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108. Recognizing the Lifetime Value of Your Guests

Uncategorized Apr 15, 2021

What if we told you that the actual reservation is just the tip of the iceberg when it comes to the true value your guests represent?

We’ve been in a reflection mood lately. Part of looking back on our hosting journey is recognizing how much we’ve grown while looking closely at the mistakes that we’ve made along the way. There are three giant missteps that we’ve made that we can’t stop thinking about. One of the biggest ones is this: Underestimating the lifetime value of your guest.

Automation is great, but if you limit interaction with your guest just to “turn and burn” you’re going to leave money on the table. You can get so much more value out of each guest beyond the actual reservation. Here are some examples:

  • Repeat bookings
  • Referrals
  • Added services

We had to learn this lesson the hard way, but now you can learn from our mistakes and get things right the first time. To learn about the other two mistakes we made and how to avoid...

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STR Share Sunday: Kettle House Galveston

strsharesunday Apr 11, 2021

It's time for #strsharesunday and today we are featuring the Kettle House!

How the HECK do you turn a steel tank into a house? Clearly, anything is possible if you dream BIG and have a vision. Hosts Ashley and Michael and their one-of-a-kind STR home were featured on episode 17 of the TFV podcast and on DIY Network show Big Texas Fix.

We LOVE how well-designed every square inch of this unique space is. And that Smeg refrigerator! LOVE!

Be sure to check out the before and after pictures on their page and give them a like and a follow

Save 1900 on Instagram

the Kettle House on AirBnB

We would love to feature YOU, so don’t forget to use the #STRShareSunday to get your chance!

 


 

Pssst! Check out our free workshop for hosts!

Get instant access to our training where we cover how to create reliable revenue by mastering every detail of your hosting business (without sacrificing the guest experience). 

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STR Share Sunday: Broad River Cabin

strsharesunday Apr 05, 2021

It's time for #strsharesunday and today we are featuring Broad River Cabin!

Charlotte and Ryan are your hosts of this charming cabin in Black Mountain, NC. This cabin is so well-designed and we say this a lot, but we love their honesty (yes! Honesty IS the best policy). They let you know right out of the gate that their cabin is small, the wifi might be slower than you're used to, you might hear cars going by, and you might see some bugs. Sometimes stating the obvious (bugs in the mountains, who knew?) is really helpful to have in your listing.

We love their brand, logo, and their gorgeous space so be sure to give them a like and a follow!

Broad River Cabin on Instagram

Broad River Cabin on AirBnb

We would love to feature YOU, so don’t forget to use the #STRShareSunday to get your chance!

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Are you ready to master your hosting business without sacrificing guest experience? Click HERE for our free...

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107. Focusing on Preventative Maintenance, with Andrew Kaiser

Uncategorized Apr 02, 2021

 Being a successful host requires more than being reactive to issues — you have to be proactive and preventative.

MendBnb is a service that helps vacation rental property owners and managers save money and time while offering unlimited service calls for maintenance and repair. Andrew Kaiser is the Head of Sales and Growth at MendBnb, and he started his own Airbnb, which turned into three, then five. After being headhunted to run operations for various property management companies, he now spearheads disruptive growth for MendBnb. He’s going to share with us the top five maintenance tasks that all hosts should focus on to improve the guest experience.

  1. Everything has to work. If you have an appliance or anything else that doesn’t work, repair and replace it immediately.
  2. Smoke and carbon monoxide detectors. Get into the habit of changing batteries out once a year. Use high-quality batteries, and don’t wait for the chirping to warn you. No guest wants to...
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STR Share Sunday: The Riley House

strsharesunday Mar 28, 2021

It's time for #strsharesunday and today we are featuring The Riley House!

Bill and Tammie are your hosts and we love their story. They bought the home, lived in it, jazzed it up, all the while knowing it would one day function as a Short Term Rental. Once they made the home beautiful, they moved out and started renting it out, and the remnants of the love and care they put into is while they lived in it do not go unnoticed.

This is a large 4 bedroom home, but it's listed in 2 different ways! It's listed as a 4 bedroom first, and THEN as a 2 bedroom, and the calendars sync and talk with each other. Now why is that? As a date gets closer and it isn't booked as a 4 bedroom, then it's released as a 2 bedroom. Profit margins are higher for a 4 bedroom, but if that isn't booked, the ability for someone to book it as a 2 bedroom exists also.

