What are some things that you can do in order to amp up your marketing and build your revenue in a hot market?
01-02) Check the basics, like your photos. Are they professionally done and is the best one your thumbnail? Does your headline boast your best feature? Does it grab your attention and hold it?
03) Floorplans - you can get one on the cheap at fiverr.com and place it in your listings.
04) You want to snap a pic of a Google map and the minutes from your place to the hottest destination near you. "We're 4 minutes to the university" highlights your location wonderfully!
05) Uh, speaking of location and any other information inside your listing - BE HONEST! Don't highlight a location where you are NOT or boast amenities that you don't have. You will only create angry guests that way!
06-07) Hire an interior designer and cover your place with art. Art on the walls is a must. Bare walls scream "no one cares about me!"
08) Bedding: Great mattresses, protective mattress pads and pillow covers, and comfortable LOOKING & FEELING sheets & duvets! They are a must!
09) Walkthrough videos are all the rage. If you can afford this luxury, do it!
10) The Details are in the descriptions! Details, details, details! Not everyone reads them but when they need them they will and they will also cover your bases if you do it right.
11) Never BUY a property using the projected earnings from a short term rental income. Buy using the projected earnings of a LONG-TERM rental income just-in-case the shit hits the fan and short term rentals somehow become illegal. The earnings you make in your short term rental will be icing on the cake!
12) Now is the time to use MULTIPLE PLATFORMS. Yeah, I know. It's something you have to do when the market gets tough but you have to get your property in front of more eyes.
Plus - Know who you are serving? Who is your ideal guest? Why are they coming? What do they want to see and do?
Don't forget to automate your messages and your pricing in a lulled market.
[00:01] Over the last two centuries, nearly 90 percent of the world's millionaires have created their wealth through real estate. Here to tell you how you can ride this wave with less risk and less capital while creating greater income, is your host, best selling author and Speaker, Michelle Russell.
[00:21] Hi, this is Michelle, the Master of Money Mindset, and you are listening to the Short Term Rental Revenue Podcast...
and in today's episode, we're going to talk about knowing your marketing because
everything is changing out there. I know we go in over this last year, but guys were
getting so many letters from you guys asking us what the heck you can do because
your reservations air dipping and why are they falling? Lots of competition out there
The market is growing, and at the same time there's going to be a tipping point right
where we don't have enough properties and then suddenly there are too many
properties and not enough guests. So we've reached that tipping point in a lot of
markets, so we're gonna go over that today. But first, I wanted to remind you that
our show today is brought to you by audible. You can get your first audio book for
free with a 30 day audible trial membership by going to audible trial dot com
forward slash S t r revenue. That's audible trial dot com forward slash S t R.
Revenue. The book I'm reading this week because I'm in the 50 Book Challenge is
Stop doing that shit. I look the title of his book. Honestly, the author is fantastic
because I read his other book on F yourself and literally that was the title of the
book, and it's a fantastic book, but I do encourage you and I talked about this on a
previous episode. I encourage you if you're listening to it on Audible that you slow
it down because he has a thick Scottish draw and it's almost impossible to listen to
it passed and understand what the hacky is saying because of that Scottish accent,
that thick skull of Jackson. A. Next week I'll move on to a couple of others, but I think
I've already finished five books. I keep posting it in our group so that everybody can
tell what we're talking about it on our Monday mindfulness. We go over everything.
How do we read so many books a year audible. That is the secret to our success,
because you can't always just sit and read. You get to listen and you can listen
anywhere anytime of the day. So go to audible trialled dot com forward slash str
revenue and get your free audiobook and a 30 day trial Right now, I also want to
ask you, if you would be so kind as to start talking to me, how can you do that? Go
on to our website short term rental revenue dot com That's short term rental
revenue dot com. The black is right there on our home page, and it's in black and
orange. The Texas in black and orange, which is speak pikes colors and their logo is
there, and right there you can listen to a short message for me. You just hit play,
and then when you hit record, it's going to take you back to speak Pike and ask
your name and your email, and you can leave your voice asking me a question or
leaving me comments. But when you do that, guys, guess what you're doing.
