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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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Setting Rates Using Dynamic Pricing

pricing Sep 15, 2019

The 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 offseason 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 047 – Lessons from the California Exodus

 

 

SHOW NOTES & LESSONS

OVER 5 MILLION PEOPLE HAVE LEFT CALIFORNIA NOW DUBBED "THE CALIFORNIA EXODUS"

Although people are moving into the state while others are moving out, Cali has still lost more than 1 million people and the population continues to shrink.

 

Who's moving in?

Those making $200,000 plus per year with higher education from tax-burdened states like New Jersey, New York, and Illinois (also seeing massive Exoduses).

 

Who's moving out?

Those making $55,000 and below with no college education.

 

Where are they moving to?

States with much more affordable housing like Texas, Arizona, Nevada, and Oregon.

 

CALIFORNIA HAS 5 OF THE TOP 10 MOST EXPENSIVE RENTAL MARKETS

 

What a One Bedroom Rents for in:

Los Angeles $2249 month

San Francisco $3400 month

Las Vegas $925 month

Phoenix $945 month

 

What a Two Bedroom Rents for in:

Los Angeles $3200 month

San Francisco $4500 month

Las Vegas $1122 month

Phoenix $1137 month

...

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Episode 046 - Why You Shouldn't Treat Your Short Term Rental Like a Long Term Rental

 

  

SHOW NOTES & LESSONS

COMPARE INCOMES FROM A SHORT TERM RENTAL TO A LONG TERM RENTAL

2 Bed/1 Bath

Long Term Rental

1 Year Lease

$1200 month

 

2 Bed/1 Bath

Short Term Rental

Daily Rate

$87 per night

82% occupancy

$2140.20 month

 

2 Bed/1 Bath

Short Term Rental

Airbnb's Weekly

10% Discount

$609 for 7 days

-$60.90 discount

$548.10 per week

rent out 3 times

$1644.30 per month

A Loss of $495.90 mo

or $5950.80 per year

 

2 Bed/1 Bath

Short Term Rental

Airbnb's Monthly 

28% Discount

$2610 for 30 days

-$730.80 discount

$1879.20 per mo

 100% occupancy for

$1879.20 per month

A Loss of $261.00 mo

or $3132 per year

 

Use Vacancy Instead

Short Term Rental

Our Monthly 

18% Discount

$2610 for 30 days

-$469.80 discount

$2140.20 per mo

Same as your original Single Day!

 

WHERE DO I FIND MY PER DAY RATE AND OCCUPANCY RATE?

If you've been a host more than a year, use last year's numbers.

If you haven't been a host for a year yet, then use...

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Episode 045 – To Nest or Not to Nest: Controlling Your Guests’ Experience

 

 

 

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) ...

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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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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 035 – Best Tools for Automation: Putting Your Business on Autopilot

 

 

SHOW NOTES & LESSONS

Automation

*Schlage

*August

*Lockitron

Some need help, like Kevo, Z-Wave, or a Smart Hub.

Begin with eLocks

Then Dynamic Pricing

Add AirDNA

Make sure your Cleaning Company has Online Scheduling

Automate Your Messaging

Take a Look at Properly

Find a VA at onlinejobs.ph

Think Shark Tank:  Do you want half of $2 million or all of $10,000?

Our Membership Site opens in May!!

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

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

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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...

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Episode 025 - Real Estate Investing: It All Depends

 

 

SHOW NOTES (and downloadable PDF)

LINKS to SITES

You're getting a free audiobook!  Click to try Audible Free for 30 Days and discover the power behind reading a book a month (or more!).  With audible, it's easy!  Try Audible now, using our affiliate link, and you will get your first book right now for free!  After that, you can pay by credit or purchase a membership.  With a membership, you get 1 audiobook and 2 Audible Originals each month for only $14.95 per month.  Michelle has been a member of Audible since 2006 and says it's her secret for reading so many books.

Village Impact, formally known as World Teacher Aid, is a Canadian charity dedicated to bringing education to students in rural areas of Kenya.  The American chapter works through the publishing company, Hay House.  Yes, THE Hay House!  Marianne Williamson, Wayne Dyer, Mike Dooley, and Louise Hay - that Hay House!

AFFILIATE LINKS

DOWNLOADS 

...

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Episode 021 - Why is Pricing so Dang Hard?

pricing Dec 21, 2018
 

Find out more and register for the "Plan Your Portfolio Webinar," January 10, 2019, at 7 pm Arizona Time here.  Find out more about Airbnb's Smart Pricing and Dynamic Pricing sites, UseWheelhouse.com and BeyondPricing.com .  Also, editing the episode we left out the fact that Dynamic Pricing on other sites is not always offered in all areas, so check to make sure they serve your location first.