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Episode 044 – 5 Ways to Stay Ahead When the Competition Gets Tough

 

 

  

SHOW NOTES & LESSONS

5 Ways to Stay Ahead When the Competition Gets Tough

01) Back to Basics

Take a look at your Headline/Title of your Listing.  Does it highlight your best feature?

What about your photos?  Please, tell me you had them taken by a professional.

02) Know Your Competition

Use sites like AirDNA to keep an eye on your competition.  What is their average room rate?  What is their occupancy rate?  Put a spy in their camp!

03) Don't Compete for Last Place!  

You can't win the game of undercutting your competition, so don't even try to go there.  Instead, be better and charge what you're worth.  Use dynamic pricing tools like Wheelhouse to price your units.

04) Make Your Place SHINE!

Use a theme or and anti-theme to make your place stand out among the rest of your competition.  Make certain your place looks amazing!

05) Go Above & Beyond in Service

Make certain that you offer something or do...

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Episode 043 – What is an Airbnb Experience & How You Can Get in on Them

 

 

 

SHOW NOTES & LESSONS

Experiences:  What are they and how do you get in on them?

  • Food & Wine were big for a long time.
  • Any kind of activity that connects you with nature.
  • Any activity that showcases your city (what they are known for)
  • Yoga is big... but HORSE Yoga is really big!
  • Meditation, Hiking, Biking, Dancing
  • Cooking, Grilling, BBQ Lessons, Smoking Foods
  • Just add Wine... adding wine to any of the above is a BONUS!
  • Mix and Match, any two activities are better than one; Food & Wine, Dinner & a Show, Stand-up & Fall Down (Booze), etc.
  • Which leads us to creating a Clever Name... like "Forest Bathing" instead of hiking.

If you can't be there, just make a video of you teaching someone how to use one of your cool features - like a snow cone machine or a margarita machine*.

*make sure you buy a SquareTrade Warranty for those cool appliances and use security tape so you can tell when the machine has been used.  

WHAT PRODUCTS,...

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How to Launch Your Vacation Rental Business

Running a vacation rental business seems attractive and easy but it is not a cakewalk for most owners. You must be prepared to face stiff competition from not just hotels and hostels in your area but other vacation rental owners in attracting guests to your property. You must spruce up your property and provide amenities that appear attractive to potential guests.  

 

Here are some useful tips to keep in mind when launching your vacation rental business.

 

Use More Than One Platform

 

I use two platforms for my properties.  One is great in the west and the other is better in the southeast.  The success of your vacation rental business depends upon whether you can reach your target group of guests or not. By using different platforms, one at a time or more, you can make sure that your property becomes visible to all tourists coming to your area whenever they conduct a search online. In addition to listing your property on Airbnb and other short-term...

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Episode 042 – Interview with Attorney, Carolita Oliveros on LLC Protection – Part Three

 

 

 

SHOW NOTES & LESSONS

 

Sole Proprietor vs LLC Liability

Issues for the Sole Proprietor or Single-Member LLC

Insurance to Cover Liabilities

Protecting Real Estate through Multiple LLCs 

How many rentals in each LLC?


Looking at the Big Picture

Estate Planning Issues

Protecting your Assets through a Trust

Every State Law is Different

Every Foreign Country Law is Different

Every State Taxing Authority has Different Rules and Regulations

Every Foreign Country has Different Tax Laws

Can a Trust own the LLC (or Corporation or Partnership)?

Understanding State and Foreign Country Probate Laws

Avoiding Probate with Trusts

USA Reporting Requirements for your Ownership of Foreign Real Estate

 

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 ride this wave...

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Episode 041 – Interview with Attorney Carolita Oliveros on LLC Protection – Part Two

 

 

 

SHOW NOTES & LESSONS

Advantages of the LLC

Especially in Real Estate Investments and International Real Estate Investing, there are countless advantages of investing through legal entities.

Other types of Legal Entities that Protect Assets

Multi-series LLCs Corporations

For-Profit Partnerships

General and Limited Non-Profit Corporations and Charitable Organizations

Trusts 

Living Trusts

Asset Protection Trusts

International Trusts

 

 

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 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...

...

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Episode 040 – Interview with Attorney Carolita Oliveros on LLC Protection – Part One

 

 

 

SHOW NOTES & LESSONS


Limited Liability Company (LLC)

What is a Limited Liability Company?

How is it formed?

How is it taxed?

Who can be a member of the LLC What is a disregarded entity?

Single member LLC vs two or more members

Why do you need an Operating Agreement for your LLC?

Liability in the LLC Funding the LLC

How much funding

Capital contributions

Loans

IRAs

How to open a bank account for the LLC

 

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 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...

Speaker 1: (00:27)
and in today's podcast...

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Episode 039 – Theme Your BNB to Add Value

 

 

 

SHOW NOTES & LESSONS

THEMES WE FOUND ON THE INTERNET:

Castles

Tree Houses

Safari

Honeymoon

Ocean

50 Shades of Gray

Rock n Roll/50's Diner/Sock Hop

70's/80's Themed

Roaring 20's/Speak Easy

Wine Cellar

Cruise Ships

Vegas

Farming/Sustainability

Eco-friendly

Futuristic

Space

Soda Parlor

Arcade

Circus

Carnival

Fun House/Magic

THEMES TO EXPAND ON:

Board Games: Candyland, Monopoly, Risk...

Video Games: Mario Bros., Pacman, Fortnite, Minecraft, Zelda...

Theme Parks: Disneyworld, Universal Studios, Six Flags, Sea World...

Western: Cowboys, Horses, Saloons, Westworld...

Books: The Hobbit, Harry Potter, Alice in Wonderland...

Superheroes & Cartoon Heroes: Ninja Turtles, Batman, Ironman, & on & on...

Brands: Oreo, Coke, Pepsi, Starbucks...

Holidays: 4th of July, Christmas, Halloween...

 

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

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

Recommended...

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Episode 038 – How Will Your Life be Better or Different This Year?

 

 

 

SHOW NOTES & LESSONS

 

 

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

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

Recommended Article or Blog Post Related to This Week's Podcast:

https://www.theprosperityprocess.com/blog/the-power-of-rituals

 

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

PICTURE OF PDF

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 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, Speaker 2: (00:29)
we're going to talk about how can you make your life better or...

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How to Deal with Bookings Cancellations

When you are running a vacation rental business, your aim is to get maximum bookings for maximum profit.  Whether you focus on a high nightly rate or on high occupancy, you want a good return on your investment.  If you start to experience cancellation problems or lower booking frequency, it can be a blow to your business.  Cancellations are even tougher because not only do you lose out on the income you would have made but, depending on the timing, it may be more difficult to refill that spot.  You may now find that bookings have slowed down considerably during that time frame.  Ouch. Here are some tips to anticipate and prevent these types of booking cancellations.

 

Look at Your Cancellation Policy

 

Is it too easy for guests to book a reservation and then cancel their reservation with just a few clicks later on?  If yes, then you need to make changes to your Cancellation Policy.  We have ours set to “Strict” for a good...

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Episode 037 - Steps to Creating Your LLC: Why You Need & Want One

Uncategorized Apr 26, 2019

COPY AND PASTE TO NEXT WEEK'S BLOG BEFORE TYPING OVER

PLAYER & PLAYER DESCRIPTION  

SHOW NOTES & LESSONS

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

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

AAAAAAAAAAA

Recommended Article or Blog Post Related to This Week's Podcast:

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

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

PICTURE OF PDF

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 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,

Continue Reading...
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