You're also giving us permission to use your voice online on the air. So go do that.
Now ask me some questions. Leave me some comments and maybe you'll be on
the next podcast. Okay, so lots of listeners are writing in and having an incredibly
difficult time booking out their properties. The percentage of sales have dropped
drastically in a lot of markets across the US. And why is that? Because competition
is tough. This is now the hot thing, man. Everybody is doing it. You go to the Rio
meetings. They're talking about it. Even one of our old teachers. She was an area.
She hasn't been there in seven years. At the Azria meeting, name is Robyn
Thompson, and we used to love going to her events years and years ago. She is
doing a short term rental event this weekend in Phoenix, which is absolutely crazy.
She just started doing it, I think, she said two years ago, she jumped on the
bandwagon. Everybody's doing it so everybody is doing it. What does that mean?
The market is becoming saturated, so let's do a little education here. Remember
when there are not a lot of buyers, but there are a lot of houses and a lot of
inventory. What happens to the prices of those houses? The prices of the houses
will fall because there aren't enough buyers. So all the home owners who are trying
to sell all the sellers are competing for those very few buyers. They keep lowering
the prices. So when there's a lot of buyers and not a lot of inventory, the prices of
the inventory are gonna go up, right, because you've got a bunch of people
competing for just a few houses, and so they keep outbidding each other so that
they can get them so the prices of the properties go up. So the same thing is going
on here. Remember, we created that housing bubble. We are now creating
basically a short term rental bubble. So remember, and I've been teaching you this
all along. Real estate moves in these cycles. Everything is hot for a little while, and
then it goes cold, and then it goes hot, Nicholls cold. Everything has a cycle. It is not
going to stay strong forever. You thought it was going to be great forever. It's not.
It's not gonna be great forever. So now we have to move into what I taught you
before. We never compete for last place, but now the competition is getting stiff.
So what are we gonna D'oh? We're gonna up our game, right? So obviously there
are a lot of ways to up your game and we've talked about a bunch of them. You
need to have great great pictures, right? Professional pictures, That is the key. And
the number one thing, your first picture has to rock it. And if you don't know if your
first picture is the picture just posted on any of the Facebook groups, I mean,
everybody's got an opinion about that stuff. But I love it because a lot of, um the
nicer ones, the nicer groups, somebody will say, Hey, we put that third picture in as
your front picture. Make that the picture in the front and see how you're listing.
Does you have to make sure that your thumbnail is absolutely amazing and your
headline rocks it. Make sure your headline grabs their attention and that it covers
all the best details about where you are. Maybe it's your location or the fact you
have a pool when the majority of people don't. Whatever it is, your headline has to
grab their focus and so does your picture. Because now you're competing against
Maur and more people and the more people you're competing against, the deeper
your listing could get buried if you're not careful. So what are we seen inside of
these listings that we're competing with? Born more were seen floor plans. I see a
lot of people using floor plans and guys, you can just go on fiber dot com. And
there's a bunch of people on there who can give you a floor plan of your listing for
not a lot of money. Also, we're seeing a lot of maps That's pretty easy to capture a
Google picture of where you are and maybe put in a point of interest. Like if you
were in Florida, you could have your area of the map clicked. And then, while
Disney World or Universal Studios and it shows how many minutes to those
locations so you can see one thing that really frustrates me, especially because I
was going down there at an off season and I can't get into my units. And so I was
looking at some being be places. And what was really just ticking me off was the
fact that some people have their listing the location way up north between well,
Disney World and Universal Studios. And then they said that they were at
Champions Gate, which is way down closer to Davenport down the four. So they
were actually south. And I was like, You can't do that. You can't tell people you're
located Chaumont a map that you're located in one area and be miles down the
road. You really can't. You've got to be honest about your location. Be clear in your
listings about everything. You should never, ever try to deceive people in any way
because you're on Lee going to piss them off when they get there. Okay, We're also
seen professionally decorated properties. There is no longer space for the people
who could just go down to ah, goodwill or something and grab some furniture and
