s hard to tell at first. Something seems a little fishy but not enough to lead you to believe that someone is out to fool you. Not from the start anyway. These days there aren’t many areas of life that haven’t been infiltrated by someone or something trying to take advantage where they can and ultimately take things that don’t belong to them.
Scams happen with Airbnbs and short-term rentals as well. And there isn’t just one way they’re doing it. An important thing to take note of is that scammers are smart and always adapt.
Just recently, for example, a scam at the start of 2022 affected 587 individuals and tallied up to a whopping $2.7 million in lost money. $2.7M lost with just one fraudulent scheme!
So we need to be careful.
As scammers are getting increasingly sophisticated in their attempts to fool people around the globe and with the rise in demand for rentals, this industry is now more prone than ever to fraud.
It’s crucial that we watch out for any potential risks to avoid becoming vulnerable to scams, even to those already staying with us. This is an important topic, so this week, we’ll talk about
- Warning signs to look out for
- Most Common STR scams
- OTA ways of protecting us (and who does it the best)
- General tips for preventing scams
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
If you have had an STR for a while I’m sure you had some unexpected cleaning due to guests smoking in your listing or pets damaging your property. Not only is it frustrating when our properties aren’t treated with care but having to deal with the process to get reimbursed can be equally frustrating! And sometimes we just don’t have the time to file a complaint before our next guest checks in and we lose the possibility.
Airbnb has had its “Host Guarantee” for many years but just last November, Airbnb dropped it and introduced AirCover - the “top-to-bottom” protection for Hosts.
AirCover is a branded type of coverage that consists of Host Damage Protection and Host Liability Insurance. It actually covers a lot of stuff behind this simple name and is just one more reason to explore short-term rentals as an investment option. Once you hear more about it, you may think, “Is this too good to be true?”
Well, it is true, but is it good?! This week I will share with you all you need to know about AirCover and how it helps us manage our short-term rentals in case of damage to property caused by guests. We will talk about:
- Host Damage Protection
- Host Liability Insurance
- Key takeaways
- Tips on how to make Airbnb damage claim
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Compared to the hotel industry, the short-term rental industry is still just a small share of the pie. Although it is growing! And not just growing but merging with the hotel industry. The hotel industry is taking note of the STR industry and vice versa.
But at the end of the day, the hotel industry is still a giant and the travel industry’s leader. Some hotel chains have tens of thousands of rooms and so they have access to incredible data. Data on the return of work travel, data on the average length of stay and average price, and perhaps most interestingly, data on the future outlook of the travel industry as a whole!
This week I want to share some insights I learned from a conference I recently attended with some of the biggest players in the industry. I think you will find what they had to say to be quite exciting :) A quick review on: * The great “merger” * Is business travel returning? * What areas are most ripe for investment? * Industry expert’s opinion on a potential “recession”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
P.S. I'm excited to share that we've just locked in our dates for our next live event in Memphis! It takes place August 19-21 (Friday-Sunday). So if you're interested in learning the ins-and-outs to successfully acquiring your first STR or the tools you'll need to scale your STR empire to the moon, come join us! More info here
P.P.S. Did you know that we just launched a mastermind group where we can talk directly? Find out more info here
Whether you sold your house, decided not to rent your home any longer, are doing a major renovation, or dropped the ball and got some bad initial reviews with your short-term rental, you might want to consider deleting it.
This week, we will talk about how to delete your Airbnb listing (not your entire account!) and what other different Airbnb alternatives are worth pursuing before making that final and irreversible decision. I have removed quite a few listings myself over the years and so this week I’ll share with you my experiences and some facts on:
- Why you might delete your listing
- Before and after considerations
- How to delete your Airbnb listing
- Airbnb Alternatives you might want to consider
- Can Airbnb deactivate my listing?
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
There are times when a man’s best friend gets promoted to its highest calling, as a crucial companion for members of the community. As a service animal. Today, a lot of people rely on them to help assist with disabilities.
This higher calling however brings about a new set of rules you need to know in regards to your short-term rentals. By law, we have to make reasonable adjustments to accommodate service animals. But what about emotional support animals? (ESAs)
How do you really know the difference between a service animal, an ESA, and a pet? And how do they exactly fit in our short-term rentals? It gets tricky.
So, this week we’re busting all the common myths about service animals and vacation rentals. We will discuss:
- What’s a “Service Animal”
- What’s an “Emotional Support Animal” (ESA)
- What’s the difference??? Can you deny them?
- The questions you can ask
- Airbnb and Vrbo policies
- Can you charge pet fees?
Here is a link to Airbnb’s policies
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
Have you considered putting out the welcome mat for the furry, four-legged travelers of the world? Well, there’s a pretty substantial market for pet-friendly vacation rentals. Study shows that more than half of pet owners bring their furry friends along on vacations and this is becoming the trend. According to Airbnb, the most popular amenities right now include wifi, free parking, and..a pet-friendly space! There is also growing evidence that pet-friendly properties are more lucrative than their non-pet neighbors. For starters, pet owners tend to stay longer in one location, meaning higher occupancy rates for your property, which also means maximizing the potential for earning in your listing. The question of whether or not to allow pets, however, is not an easy one. Many short-term rental owners have split opinions on the subject. If you are wondering if maybe offering pet-friendly properties isn’t a bad idea, after all, there are some simple ways and ideas to accommodate man’s best friend and protect our properties at the same time. This week, we’ll discuss:
- Pros and cons
- Expectations to include in house rules
- Pet-proof your rental (Furnishing for your pets)
- Pet fees and cleaning fees
- How to request money for accidental damage to property?
- Longer-term stays (people don’t leave their pets at home forever)
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
Why is it that we can have two identical properties right next to each other but one waaay outperforms the other? Just a small change in occupancy or our average daily rate has a big impact on our bottom line so we need to ensure our short-term rentals are advertised in the best way possible.
Monitoring our properties against themselves or monitoring their performance, however, can be a bit confusing. There are so many changes we can make to our listings on Airbnb or wherever we have them listed but how do we know if they are actually going to make a difference? In short, we need to measure them. What doesn’t get measured can be managed, as the common saying goes.
So this week we’re going to talk about three ways you can measure the performance of your short-term rentals after making a change to see if they are performing better! And if you have more than one property already make sure to tune in to the bonus tip (#4) that might make things a bit easier for you :)
This week:
* Listing performance insights
* Conversion rates
* Page views
* An easily exportable report with data you need
* Comparing one property to another
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
I know the hesitation. You’re staring at your Airbnb listing wondering… is this the right title? Is this the best title? Did I charge the right cleaning fee? Should I change my photos and descriptions? Am I missing something?
Because we rely so heavily on listings sites like Airbnb and VRBO to advertise our properties for rent as short-term rentals, it's important that we do what they want when it comes to our online listing setup. It’s only right that we do what they ask, isn’t it? Would your property be staying booked so easily without them? Hopefully! But for many of us, that’s not the case, after all, they do spend $100s of millions on advertising on our behalf :)
And so when I say “do what they ask” I'm actually referring to machines. Yes, machines. I can say with 100% certainty that on the other side of our computer screen there is not a human being reviewing our listings; it is a machine. A machine looking for certain data that it can plug into its algorithms to let Airbnb know that the listing is in fact a good one or a bad one less deserving of lucrative reservations.
So how do we make these search algorithms (machines) happy to ensure that our listings are viewed by as many people as possible? That’s what we’ll uncover this week in a quick episode breaking down the top five.
- Doing what they ask
- Completing the listing sections (correctly)
- Safety features
- A few pointers in regards to photos
- Keeping up on our listing (Monitor)
- Superhost metrics: (VRBO “premier host”)
Refer back to some of the prior episodes mentioned this week:
Episode 118 (listing titles) Episode 70 (Must have photos) and Episode 91 (what NOT to do with your photos)
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Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
Operating short-term rentals will give you a new appreciation for the spaces we live in. It gets us thinking more about interior design but it also has us thinking about how durable our interior design will be. Or at least you should be thinking that if you already have a rental property. How well will your rental hold up to guests coming in and out on a regular basis?
It would be hard to argue that every guest (or long-term tenant) will treat our properties exactly the way we do. As a result, we’re likely to get some additional wear and tear. But not all parts of a rental will receive the same amount of wear. Normal wear and tear are all based on usage and if there is one place I can guarantee your guests will always use, it's the bathroom.
So because it gets used every time a guest stays with you it needs a little more attention. We’ll shed some light on wear and tear this week with a focus on our bathrooms. Including:
- The bathroom items that will wear out
- Budgeting
- A couple items you need but don’t want your guests to see
- An item you probably haven’t thought about (you will need)
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
I feel super fortunate to have been able to meet and become friends with some really big-time real estate investors. A friend of mine owns and manages roughly $400 million between himself and his investors’ portfolio so when he starts changing the way he does something my ears perk up. I’ll get to what he says shortly into this week’s episode but for now, I’d like to ask you if you can think of anywhere where a property costs less five years ago than it does today? I didn’t think so.
Prices have skyrocketed in most real estate markets. I know that is not news to most of you but what exactly is it that makes you think these properties are expensive? Yes, the price is certainly higher but are they actually more expensive? For me, a property is expensive when it no longer makes money. When it can’t cash flow. When the rents and income no longer exceed the expenses it takes to own the property. That is the point when a property (for me) does not become a sound investment option. And so if we look at it that way then a property’s sales price actually has much less to do with the whole equation.
If you’re looking for one more nudge to help you pull the trigger, I’ve got another metric for you: price per square foot (psf). It allows you to compare between properties and provide a whole bunch of insight to help you make a better-informed decision. So this week we’ll talk all about that and:
- Past Prejudices
- Using today’s numbers to make a decision
- All about Price Per Square Foot (PSF)
- What causes PSF to change
- Construction Costs
Check here for stats. And new home source ▪
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
The fewer questions we receive from our guests the easier it is to manage our short-term rentals and if it’s easier it’s likely that we will continue doing it and building our portfolios! At the same time, receiving fewer questions also indicates that our guests have everything they need!
So we talk a lot about communication on this channel and how to best serve our guests. One of those ways that we highly recommend is to have a digital guidebook. It’s not just about communication but it's how we are communicating and a digital guidebook allows us to relay information in a very easy and visibly pleasing way.
This week we’re going to talk about how we can get our recommendations and property information over to our guests using a FREE option that doesn’t require a software subscription. We’ll be using my favorite program in the world! I use it every day in both my business and my personal life and couldn’t imagine staying organized without it. And I know that ANYONE with a short-term rental could benefit from using it.
This week's episode we’ll dive into:
- Sharing info with your guests efficiently
- Providing better instructions
- Creating a FREE digital Guidebook
- Creating a FREE digital Housekeeping checklist
Listen to my episode about Notion here and you can check it out online at www.Notion.so
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
There is quite a lot that goes into furnishing a property and I’m not just talking about the money. It takes some thought. A good design takes work and since it is such a crucial element to the success of your short-term rental you want to make sure you do it right. You may think you have the interior design skills your guests will be seeking out but are you sure?
The first place we like to start is with a floor plan or what you could call our “road map” (see last week's episode #125). In addition to outsourcing your floor plans, you can easily hire someone on Fiverr or Upwork to help you with the virtual design! Other sites are taking that even one step further… You can now actually order all of the furniture they have recommended from the same exact place where you got your design help! Pretty cool right. And easy.
So this week we’ll talk about a couple of options and break them down:
- What exactly can these virtual designers do?
- Where can you find them?
- How much do they cost?
- Coordinated order purchases - time
- Are they actually worth it?
Check out Modsy here and Amazon Showroom here
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
There is quite a lot that goes into furnishing a property and I’m not just talking about the money. It takes some thought. A good design takes work and since it is such a crucial element to the success of your short-term rental you want to make sure you do it right. The first place I always recommend starting is with a floor plan. It will save you time and money and also be an additional resource your guests will love (more on that later in the episode).
