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Short Term Rental Riches Profile

Short Term Rental Riches

English, Finance, 1 season, 236 episodes, 2 days, 5 hours, 49 minutes
About
Tim Hubbard, successful investor and CEO of a seven-figure short term rental management company shares it all. The insider tips you need to know to acquiring, operating and scaling a successful short term rental business.
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236. Rapid Fire Listing FACTORS

In today's episode, we're focusing on 41 factors that could be affecting your short-term rental listing's performance. These aren't about whether you have a five-bedroom or a four-bedroom property, nor are they about pricing, which we've covered recently. Instead, we're talking about the finer details that can significantly impact how your listing performs on sites like Airbnb, VRBO, and Booking.com. We've managed tens of thousands of guests across multiple states and countries, and we've learned a lot along the way. So, let's dive into these key factors and see how you can optimize your listings to attract more guests and increase your bookings. In this episode, you’ll learn: How to ensure your property photos are bright, high-resolution, and professionally taken to attract potential guests. The importance of using captions to highlight features in your photos, helping guests visualize their stay. Tips for creating catchy and informative titles that highlight key features and appeal to your target audience. How to use bullet points and clear, concise language to highlight your property's amenities and unique features in your listing descriptions. The best practices for responding to guest reviews promptly, showing that you care about their experience and addressing any concerns. Thanks for tuning in to this episode of the Short-Term Rental Riches Podcast. I hope you found these tips helpful and are ready to implement some of these strategies to improve your listings. Remember, optimizing these non-property factors can make a significant difference in your rental performance. If you haven't already, check out our past episodes for more in-depth discussions on various aspects of managing short-term rentals. And don't forget to visit strriches.com for more resources and tools to help you along your journey. Until next time, happy hosting and see you soon! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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. You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
5/21/202421 minutes, 29 seconds
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235. Active Listings - Is Your Pricing Strategy Still Relevant?

Today, we're diving deep into a topic that's crucial for every investor: analyzing the supply and demand in your market. Whether you already own a property or are thinking about diving into a new market, understanding this dynamic can significantly impact your pricing strategy and overall investment returns. In the fast-evolving short-term rental market, staying ahead means not just keeping up with current trends but also anticipating future changes. With platforms like Airbnb and VRBO expanding rapidly, the number of listings can fluctuate significantly, affecting both availability and pricing. Today, we'll explore practical, easy-to-implement strategies to gauge the supply and demand in any market. This knowledge will not only help you position your property more competitively but will also guide you in making informed investment decisions that could lead to better financial outcomes. In this episode, you’ll learn: Utilize Industry Tools Understanding Market Dashboards Creating a Competitive Set Interpreting Data Correctly Adapting to Market Changes Remember, having a clear grasp of these elements can dramatically enhance your ability to set competitive prices and maximize your earnings. Be sure to implement these strategies to stay ahead of the curve in the bustling world of short-term rentals. For more tips and tricks on building a thriving rental business, don't forget to visit our website at strriches.com and check out our past episodes. Keep investing smart and remember, knowledge is the key to success! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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. You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
5/14/202412 minutes, 16 seconds
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234. 46 Factors Affecting Your Short-Term Rental Performance

In today’s episode, we’re unpacking a comprehensive list of factors that play a critical role in the success of your rental ventures. As someone who has been immersed in the short-term rental market for over a decade, I’ve witnessed firsthand how these elements can make or break your business. From essential pricing strategies to guest experience enhancements, we're covering the gamut to ensure you're well-equipped to thrive in this dynamic industry. Navigating the short-term rental landscape requires a keen understanding of a myriad of components that influence both your property’s appeal and its operational efficiency.  In this episode you’ll learn: Dynamic Pricing Strategies: Learn how to adjust your pricing based on seasonality, local events, and market demand to maximize your earnings. Enhancing Guest Experience: Discover the importance of amenities, design choices, and customer service in securing repeat bookings and stellar reviews. Regulatory Compliance: Understand the impact of local regulations on your rental operations and how to navigate them effectively. Marketing Techniques: Explore innovative ways to market your property on platforms like Airbnb and VRBO to stand out from the competition. Operational Best Practices: Gain insights into the best practices for managing your property, from automated check-ins to efficient cleaning protocols, that can save you time and enhance guest satisfaction. Thanks for tuning in to today’s episode on the critical factors affecting your short-term rental property. Remember, each point we've discussed today has the potential to significantly impact your rental's success, so take the time to evaluate how you can implement these strategies in your own business.  Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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. You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!  
5/7/202417 minutes, 42 seconds
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233. Questions For Your Next Team Member (or 1st)