then had to target and throw a cheap set of sheets on the bed with some flat
pillows and make it work. It's not gonna work anymore. You're competing against a
lot of people out there and they're using professional decorators like we told you
to do, right? We said, Look, if you're gonna duplicate yourself, get a professional
decorator at least in the 1st 1 and then just duplicate that property right do that
because everybody else is using professional decorators. Now what I see a lot of is
a lot of people don't have any art on the walls. You need to have art on your walls,
people. I don't care if you're scared. Someone's going to steal your pain, Dean or
picture. It looks to bear when you don't, there should be big pictures on your wall,
at least over the couch, at least over the bed on blank walls. Put some art on your
walls. It's got to look good. You've got to have those folks of color, right? Just those
flashes of color that bring everything out. Have the art on the wall a certain color
and then take some throws and catch those colors on the throws that go on to
your beds and the throw pillows on your couches and bring all those colors
together. But you can do that much better when you hire a professional, and I
definitely recommend that you do that. Another thing is the beds. Now, you would
not believe this listing, and I'm not gonna shame these people because I see what
they're trying to dio. But somebody, somebody bought a property, a really nice
property in Windermere or Dr Phillips. I can't remember. I was looking up in my
regular area because that's where I am all the time. So I'm looking up there for a
house and I'm trying to go by square footage, which I really wish Airbnb would do
that. But they don't. Nobody does. But you should be able to do that. When you
have five kids, you just don't want to be close to everybody. And there's a ton of
houses in Florida where they have 10 bedrooms, but it's like a 3000 square foot
house. Believe me, it is not fun to be that close to your kids. So I'm always looking
for properties that are 5000 square feet or 6000 square feet. That's my deal. If I
have to go in and I have to say someplace, I'm not gonna be on top of everybody.
So I found this really great house. I think it was only 4500 square feet and the
pictures were really nice. It was a really nice house, right then we got to the
bedrooms. Oh, my God. It looked like this person literally went toe a nursing home,
grab the covers off the nursing home beds and put the pillows that had been used
under somebody's leg for about 10 years. On the bed, they were like the funnest
pillows. One bed upstairs didn't even have two pillows. It had one pillow. The
colors didn't even match anything in the room. It was the most ridiculous thing I
had ever seen in my life. Top end house, top end house. This place should have
rocked it, but they should have taken and use that money in the best places in the
smartest places. And when they bought the furniture, they bought really nice
furniture. But then they left the most important thing for last. And that is the
betting. Your mattress must be comfortable. Your mattress pads must cover them
and make them safe against bedbugs and against moisture. Right. And your pillows
should have covers on them, too. And they should all have wonderfully soft, fluffy
do vase on them. They should be comfortable looking. You should look at a picture
and want to jump in and just sink into that bed even if it's a nice firm mattress. The
do ve and everything on top and all the textures on top should make you want to
jump into that bed and just ah, because they've got to sleep there. They're
probably going to be in that bed Maur of the time that they're in that house than
anything else because that's what they're there for, their there to go on vacations.
So they're going to be out at restaurants and not at parks and doing all kinds of
stuff and come home, eat real quick, clean it up and go to sleep. The bed is the
most important part. Do not skimp on your bed. I was just so irritated. I wrote a
nice, friendly letter. I see it. I see the vision that you're trying to make and you took
a lot of money. And you're like, we're gonna have this great high end property.
Dude, if you have ah, high end property, you have tohave hi and features that go
with it. Don't shoot yourself in the foot and it's so sad when people do that they
do that when they flip houses to they get into a property that they cannot afford.
And so they start using cheap materials, too. Picks up a property and the house that
I'm in right now is a living testament to that because it's a beautiful 5000 maybe
5500 square foot home. But they put in the cheapest bands, the cheapest light
fixtures, the cheapest carpeting. Everything is cheap. I mean, you should see it. It
looks like it belongs in a rental property. It does not belong in a high end home like
this, and no one will want to stay there. And when people flip houses like that, they
don't make the money and they're all pissed off. They're like, what went wrong?