A floor plan will allow you to make sure you’re not putting a couch in a space that doesn’t fit (episode 113 we talk specifically about couches). You won’t accidentally squash a work desk in a corner that doesn’t fit. I can almost guarantee you that if you use a floor plan before you furnish your space you will end up changing your mind on how some of your furniture is laid out.
There is a reason all of the pros use them after all! Luckily, today it’s easier than ever to have floor plans created for you so this week we’ll talk about a couple of those options as well as a couple of DIY options: * How can I create a floor plan myself * A couple of DIY programs * Where can I hire help to create my floorplan (virtually) * How much do they cost? * Why your guests will thank you
Check out Modsy here and Amazon Showroom here Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
P.S. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
As our team continues to grow (we work with 10 people full-time and close to 20 on a regular basis) it’s a lot to keep track of! So how do you stay organized and make the best, most efficient use of you and your team’s time? I’m always playing around with different programs and ideas but think I may have finally figured out a fail-proof system. If you have people that you work with then this episode is for you.
I’ll break down my 3-piece formula for managing lots of people with a busy schedule. The formula helps to make sure that no notes or ideas are overlooked, progress is always being made, people are being held accountable, and perhaps the best thing about it… it takes hardly any time!
Tune in this week as we discuss three tools and how to use them to better manage the people you work with:
- A shared regular review page
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Where to set it up and how to use it
-
Automated forms
- Best questions to ask your team (automatically)
-
Bringing a bit of personal life into the work environment
-
Automatically tracking time and activity
- Which tool to use and why it’s awesome
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
I’m just getting back from my 3-week tour in the US and reflecting back on some of the simple mistakes I made. I have been loosely looking for property in San Antonio, TX for a couple of years.
I think it’s a fantastic market but I found a property I liked in a city where I don't currently have a property and am not currently working with anyone a brand new market for me you could say. I emailed the broker I was referred to and didn't get much help; bad start. I met them there and I knew more than they did; bad second encounter (although it does have something to say for how much you can learn from thousands of miles away).
The second I left the property I was kicking myself for having begun the “purchasing process” with the wrong agent.
This week we’ll discuss the value of your agent/broker and a few tips for making sure you are with the right one
- My history as a broker /agent
- Finding a broker /agent
- Can you make a good relationship remotely?
- What's their experience?
- The value of a broker
- Long term goals - a lifelong relationship
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Are you getting what you paid for when it comes to purchasing a property? How do you actually know? After a recent (and quite hectic) visit to 7 cities in less than three weeks and meeting and viewing several properties I wanted to share some tips while they’re fresh in my mind. Inspections are super important especially if you are new to real estate - an unexpected sewer issue could cost you thousands of dollars for example!
In today’s super-competitive market good properties are being snatched up right after they hit the market BUT that doesn’t mean the property is as described. Properties can be misrepresented and so by doing your property inspections you can decrease your chances of getting into an investment that is different from what you expected. It’s a necessary step for all real estate investors at any level so this week we’ll discuss:
- Ensuring you get what you're paying for
- Interactions with your property inspector
- An untapped source to your property’s history
- The different types of inspections
- Negotiating power
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Since the invention of the air conditioner people have had the ability to live comfortably in hot areas. It wasn’t that long ago that the southern part of the USA, what's commonly referred to as “the sun belt” was more of a ghost town. Today it’s booming! In fact more retirees are choosing to live in areas in the sun belt than ever before. States like Arizona, Texas, Florida have all seen huge population growth over the past years. Couple that with the fact that more people are working remotely than ever and I believe the “sun belt” offers lots of good investment options in the USA. It’s comprised of 22 metropolitan statistical areas (cities with over 1 million people each) so if you’re currently searching for your next potential property this might help you narrow things down. Lets discuss the move to warmer climates this week and I’ll also provide an easy go-to website for you this week to get some great annual city statistics :)
This week let’s discuss:
- The sun belt
- Demographic trends
- City Population Growth
- Easy access to weather stats
- Weather’s effects on tourism
Check out weatherspark.com.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
I was at the gym the other day about to start running on the treadmill when all of a sudden my phone would not connect to my Bluetooth headphones. Disaster, right? Well it gets worse... Not only did it not connect, it completely shut down and wouldn’t restart! I was forced to do a factory reset and wipe it clean out of nowhere.
Which means all my data, contacts, passwords, notes, everything I keep on my phone (which is essentially everything these days) disappeared.
Only it wasn’t truly that bad… I have backups of everything.
And it got me thinking about the subject of “weak points.” Weak points, or breaking points, in our real estate businesses that could really devastate us if we are not prepared for them.
It’s important we’re always thinking about how stable our operation is as we grow our rental portfolios and real estate businesses.
So this week we will dive into that with a little help from Nassim Nicholas Teleb and his fantastic book on the subject, called “Antifragile,”
- Weak spots in our STR business
- How to protect yourself
- Why weak spots can make your business better
- Impacts on stress
- Highlights from AntifragileYou can check out Nassim’s book here on Amazon
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Checking out a new city and want a brief overview? We’ve talked before about several places to go for short-term rental data but before we even get to that step we need to make sure the overall city or area where we are investing has good fundamentals. Should “crime” be one of those fundamentals? Is the city you are investing in “dangerous?”
This week we’ll dive a little deeper into the subject of crime and your rentals but also talk about this a new tool to easily uncover things like population growth and employment. An easy tool to help us easily lots of general information about an area to make you more comfortable before pulling the trigger on a new property!
In this week’s episode, let’s take a look at:
- City overviews
- Real Estate Trends
- Demographics
- Crime
- Schools
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
Never have so few words packed such a punch. We’re talking about, on average, just 10 little short words. Ten little short words that comprise your short term rental listing’s title and ten little short words that could lead to a new reservation! If you have the title right, that is.
People are normally looking at your main photo first but second to that they’ll notice your title. Is your property currently listed as “Two bedroom suite in ideal location!” While that doesn’t sound bad at first glance… it’s dropping the ball in all kinds of ways.
You need to put some thought into your title and so this week (and after experimenting with all kinds of titles with my own properties) I want to give you my top tips for crafting the perfect listing title. We’ll discuss: * Following character limits * Who is your audience? * Include listings best features * Are you including redundant information? * Catchy words * Should you adjust your title?
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
It’s a bit scary pulling the trigger on a new property purchase in an area you don’t know too well. Luckily we have quite a few options these days to get a great overview as to what the occupancy could be; a crucial metric in determining the success of our short-term rental. If no one stays there then obviously we’re not going to do well. So we have to get it right.
We’ll talk this week about multiple tools that can all help us accomplish the same thing and by using them all we can make a confident prediction about a new market we may want to invest in.
Stay tuned as we dive in to:
- 4.5 websites to find your occupancy data
- What metrics to look for
- The problem with “Top Airbnb City” reports
- Feeling comfortable with your occupancy forecast
Here are the links: All The Rooms, Mashvisor, Airdna, PriceLabs
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
When most people new to the idea of investing in short-term rentals think of a potential investment they think about a Vacation Rental and NOT a normal property that might also be an excellent STR. If you’ve been tuning in to this show for while hopefully you’ve recognized that there are all types of STRs and they call can be successful investments.
Some, however, come with more risk. I’ve tended to always recommend properties with good exit plans (that can be easily rented long term if regulations change or occupancy is low; not a normal characteristic of a LARGE vacation rental.
With that said, I know lots of people want to go for the nice, chic, luxury vacation rentals! So this week we’ll break down a few principles you should follow to determine if your potential vacation rental investment is going to be too risky.
- Break even occupancy
- Net worth and investments
- Emergency funds
- Back up plans
- Age
You can check out Nassim’s book here on Amazon
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
What’s one small thing we need in multiple rooms in our short-term rentals that is 100% necessary and can smell (good) ? Soap! Yes, what a fun subject right?
Ok, while it might not be the most fun subject for many of us it is uber important. Our guests rely on us to stock our rentals with soap. And not just in not just our bathrooms, but also kitchens, dishwashers and laundry rooms. There are lots of options and lots of ways to display them and make sure they stay full.
Let’s review this week:
- The essentials spots
- Shampoo, Conditioner, Body Wash. Can we combine them?
- Dispensers or disposable?
- Housekeeping considerations
- Soap pods vs. powders
- High end vs. cheap
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
I consider myself to be very fortunate. Not only because of the real estate portfolio or the wealth I’ve acquired, the freedom I’ve earned, the amazing team I work with, or because of my circle of friends around the world I can look to and lean on in a moment's notice.
Those are all fantastic things to have in life but that’s not the main reason I consider myself to be so fortunate. I don’t believe my life would be the way it is today had I not first discovered my “why.” My driving force you could say. My motivation for doing what I do. The reason I decided to get into real estate in the first place.
And that was the freedom to explore this great big world when and how I wanted to. To have flexibility with my life and the direction I want to take it. Fortunately, I had the opportunity to travel at an early age and discover that every place is different and then shortly after discovered that real estate was the most historically proven asset class in history and could be acquired and managed passively. I found my way and I found the avenue to get me their (real estate).
All that to say… I don’t believe I would have achieved the success I have thus far without first discovering that “why.” So this week we’re going to delve into that subject. Do you know why you are listening to this podcast? Why are you interested in real estate? What is it that you truly want?
- How we get “stuck”
- Breaking the habit of being ourselves
- Discovering our “Why”
- Is it really possible
- Our new real estate world (environment)
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
We can have a lackluster, shabby exterior on the outside but on the inside we can have a luxurious oasis retreat. Our furniture, the colors, the lighting, and the interior of our design shapes our space and thus shapes the experience our guests have.
But not all furniture items and decor are created equally and are so easy to decide on. Some are easy to find and source and take little to no thought. Like a plant or a clock on the wall for example. But one furniture item really sets the tone for your whole space. Or at least the space where you’re guests will likely spend most of their time…. And that is, the couch!
After the bed, your guests are likely spending the most time on this one furniture item and so it gets the most wear and tear and is the most susceptible to damage. Not just that, but it’s also a large item! So it’s the most expensive and sets the tone for your living area. We want to make sure we don’t mess this one up.
This week we’ll review a bit about this, sometimes, tricky furniture item and some tips to make sure your money is well spent.
- Why the couch is the most difficult item
- Sizing your couch
- Is it stain proof?
- What color should you get?
- Where to find your couches
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
We’re lucky to be in the STR space. An industry that thrives off of reviews and feedback. It helps us PERFECT our properties so we can achieve higher occupancies and earn higher returns. That is, as long as we are acting on the private feedback!
A guest many times may say “hey.. I thought your property was great but you may want to [ BLANK ].”
This information is the key to . This week we’ll discuss:
- How to get more feedback
- don't create a negative review for yourself!
- Use the information
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
You may have more than one “listing” and you haven’t even realized it. The guest house in the back of your main house. A granny flat with a separate entrance… Even an RV parked in your spare parking. The more options and flexibility we have with our listings the more options potential guests will have to book and the higher our occupancy rate should be.
This week we’ll talk about how to accomplish this and a few things to consider:
- airbnb has an option to "link" listings so if you have 2 properties for example that you would like to have the option to rent together
-
- they become three listings
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- Could be treehouse, RV, guest house tiny home
- consider adding extra guest charges (for larger space)
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consider allowing a shorter advance booking window (advance notice 2 days for example)
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include your floor plans
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use airbnb calendar to link listings
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there will be a "parent" listing and "child" listing
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do it on your property management software with "linked listings" or "combined listings"
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Real estate is not a fair playing field. We make our money when we buy our property. If we take these two statements to heart then expanding our network as much as possible should be at the top of our priority list. The more people we know the more chance we have for deals to come along. Now the better opportunities tend to come along more in the commercial real estate world since the single family home space is so transparent online but not necessarily… and hey maybe if you’re in the SFR space right now and you want to branch out into bigger deals. Now is the time! To achieve something we’ve never done before we have to become someone that we have never been before and that’s much harder to do if we are unable to expand our network.
