Short Term Rental Riches Tim Hubbard

You made it. You successfully set up and advertised your short term rental property and you are ready for your first guests. The day has finally come and all of that hard work is about to pay off. You are slightly nervous though since you know just how important the initial reviews to any STR can be. The guest arrives and… they can’t get it! Even though you sent them the carefully laid out check in instructions, created a unique digital lock code for them, and were there for them every step of the way. 

They just can’t, for whatever reason, get the lock to open. Let me save you the trouble of guessing why… user error! Yes, as simple as it is to use digital locks these days they are all different and STRs attract guests of all ages and nationalities and sometimes our guests just can’t seem to enter the codes right. Leaving off a digit. Not entering a pound sign or hitting an unlock button. Trying to open the door before it’s actually unlocked causing the “smart” lock to jam up.

From the tens of thousands of guests my team and I have managed in my own personal portfolio I can tell you that lots of reasons pop up that could lead to a bad guest experience. The entry example just happens to be the most common reason a guest will call you. And worse… sometimes they call you a bit frantically because they have been traveling long hours, they’re exhausted, and it’s late at night.

So… things happen. Whether you are self-managing your property or you have a team helping you, you have to be prepared for anything and most importantly you have to know how to handle it.

The better we manage our properties the better our guests’ experiences will be and the more money we will make. 
 
As we kick off the 3rd episode of this 4-part series, this week we will be going in depth on all things you or your property manager SHOULD be doing during your guest reservation, from arrival until check out.

What happens if there is an emergency? What if the guest wants to change their reservation? The guest can’t sleep because the neighbor is being too loud? The best way to respond to a guest? We will cover all of that this week as well as: 
Guest management tips during the reservation
Handling common issues
Monitoring home security 
Following up
Upselling reservations
Altering reservations
Involving OTA support when needed
Effective communication
Robot Response Vs. Human Response
Response times
Keeping it written 
Knowing your property
Making informed decisions
If you are interested in partnering with me and my company “Midtown Stays” fill out a few quick questions here and I will personally reach out to you via zoom to find out more and chat.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended) 
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

The returns we earn on our short term rentals is a direct result of how efficiently and effectively we manage our short term rentals; there is a lot that goes into it. At the root of it all lies hospitality but since we don’t have on-site staff like a hotel might, we have to offer the best hospitality in other ways—virtually.

There is also a fine line between too much automation and not enough. My team and I break down all of our operations into three parts: (1) before guest check in (2) during guest check in (3) at guest checkout / post-checkout. Make sure to check out last week’s episode (episode 174) on why I believe virtual management is the future of all management.

On today’s episode we’ll talk about the steps involved that need to take place BEFORE your guests even arrive. Stay tuned as I break down for you:
Your success depends on your management skill
Your management should be doing this BEFORE a booking:
Advertising 
Property protection (Guest Verification)
Pricing
Communication 
The little things matter…Hospitality 
Making informed decisions
If you are interested in partnering with me and my company “Midtown Stays” fill out a few quick questions here and I will personally reach out to you via zoom to find out more and chat.

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended) 
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
 

An exciting thing is happening in the real estate industry; the technology sector has finally entered and embraced this age-old industry. 
Today we have improved processes and efficiencies across the board and, for many, higher investment returns. Companies like Blackstone for example, have acquired nearly $600 billion in real estate world wide. 

That just wasn't possible to manage in the recent past. 

This week I will be discussing why I beleive virtual management is the future of all property management.
I've been scaling slowly but have certainly learned a lot over the years. After managing over 25,000 guests with my team and I don’t want you to make the same mistakes I’ve made. 

It’s important to always remember there are two sides to every story.

So from the less exciting side, today’s story reads…

“Short term rental owner fails to manage his property professionally, or hire the right manager, and now has another job has to go back to his day-job because his expenses have exceeded income”
So what do you do? 

Option #1: You can catch all the latest youtube videos, blogs, and podcast episodes pulling out every tip and trick you’ve learned. This works for a lot of us (and recommended if you have the time) but a lot of us don’t have the time.

Option #2: Explore virtual management options where you can use the expertise of established companies (or co-hosts) to manage your properties professionally and many times at a discounted rate compared to traditional STR managers.