Building a team isn't just about filling roles; it's about fostering a group that shares your vision and dedication. Today, we'll cover everything from analyzing resumes to conducting effective interviews, ensuring you find the right fit for your business. This video is perfect for rental owners looking to expand their operations without compromising quality or losing personal touch. As the short-term rental market grows, the need for a reliable and skilled team becomes essential. Hiring the right people can significantly alleviate the daily pressures of management and improve guest experiences, which in turn boosts your business reputation and profitability. We'll dive into how you can identify and attract individuals who not only have the necessary skills but also embody the core values of your brand. In this episode you’ll learn: Understanding Resumes Discover the top questions to ask potential hires to reveal their true potential Remote Work Considerations How to use hypothetical scenarios during interviews to gauge problem-solving skills and decision-making capabilities. Importance of hiring candidates who share your core values for sustained business growth and a harmonious workplace. If you found these tips helpful, don’t forget to like, subscribe, and click the bell icon so you never miss out on our latest content. Hiring the right team can transform your short-term rental business, and we're here to help you make that transition smoothly and successfully.  Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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. You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
4/30/202415 minutes, 33 seconds
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232. Delivery! Better Ways for Guests to Receive Packages at Your STR

In today's episode, we're diving deep into the topic of managing deliveries at your short-term rental properties. In an era where online shopping is the norm and guests expect convenience at their fingertips, it's crucial for property managers to navigate the complexities of receiving deliveries while ensuring a seamless guest experience. As the demand for short-term rentals continues to soar, property managers must stay ahead of the curve in providing exceptional service and meeting guest expectations. Whether you're managing a single-family home, condominium, or urban apartment, mastering the art of handling deliveries can make all the difference in guest satisfaction and property success.  In this episode, you’ll learn: Understanding the suitability of your property for receiving deliveries Setting clear guidelines in house rules regarding the acceptance of deliveries Exploring alternative delivery solutions Implementing practical solutions such as designated delivery boxes or drop-off locations to streamline the delivery process  Thank you for tuning in to this episode of the Short Term Rental Riches Podcast. We hope you found valuable insights and actionable strategies for optimizing deliveries at your short-term rental properties. Remember to subscribe for more tips and tricks to unlock the full potential of your property portfolio. Until next time, happy hosting! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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. You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
4/23/202412 minutes, 17 seconds
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231. Guests are Happy to Pay More For "Gap Nights"

In this week's episode, we dive into a highly effective strategy for increasing your rental income and enhancing guest satisfaction simultaneously. Discover how to capitalize on 'gap nights'—those unbookable days between reservations that often go unnoticed.  These gaps can easily become revenue losses if not managed wisely. But here's the good news: with a strategic approach, these very same gap nights can transform into additional income and even happier guests. This episode dives deep into practical ways to recognize, value, and fill these gaps, ensuring you're not leaving money on the table. In this episode, you’ll learn: Learn what gap nights are and why they're a crucial aspect of your STR management strategy Adjusting Minimum Stay Requirements The Art of Offering Discounts Explore how using dynamic pricing tools like Pricelabs and AI technologies such as bestie.ai can automate the process of identifying and filling gap nights Guest Satisfaction & Reviews It's clear that the power of gap nights, when harnessed correctly, can significantly contribute to both your STR's profitability and guest satisfaction. Remember, it's all about staying proactive, flexible, and guest-focused. So take a moment to review your calendar for upcoming gap nights and start applying these strategies today. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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. You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!
4/16/202410 minutes, 4 seconds
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230. People Are Giving Up: State of the Economy