If you talk to the same people everyday you will likely be reinforcing the same ideas you’ve always had.
This week we’ll discuss expanding our network to get access to better deals.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Repeat guests are great. You already know they are good guests (otherwise you wouldn’t have them back) and they can really help keep your calendar booked more consistently. Today there are lots of options to take bookings directly and your repeat guests are great guests to approach.
There are lots of benefits to this which we will discuss in this week’s episode but in a nut shell I’d like to get you thinking…If we have all of our properties listed on one OTA or online travel agency, like Airbnb, then we have all of our eggs in one basket. What happens if Airbnb takes your account down? This happens. What would happen to your occupancy? Yeah, it wouldn’t be good.
So if we can decrease our exposure to the OTAs we can protect ourselves from potential risks on the platforms but we also build a better and more consistent business. Many times we will be able to better forecast our occupancy all while having the opportunity to earn more money! You can offer your guests a lower price at the same time you are earning more because neither side has to pay the OTA commissions! If you’re just getting started with direct bookings then repeat guests are a great place to start.
- Why repeat guests are great
- How to get more repeat guests
- How to charge them directly
- How to advertise
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
When a lot of people think about getting into short-term rentals they think “ugh I don’t know… I don’t want people ruining my property.” “I don’t want to deal with parties and nightmare guests..”
Yes, it is a possibility that you could have a bad guest. But the reality is that we prevent almost all of these situations! There are many different ways to preemptively protect your properties but one of the first layers to protecting your property from a possible (but unlikely) nightmare guest is to screen their reservation.
There are several ways to do this and you should be doing it with ALL of your reservations. The good news, these steps are super simple to do. We’ll break down five of them this week.
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Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
We get quite a lot of questions and the topics range. I try to lump them together and create a podcast for the ones we get asked most often but I thought it would be fun to do a rapid fire Q&A for this week’s episode.
No questions is a stupid question! This weeks topics range from:
- Where to find the best markets
- What roles can a VA fulfill?
- Will a lender count my STR income so that I can get loans in new markets?
- What can I expect to pay for a down payment
- How do we handle long term tenant to STR conversions
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
The latest inflation numbers for the US are the highest it’s been since 1990. This means prices are rising quicker than they have in over 30 years. I’m sure you’ve noticed it right? Gas, groceries, utilities, everything that doesn’t have a fixed price is going up and going up quickly. Lucky for us as real estate investors, so are our property values! Many of us are sitting on tons of untapped equity but that equity is useless unless we do something. Put another way, that equity is NOT YOURS unless you take it out. This week we’ll talk about several reasons why it’s time for you to pull that out :)
Lets delve into:
- Inflation.
- 3 reasons why you should you pull your equity out
- When NOT to refinance
- A misconception about property values and your wealth
- Some lender referrals
- What if real estate prices drop?
Are you enjoying the podcast? If so, please make sure to subscribe! And if you’d leave us a rating and a review it would be greatly appreciated. This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
TIMS NOTES:
We need to manage our equity and not just our RE portfolio. Lets talk about refinances. Inflation and whether it’s time to refinance
Tiny homes and container homes are cool. They are unique. They are an experience to stay in. And dare I say… they are trendy?? Perhaps. Let’s just pause for a moment though and act as if trends have nothing to do with investments. Do tiny homes and container homes still beat other types of properties when it comes to your short-term rentals?
They might! And if you have them already I hope that they do. This week however, I want to dive deeper into a few of the potential downsides you may experience if you are planning on building a tiny home or container home. We’ll explore:
- Financing (and how you may be limited)
- Design challenges
- City and permitting challenges
- Long term feasibility
The dates are set for our next virtual event! Join us on November 13-14 as we uncover everything you need to know to find, acquire, and operate a short-term rental with passive operations!
For more info and to register, visit here.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
We get quite a lot of questions and the topics range. I try to lump them together and create a podcast for the ones we get asked most often but I thought it would be fun to do a rapid fire Q&A for this week’s episode.
The real world is much like school was when we were growing up - we often don’t ask enough questions. And the only way we can become comfortable with what we are doing is by uncovering the answers and diving deeper. So I encourage any of you who have been listening in over the last couple years to let us know what’s on your mind! And hopefully this week we will be able to answer some of the questions you wanted to ask.
Topics range from Virtual assistants to recommended software to finding the right properties :)
The dates are set for our next virtual event! Join us on November 13-14 as we uncover everything you need to know to find, acquire, and operate a short-term rental with passive operations!
For more info and to register, visit here.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
This show is all about investing in real estate. However, there are other ways to enter the short term rental world without actually investing in real estate and that is by lease arbitrage: Leasing a property from a landlord and then sub-leasing to short-term rental guests and making the difference.
Many people have made a killing doing this and while many still are, things just got a bit riskier. You may know already if you’ve listened to the podcast for a while that I also cut my teeth on this business model with a deal I signed for 10 apartments. That deal is working out really well fortunately but the future looks brim.
Not just for my deal but for anyone operating short-term rentals under the lease arbitrage model.
- Landlords not fixing maintenance issues
- Landlords leasing up property to refinance (then they don’t care)
- City changes laws and you are in lease
- Rent rises go up but not necessarily STR rents
- The actual returns on a lease arbitrage deal?
The dates are set for our next virtual event! Join us on November 13-14 as we uncover everything you need to know to find, acquire, and operate a short-term rental with passive operations!
For more info and to register, visit here.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
My team and I have managed almost 9000 reservations and almost 18,000 guests. From those guests we’ve sent and received over 140,000 messages - it’s a lot I know. While many of those were automated there are some messages that we just can’t automate; when an issue arises.
For this week we’ve broken down our top 10 questions you will receive AFTER your guest checks out.
If you missed the first part of this series head back to get the top questions you will get asked BEFORE a guest makes a reservation or checks in to your property and part two: top issues that may arise during a guest’s stay.
This week, we’re ending the series with the top questions that will come up AFTER a guest stays at your property. Tune in to find out what common issues arise after your guests check out.
The dates are set for our next virtual event! Join us on November 13-14 as we uncover everything you need to know to find, acquire, and operate a short-term rental with passive operations!
For more info and to register, visit here.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
I’m always on the hunt for new tools to make our STR operations easier and increase our profits and part of increasing our profits is accomplished by minimizing risk. Airbnb has its own ways of verifying guests but is that sufficient? And what are you doing to verify guests on other platforms that might not have a host guarantee like Airbnb does for up to $1 million.
Yes, you can have deposits. Yes, you can have strict house (rental) rules. But will your guests actually follow those or abide by your rules? We started taking our security one step further with a new tool which we will break down on this week’s episode.
Luckily most of our guests are fabulous but for those few that try to get around our rules, we’ve added another layer of security that I would lke to share with you this week to see if it’s something you may want to incorporate with your rentals.
Sign now will work with any software connected to Zapier.
- Prevention & House Rules
- Check-in forms
- Long-term lease agreements
- How much does this tool cost?
- Zapier integrations
- Email notifications
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
Whoa a lot has happened in the last 2 years since we started this podcast. But one thing remains the same; STR’s are here to stay.
That’s right, not even Covid-19 and the worst year for travel in our lifetimes can keep them down. In fact, STR’s are positioned better than they ever have been! There are more tools available to help us with operations, visibility of Airbnb and short-term rentals is growing exponentially, and as a real estate investor in the US our terms have never been more favorable.
So as the STR industry continues to grow exponentially so should our portfolios! This week we’l review the most important changes in the STR industry over the last two years.
We’ll also review a guiding principle I’ve seen as the foundation behind every successful person I can think of including those with monstrous real estate portfolios.
This week we’ll put two years of history in a nutshell and review why the opportunity to invest in STR’s has never been better. Let’s discuss
- Your guaranteed path to success
- Two years of STR history in a nutshell
- New Tech & Tools quick update
- Future outlook
- Three reasons to be in STR’s
If you haven’t already read it, please check out one of the most influential books I’ve ever read by Jeff Olson; The Slight Edge. It will change your life. I promise.
The dates are set for our next virtual event! Join us November 13-14 as we uncover everything you need to know to find, acquire and operate a short-term rental with passive operations!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram and more!
It’s often hard to say no to a potential real estate deal especially when it seems to fit most of your criteria. Maybe it’s just what you think you’re looking for. It’s in the right area. It fits your budget. It would make a perfect rental. The emotions start to kick in. “I’ve got to have this one.” “Another deal like this will not come up again.” We become emotionally invested, and that’s when things start to go wrong! Not all properties and deals that we find are actually deals (although at first glance they may appear to be).
Even if the property we have our eyes on is in the right area and is one you can afford there are still several reasons why we need to say no and pass on potential opportunities. This week we will break down three questions you should ask yourself when considering a new investment as well as a few other reasons you will want to keep looking. The goal is to consistently add properties to our portfolio without all the stress - these three questions will save you from that.
We’ll also break down two recent deals that I turned down and why.
- Looking behind the fluff (proforma numbers)
- The work involved
- The unknowns...
- A recent opportunity I turned down in the US
- A recent opportunity I turned down in Medellin, Colombia
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more
My team and I have managed almost 9000 reservations and almost 17,000 guests. From those guests we’ve sent and received over 140,000 messages - it’s a lot I know. While many of those were automated there are some messages that we just can’t automate; when an issue arises.
For this week we’ve broken down our top 8 issues, concerns, questions (call them what you want) instances where we need to communicate with our guests quickly and efficiently DURING our guests stay.
If you missed the first part of this series head back to get the top questions you will get asked BEFORE a guest makes a reservation or checks in to your property and coming soon we’ll end the series with our top questions that will come up AFTER a guest stays at your property. This week:
- Eight guest questions / issues that WILL come up
- BONUS: 5 emergency issues you’ll want to be ready for
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram and more!
People ask me all the time “why did you get started with short-term rentals? They’re so much work, aren’t they?” The answer has always been pretty straightforward; they can make more money, much more money. And no, they don’t have to be much more work if you set them up properly. STR’s allowed me to become financially free much quicker than I could have continuing my investment journey with traditional long term rentals. They allowed me to expedite the growth of my portfolio. But how many properties does it really take to become financially free with short-term rentals? This week I want to give some insight to help answer that question. I’ll break down an example of achieving financial freedom with long term rentals with some numbers. This week we’ll discuss:
- What's your retirement number?
- How many rentals would that take?
- Comparing traditional single family long term rentals with STRs
- Why the USA is the BEST place to invest
- Setting up your gameplan
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram and more!
Airbnb and other OTA’s do such a good job of providing us a platform to list our property. We can put in every detail necessary! From the type of coffee maker we have to our favorite nearby restaurants to the type and size of mattresses we use in our rentals. But do people actually read this? Well… sometimes. But definitely not always.
How do I know? We get asked the SAME questions all the time. Questions for which all already have an answer in my listing.
So knowing that many guests do not read anything we need to be ready to answer the questions they will ask. We’ve compiled our top 15 questions guests will ask you BEFORE they book your rental.
Stay tuned for this week’s episode where we will break each one down and get you thinking about your answers, or better yet, your saved responses :)
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram and more
When are your guests most uncomfortable? I'll save you the run around and just tell you; when they arrive. They don't know your rental. They may have been travelling for a long time. They may be wondering if they're even at the right property. They may be seeing a neighbor and wondering what the neighbor is thinking of them. So many unknowns (unless your check in instructions are stellar)... Ok now, with that said...