What went wrong was the fact that you were to God blessed, cheap. When you
fixed up that property, you did it wrong. You didn't budget, right, So make sure that
you are budgeting right when you buy your properties, right, your properties or co
host your properties budget for the neighborhood. Your end. Make sure your
furniture matches what you've got on the outside. If you're in a luxury
neighborhood, that should be luxury furniture, and it better be luxury betting. You
got it. Okay, I'm not gonna yell at you anymore, all right? And walk through videos.
I'm seeing a lot of walk through videos I really love. Walk through videos. We're
seeing more and more walk through videos. They're great. So if you can hire a
professional tow walk through your home, they have these cameras that make it
look like it's a flow. I mean, it's amazing you won't have to pay too much, but you
can give somebody the idea of being there, and that's what you want. You want
them when they come to your page, you grab them, get them to your page. You
don't want them leaving clicking next. You want them to go? Oh, this is it. This is
the place. I'm going to stay because they envisioned it. They've felt it. They tasted it,
They smelt it. They really had the experience just in your listing. And that's another
thing, too. Not just the professional pictures, but the details. The awesome,
awesome details of your listing. What's really cool is I'm in another being B
program. So a couple of days ago, I got a video from Jasper and he was doing some
coaching. He has someone a one hot sees. But then he showed us a really cool
listing because he had interviewed the hose and she had these wonderful
properties and he loved the descriptions of them. So I went and checked out some
of the descriptions of her home, and they were amazing. Not everybody reads all
the descriptions, but if you do, you would have loved, loved, loved her listings. She
had aton of extra stuff on there. All her rules and everything were laid out crystal
clear. And it was beautiful. Well written, completely understandable. I mean, it was
amazing. So I'll see if I can get some of the tips and tricks from those written down
for you guys so you can get them to and maybe coming up. We'll put like a V i p
what toe having your listings. That should help everybody out, right? So I've been
talking about this since the very beginning. I knew that I didn't want to start buying
these properties and a sure as heck didn't want to buy them at the top of the
market using short term rental income to buy the properties because that is a big
mistake. Why those people who did that? They're starting to feel it now when
those waves start to go down and they always do when those waves go down, what
comes next? A lull in the surf, right, A lull in the surf. You guys are just paddling on
your paddle boards, sitting down, waiting for a wave because right now it's all come
to a halt. Those high waves are over. The competition is steep. The market is
changing in a lot of areas. So hopefully you didn't buy those properties too high. I
told you, not thio. So, like I don't do not to do that. Hopefully you didn't. But if you
were smart and you were renting or co hosting or you bought for a great price, right,
because if you've got it for a great price and you can still cash flow it on a long term
rental income than you're safe, right, you pretty much are going to be able to tell
how you are doing using air DNA again. Okay, so this is going to tell you when you
look at your city, your zip code, your area inside air DNA, one of the biggest and
best things comes up right away, and it's gonna give you that grade and a model.
And I got really excited because we found a property in an A plus area. And I was like
Holy crap, I've never been in an A plus area. This is awesome. But what happens is
you can see the great about how well your property will d'oh in that area and we're
seeing those grades moving down and we're seeing the nightly rates go down, and
we're seeing the occupancy rates go down. So look at your nightly rates. Look at
your occupancy rates and compare them with their DNA. Remember what I said.