Hey everyone, welcome back to the Short Term Rental Riches Podcast. It's not always sunshine and rainbows, and today we're taking a serious look at the state of the economy and what it means for us in the short-term rental world. With the impact of inflation hitting hard and credit card debt reaching new heights, it's essential to understand how these macroeconomic factors influence our industry. But don't worry, it's not all doom and gloom. We've got some real insights and actionable advice to help you navigate these choppy waters. In this episode, we're breaking down the nitty-gritty of what's happening across the country, with a special focus on the short-term rental market. Thanks to a report from KeyData, we have access to precise data from thousands of properties, giving us an accurate picture of the challenges and opportunities we face. Whether you're a seasoned investor or just starting, this episode is packed with valuable information to help you make informed decisions during these uncertain times. In this episode you’ll learn: Economic Overview: An honest look at the current economic challenges Nationwide Data Analysis: Insights from KeyData's report that reveals nationwide trends Despite the downturn, learn about markets that are still thriving and how proper management can lead to success. Practical tips and strategies for improving property performance That wraps up our deep dive into the state of the economy and its impact on short-term rentals. Remember, while the landscape may be shifting, there's always opportunity for those prepared to adapt and innovate. Don't miss our next episode, where we'll explore overlooked opportunities for boosting your rental's revenue. Until then, keep striving for excellence in your properties and remember, the best investment you can make is in your own knowledge and preparedness. Stay tuned, and here's to your continued success in the world of short-term rentals! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.  👉 MAXIMIZE your STR success with my FREE resources 👈
4/9/202418 minutes, 40 seconds
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229. How The Best Hotels in the World Solve Their Guest Issues

Today, we're peeling back the layers of what it truly means to provide an exceptional guest experience, drawing lessons from one of the most prestigious hotels in the world: Claridge’s. Nestled in the heart of London, Claridge’s is a beacon of luxury, not merely for its plush interiors or the exorbitant price tag attached to its rooms but for something far more crucial - its impeccable service. While watching a documentary on this iconic hotel, I was struck by the realization that the core principles of their success are not confined to the realms of luxury hotels. They are, in fact, incredibly relevant and applicable to short term rental (STR) operations, no matter the scale or location. So, let's delve into the world of high-end hospitality and uncover how the lessons from Claridge’s can transform the guest experience in our own STR businesses. In this episode you’ll learn: Exceptional Service Overcomes Shortfalls Personalized Experiences Create Loyalty Pets Welcome Remembering Guests Never Say "I Don't Know" As we wrap up this episode, it's clear that the principles of luxury hospitality hold valuable lessons for anyone in the short-term rental business. It's not about the price point or the lavishness of your property but how you make your guests feel. Exceptional service, personalized experiences, and attention to detail can set your STR apart in a crowded market. Remember, in the world of hospitality, it's the small gestures that leave a lasting impression. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.  👉 MAXIMIZE your STR success with my FREE resources 👈
4/2/202412 minutes, 18 seconds
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228. When Your Guest Doesn't Leave And Happens To Be A Felon

Today's episode is a bit different and quite the rollercoaster. It's one of those stories you hope never to have to tell, but here we are, sharing a real-life experience that could have easily turned into an STR host's worst nightmare: our first squatter scare. Now, I know what you're thinking – "squatter" is a strong word, especially when referring to a guest who has overstayed their welcome. But when a routine check-out transforms into a lock-in situation with a guest refusing to leave, it feels nothing short of a squatting scenario. Before we dive in, I want to reassure you, especially if you're new to the short-term rental game or considering diving in, that this is not the norm. My team and I have managed tens of thousands of reservations, and this is the first time we've encountered such a stressful situation. So, take this episode as a learning opportunity, one that arms you with the knowledge to prevent, manage, and navigate through the rare but possible challenges of being an STR host. This experience was eye-opening for us in many ways.But, it's not just a story of stress and panic; it's a tale of learning, adaptation, and reinforcement of our operational protocols. So, buckle up as we walk you through the entire ordeal, step by step, and share the vital lessons learned along the way. In this episode, you’ll learn: Red Flag Recognition The complexities of managing bookings from OTAs like Booking.com The importance of having a comprehensive rental agreement Dealing with Overstayed Guests Preventive Strategies and Lessons Learned Remember, the goal here isn't to scare you but to educate and prepare you for the realities of being an STR host. By sharing our story, we hope to equip you with the knowledge and tools to protect your investment, maintain your peace of mind, and continue to provide exceptional experiences for your guests. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.  
3/26/202416 minutes, 56 seconds
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227. Improve Your Writing For Rules & Policies