When are they even more uncomfortable? When they are doing and thinking all of this in the dark! Lighting is crucial. The good news is, there are so many great options out there these days and we are going to discuss a few and also the areas where it's MOST IMPORTANT to make sure you get the lighting right.
Who is booking your Airbnb? Do you really know? Well if you don't then you might be communicating in a way that will earn you less than stellar reviews. Airbnb started as a very personal way to rent a property; a "Host" put their property online and used to meet with a guest, hand over the keys, give them a tour, and wish them a great stay. Most of that has changed! As we know, there are an incredible amount of automation tools available these days and with that we lose that "human touch" that we used to have. But it doesn't mean that we can't add it back in relatively easily. This week we'll uncover if you've lost your human touch and what you can do if you have:
- What type of guests do you have staying with you?
- What happens with too much automation
- How to easily add in human touches
- Can you keep the human touch while scaling?
As investors we have the natural tendency to increase revenues and increase our bottom line. One of the ways we can do that in the short-term rental world is by increasing our exposure. In other words, increasing the amount of people that can see, view, and potentially book our properties. This is exactly where online travel agencies (OTA’s) come in to play. They spend 100’s of millions of dollars every year on marketing so they can successfully link the properties (us) and the potential guests together.
There are lots of options for OTA’s but which ones are best? Doesn't it make sense to just be on as many as possible to increase our exposure? Not necessarily. I’ve played around with this for years and have tried lots and lots of different listings sites with mixed feelings. This week I want to break down one of the largest ones that you MAY NOT be using; Booking.com.
We’ll discuss:
- How to decide if you should increase your exposure
- Booking.com statistics
- Getting started and the setup
- The pros and cons with Booking.com
- Should you use them or not?
You can also find the whole, hour long video webinar by visiting https://restmethods.com/recommended-resources/ and finding “Keystone CPA.
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram and more!
You can pretty much rent anything as an airbnb these days, can’t you? From a treehouse, to a houseboat, to a luxury villa to a castle! And everything in between. But what makes the best investment? Many times when investing we simply look at the numbers but that’s not the whole equation. This week we’ll break down the pro’s and con’s between three different categories of short-term:
- Luxury rentals
- Affordable rentals
- “Exotic” or unique rentals
- Back up plans for each
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- Ability to sell
- How they are affected in a recession
- Financing options for each category
You can also find the whole, hour long video webinar by visiting https://restmethods.com/recommended-resources/ and finding “Keystone CPA.
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram and more!
We’ve talked before about how photos are NOT the most important piece of your short-term rental listing. They are not. There are greater forces at play that are the main reason for your success and we’ve talked about that before, so if you missed those episodes go back and check them out :)
This week, I want to talk about:
- The ultimate guest experience
- Why pictures are not the most important
- Things you are doing WRONG with your photos
- How to know you are doing them wrong
You can also find the whole, hour long video webinar by visiting https://restmethods.com/recommended-resources/ and finding “Keystone CPA.
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram and more!
One of the two biggest expenses that everyone incurs are taxes. Which means, legally lowering our taxes should be of the utmost importance! For easy numbers and simplicity's sake, if you have $1000 in income taxes and you neglect to write off an immediately deductible $500 expense you incurred operating your short-term rentals then you just unnecessarily GAVE your government $500!
For many people taxes are intimidating. You may be asking, “Can I write this off? “I don’t want to get audited.” But I'm here to tell you, as long as you follow the rules you should NOT be concerned. My tax advisor specializes in real estate and they recently put together a great webinar dedicated to tax advice and your STR’s… and since I know we are all busy and taxes aren’t necessarily the most fun topic, so I took the liberty of breaking down the webinar FOR YOU with my biggest takeaways that you need to know!
This week we’ll talk taxes and break down:
- How the IRS defines a short term rental
- Different types of income reporting (Schedule E vs C)
- How your tax losses are treated?
- What it means to be a “real estate professional” and how that can benefit you
- How you can become a Real estate professional EASIER with STR’s than you can with traditional long term rentals
- Depreciation
- How much you can use your property for “personal use”
HUGE DISCLAIMER: I am not a tax professional and these are just recommendations of topics to look into so please check with your tax advisor and accountant to confirm they will work for you.
You can also find the whole, hour long video webinar by vising https://restmethods.com/recommended-resources/ and finding “Keystone CPA.
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram and more!
You are seeing it, aren’t you? The instagram photos popping up. The long-delayed weddings that are now taking place. Airline flights being oversold. New travel videos on Youtube. Yep, it’s happening, travel is back! This has been a long time coming. What else would happen bottling the world up for over a year and half and preventing one of our biggest joys (and necessities) travel.
But how do we know travel is really back? And of course, it’s not quite back everywhere but as short-term rental operators we have the inside scoop. So this week I want to break down a few of the signs that show us travel is looking promising. Let’s dive into:
- Personal experiences
- Advance booking times
- Nightly rates
- Which properties are being booked
- Guest communications
- OTA sentiment
- Quarterly earnings report from Airbnb
- My upcoming travel & event
You can also find the whole, hour long video webinar by vising https://restmethods.com/recommended-resources/ and finding “Keystone CPA.
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram and more!
Rents have been increasing quickly since the last crash in 2008 which has been great for real estate investors. But why exactly are they going up? The short answer is, Economics. Economics is the foundation for why prices do what they do. To break it down further, prices will always be controlled by supply and demand.. And when it comes to real estate there is a LOT of factors that affect both supply and demand. We’ll discuss this week the main reasons why rent HAS to continue to go up and break it down so you don’t need to remember your High School Economics 101 class. Let’s cover:
- The decrease in how ownership
- The housing shortage
- Why the housing shortage does not have an easy fix
- Why there are more renters than ever before
- What this all means for rental prices
- Where are the highest and lowest changes
- What this means for your STR!
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram and more!
In the residential rental world we have lots of choices for flooring but when deciding what to use for our short-term rentals the decision becomes even more important. As prudent, long term investors, we want to make sure we are considering the life of the products but also consider the costs and the appeal it will have with our guests. Wood floor, tile, carpet, engineered hardwood, vinyl… They can all be used effectively but after investing for over a decade I have chosen some favorites. In this week's episode we’ll break down what those are but also consider:
- When should you replace flooring
- My favorites
- Installation costs
- Material costs
- Expected use and life
- How flooring changes are mood
- Changing flooring in an operating STR
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, upcoming live event, short-term rental playbook, Instagram and more!
Let’s face it, unexpected issues WILL happen with our rentals and how you and your team handle the communication with your guests is crucial. In fact, communication becomes even more important when there is an issue but at the same time it also creates an opportunity to show your guests that you really care. Good communication equals happy guests and happy guests equal stellar reviews.
But it goes further than that…
I would argue that the better you communicate in general the more success you will have in life, the more friendships you will have, and ultimately less stress will invade your life! So this week I want to break down one of my favorites on the subject; Marshall Rosenburg’s Nonviolent Communication. Marshall’s expert advice translates easily to the world of real estate and your short-term rentals since communication is such a core element of the business. I will break down my top 6 takeaways that you can use in your business and your personal life. Stay tuned!
Link to Non Violent Communication by Marshall Rosenburg: Audible: https://www.amazon.com/Nonviolent-Communication-audiobook/dp/B00TKMBJKE/ref=sr_1_4?dchild=1&keywords=non+violent+communication&qid=1622728480&sr=8-4&tag=
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, webinar, Instagram and more!
There are some opportunities with real estate investments that we just can’t find anywhere else. Not with the stock market, not with investing in crypto currency, not by investing in precious metals like gold and silver, and not by operating short-term rentals on a lease arbitrage model.
Nope, they will just never outweigh the benefits of owning property and using leverage (debt). If this sounds too good to be true, it will be very clear to you after this week’s episode as I discuss an eight unit apartment building valued at $690,000 that I just got for “free.” We’ll discuss:
- What exactly I mean by “free” and how I have $0 in the deal
- How to earn an infinite return
- The actual numbers on this deal
- Why investing in the best markets is essential
- Why owning short-term rentals will always be better than lease arbitrage
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, webinar, Instagram and more!
We have quite a few costs that go in to operating our short-term rentals. Some of them are fixed, our mortgage or our lease payment for example, but most of them are variable. Meaning, most of our expenses will either go up or down and change over time. These are other expenses like housekeeping costs, maintenance costs, and perhaps one of the biggest, Utilities!
That’s right, since we pay for our short-term rental guests utilities, these are one of our biggest costs. So this week we will take a closer look and recommend a few options you could use to cut these expenses down and put more money back in your pocket
- Solar electric
- Smart home devices
- Fixtures in your property
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You can find all of our links here including our website, webinar, Instagram and more!
Doesn’t it hurt a little bit to look at your calendar and see those one day gaps without any guest checking in? Lost opportunity, lost revenue. Maybe you’re not offering one night stays because the work involved seems to be too much for the revenue you generate. Maybe you’re worried you will have guests rent the one nighter to throw a party. Maybe you just don’t know how to price it effectively. We are going to dive into all of these questions and more all around the subject of “Should I offer one night stays at my rentals.” I have gone back and forth with this in the past and I want to explain both sides including:
- What is an “orphan day”
- How to price your one night stays
- The effects of one night stays on your housekeeping staff
- Will they attract “party” guests and how can i monitor that
- When should I offer one night stays? How far out?
- Leaving money on the table
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
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There are several steps to doing market research and deciding on the next place to invest our money in real estate. We’ve talked about many of them before in prior episodes: from the fundamentals of what makes a good market to the special considerations we need to take when we have the intention to operate short-term rentals and not traditional rentals. In a nutshell these were things like, strong employment and population growth, low cost of living, landlord friendliness and favorable short-term rental regulation. But after all of this comes another very important step. After all of this we need to hone in on a neighborhood or even a few blocks within a neighborhood! I just got back from visiting 3 states and looking for new properties and so in this week's episode we will break out the steps I took, including:
- Which markets I visited
- Finding the right areas within a neighborhood
- Staying in Airbnbs where you plan to invest
- “Touring” the market (and the various ways to do that)
- Connecting with Brokers and real estate agents
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
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Can we kick a guest out of our properties? If you’ve operated a short-term rental for any length of time you may have asked yourself this question or possibly even had to deal with this very issue. It’s a bit of a grey area. Authorities (police) are different in every city and some may be familiar with short-term rentals (airbnbs) and others not. So this week we will dive deeper into the topic to help you determine whether you can and HOW to remove a guest from your property with as little headache as possible:
- Why would we want to kick a guest out?
- Preemptive measures
- Will this happen to you
- An example we have had
- Can we do it?
- The right steps to take
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
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There are many components that go into ensuring your guests have a great experience but one that may trump them all is sleep! Getting adequate sleep is an essential piece to being a human being and when that gets disrupted then so do our attitudes, our moods, and our experiences. In short, a poor night's sleep leads to a poor review. And aside from a comfortable bed there are other key ingredients that we need to always be mindful of as a short-term rental operator. This week we will discuss them in more detail:
- Sound and your space
- How can we improve it?
- Preemptive measures
- Supplemental devices for providing “quiet space”
- Light and your bedroom
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
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It’s official! I'm the proud owner of a new property in Brazil. It’s a bit surreal to branch out of the country where you were born and take a claim in a totally different culture, climate, and piece of the world. The world is a big place and we have so much to learn from it. I talked about it before on a prior podcast but now that the process is complete I want to recap my experience and provide the takeaways.
- Research I did before (coming and purchasing)
- Who I worked with
- Where it is and why I think it was a good deal
- How I “financed” it without a bank.
- Preparing for a remote renovation
- Meeting with my future team prematurely (House keeping / management)
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
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“When the facts change I change my mind, what do you do sir?” I once heard that in an international business class I had many years ago and it has always stuck with me. I”m not exactly sure who first said it so my apologies for not giving props. But it is true. Things are changing quickly and in the world of short-term rentals the industry (and popularity) appears to be moving at light speed. Just a few short years ago I could count the number of available property management platforms on one hand but today there seems to be a new one popping up every minute.
