Have you heard a lot about people making lots of money through short term rentals on Airbnb?
Do you have a property that you would love to list on a platform like Airbnb but resisting the temptation because you do not have the time to devote to hosting?
Do you think you need to learn more before you begin hosting a property on Airbnb?
Are you unable to devote the necessary time because of health or circumstances?
Are you just not sure if you can handle the challenges of managing your listing on Airbnb?
There is no doubt people are making a great living off of platforms like Airbnb. Some began supplementing their income by just renting out a room in their home but soon learned that there was a much larger opportunity out there than they had even imagined.
However, earning a good income from your listing on Airbnb has not remained easy. There is more competition than ever and hosts are using so many creative and innovative...
Walking the fine line between $$$ & Service
Not Making Enough? Check the Basics:
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.
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
Start Thinking Like a Business Owner!
If a family likes your home and they enjoy their vacation destination, they can potentially come back year after year after year! Make certain you do all you can to make your place family-friendly so you can build that "fan base."
· High Chair
· Portable Crib
· Inexpensive Strollers
· Baby Bath
· Baby Monitors
· Sippy Cups
Get This Episode's Show Notes in a pdf form...
[00:01] Over the last two centuries, nearly 90...
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.
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.
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!!
01) No Smoking
02) No Pets
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...
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.
50 Shades of Gray
Rock n Roll/50's Diner/Sock Hop
Roaring 20's/Speak Easy
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...
Here are the books Michelle referenced in today's podcast. Note, these are Affiliate Links.
[00:00] 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.
[00:22] Hi, this is Michelle and I'm here with a short term rental revenue podcast and today we're going to talk about the types of short term rentals that you can have. Most people, when I'm talking, I'm thinking of one type of rental and then somebody said something in a comment and I was like, oh my goodness, I have not touched on this very well. Have I? So today, I wanted to make sure I clarified. There are so many types of short term rentals. Now when I'm talking about short term rentals, I'm usually talking about an entire property. Every single one of my short term rentals are...
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Not only does Michelle do weekly podcasts but she and her team write informative articles each month. You may know that Michelle does weekly Q&As and Accountability Calls with her members. But now, she's been allowing some of her trainings and check-in's to spill over into her Insiders.
Beginning in August, she's doing a Monthly "10 in 10 at 10" for her subscribers only. So, you'll be able to check in with Michelle and ask her questions or get some advice LIVE.
Plus, she's doing a Spotlight Member and Hotseats to help you grow your business learning from people just like you with families just like yours. Be around people who can assist you in building and growing what could potentially be the very business that carries you to financial freedom!
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