In today's digital age, the bulk of our interactions with guests happen through written communication—be it through Airbnb messages, emails, or text messages. While this modern convenience allows for efficiency and clarity, it also poses unique challenges. Without the benefit of face-to-face interaction, ensuring your message is both clear and warmly received requires a nuanced approach. This episode sheds light on the art of written communication for short-term rental hosts, focusing on crafting house rules and guest messages that are inviting rather than intimidating. In this episode, you’ll learn: Embrace Emojis for Tone Focus on Positives Explain the Why Be Clear and Concise Visual Enhancement Remember, the goal is not just to inform but to make your guests feel at ease and excited about their stay. Check out our resources for templates and further tips on elevating your Airbnb listing through effective communication. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
3/19/202411 minutes, 2 seconds
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226. Your Guest Left Something Valuable Behind And They Need It! (What To Do)

In this episode of the Short Term Rental Riches Podcast, we dive deep into a common scenario every rental property owner faces: guests leaving personal items behind.  Discover how to turn potentially stressful situations into opportunities for outstanding hospitality. Whether you're a newbie or a seasoned pro in the short-term rental business, this episode is packed with invaluable insights to elevate your guest experience and operational efficiency. In this episode, you’ll learn: Implement Clear Policies Effective Communication with Guests Secure Storage Solution Streamline the Return Process Leverage the Opportunity for Exceptional Hospitality By following the tips we've outlined, you can ensure that every guest leaves with nothing but fond memories (and all their belongings). Remember, it's the little things like getting back a forgotten item that can turn a good stay into an unforgettable one. So, take this opportunity to review your policies and procedures, and make sure you're prepared to handle left-behind items with grace and efficiency. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
3/12/202411 minutes, 38 seconds
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225. Furnishing Your STR with Ease (Special Guest Minoan)

In today's episode, we're venturing into the heart of Nashville, Tennessee, for the first-ever live interview on the Short Term Rental Riches podcast, straight from the bustling halls of the STR Wealth Conference. The energy here is palpable, with a crowd of over 2,000 attendees, all eager to soak in the wisdom of industry leaders. Among these luminaries is Marc Hostovsky, whose innovative approach to furnishing short-term rentals has set the stage for a fascinating conversation. Marc's company, Minoan, isn't just another furniture supplier; it's a game-changer for hosts looking to distinguish their properties in a crowded market. As we dive into this special episode, prepare to uncover the layers of strategy, design, and financial savvy that Marc brings to the table, offering a blueprint for success in the competitive world of short-term rentals. In this episode, you’ll learn: Revolutionizing STR Furnishings Strategic Partnerships Maximizing Guest Satisfaction Avoiding Common Pitfalls Future-Proofing Your STR As we wrap up this enlightening conversation with Marc, it's clear that the journey to STR excellence is paved with more than just good intentions. It requires a meticulous eye for design, a strategic approach to partnerships, and a relentless pursuit of guest satisfaction.  Remember, in the world of STRs, it's the details that define your success.  Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
3/5/202420 minutes, 56 seconds
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224. From STRs to Boutique Hotels - Expert Insights with Mike Sjogren

Join us for an insightful conversation with Mike, a trailblazer in the short-term rental (STR) and boutique hotel industry, as we explore his journey from STRs to owning boutique hotels. Having started in the world of STRs, he quickly identified the untapped potential within the boutique hotel niche, transitioning with impressive success. His story is a testament to the power of vision, hard work, and the importance of adapting to the evolving landscape of the hospitality industry. In this episode you’ll learn: Strategic Growth from STRs to Boutique Hotels Discover the unique challenges of running boutique hotels compared to STRs Leveraging Technology and Systems for Efficiency The Importance of Direct Bookings Creative Financing and Finding Deals His experiences offer a roadmap for anyone looking to diversify their real estate investment portfolio or venture into the world of boutique hotels and STRs. Whether you're a seasoned investor or just starting out, there's a wealth of knowledge to be gained from Mike's approach to real estate investment. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
2/27/202430 minutes, 27 seconds
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223. Earn $1000/night by Mastering Airbnb Booking Windows