Option #3: You turn to your local property manager knowing they have a firm grasp on the local market but the 25% commission digs even deeper into your pocketbook. 
Whatever way we go we need to be careful with who we entrust to help us with our properties and if we are managing them ourselves we need to make sure we don’t skip any steps–the same steps professionals dedicate their careers to staying on top of.

My pick? Option #2.

Let’s talk about what exactly virtual management is, why I think it’s the future for most STR owners, and what you need to know if you are interested in having your property virtually managed (or are planning on doing it for someone else).

Stay tuned as I break down for you:
Why Virtual management is the future 
Virtual management Vs. Traditional Property Management
Why choosing the right partner can make or break your rental performance
Are the big box management companies, like Evolve, right for you? 
How much does virtual management cost
Are you interested in managing other people's properties? 
What the onboarding process looks like (listener Q&A) 
If you are interested in partnering with me and my company “Midtown Stays” you can find out more info here and I will personally reach out to you via zoom to find out more and chat. 

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended) 
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

There is a lot to learn in the short-term rental industry. The environment is constantly changing; new tools, tips, markets to look for, and best practices to incorporate into your short-term rental (or your upcoming purchase).

Too much to learn in fact that there is no way for me to process it all myself. So to change things up a bit, I've decided to bring on a few other experts in the space in the coming weeks.

And if I had to name one of the industry’s most well known experts… a man that literally wrote the book on Airbnb..ing, that would be Jasper Ribbers.

Jasper is the host of one of the industry’s top podcasts; “Get Paid for your Pad” and also wrote the book Get Paid for Your Pad years ago before many even knew what Airbnb was!

In fact, I read Jasper’s book years ago before I got started with my first Airbnb. This week’s interview is packed full of EXPERT tips.

Everything from why you should have an “ammo box” in your rental to how you can have a long lasting, successful partnership.

Join us as I discuss with a friend and fellow short term rental expert more on: 
Maximizing your experience at in-person conferences
Why being a “digital nomad” has changed
Midterm stay rental platforms and their potential evolution
Tips for working with a partner 
Tips for someone getting started today! 
Future outlook of the STR industry
Having an “ammo box” in all of your rentals 
What living a “RICH” life really means
Make sure to catch Jasper on his popular podcast: “Get Paid for Your Pad.”

If you want to listen to the episode where Jasper interviewed Tim over two years ago you can listen in here from December 2020 episode #363. The crazy thing is… even though it's been years since the interview, the content we discussed is still relevant! Like predicting higher interest rates for example… 
You can also find out how to work with Jasper and his partner Eric by going to https://www.overnightsuccess.io/ . There you will have more info on their excellent coaching programs, resources, and much more.
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended) 
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

Bring a sense of wonder to your guests from the moment they set foot on your property.
Just like judging a book by its cover, a guest formulates an opinion of your short-term rental property the moment they set eyes upon it. The interior is likely the most important to renters, but the home's exterior can play a big role in catching the eye of your traveling guests, too! You want your place to look inviting to guests so they can picture themselves feeling at home - or someone else’s nice home!
Today we’ll talk about creating the best first impression by presenting a charming curb appeal. Why it is so important and how your home’s exterior can set the mood for a marvelous stay. We will discuss:
What is curb appeal?
How curb appeal differs with STRs
Virtual curb appeal?
Why it matters
Bonus Tips on Boosting your curb appeal
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended) 
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
 

Having a highly cash flowing short-term rental is not only liberating but it’s motivating. When the cash is rolling in, occupancy is staying high, and the times are good, it seems like there is nothing but blue skies ahead and your next STR is always in sight.

Until… something changes that stops you in your tracks. “I knew it was good to be true,” you mumble under your breath.
Your Airbnb is banned! An ordinance or regulation changes and you can no longer rent your property as you were. What do you do now? 
While visiting friends and fellow short-term rental owners in Lancaster, Pennsylvania we visited a beautiful wedding venue with a huge barn turned into four or five short-term rentals. The perfect cash flowing machine until the city shut him down. 
I have my own properties that have been restricted and it’s not fun. I want to talk about this week how you can handle changing times. Let's discuss:
Being proactive
Where the rules are blurry 
Four and a half back up options 
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended) 
You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!