Long story short, I explored new options for my property management software and have decided to make a change and want to share that (and the reasons why) in this weeks episode of the short-term rentals riches podcast.
- Past experience selling software
- What changed
- Why I’m leaving
- Which other programs I looked at
- Why I went with the one I did
- Challenges with converting your PMS System
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
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In our short term rental businesses and real estate ventures we are always doing the same things over and over again. Answering guest questions the same way. Changing reservations, leaving reviews, screening guests etc. After accommodating over 15,000 guests It’s not very often that we see something “new.” (knock on wood). So all of these tasks we do on a regular basis should be documented so that our team and everyone that we work with are on the same page. For that we have been using a new recording tool I wan to share with you this week.
- Why we are using Loom
- Loom Vs. Camtasia (previously recommended)
- The best features
- How exactly we use it
- Where we put all of our recordings
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
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Here is a link to check out Loom for yourself: https://www.loom.com/settings/workspace#plans
We’ve all gone virtual! So why are you limiting yourself and your team to those that you live near? I hope you are not. While we do need an “on-the-ground-team” for our short-term rentals we can do most things virtually. So if you haven’t yet hired a virtual assistant this week we are going to dive in to that. We’ll cover:
- Where I look
- What others recommend
- Why I like working with filipinos
- Why you shouldn’t feel guilty paying a “low” wage
- How long does it take to find a good candidate?
- Maximizing your time looking for candidates
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
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Over the years my team has been growing slowly but surely. We’re now working regularly with people in 5 different time zones and four to five different countries! Im surprised it took me so long to implement this new tool (Slack) but we finally have! Maintaining clear transparent communication is essential to smooth operations and this has made things waaay easier...And it’s so easy to use! I want to share with you this week the main features, how it’s helped our team, and why you should definitely consider using it.
- What is Slack?
- The main and best features:
- What we use it for in our STR business
- Integrations with Zoom, Google Calendar, Google drive & storage
- What does it cost?
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
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It’s interesting that while appraisals are such an important piece a loan they can vary so much depending on the appraiser. Every loan for the most part (unless it’s a hard money loan) will require an appraisal. This provides the bank or person issuing the loan with a realistic value of the property so they can feel comfortable lending on the property. But what happens when the appraisal is less than what you were expecting? What happens if there are no competitive sales to help value the subject property? How exactly are appraisals valued? We’ll answer those questions and more this week:
- Why most all lenders will require an appraisal
- What happens if the appraisal is less than the purchase price?
- What methods to appraisers use to value a property?
- Commercial vs. residential
- The problem with today’s crazy market!
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
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If you’ve stayed in enough short-term rentals you’ve probably seen it. The photo of the owner in your living room space, a leftover jar of mayonnaise in the fridge, a dirty sponge under the sink, or god forbid - a used bar of soap in the bathroom! Remembrances of last guests or owners come in many forms but they have one thing in common; they should not be in our rentals! You rented the space to have privacy and perhaps a peaceful getaway, the last thing you want is an image of the prior guest or owner in “hypothetically” encumbering your space. Let’s dive a bit deeper this week:
- Leftover food, should you keep ANY of it?
- Bathrooms are most important
- Pictures of family & Personal Items
- Locked cabinets and spaces
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!
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You may have heard prior episodes where I talk about the benefits of owning your properties vs. sub-leasing them. Well, I still think owning them is the end-all goal but for many, lease arbitrage IS an easier way to get in the game.
It’s an easier way to make great (potential) cash-flow without having a lot of money up front. It’s also a great way for an investor to hold on to their capital and learn the business at the same time before investing in short-term rentals. I came to a great agreement with an owner to rent what was once a historic hotel and I want to share some details with you in this episode but also the essentials you must have in your lease if you’re going the lease arbitrage route. Last week we talked about the numbers, this week let’s talk about the lease terms
- Negotiating your lease arbitrage terms
- What you MUST HAVE to protect yourself
- What’s included in the lease
- How long is it, options to extend?
- Why lease arbitrage can be a great option for many
- The operations - are they different?
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Check out our new website we created just for you. You can search all prior episodes, view episodes by category, and easily submit a request for a future topic! The new website is www.STRriches.com
Find us on instagram! @RestMethods
At first glance you may think that a landlord would never want to rent you his or her rentals so that you could sub-lease them and put them on Airbnb. There are parties, increased wear and tear, and much more liability with short-term rentals right?? Isn’t there? Well, if you’ve listened to this podcast for some time you know that’s not really the case. When managed properly short-term rentals can help you earn far greater returns without all the headache. And while you can also earn better returns so could a potential landlord leasing their rentals to you. I just signed a lease for 10 apartments with one owner and want to give you some pointers on how I negotiated the lease rates.
- Benefits to the landlord and how to discuss them
- Why one tenant can solve their management problems
- Why the landlord might earn more leasing to you!
- Presentation: Two sided spreadsheets (one long term vs. short-term)
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our
latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Check out our new website we created just for you. You can search all prior episodes, view episodes by category, and easily submit a request for a future topic! The new website is www.STRriches.com
Find us on instagram! @RestMethods
The short-term rental industry has come a long way since Airbnb was first advertising blow-up air mattresses for rent. While some cities have blown up much more than others, most people (in the world) have now heard of Airbnb and short-term rentals. So we need to up our game! We need to be constantly improving our listings to set ourselves apart. This week we’ll break down a few new listing photo ideas as well as 10 must have’s we have been using for a long time
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our
latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Airbnb has restrictions on using virtual phone lines when you set up your account. Having a single phone number is also limiting when we are scaling our portfolios! So how do we get around using one main phone number on airbnb? How do we get around Airbnb not allowing us to use a virtual phone number like google voice? I’ve got an easy tip for you. I’ve been using a business phone line for years and it has made sooo many things easier. We’ll discuss this week why you should have one too and dig in to the following:
- Airbnb and virtual phone numbers
- A business phone line
- Costs?
- Why it's crucial
- Some recommendations
Check out the Virtual phone line i use Phone.com: https://www.phone.com/
One I’ve found to be highly recommended but don’t personally use) Dialpad: https://www.dialpad.com/
The phone line I use as a forwarding only phone number: https://www.twigby.com/
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Find us on instagram! @RestMethods
If we look at our businesses and processes from the perspective of “how” we are going to manage them, grow them, operate them or accomplish them, than we are committing our time directly to those tasks. For every time we ask ourselves “how” we are limiting ourselves to our own resources and time. I read a book recently that will make you think twice about that mindset and I feel obligated to share it with you! The advice will surely help you scale your real estate portfolio.
- Asking “Who” not “How” and the main idea
- What procrastination really means
- “Who’s” can help you achieve anything
- Ensuring you have vision and clarity
- What happens if you don’t?
"Who Not How" Check out the book on Amazon by Dan Sullivan & Benjamin Hardy https://www.amazon.com/Who-Not-How-Accelerating-Teamwork-ebook/dp/B0867ZJ151?tag=techblast0f-20
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Find us on instagram! @RestMethods
Many things are out of our control like the government policies of different nations, the news, or the weather but when it comes to our investment decisions we can absolutely maintain control. This is one of the main reasons more people become wealthy through real estate than any other investment class. Control of our properties’ is what allows us to improve it’s value, change it’s use, improve management, list it for sale, or restructure our debt; that cannot be said for many other asset classes. We cannot control the value of most other investments and that’s why I've chosen real estate as my main investment vehicle. Lets dig deeper this week and discuss:
- Why more control = less risk
- Our ability to control real estate
- Why you give up control with other investment classes
- Creating value with real estate
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Find us on instagram! @RestMethods
It's such an exciting thought, isn't it? Owning property in another country. It has a nice exotic ring to it. And while purchasing international real estate can provide so many benefits beyond a simple investment return, it's not necessarily the easiest thing to get into. This week we'll cover a few lessons I’ve learned and some things to look out for investing in a “foregin” place.
- What to do in a brand new (foreign) market
- Precautions for foreigners investing from abroad
- Differences in the property search
- What you will likely encounter
- Side benefits to purchasing internationally
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here: https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Find us on instagram! @RestMethods
An experience is none other than an expectation and whether that expectation was met or not. Great reviews and experiences happen when our experiences are exceeded. The opposite is obviously true as well and I’m sure you remember plenty of times where you went somewhere like a restaurant, a new city, a friend’s a party, with an idea of what the experience would be like but it turned out to be completely different. You will hear many successful sales people say to always “exceed expectations.” Why? Because they know if they do they will receive great feedback, more business, or more referrals to keep the business growing. This week I want to talk about a couple recent experiences I had in some short-term rentals:
- My recent trip to Tahoe, CA
- An example, where I dropped the ball with MY OWN property
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Find us on Instagram! @RestMethods
Our guests have the best experience when their questions are answered before they even ask them. There are many ways to do this, lots of which we have discussed in prior episodes like guidebooks and automated messages, but there is a third piece that’s super simple to implement. A third piece that is often more helpful for our older guests that shy away from technology and digital apps. This week we’re talking about old school guidebooks. Yes, printed versions. Should we have one in our rental? What should it consist of?
This week we’ll break down exactly how I do mine and will include:
- Why I only do one page
- What information exactly do we include on it
- Where to physically place them in your rentals
Check out our episode #31 on digital guidebooks
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
How do you create a passive operation? Whether it’s a portfolio of real estate, a short-term rental company, or any other business. Well, first of all, you have to have a place to put all of your standard operating procedures; the pieces of your business puzzle that tell all of your team exactly what they need to know. There are lots of ways to do this and I’ve explored many of them but I'm happy to say I believe I’ve found a new winner! I’ve discovered a tool that I’m confident will provide you the platform to easily organize and share whatever information you need about your properties or your business.
It’s a beautiful new database tool called “Notion.” I’ve been using it for several months now and I want to give you my insights and why I think everyone could and SHOULD be using this tool.
This week we’ll dive into this beautiful piece of software and cover:
- What is Notion, how does it work?
- How “shared databases” are the solution to your organization nightmares
- How this can be a perfect fit for your properties
- How to use it with your STR’s
- Additional benefits to help in your personal life
To check it out for yourself visit: https://www.notion.so/login
Please note that I have no affiliation with this company I just think it could be very useful for you :)
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
I’ve mentioned the benefits of being a real estate investor when it comes to taxes in multiple episodes, but no one knows this subject better than Amanda Han, my CPA and personal tax advisor. Not to mention, she sees the behind the scenes PROOF that short-term rentals can earn excellent returns! Since she is the professional in the space I thought it would be great to bring her on in a 2-part series to hear directly from the source. You don’t want to miss this!
In this second part of a two part series we’ll cover:
- Selling a property and considerations with depreciation
- Defferring capital gains tax with 1031’s or “Opportunity zones”
- The benefits of filing extensions
- Living in a multi unit that is ALSO an investment (a 4 plex for example)
- No capital gains tax up to $250 / $500k(if married) for personal residence exclusion
- Recap of our typical expenses for the RE investor
- Recap of how to use your STR expenses to write off “other” income through “materially participating”
- Tax differences if you are doing lease arbitrage
To find out more about Amanda and her company “Keystone CPA” visit www.keystonecpa.com
To find out more about cost segregations you can contact Scott at scott@sudykainc.com
Thinking of doing a 1031 exchange? Check out http://www.exeter1031.com/
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
I’ve mentioned the benefits of being a real estate investor when it comes to taxes in prior episodes, but no one knows this subject better than Amanda Han, my CPA and personal tax advisor. She sees the behind-the-scenes PROOF that short-term rentals can yield excellent returns! Since Amanda is the professional in the space I thought it would be great to bring her on in a 2-part series to hear directly from the source. You don’t want to miss this! In this first part we’ll cover:
- How does the IRS define a short-term rental?