We used to just use Airbnb for the majority of our listings, right? Except for the ones
in Florida, they had beer bill because V R. B o has been around forever, and those
people are used to using it. But guess what? Yeah, we're all using more and more
platforms. No, Why? Because we've got to get our properties out in front of more
eyes and the only way to do that is marketing, marketing, marketing. So I want you
guys to go out and learn a little bit about marketing. I read this great book last year
at the end of last year, called the one Page Marketing Plans of a Yellow Book with
red letters on it. It was a good book for all types of businesses. It's a great book on
Audible, And then I got the physical one so I could highlight the crap out of it. You
know me. So I was like, Oh, this one, I need to highlight it. That is going to be a
great book. I want you this year to implement some learning about marketing
because it's really important now. Obviously, the past couple of episodes we've
been talking about mindset and mindset is critically important, right? It's the
number. One thing talked about Tony talking about it. 20 Robbins and a bunch of
other people. Every successful person has those miracle mornings that we're all
doing right. We're continuing those things, the affirmations and stuff like that. But
the thing is, all of these things will work together, So build your knowledge, build
your knowledge base around marketing this year. Focus. Focus. Focus on marketing
because we don't compete for last place ever, right? You let those guys compete
for last place. We're going for what? We're going from the cream of the crop. That
means we have professional pictures. We have it professionally decorated. We have
the best of everything in there, and we need to convey that to our potential guests.
And we need to know who our guests are. Know who you are serving right, so that
when we put stuff out there, everything we say all the pictures that we show speaks
to that client speaks to that potential guest with one that we're thinking about our
avatar correct. So make sure you start learning about marketing. I do recommend
that you use that book first because it's a great first timer marketing book for
businesses, and I think you'll quite enjoy it. So what other platforms do you think
you should be on? We'll definitely v r B O, because it's one of the oldest in the best,
especially if you're in the ease, and especially if you're in the Southeast, right. Florida
They love their V R. BeOS homeaway Airbnb booking dot com Thes air. Really great
websites. But as I taught the members not too long ago about branding and about
creating their own businesses, their own brand and their own websites think about
it. Guys, I know it's a pain in the butt, but having your own website to bring people
back to you is a really great idea, especially if you're in a location where people will
come back to year after year after year. So I'm not sure what episode that was. Or
maybe it was a block that we wrote about our vacations with our kids, but we
would vacation in Florida all the time. For years, we went to the same place all the
time, year after year after year after year. Why? Because that's what we did. And
for years, lots of families do that. You know, if they lived up in Chicago, they would
go out to Wisconsin Dells year after year after year. If they lived closer to the South,
they might go down to the Ozarks. How many of you know about the Ozarks? Well,
now they got a show on Netflix. Everybody knows about the Ozarks. Um the money
Laundry city with the strip clubs and stuff. No, it doesn't look like that. But the
Ozarks were a great place for all of us to go. So when we visited our family down
south, we went over to the Ozarks. So a lot of families do. Then if you've got your
own website, they can book with you and you're going to save lots of money. I
mean, I know it only seems like 3% with Airbnb, but your guests had to pay Ah,
higher percentage to. So your rates can be even better if you're not going through
a platform. Got it? And I'm just going to reiterate what we talked about a couple of
weeks ago. The messaging. Make sure you're getting those five star reviews asking
for five star reviews and you're doing the automated messaging Smart B and B is
the way that we do it. And smart being be, believe it or not, they can actually
automate your reviews So you can put this nice little automated review that goes
out to all your guests, and we have it delayed by a few days. So if we have a guest
who did something wrong, then we can terminate it before it goes out and change
it. Toe what we wanted. Thio. What's really nice about it, too, is when we put that
review in there. Let's say somebody just tour the crap out of your place and you
put a new review in there and said, Well, I might not recommend Terry because he
took and wrecked my place and did all this stuff and we had to pay for a lot of
damage. And Baba blot, right? So you put that in there as a review. Then when you
click it, you can actually click delayed to the last possible moment, which is like 14
days and whatever they'll post it at the very last minute. So kind of like one of those E bay things waiting toe bid at the last minute. They're gonna post that review at the
last minute so you can't get harsh rebuttals to it. Not only can you automate your
messages, what do you have to automate guys? When the competition is steep like
this, you have to automate your pricing so we use wheelhouse, and we've talked
about wheelhouse before. But the reason why you wanna automate your pricing
now is because it's more important than ever, because when they see other people
lowering their prices, they're going to lower. Your price is too scary, I know, but at
the same time, good, because when your competition's prices go up, their prices
go up. And when your competition's prices go down, yours go down. Believe me,
they know you and they'll keep it in the right place. So let them know what your
purpose is. Is it to make more of a prophet or to fill your occupancy? But once you
determine those things, you should be competing at or better than, the occupancy
rate that everybody else is on their DNA. So if the occupancy rate is 63% in your
area, then yours should be 63% or 70% or 72%. You should have a higher
occupancy rate because you've got the better property, right? Or at least earning a
lot higher per diem than the majority of people and at the same vacancy rate.