Today, we're unpacking an often overlooked but crucial aspect of STR management: booking windows. Understanding the dynamics of booking windows can significantly impact your pricing strategy and, ultimately, your profitability. Whether you're a seasoned investor or just starting out, recognizing the multiple booking windows your property might have and knowing exactly what they are is key to maximizing your returns. So, stay tuned as we break down the inside scoop on booking windows, explaining why they vary and how you can master them for your property. We'll explore how booking windows aren't just about how far in advance a booking is made; they're about understanding market dynamics, seasonal trends, and event-driven demand. In this episode you’ll learn: Dynamic Pricing Tools Are Essentia Understand Your Property's Booking Window Strategic Pricing for Major Event The Importance of Minimum Expiring Prices Last-Minute Discount Remember, understanding and optimizing your booking window isn't just about keeping your property booked; it's about maximizing every booking's value. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
2/20/202414 minutes, 32 seconds
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222. Airbnb Hosting Tips from the Cruise Industry

Welcome back to another episode of the Short Term Rental Riches podcast, where we delve into the world of real estate with a sharp focus on Airbnb hosting and vacation rentals. This time, I'm thrilled to share some fresh insights I gained from a recent 15-day cruise. Not only was it a test of remote work capabilities thanks to Starlink internet at sea, but it also proved to be a treasure trove of lessons that can be directly applied to enhancing our short-term rentals. From impeccable service to the meticulous attention to detail, the cruise industry has perfected the art of guest satisfaction, and there's so much we can learn from them. Whether you're just starting your journey or looking to elevate an existing property, understanding the importance of service, communication, and attention to detail is key to success. Let's explore how we can implement these lessons from the cruise industry to ensure our guests leave rave reviews and keep coming back for more. In this episode you’ll learn: Exceptional Communication and Service Invest in the First Impressions Furniture and Durability Matters Leverage Technology Wisely The Power of a Strong Team Remember, the journey to short-term rental success is continuous, and there's always room for improvement. So, take these insights, apply them to your properties, and watch as your business thrives. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
2/13/202415 minutes, 52 seconds
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221. Should You Still Provide Netflix in Your Short Term Rental?

In today's fast-paced world, where the click of a button brings the world to our screens, the question of whether to offer streaming services in short-term rental properties is more relevant than ever. Gone are the days of Blockbuster runs; in their place, platforms like Netflix, Disney+, Hulu, and YouTube TV have taken center stage. As hosts, we're at a crossroads, figuring out how to navigate this change. Should we keep up with the trend and offer these services to our guests, or is it time to reconsider what entertainment means in the context of short-term rentals?  This episode aims to provide you with the insights needed to strike the perfect balance between providing modern amenities and maintaining operational simplicity in your short-term rental business. In this episode, you’ll learn: Evaluating Guest Expectations Operational Challenges Setting Clear Expectations Considerations for Luxury Properties Future Trends Remember, the ultimate goal is to provide a stay that guests remember fondly, leading to repeat bookings and glowing reviews. Whether that includes access to Netflix or relies on guests using their own accounts, the key is to communicate effectively and set the right expectations from the start. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.  
2/6/202413 minutes, 25 seconds
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220. Six Factors that will increase Supply in Your Market

In this episode, we delve into the crucial topic of increasing supply in the short-term rental market. Understanding the dynamics of supply is essential for every STR investor. We'll dive into six specific reasons that could lead to a surge in your local STR market supply. From the impact of regulatory changes to the burgeoning trend of remote work, each factor plays a pivotal role in shaping the landscape of short-term rentals. As we unpack these reasons, remember: knowledge is power, especially in the world of real estate investing. So, buckle up, and let's explore these insights together, equipping you with the tools you need to adapt and thrive in the dynamic world of STR investing. In this episode, you’ll learn: Understand how relaxed STR regulations can lead to an increase in market supply. Learn why new hotels in your area could be both a sign of increased demand and increased competition. Explore how shifting population dynamics can impact STR supply. Discover how changes in lending and interest rates affect the STR market. Uncover the influence of remote work trends on the availability of short-term rentals. And there you have it - a comprehensive look at the six key reasons behind the increasing supply in the short-term rental market. Remember, while a growing supply can present challenges, it also opens doors to new opportunities and ways to stand out. Embrace these changes with an open mind and an abundance mindset, and don't shy away from engaging with fellow STR providers - collaboration can lead to unexpected wins! Stay tuned for more tips, strategies, and insights to help you navigate the world of real estate investing. Until next time, keep your properties bustling and your investment dreams soaring. Have a fantastic day, everyone! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
1/30/202416 minutes, 12 seconds
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219. Securing Easy Finance for Life with Jay Conner

