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What Are Some Other Hosting Platforms (Besides Airbnb)?

When it comes to short term vacation rentals, there may be only one name that comes to your mind and that is Airbnb. There can be no doubt that Airbnb is an excellent hosting platform but it was not the first and many believe it is not the best.  It is, however, one of the largest and most used platforms out there, being used by millions of owners around the world to get bookings for their properties.  However, there are many other hosting platforms that are equally as good if you decide you want to compare or even list your property on more than one platform to get optimal bookings.  

 

(Listed in alphabetical order, you can click on the links.)

Booking.com

This is a wonderful option for owners who can list their properties for free on this platform. The company charges a booking fee per booking only. This company is believed to book hotel rooms for its customers at unbelievable rates. But it also books homes and apartments for travelers moving across the globe....

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Episode 062 – Making Bank and Serving: the Fine Line Between the Two

 

 

SHOW NOTES & LESSONS

 

Walking the fine line between $$$ & Service

 

Not Making Enough? Check the Basics:

    • Professional pictures with the best in front?
    • Great Listing Headline that highlights your Best Features?
    • Dynamic Pricing and Good Reviews? 

 

Think about what your Ideal Guest wants or needs. Why are they there? What things might they want to do? How can you make it better - or special - or add to their experience - or create special

 

moments that they'll cherish forever? SERVICE! 

 

You can charge for early check-ins or late check-outs when you are able. You can charge to hold luggage. You can charge for upgrades - better quality, like strollers. You can charge for laundry or maid service. You can charge to pre-stock grocery items or breakfast or pretty much anything you can think of.

 

Send your guest questionnaires before and after stays to help.

 

WHAT BOOKS, PRODUCTS, SERVICES, OR LINKS WERE...

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Episode 061 - The VA Advantage© : Free Up Your Time & Take Back Your Life

 

 

SHOW NOTES & LESSONS

What is a virtual assistant?  What do they do?  Where can I find them?

Michelle has made it super easy to answer these questions and get you started on your journey to freeing up your time.

She's given you a Mini-Course (a Quick Start) on Virtual Assistants.  Use the link below to go directly there and claim your seat for Free!

Take me to the course!

 

WHAT BOOKS WERE MENTIONED...

Please use our Affiliate Links whenever possible and help support the show.  Thank you!

 

WHAT LINKS WERE MENTIONED...

 

 

Recommended Podcast Episode that is paired with this one like a Fine Wine:

Episode 034 - Creating Your SOP: How to Put Your Business on Autopilot

 

Get This Episode's Show Notes in a pdf form...

Go To Our Download Page 

Show Transcript

[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...

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Bookkeeping & Taxes for Your Short Term Rental

 

Bookkeeping is an integral part of a vacation rental business. This is because the government recognizes it as a business activity and levies income tax over the income earned by the owner. Companies like Airbnb, Booking.com, VRBO, and others have become very popular and more and more owners are using these platforms to earn attractive incomes from their properties. Here are some useful tips to save your hard-earned money from being charged as tax by the government.

 

Learn the 14-day Rule

You are not required to pay any tax on your income if it has been rented out for no more than 14 days in a given year. For this rule to apply, you must have lived in the same property for at least 14 days. However, be careful that you do not rent out your home for more than 14 days as otherwise, your income attracts income tax.

 

There are Some Exceptions Regarding Rooms

You cannot rent out one room in your property and hope to get exemption just because you continued to live in...

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Episode 060 - THE BEST OF "The 23 Things You MUST HAVE in Your Short Term Rental (For Your Guests)"

 

;

SHOW NOTES & LESSONS

This is a traveling week for Michelle and it's also our first "Best of" Episode!

Listen and somewhere in the middle of this podcast, you'll hear Michelle give you a secret word to collect a special FREE GIFT on next week's all-new episode.  Thanks for being a loyal listener.  God Bless You!  Go and grow!

 

For Safety and Security:

01) Emergency Contact Card (Contact Information Sent by Email, Text, and Posted Clearly)

02) Fire Extinguisher (Right by the Stove)

03) First Aid Kit

04) Smoke Detector

05) Carbon Monoxide Detector

 

For Guest Comfort and Overall Happiness:

 

06) Super-Fast Wifi (Password Sent by Email, Text, and Posted Clearly)

07) Comfortable Mattress (Consumer Reports #2 Rated is only about $500-$700)

08) Smart Television (Plus Cable, if High End)

09) Bluetooth Speakers

10) Charging Stations

11) Smart Locks for Easy Entry (For You as much as Guests)

12) Climate Control Directions (Keep Your Guests Comfy)

13)...