- How can you offset W2 income or business income with STR expenses?
- Are you offering services with your rental? What do you need to consider?
- Passive income vs. business income - what's the difference?
- Becoming a real estate professional? What does that mean and what are the benefits?
- Why many investors are looking to STR’s to help with their taxes as long as they “materially participate” - What does that mean?
- The different types of depreciation benefits
This is the first part of a two-part series so make sure to tune in next week so you don’t miss a thing.To find out more about Amanda and her company “Keystone CPA” visit www.keystonecpa.com
To find out more about cost segregations you can contact Scott at scott@sudykainc.com
Thinking of doing a 1031 exchange? Check out http://www.exeter1031.com/
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
We often hear statistics that seem to be good to be true… and oftentimes they are! Percentages in particular can be the most misleading if we have nothing to compare them to and if the sample size is small. We are targeted by advertisements and they are usually designed with a hidden agenda to sway your opinion or gain your interest. The same thing happens in real estate. Many times this is in the form of a “pro forma.” What’s that exactly? Tune in this week as we unveil how sometimes statistics (and pro formas) are skewed to sway our opinions!
- How percentages can be VERY misleading
- How to effectively evaluate data
- Signs of misleading statistics
- A (misleading) example from Colgate in advertising
- The constant curve of news
- Pro formas (Why you should never base a purchase decision off of one)
Check out “Antifragile” by Nassim Taleb
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
There is so much data out there. Invest here, invest there, now is a bad time, now is a good time, and so on and so on. So where do we start? What should a brand new investor be doing to get started and what are the steps? This week Tim will break down the basic process for anyone looking to invest in real estate from a bird’s-eye view. Of course, you will need to do a lot of due diligence, but this week we’ll cover the basics including:
- The ‘money’ part
- The ‘deciding what you want’ part
- The ‘finding a market’ part
- Narrowing down on a SPECIFIC area
- Finding help to discover your property
- The ‘due diligence’ part
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
I am constantly learning and improving my rentals and my goal with the podcast is to pass all of that on to you. Part of my continued education includes webinars, youtube, videos and anything I can get my hands on. This week I share what I learned from a recent webinar I attended with the CEO of Wheelhouse, one of the most well-known pricing tools for the STR industry. I’ll break down my main takeaways and what you should be keeping an eye on to make sure that you aren’t leaving ANY money on the table.
- The THREE demand impacts that affect your STR rates
- How to determine your closest competitors and their prices
- Pacing; Are you getting bookings too soon or too late?
Checkout the pricing tool that I use called Pricelabs.
Wheelhouse is another option.
Still not quite sure what a “dynamic pricing” tool is? Listen to Episode 8 to learn more.
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Hotels have been hit harder than ever before in our lifetimes and many, unfortunately, cannot hang on. They’re going out of business. Hotels that have been around forever and were once a sought after destination are not staying afloat. What does this mean for travel and our STR’s? Well it certainly will affect the SUPPLY of travel accommodations across the world which will directly impact our short-term rentals.
Listen in this week as Tim breaks down:
- The latest hotel stats
- What happens if the numbers are right?
- A list of prestigious hotels that are already CLOSED
- Why higher demand for many short-term rentals is inevitable
- Why STR’s had/have the unfair advantage
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
There are a lot of obvious differences in the costs between operating a short-term rental and a long-term rental, but how much more does it really cost? Expenses to manage a long term rental can add up. Let’s talk about a few of those and run a comparison to see if you’re accounting for all the differences!
- Expenses you DON’T have with a LONG-term rental
- Expenses you DON’T have with a SHORT-term rental
- What about vacancy?
- Turnover costs you may not be considering
- Lease-up fees
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
We’ve talked about the importance of having your short-term rentals on multiple online listing platforms (OTA’s). It increases your listing’s exposure and thus your occupancy! But not all listing sites are the same. This week Tim reviews insights he gained from an hour long meeting directly with an inside account manager at VRBO. If you are already using VRBO or considering using their platform then this episode is for you. They’ll break down:
- Their fees for listing your property with them
- How to get more reviews
- How to boost your search rankings drastically
Did you miss our live event? Well good news, we recorded it :)
In the recording we’ll review multiple case studies of Tim’s actual properties! You’ll get his EXACT resources, copywriting he uses with guests, policies, and his essential tips for setting up your short-term rental business so that you can live wherever you want.
The recording offers a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations. Find our latest live webinar recording available here - https://restmethods.com/virtual
Have you joined our email list yet? Head to our website, fill in your email, and we’ll make sure to send you our free ebook on finding the BEST properties and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Are you looking for a little extra help to manage your properties? Maybe someone to help answer guest questions, coordinate housekeeping and maintenance, or really just to oversee your whole operation? Well, a “co-host” can be a good option.
This week we’ll look into:
- What exactly is a co-host?
- How do you find one?
- What they can and can’t do for you?
- Paying your co-host automatically
You might be able to find some good options by checking out Cohost Market
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news!
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Along with the legalization of marijuana in many parts of the world has come a variety of new apparatuses and misunderstandings about whether it’s ok to smoke indoors or not… or maybe it’s just that people think they can get away with it now because it’s more common and “legal.”
Well, either way, more and more people are smoking in our short-term rentals! Luckily there are several action steps we can take to combat it and also remove the smells if someone sneaks by our preemptive procedures. Let’s dig in to a few tested strategies this week to save you and your rental from a nasty lingering odor:
- Review of your House Rules (including vape pens, marijuana, etc.)
- Get evidence to file resolution (smoke ashes, joint butts, etc.)
- Posted signs
- The best smoke eliminator spray
- Ozone cleaners
- A Smoke detector specifically for marijuana!
Fresh air smoke sensor: www.freshairsensor.com/
Each device can monitor up to 500 square feet of open space over the building's Wi-Fi network. Our minimum order is 50 devices.
Minimum order of 50 devices at $6/month = $300
Ozone machine: DO NOT BE IN ROOM AT SAME TIME, NO PLANTS EITHER, leave at the end of 15 minutes, will also get rid of food smells.
Get rid of all odors, pet smells, musty smells, weed, CAN’T be inside when you use it.
Some states like good ol’ CA have banned them.
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Most of us use Airbnb to market our rentals to potential guests because they have become one of the most popular platforms (OTA’s) and because they spend millions of dollars on advertising to make sure our properties are visible. But what happens when you are relying on their support and they drop the ball?
They recently took down all of Tim’s listings with ONLY an email warning and no notification on the Airbnb dashboard. This week Tim will explain what happened, how it could happen to you, and what we need to do about it! He’ll also cover some related topics like:
- Diversifying into other platforms
- Having multiple Airbnb accounts
- Dealing with Airbnb support
- Service animals and discrimination t
Next week also marks the date of our first virtual event! DO NOT MISS IT! In just two days you’ll learn everything you need to know to find, acquire and operate a short-term rental passively and AVOID all the issues and challenges that Tim has experienced managing over 15,000 guests.
It takes place November 14-15th 2020 and you can get all the details and save your spot here: restmethods.com/virtual
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Supply in the US is at a historic low, in fact the lowest it has ever been in many markets! That’s one of the reasons prices are so high and also why a lot of people are considering selling. But, there is more to selling a property than just timing. If you are considering selling make sure it aligns with your bigger investment picture.
There are several questions we want to always ask ourselves and make sure we have the answers. Planning is a huge piece of any long term investment and also your path to wealth and financial freedom. So, let’s discuss the following to make sure you’ve considered your options.
- Why EXACTLY are you selling?
- Can you use your proceeds better somewhere else?
- Can I keep my property AND still use the equity?
- Tax consequences
Trying to time the market? Check out Emerging Real Estate Markets by David Linhal
Doing a 1031 exchange? Refer back to episode #35
Want to get a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental passively? Good news!
We’ve gone virtual and our next event takes place November 14-15th 2020.
For all the details and to save your spot head to: restmethods.com/virtual
For more info on finding the best properties get our free guide and more at restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
I can’t believe we’ve hit our 50th episode! We’ve released one episode per week which means it’s almost been a year already! Wow, how time flies. So. for our 50th episode I thought we’d do something special and talk about just that… how time flies and how it either works against us or with us.
I’ll discuss a guiding principle I’ve seen as the foundation behind every successful person I know and the REAL reason I’ve been able to accomplish many of the goals I’ve set and built a large real estate portfolio.
We’ll break it down into four parts centered around the philosophy that big things happen with little decisions and one of the most influential books I’ve ever read, The Slight Edge.
We’ll discuss the building blocks of the little actions we need to take and go into further detail on:
- What exactly is The Slight Edge?
- “First we create our habits, then our habits create us”
- The building blocks of this philosophy
- How we first become happy and then successful and not the other way around
Don’t miss this episode! It truly is, in a nutshell, the most valuable principle I've learned.
02:26 - The Slight Edge book by Jim Olsen
04:48 - Why most don't take the actions to achieve their plans
06:59 - "Habits" are the building blocks of the slight edge philosophy
10:28 - The subject of happiness
12:14 - Shawn Achor's 5 tips to happiness
15:23 - My proof happiness is a mindset
Books Referenced:
The Slight Edge by Jim Olsen
The Happiness Advantage by Shawn Achor
Want to get a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental passively? Good news!
We’ve gone virtual and our next event takes place November 14-15th 2020. For all the details and to save your spot head to: https://restmethods.com/virtual
For more info on finding the best properties and what to look out for get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Do you have a workspace in your short term rental? More people are working from home than ever before so it’s imperative that we have a work space for our guests. There are several things to incorporate to ensure our potential guests know what they are getting. Adding a workspace will attract longer term guests to make sure your rentals stay booked. Not to mention, the work from home guests tends to be very low maintenance. Let’s dive into a few must haves:
- Super fast Wi-Fi (and a screenshot)
- Desk and workspace
- Description in your photos
- Extras like a charging station or microphone
- Is it quiet?
Want to get a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental passively? Good news! We’ve gone virtual and our next event takes place November 14-15th 2020. For all the details and to save your spot head to: https://restmethods.com/virtual
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
It can be nerve wracking investing in a new market. Will a short-term rental do well there? What happens if it doesn’t stay booked? Is there too much competition? These are often questions that race through our minds and keep a lot of people from investing in the first place. Luckily information is readily available to help us determine the potential occupancy, potential average daily rate to charge, seasonality and potential revenue of a market among other things BEFORE we invest there. Tune in this week as Tim discusses:
- Software tools to forecast demand
- The metrics; potential occupancy, average daily rate to charge, seasonality, regulations
- Going directly to the sources (Airbnb)
- Staying in the new market!
- Your ultimate back up plan
To get a report on your potential market and 30% OFF check out Airdna (please note I am an affiliate but this is the same company I use to research markets)
For European listeners Transparent will have more data
Mashvisor will give you info on short and long term rentals
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Purchasing property can be scary. Purchasing property in a new market you're not familiar with will undoubtedly be more scary. How do we know if a new market makes sense? What if we’ve never visited it before? What if we don't know anyone there? There's a lot of fear and anxiety that pops up. Each time Tim has invested in a new market he has experienced both of these! This week he’ll discuss what helped to curb some of his fears investing in new areas and his insights and tips for making sure you don’t get in over your head.
- What causes the fear and how to cure it
- The fundamentals
- Rent to value Ratio (episode 13)
- Property condition & (remote) Inspections
- Who will manage it?
- The ultimate deciding factor.
Next week we’ll break down how to figure out if a property makes sense as a short term rental. Make sure to subscribe so you don’t miss it!
If you need a re-cap on evaluating the returns and comparing one property from another check out episode 13.