Bill and Tammie leave a bottle of wine and amenity list for guests, and their soaking tub is to die for! Go show Bill and Tammie some love!

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106. Following the Journey from Idea to Income Property (Part 2), with Shannon Leyh

Uncategorized Mar 25, 2021

 

In Part One of this interview with Shannon Leyh, we heard how she wanted to get into the short-term rental game and purchased a rental in Snowshoe, West Virginia. Thanks to some recording magic, you don't have to wait months to hear how that story ends — we have the answers for you right now!

First things first: She closed on the property she had been looking at. Only, it took much longer than she originally anticipated. Her original goal was to have the property closed by the end of 2020, but she didn't follow her own advice of working with a local lender. They ended up hitting delays, she switched to a local lender and started the process over, and she didn't end up closing until February 5th.

Shannon's first key takeaway once the property was hers: Stay at your own property. They caught so many things that they would never have otherwise, such as the knives' quality, the number of dishes, how comfortable the furniture was. It also helped her realize what she wanted...

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STR Share Sunday: Heaven Cent Cabin

strsharesunday Mar 21, 2021

It's time for #strsharesunday and today we are featuring Heaven Cent Cabin!

This cabin is hosted by Judy and located in Clayton, Georgia. There are so many things to love about her listing! She has great photography, a cozy space, and does a wonderful job of showcasing all the wonderful things in the area around her cabin.

But what we love most about her listing is that there are things to note about her cabin... just like there are things to note in every urban rental, every beach house, every lodge, you name it. Judy makes sure to note that children are allowed, but it's not a kid-friendly home due to the stairs, that it's on a dead-end road and only has room for 3 vehicles, and our favorite: that the seventh guest space can only be entered through the master suite (so if you're not into that... consider her cabin made for 6 and not 7!).

We love that there are NO surprises when guests show up. As a host, you have to be honest and forthcoming and you have to give as much...

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105 | Following the Journey from Idea to Income Property (Part 1) | with Shannon Leyh

Uncategorized Mar 18, 2021

 

What if you could follow someone’s journey from hopeful host to burgeoning success and see what exactly it takes to make it in this business?

Shannon Leyh reached out to us just as she decided to take part in this world and asked us to chronicle her experience — and we couldn’t say no! She’s vulnerable, honest, and shares all of the numbers behind what it takes.

In the first part of our interview, we cover:

  • Why she’s getting into the short-term rental space
  • Her goals for the property
  • Getting her husband on board
  • Finding the right property and the right community
  • Plans and considerations for the property
  • Setting a timeframe

Don’t worry — you won’t have to wait months to find out how this all turned out! In part two of our discussion, we’ll dive deep into how all of this plays out. We can’t wait to share it with you.

 

Resources:

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STR Share Sunday: Wild Pines Cabin

strsharesunday Mar 14, 2021

It's time for #strsharesunday and today we are featuring Wild Pines Cabin!

Man, Minnesota is truly killing the STR game! Todd and Tessa are your hosts, and we love so many things about what they're doing here!

We love the simple, sleek logo, and we love how they repost things from their guests. User generated content people! Let your guests create content for you and use it to your advantage. Not only does it look great, but it's social proof to add to your reviews.

You should always highlight the amazing things about your property, but in your listing, let's keep it real and honest. You should also let your guests know about the imperfections. Todd and Tessa mention in their listing that their space is not great for those with mobility issues because of their steep stairs, that their driveway is windy and curvy and not always great in bad weather, and that the wifi is only able to withstand so much!

Go to their feed, their cabin is amazing! Give them a follow and some likes!

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104 | How Joining a GPO Can Help Your Short-Term Rental | with Jeffrey Iloulian

Uncategorized Mar 11, 2021

 Anyone who’s worked in the industry long enough begins to identify some of the pain points, but it takes a true entrepreneur to turn the solution into a business — one that’s going to make the lives of all rental property hosts and managers easier.

Jeffrey Iloulian has been in the vacation rental industry for over a decade, having set up, managed, or operated over 250 vacation rental properties. So, he gets this industry. From cozy cabins in the woods to luxury mansions in Beverly Hills, Jeff has successfully grown several businesses and has a passion for interdisciplinary problem-solving in emerging industries. He believes that the further you push outside of your comfort zone, the larger that zone becomes.

And Jeff’s most recent business idea came to him while he was furnishing an entire building with 16 units in a very short period of time. He was amazed that, at the volume that he was buying, there wasn’t a simple way to make those purchases...

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