Okay, so when you are above par when you were competing for first place, not
last, we're gonna be on top in one way or the other or both. So those are the
numbers you want to watch. Okay, so that's it about the marketing. I want you to
read and learn about marketing by getting that book or another book. We're taking
some marketing course or learning about marketing through some online videos
or something. I would definitely use a book. Books are great, and then you can take
a lot of notes. Make sure you're doing your marketing research. And what else are
we doing? We're continuing our work all year long, right? Maybe you're in the 50
Book Challenge with us or however many books you chose, but I want you to go on
our site, make sure you're grabbing some of those free gifts, but we've got the gold
setting workshop is on there the webinar that we did because it was live. It has
somebody speaking through part event, and I'm redoing that when I get back from
Florida, we'll get you a new goal setting workshop up there and running. We're also
going to be doing a webinar on dream boards. So if you're interested in learning
how to do a dream board or some ideas or getting a free activity Guides undoing a
dream board than make sure you join us for that. And we're also gonna have our
affirmations course UN sale for you so you can buy the affirmations course and
start doing those every single day. Affirmations are amazing that I'm telling you,
everybody's been doing them and raving about them with their miracle morning. So
I just want to make sure that you remember to do all those things for you. If you
can read the miracle morning if you haven't read it yet. I really hope you do,
because all of us are having some really great results with our miracle mornings
already. And we're only a little ways into the new year. So within a week, I think all
of us had some really miraculous things happen. So I want you to have those kind
of results, too. All right, so I'm gonna go over it really quickly. The first thing I want
you to do is know your marketing. Who do you serve? You've got to know who they
are, right? And then take a look at all have posted on. They're probably in the
show. Notes a link Thio the Airbnb listing with the really cool descriptions and
stories and all the extras and stuff you might want to throw add ons in their, you
know, different service is that you can provide maybe to and from the theme parks
or airport or concierge, private chefs or whatever. Right, go back and listen to those
episodes to see. And then in your listing, I want you to have more and more floor
plans. I want you to have maps, points of interests. Make sure your property is
professionally decorated. We've talked about this a bunch of times and that you
have art on the walls. Art on the walls is extremely important. And what else?
Comfy beds you want comfy beds and then videos. Last year we had an article
about how to do the videos for the walk throughs on your property so you can go
back and look at that article Thio. That might help you a lot. So remember that
competition is getting stiff, so you want to compete. How? Remember we never
compete for last place. You want to be in first place, so don't be the guy with the
really thin billows right? Or the lousy pictures or just things that don't match.
You've got to be competing for first place, not last place. And again check your
pictures to see that everybody agrees with you. Just say, which one do you guys
think is best? People love that stuff on the group's. So put your pictures out there
and ask people which image they believe should be your first image. So that the
image the thumbnail that everybody sees on your platforms got it, platforms,
Because we're gonna be in multiple platforms now, the ones on your platforms
and your headline is something that's going to draw people in. Right. So you're
fishing. You've got to catch him. And your picture. Your thumbnail is the worm.
How beautiful is it? Is it wiggling? Nice and pretty. That got a lot of colors. Does it?
Got something that's gonna draw somebody in? Because it's so professionally
done? Make sure it is all right. God bless you guys. Thanks so much for listening.
Hey, next week, we've got some more stuff for you, But don't forget to go to the
website for all those great Webinars. That information is there for you. and it's
there for free. And don't forget to go to our home page to look for that black and
orange. Speak Pike logo and you'll see a place where you can listen to my message
and record a message to me and maybe you'll be on a podcast. You guys have a
great rest of your week. God bless you. Go and grow.
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