For remote inspections before getting too far in to a deal, check out: wegolook.com
Of course, you will always want to get a professional inspection if you decide to move forward.
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
They are never fun to get but YOU WILL get them; the dreaded “Negative Review.” Our guests are not always right, but it’s our job to make them feel that way. Seeing a negative comment about your beautiful property can be difficult. It’s tempting to argue and act defensive but that will NOT help your case. Let’s talk this week about:
- What to do when you get a negative review
- Tips for how to best respond
- Addressing future potential guests
- The private comments
- How responding to all reviews helps your profile (and occupancy)
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
There are multiple house keeping options for your short-term rentals, but not all of them will be the best fit or make the most sense for you. Depending on what stage you are in with your business and how many rentals you have will most likely determine the best fit for you. There are pros and cons to each method and Tim has explored them all (and currently uses multiple methods in multiple cities)! Last week we discussed hiring a company and individual on a per clean basis and this week we’ll look at the alternative; building your own housekeeping team. Listen in as Tim discusses:
- Is this the right option for you? Why
- The pros and cons
- Why your own team will help you scale
If you missed last week check out episode 44 - Should We Hire a Housekeeping Company or An Individual?
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
There are multiple house keeping options for your short-term rentals but not all of them will be the best fit or make the most sense for you. Depending on what stage you are in with your business and how many rentals you have will most likely determine the best fit for you. There are pros and cons to each method and Tim has explored them all (and currently uses multiple methods in multiple cities)! Over the next 2 weeks we’ll provide some insight into which option may be right for you and some things to consider. In part one Tim covers:
- Hiring a professional company - pros and cons
- Is this the option for you?
- Limitations to hiring a company
- Upside to hiring an individual and paying per clean
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
You may have heard of these little bugs. Little bugs that have the potential to wreak havoc on your short-term rental(s). Little bugs that only seem to come out at night like the boogie man! They’re what you think of when a bed just doesn’t look that inviting or when you get a random itch at night in an unfamiliar accommodation. Yes, this week Tim dives into his encounters with bed bugs! He’ll break down:
- Where do they come from?
- How to get rid of them
- Tim’s experience in one of his rentals
- How do you handle your guests…
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Almost every real estate investor has been or will be involved with property improvements, repairs, or general maintenance at some point which means they’ve had to talk and deal with contractors. Tim is no exception. He has worked with almost 200 different contractors in different cities in the US and other countries! Tune in this week as we cover some basic rules you NEED to follow:
- 3 tips for getting good estimates from contractors
- 3 tips for working with contractors
- How to ensure you’re not getting ripped off
- A recent example where Tim saved over $20,000 for one job
- How to find good contractors
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Covid-19 has had tremendous effects on the whole world. Many of those effects have been obvious but there are few underlying changes that could potentially have a big impact on our housing supply and demand. When the supply and demand changes so does the price of each individual market. Tune in this week as Tim discusses a few Covid impacts you may not have considered such as:
- What happens if roommates get their own place?
- Divorces
- A baby boom?!
- Seeking more home space for office
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
There’s no doubt about it, your properties will require maintenance. Broken glasses, scuffed walls, stains on rugs, etc. Let’s take a deeper dive into your rentals and expected maintenance in the long run:
- Top 3 things that will cause damage
- Luggage racks
- Airbnb prevents users from booking under the age of 25 (without 3 positive reviews)
- Blocking the calendar for routine maintenance
- The danger of getting behind!
Refer to Episode 12 on budgeting for furniture and Episode 18 on having reserves to cover those costs. Episode 24 for our recommended house rules to protect you from any potential damage.
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Is there anything anymore that doesn’t require a password? Not really. From banking to your Kindle account and everything in between - you can’t access it without a username and password. It’s not different for the short term rental industry. We have countless subscriptions to manage and have consistent access, too. So, let's discuss some best practices this week. You can literally save days of your life by using one of these handy tools!
- What passwords you need for your STR
- How to manage them and some useful pointers
- Which one Tim personally uses
- How to share them effortlessly with your team
- Is it really secure to use one of these apps?
The password app I use:
Keeper - www.keepersecurity.com
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Often when we hear about real estate it’s usually referring to housing and the places we live in. But real estate goes so much further than that! Changing the use of real estate (much like converting long term rentals into nightly rentals) is where value is created. Let’s broaden our horizons a bit in this episode as we discuss some of the likely “less conventional” uses for real estate and why we would change the use in the first place.
- Trends leading to changes in the use of real estate
- Are STRs increasing the value of our residential real estate?
- 10 alternate uses for real estate you may not have thought about
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
We mentioned it before but now it’s official! Some of the world’s largest hotels are now using self check in. Tune in for a brief first hand encounter as Tim discusses his experience using keyless entry at the Bellagio Hotel in Las Vegas, Nevada compared with a more remote self check in at an Airbnb in the wine country of Northern California.
- Self check in in northern California wine country VS. the Bellagio by MGM Grand
- Why management will get easier as people get accustomed to less personal interaction
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Quite possibly the most intimidating piece of managing short-term rentals is the time involved. But how much time does it really take? Can you really make them passive? How much more involved is it than your traditional long term rental? Listen in this week as Tim breaks down the determining factors of how much time you can expect to spend managing your short-term rentals. He’ll give you the time he actually spends on his and how you can eliminate it ALL from the equation.
- Not all rentals require the same amount of time
- Which factors have the biggest impact on management
- Importance of your team
- The STR evolution
[10:40] Tim explains how many hours he spends managing his STRs
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Perhaps one of the best tools ever for creating wealth for real estate investors is the section of the tax code 1031. This special little tax advantage lets us exchange property without paying the taxes on our capital gains! You have to be strategic with this one but it is a fabulous tool. Tune in this week as Tim breaks down some of the details and gives you his experience on past exchanges he has completed.
- The basic rules
- Using an intermediary
- Identifying and closing on the property
- Can you buy multiple properties in one exchange?
- What happens if you don’t use all of the exchange funds?
- What’s a Reverse 1031 exchange?
- How much does it cost?
For a potential 1031 intermediary check out http://www.exeter1031.com
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
As a real estate investor our goal is to acquire more properties leading to more cash flow and ultimately more wealth. But, as you continue to grow so does your bookkeeping! Even if you love math you may find yourself strongly disliking bookkeeping. It can be tedious and timely. QuickBooks offers a great solution to help streamline all of those expenses and keep you organized. How should you set it up? Tracking multiple properties? Listen in this week as Tim discusses a few tips he’s picked up along the way to help manage the income and expenses for all your properties!
- How does QuickBooks online work?
- Setting up multiple properties with one account
- Tracking your 1099 contractors
- Automatically syncing ALL of your transactions
- Sharing QuickBooks online with your accountant and bookkeepers
You can view pricing and details here: https://quickbooks.intuit.com/oa/online
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Let’s face it, for those of us that live in the US we are living in one of the most litigious countries in the world. You’ve heard that you need to protect yourself and your properties, but what is the best way? Is it necessary to form an LLC in which to hold your property? There are multiple steps we can take to protect ourselves, but which ones are the right ones and when are they necessary?
Tune in this week as Tim answers those questions and more!
- A story to illustrate when we need extra protection
- Having the basics: house rules, deposit, insurance, general liability policy, umbrella policies
- Forming an LLC and what you may not know
- Are you being sued?
To hear the episode on house rules tune in to episode 24 “Essential House Rules for your STR”
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Hotels have recognized the trends in travel and know that a huge majority of the market that was once their customers have moved to short-term rentals. This is evident in the way they have been developing new hotels, but the world and our current environment has pushed them even further! COVID-19 has now forced them to be more like short-term rentals! This is leaving hotels with many unused areas (pools, banquet rooms, buffets) and also a big hole in their bank account. Tune in as Tim discusses some of the industry changes and impacts of COVID-19.
- What a hotel used to be and what it is now
- Hotel’s lost revenue from unused spaces
- COVID-19 impacts
- Short-term rentals are nimble
- Customers “forced” to short-term rentals
Here is a link to Tim’s interview on The Real Estate Guys Radio.
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
Are you enjoying the podcast? Please share it, like it, and subscribe! This helps us reach others that may find the info helpful as well!
We used to find them in paper formats, sometimes with the last guest’s wine stains or food crumbles mixed into the pages but times have changed! Guests want information at their fingertips. Providing a digital guidebook will make a huge impact on your guest experience, your reviews and the amount of time you spend on your business!
- It answers the basic questions (your guests will always ask)
- Easy images to direct guests how to use things
- GPS coordinates to find your property
- How to use email collection for marketing later on!
- An easy way to prove that guests accepted your house rules
There really are too many things to list! Its very affordable and worth every penny for you and your guest.
Tim uses and recommends Hostfully. You can get one guidebook for free and there are more plans that go up from there. He actually only uses a few guidebooks and tailors them to the building, not the specific listing, which is less to keep track of in the long run.
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book that Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
There are many reasons why someone may attempt to book one of our properties for someone else (a 3rd party booking). Should we accept those reservations? We have to ask the guests (and ourselves) why would they be booking for someone else. Sometimes, these can be great reservations but sometimes they can be, well, not so great. Tune in with Tim this week as he gives you his experience and recommendations on 3rd party bookings:
- Who exactly is making these types of reservations?
- Airbnb work travel
- How can we protect ourselves?
- What if we meet them at the property?
- A common Craigslist scam :(
For more info on finding the best properties get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey to financial freedom, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book co-authored by Tim: “Resilience, Turning Your Setback Into a Comeback.”
How can we possibly handle so much information coming at us from every direction? The plans we have for our short term rentals, the markets we’re researching, the contacts in those markets, pros and cons from one neighborhood to another? We have to have a place to put all of that data and if you try to keep it in your head you will fail! (Or at least forget most of it)
Tim will discuss how to use a digital note system to store your ideas so your brain doesn't have to.
How fast is our data expanding?
Health benefits of having a "clear" mind
Available tools - What Tim uses and other options
Accessing your research from anywhere (on any device)
The GTD method by David Allen
[6:03] Recommended digital note-taking platforms: Evernote, Microsoft OneNote (works on Android & Apple)
[9:19] Get a summary of the The GTD method from David Allen: collecting, processing, organizing actions, reviewing and execution.
For info on finding the best markets and setting them as short-term rentals the right way check out restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book co-authored by Tim: “Resilience, Turning Your Setback Into a Comeback.”
There is more information available online than ever before and it's growing at an exponential rate but not all of it is credible. Not all of it is helpful. Not all of it is useful for your STR. This week Tim will give you his favorite learning resources and some points to consider:
- Best podcasts
- Best YouTube channels
- Best Conferences Conferences
- Mentorships
[3:07] Recommended YouTube channels:
STR University (Richard)
Airbnb Automated
[6:48] Recommended Podcasts:
Get Paid for Your Pad
Vacation Rental Success
[7:54] Recommended Conferences: VRMA, VRSS, HomeAway and Specific software conferences (Israel) REST methods event
VRM intel Magazine: vrmintel.com (for an updated calendar of events)
With recent advances in technology we can build our “remote” team easier than ever (and there are more people in the remote working “pool” than ever before). The best time to higher a new team member is before you actually need them. There are numerous aspects to managing short-term rentals but almost all of them can be managed remotely! You can also take advantage of the differences in currencies and hire help at a fraction of the price but still with excellent skill sets. Hiring virtual or remote help is an essential step to managing our rentals as passively as possible.
This week Tim will discuss:
- The best time to hire new team members
- How remote work can help with your STR
- Where to find them
- How to hire the right one
- Tools to managing them from afar
Check out www.restmethods.com for more info
Book references:
“The One Minute Manager” by Ken Blanchard & Spencer Johnson
“Who: A Method for Hiring” by Geoff Smart & Randy Street
Find potential team members on www.upwork.com, www.fiverr.com or www.onlinejobs.ph
Track your remote team with www.tsheets.com or www.hubstaff.com or Upwork’s built-in platform
The world has gone remote. More people are working from home than ever before. Will this uninvited “work from home” experiment debunk some employers' stigma that employees who work from home are not productive? I believe it will. A change in our normal work environment means a whole lot for commercial real estate and the short-term rental industry. In this episode Tim will discuss some of these potential changes and what it means for your short-term rental;
- Just how many people are working from home?