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Episode 059 - Addendums: What to Put in Them & Your Co-Hosting Contracts

 

SHOW NOTES & LESSONS

What Type of Things Go into an Addendum?

 

Title the Addendum to Link it to the Original Contract, Date, and attach to the original.  State effective dates and any additional payments (or state the fact that there are none).

 

Define everyone involved and what roles they play. Make it crystal clear who you are, what you do, and who your guests are and what part they play in your business.  Be clear in and make it understandable to those not in our business.

 

State clearly, in easy to understand language and using examples if possible, what each term is meant to do.  You may wish to restate things in your lease that are remaining the same and things you are adding to or taking away from that changes the original terms of the lease.  Terms usually add to your lease, like the fact that you won't be the main resident, but plan on using it to clarify what each party is responsible for and exactly what they have...

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Episode 058 - You're Doing It Wrong: The Biggest Mistake You May Be Making

 

SHOW NOTES & LESSONS

 

it can't be personal (ie. emotional) if it's business...

 

Do yourself and your business a favor and stop renting out your

personal space as soon as you possibly are financially able to.

 

Always pay yourself and even your kids for jobs that you perform. This is an expense for your business, which lowers the income, which lowers your business' tax burden. As long as your kids make under a certain amount, $12,200 in most cases, they do not have to pay taxes on it.

 

Get your mindset away from your old thinking. Employees and Self-Employed people think incorrectly about money - which usually is one of the main reasons they're stuck on the E and S side of the Quadrant!

 

THINK AND ACT like a business owner. Pay yourself! Hire the right professionals to get the job done! Don't step over dollars to save cents!

 

Stop Thinking Like an Employee

and

Start Thinking Like a Business Owner!

 

...

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Setting Rates Using Dynamic Pricing

pricing Sep 15, 2019

Vacation rental business has become fiercely competitive these days. You are not alone with a vacation rental in your city or town and there are owners who will always try to wrest away your customers through competitive pricing. You must be careful in your pricing to attract many guests. These days, offering discounts during the off season is a strategic part of pricing, as well as knowing when you can and should charge more for certain dates, like special local events and holidays. Using Dynamic Pricing during those times, and really all of the time, can bring in more money and keep your occupancy rates for your vacation rental high.

 

Why I Love Dynamic Pricing Geeks

 

Setting prices very low is not a very good idea for your vacation rental. Never compete for last place.  But how do you know where to set your prices.  You can look online at other properties but you’re only seeing the units that haven’t been rented out yet.  Plus, how do you...

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Episode 057 - Insurance: Why You Don't Wait for a Hurricane Before Buying It

insurance Sep 09, 2019
 

SHOW NOTES & LESSONS

Insurance Companies Are in Business to Make Money

 

Every "Business" is in business to make money. Non-Profits may give money away but they still want to raise money for their charity.

 

Insurance companies do a Cost Analysis based on a variety of factors but mostly LOCATION. They make sure that more money is coming in than going out. They invest the "extra" income further to make more money, The riskier the location, the greater the cost of insurance.

 

Can you get Hurricane Insurance when a hurricane is nearly at your doorstep? Not likely. And if you can, you are going to pay DEARLY for it. If the smoke from a brush fire is creeping up the mountain towards your house, the time to get the insurance coverage you need is already gone. The Door of opportunity has most likely closed.

 

A loss of income policy may not be cheap but it is nice to have, especially when the Governor declares a...

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Episode 056 – Part Two of You Can’t Fix Noise & Other Things to Avoid When Property Shopping

 

SHOW NOTES & LESSONS

What you want to look for when acquiring properties for you STRs or your Portfolio:

Look for a Neighborhood that Looks & Feels Good.

Check it out at all times of the Day and Night.

#1 Thing - as always - Location, Location, Location!

How's the Parking?  At night?  I look for Designated Parking!

What to Avoid:

Noise! - Whether it's being backed-up to a busy street or barking dogs, noise is one of your worst enemies when it comes to renting out a property.

Bathrooms - Optimally, one bathroom for each bedroom.  At the very least, no bathrooms that force you to walk through bedrooms.  No good!  Masters need their own bathrooms, always!

No converted rooms or quirky floorplans.  A house has to have flow & it has to be re-sellable.  You have to be able to sell fast and quirky floorplans and converted rooms JUST DON'T SELL WELL.

Stairs should be wide and clear, and everything should be standard.  Steps' risers...

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