In this age of internet and social media, if you are not making clever use of digital marketing, you are certainly missing the bus on reaching some potential guests. This is particularly true for a business-focused Short Term Rentals. Obviously, we know the importance of professional pictures.  You must be using beautiful photos of your property to entice potential guests.  But… are you placing videos to promote your vacation rental, too? Videos catch the attention of large numbers of guests and have become very popular in the STR Industry, especially in vacation rentals.  It’s the latest trend!

Here are some tips to make the most of these promotional videos.

Photos are Good.  Videos are Better.

It is almost criminal not to make use of technology when it is available to you for free. By making promotional videos of your vacation rental, you can get two steps ahead of your competitors who are still trying to catch the attention of...

SHOW NOTES & LESSONS

WHAT CAN A GOOD NEIGHBORS DO FOR YOU?

01) Provide Safety & Security for you & your Guests.

02) Help with things like a dead car battery, allowing maintenance men in, keep spare keys, sign for packages, and stocking your inventory.

03) Communicate with guests when you can't.

04) Give you peace of mind.

05) Advocate for you with HOA & other organizations.

06) Stop loud parties, too many people, things getting stolen, or other strange activities.

07) Increase your Network: people you know.

WHAT THINGS CAN YOU DO TO BE A GOOD NEIGHBOR?

01) Do things for your neighbors like mow their lawns, bring over fresh baked goods, or get them souvenirs from your travels.

02) Show pride of ownership & take care of your property & theirs.

03) Be respectful & polite at all times.

04) Add rules so your guests are respectful, too. No pets or parties.

05) Let them know the Comings & Goings. Keep them informed.

06)...

SHOW NOTES & LESSONS

Forums are a Great Place to _____________.

A. Learn from other Hosts.

B. Bitch to and with other Hosts.

C. Learn from Guests' Experiences.

D. All the Above (Hint: This one!)

Nest is a great way to control your units when there's no one in them.

An AC unit works best when it's set no lower than 68 degrees.  Under that and you're asking for trouble because that's when units will start to freeze up, which could potentially harm your unit.

What is the definition of Host?

What is the definition of Guest?

Be a gracious host and allow your Guests to be comfortable.

A locked thermostat screams, "I don't care if you are comfortable!"

Stop the Madness!!

• No more War and Peace sized Rules
• No chore lists for Guests (they're not your kids!)
• No "fixing" the washers and toilets so they use less water (unless they are BUILT that way, ie. Energy Efficient)

You only need a few rules.  Here are mine:

01)  No Smoking

02)  No Pets

03) ...

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...

When you are running 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...

SHOW NOTES & LESSONS

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) Coffee, Coffee Maker, Filters, and Cream/Sugar

14) Hair Dryer

15) Iron and Ironing Board

16) Washer and Dryer (a MUST for Long Stays or Active Locations)

17) House Rules, Contact Information, Check-in, and Check-out Times Clearly Posted

18) High-Quality WHITE Sheets and Towels

19) Spare Sets of Sheets and Towels

20) A...

If you are running a Short-Term Rental Business, your focus is always on providing comfort and safety to your guests, along with any amenities that you can provide.

It’s obvious that many guests book vacation rentals based on the price listed.  Others book based on amenities offered.  Location is always critical in the majority of our bookings.  What you may be ignoring or overlooking is the concern of the guests for their safety and security.  Many pay particular attention to the security features of the property as much as their own comfort during their stay. Here are some inexpensive security upgrades that your guests will love and which may help increase your bookings.

Replace Ordinary Door Locks with Strong Locks

You may not think much of the blocks on the doors of rooms, but your guests get a very safe feeling when they see strong door locks on strong doors that are difficult to break in.  On the other hand, nothing makes...

SHOW NOTES & LESSONS

First, a lesson on Capitalism.  What is Compassionate Capitalism?

A wonderful book by Rich DeVos that describes how True Capitalism promotes growth through competition. 

Donut Shop #1                  Donut Shop #2                  Donut Shop #3

Amazing Taste                     Average Taste                     Lousy Taste

Priced Higher                       Priced Lower                       Priced Higher

First, Capitalism allows competition by allowing anyone to own a business.

Second, products and service determine whether or not a business...

SHOW NOTES & LESSONS

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

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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, [00:30] we're going to be answering your questions with a Q and A session. Yeah, this is the first Q and...