- More “extended stay” reservations from remote workers
- What do longer reservations actually mean
- Impact on commercial real estate
For more on Tim’s story on how he went remote email resillience@restmethods.com for a free copy of the Amazon #1 best seller “Resilience”
For more resources on finding the best properties for short-term rental check out www.restmethods.com
An easy way to gain more exposure for your short-term rental is to go on multiple channels or OTA’s (Online Travel Agencies). However, this can create a challenge with your calendars. For example, if someone books on booking.com, how would you integrate that with Airbnb? We want to prevent double bookings at all costs! Let’s talk about some easy ways to do that with channel managers:
- What is a channel manager?
- Concerns for getting TOO much exposure
- Charging the right price on multiple channels
- Syncing (sharing) calendars with Airbnb & Homeaway via “iCal link”
- Property management software “direct links”
Check out some of these software companies to streamline your calendars - one of the most important pieces of managing multiple short-term rentals; Smart BNB, My VR, Your Porter, iGMS, Booking Automation
For more resources check out restmethods.com
We are in the business of renting to people that we do not know personally. We have reviews to go off of but do we really know who’s staying in our properties? Well, not really. “House rules”, as Airbnb refers to them, are the first step in protecting ourselves from loss of income and protecting our properties from damage. It’s a section that every potential guest must read and agree to before they can even book. Let’s discuss some of the essentials:
- Tim’s rules he uses for every rental
- Enforcing rules
- Where to put them so they get noticed
For help monitoring noise: https://noiseaware.io
For help monitoring smoke in your rental: https://www.freshairsensor.com
For more resources and events: resthmethods.com
It’s really difficult to outsource work or automate your business without a set of instructions, or operating procedures (SOP’s). We’ll talk about a really cool little tool that can help you do all of that and make the process easier than ever. Create a visual representation of all the systems in your business so you can step back and let someone else take over.
Tim uses this tool for so many things but just to name a few:
- Reservation questions
- Employee procedures
- Emergency planning
- Housekeeping procedures
- Property info
- Cancelling policies & house rules
- Marketing
- Hiring
Check it out: www.mindomo.com
For more resources visit restmethods.com
If you are accepting longer than normal reservations with your short-term rental (30+ days) you’ll want to make sure you’re protected. After thirty days a guest will become a resident and with that comes a whole bunch of extra legal exposure. In this episode Tim will talk about the quickest way to provide an application, show a listing (without being there), approve a resident, and take rent and security deposits electronically.
- How to show a listing without being there
- Providing an easy application online
- Providing a lease & getting signatures
- Considerations for your lease
- Setting expectations
Use cozy for rent payments and tenant screening: https://cozy.co/features-benefits
For more resources check out restmethods.com
Things are changing so quickly it’s hard to keep up. Here are the latest updates on money you are likely ALREADY getting, necessary changes to your STR in the current market, financing available to you and some continued best practices for sticking through this pandemic and coming out stronger in the end.
- Review of current best practices.
- Should I take local reservations?
- Money coming your way
- What STR’s are doing the best?
- Disaster funds available to you now!
- Long term planning
Check the following website for SBA lending and the EIDA grant mentioned: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
For more resources check out restmethods.com
It can be so discouraging. It can be so exciting. No matter which stage you're at in your real estate investment career financing will play a huge role. You found the right deal but have no one to finance it? Well, look again. There is ALWAYS someone to finance it and without financing, unless you have all the cash, you probably won’t be doing the deal. Let’s delve into some potential financing “denials.” Tim has had his fair share, just listen…
For more resources check out restmethods.com
We are living through unprecedented times, especially for us in the travel industry. With all the uncertainty in the air I wanted to offer my perspective and give you the latest on my portfolio and my plans. Here’s what I will be doing to protect myself for the long run, including my ultimate back up plan.
Don’t be totally discouraged, there is also a bright side to this! Here are my thoughts on what you can do to stay positive, how we can use this time to our advantage and why we might come out positioned better than ever once we get through this.
For more resources check out restmethods.com
Real estate is an amazing investment vehicle because it’s predictable. But, what happens when it’s not? What happens when the unexpected happens and there’s a fire, you lose a roof, or the HVAC system goes out? You need to have reserves. Your short-term rental guests will also create wear and tear on your property. How much should you budget for that?
- How much should you budget for your short-term rental losses?
- The biggest capital expenditure risks with your property
- Why you NEED reserves regardless
For more resources check out restmethods.com
We learn when we make mistakes. The more guests you accommodate the more mistakes (or learning lessons) you will likely encounter, but let’s accept that as a benefit of our industry. Tim will explain why and how you can use mistakes to grow, improve your business and make more money.
- The beautiful thing about the STR industry
- How to create perfection
- The “private reviews”
- Pleasing the masses
- What areas do I commonly see mistakes?
- Listing descriptions errors
- Buying a property with “hopes”
For more resources check out restmethods.com
The world is changing and so is the way that people travel. 100 years ago people were riding horses to many of the cities and towns where we now operate short-term rentals. Traveling is now easier than ever and the way we live is changing as a result of that. As investors in short term rentals we are in the perfect position to take advantage of the trends but we need to position ourselves appropriately.
- 6 people check into Airbnb every second
- Remote Airbnb location
- How learning is changing
- Becoming a part of our changing future
For more resources check out restmethods.com
Our environment shapes how we feel. There is a psychology to interior design and there are certain components that comprise any living space. As short-term rental investors, are we creating the best space for our guests and one that makes our guests feel lively?
- The top 3 live plants to buy
- How plants can make you feel better
- Plants clean the air
- Who will take care of them?
For more resources check out restmethods.com
Should you wait to get in to real estate until the economy goes through its next cycle? Will the economy go into recession? What will happen? Who will get hurt the most? How do we protect ourselves from a downturn? Let's discuss:
- Doom and gloom — is this for real?
- Why some people won’t be affected and others will
- Oversupply? Who will be the MOST affected?
- How do you become recession proof? Is that possible?
- How your returns may go UP in a down economy
For more resources check out restmethods.com
There are hundreds of large MSAs (metropolitan statistical areas) and different markets that comprise the whole real estate market and each of them are unique. They have different growth rates, investment returns, laws, etc. How do we narrow down the BEST ones without doing ALL the research?
- Discover the shortcuts to finding good markets
- Why do these markets make sense?
- The fundamentals of a strong market
- The sun belt, baby boomers, demographics
- Rent-to-value ratio (rent / purchase price = RTV)
EXAMPLE: $1,000 monthly rent / $100,000 purchase price = 1% RTV
For more resources check out restmethods.com
Asking how much it costs to furnish an apartment is like asking how much it costs to pay a random medical bill in the USA. It could literally be thousands more than you expected (much of which was not necessary) or it could be very minimal. Tim will give you a rough average of what you could expect to spend including:
- Where not to skimp on price
- Where you can save
- Where to look for furniture
- The biggest wastes of money you may have not thought about
For more resources check out restmethods.com
It’s a big world out there and sometimes we get overwhelmed as investors with the amount of information coming in. There are so many ways to get started investing in real estate but they are not all created equal. We’ll discuss one path that many may find to be the easiest and most comfortable AS WELL AS being the most affordable.
- What type of property fits this plan?
- Why a more comfortable and cheaper investment does not mean BETTER
- Why you may get discouraged from scaling
For more resources check out restmethods.com
What ONE main principle helps you determine whether the investment you are considering is worth while? It all comes down to the numbers. Tim will illustrate how purchasing a $100,000 investment is no different from purchasing a $10,000,000 investment.
- A quick story to illustrate how numbers will make the decision for you
- Why is a large deal no different than a small one?
- Don’t become emotionally attached
- Know what return you are comfortable with
- Where can I find an analysis spreadsheet?
For more resources check out restmethods.com
Finding a property can be difficult. Luckily there is a position for that! Brokers and real estate agents can be your key to the ultimate property deal, but how do you find them? What are the keys to building a strong relationship with them?
- Leverage their market knowledge
- Leverage their contacts
- Did you know it doesn’t cost you anything as a buyer?
- Making sure you know your search criteria
For more resources check out restmethods.com
The hotel and airline industry have been monitoring their pricing dynamically for years; every short-term rental operator should be doing the same. The supply and demand in your market changes everyday and so should your prices, but that’s a lot of work right? Not anymore. Let's dig into the basics of dynamic pricing and how you can automate this crucial component.
- You’re leaving money on the table if you’re not using one
- Are you pricing too high or too low?
- How do you price appropriately for events? Seasonality?
- Is your occupancy too high? Is there even such a thing?
For more resources check out restmethods.com
Are you wondering how much you’re spending on housekeeping materials, linens etc.? Maybe you don’t like bookkeeping so you’ve gotten behind. The larger your portfolio and business gets the more you need to track and the more tedious it gets. Check out Google forms!
- How to use them in your short-term rental business
- Eliminate extra steps
- Get organized!
For more resources check out restmethods.com
How do you start off on the right path to automation and a passive investment with your short-term rental? You must have digital locks. With the plethora of options available today, which ones do you choose and why? Let’s discuss some options so you can decide what fits best for you.
- Digital locks - which one to buy?
- Which ones do I use and why?
- Having a good platform for a solid automation foundation
- What do you do if the digital lock doesn’t work
- Must have back up check in options
For more resources check out restmethods.com
Which property size makes the most sense for your short-term rental? Consider that some properties will have better occupancy, lower expenses and attract the ideal guest. Tim discusses what he has found to be the best rental property size for a short-term rental based on the dozens of properties he has acquired and the investment returns he has earned.
- Higher occupancy and returns!
- Lower utility expenses
- Lower your construction / renovation costs
- Lower furnishing costs
- What's your ideal guest?
For more resources check out restmethods.com
Short-term rental investing is a relatively new concept and as a result cities, counties and states don't quite know how to handle it. There are literally thousands of different regulations around short-term rentals. So, what do you do? How do you know your short-term rental investment is a good one and a SAFE one? Find out the best strategies so that no matter what happens you will be making a sound investment.
- Properties that make sense from day one
- What if the economy crashes?
- Focusing on extended stays
- Commercial zoning
- Obtaining a license to operate
For more resources check out restmethods.com
What are the benefits of lease arbitrage and is it a better model than actually owning a short-term rental? Did you know that you can ultimately get property for "FREE" if you go the ownership route? We'll discuss the difference between building cash-flow and building wealth.
- Tax benefits of owning your property
- How to have full control of your property
- Infinite investment returns
For more resources check out restmethods.com
Financing for a short-term rental? How much does it cost? What do lenders look for and how will it be different from traditional lending? Financing is a critical component for any real estate investor. Let’s take a look at the big picture of lending to give you a brief overview of what to expect in the current lending climate.
- Important things lenders look for
- What kind of lender to use
- The best kinds of loans for first time buyers
- Ideal markets for short-term rentals
For more resources check out restmethods.com
If you’re looking to invest in short-term rentals then you’ve found the right podcast! Host Tim Hubbard has acquired dozens of short-term rentals and will teach you every strategy, tip and trick he's learned along the way, managing over 10,000 reservations. In this brief intro episode he'll discuss a bit about his story and provide some credibility to the content he'll release in future episodes.
- Tim’s background and inspirations
- Why the shift in focus to short-term rentals from long term
- Scaling the portfolio
- Where to look for help and education
- Moving abroad and financial freedom
For more resources check out restmethods.com