We're really grateful to Jay Conner for taking the time to share his deep insights and experiences in private lending with us. His expertise is invaluable, and it's always awesome to learn from someone who is an expert in the field. Explore the details of using private funds instead of traditional banking, especially in the profitable realm of short-term rentals. This episode is a goldmine for real estate investors seeking actionable strategies and insider knowledge on leveraging private money to amplify their investment portfolio. Don't miss out on Jay's compelling journey through the 2009 financial crisis and discover how private lending can transform your approach to real estate investing. In this episode, you’ll learn: Private Lending Financial Growth Private Lending Program Getting Started in Real Estate Structuring Private Lender Deals Financing Options Using Private Money in Real Estate Importance of Having Cash in Real Estate Transactions As we wrap up this enlightening episode of the Short Term Rental Riches Podcast, we extend our heartfelt thanks to Jay Conner for sharing his wealth of knowledge and experience in private lending. His insights not only illuminate a path to success in real estate investing but also inspire a mindset shift towards innovative financing strategies. For those eager to delve deeper into the world of private lending, Jay's book, "Where to Get the Money Now," is an invaluable resource. Additionally, his podcast, "Raising Private Money with Jay Conner," offers ongoing education and inspiration. Thank you for joining us on this journey of discovery and empowerment in the realm of short-term rental investing. Stay tuned for more episodes where we continue to unlock the secrets to achieving rental riches! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
1/23/202435 minutes, 13 seconds
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218. Why You Should Never Opt For A Shorter Loan Term

In this episode of the Short Term Rental Riches Podcast, we dive deep into the often-debated topic of whether to choose a 15-year or a 30-year loan for real estate investments. We unravel the math, the psychology, and the economic rationale that make 30-year loans a more strategic choice for most investors. Join us as we break down the key advantages, including lower monthly payments, investment opportunities, and the impact of inflation and tax benefits on your overall financial strategy. Whether you're a seasoned investor or just starting out, this episode is packed with valuable insights to guide your real estate financing decisions. In this episode, you’ll learn: Financial Flexibility Inflation's Silver Lining Tax Benefits Investment Opportunities Risk Mitigation and Qualification for Future Loans Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
1/16/202415 minutes, 32 seconds
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217. The Landlord's Guide to Mid-Term Rental Property Management (Part 3)

Mid-term rentals, a unique blend between short-term stays and long-term tenancies, present a distinct set of opportunities and challenges for property owners and managers. Over the course of our three-part series, we've explored the intricacies of this rental niche, offering practical advice and strategies to help you excel in this market. From setting up appealing listings to attract long-term guests to managing every aspect of their stay, our series provides a comprehensive roadmap for success in mid-term rentals. In this final installment, we focus on the crucial aspects of tenant management. Understanding how to effectively manage tenant relationships, address maintenance issues, and handle financial transactions are pivotal elements of running a successful mid-term rental business. We will guide you through the nuances of the move-in and move-out process, discuss the importance of maintaining communication channels with your tenants, and offer solutions for common challenges that arise during longer stays. This episode is designed to equip you with the tools and knowledge needed to ensure a smooth and profitable rental experience for both you and your tenants. In this episode, you’ll learn: Tenant Welcome and Onboarding Strategies for addressing maintenance issues Lease Management and Extensions Mastering the move-out process The importance of adapting to tenant needs and feedback We hope this series has provided you with valuable insights and practical tools to enhance your rental property business. Remember, success in mid-term rentals requires a blend of strategic planning, effective communication, and adaptability to meet the evolving needs of your tenants. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
1/9/202416 minutes, 30 seconds
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216. 2024 Market Predictions… where should you put your money?

In a world where change is the only constant, staying informed and adaptable is key to thriving in the real estate and STR sectors. 2023 was a year of significant developments, and as we look forward to 2024, it's essential to understand how these changes will shape the future. We dive deep into the macroeconomic factors influencing the market, from interest rates to inflation, and dissect how they're impacting both commercial and residential real estate landscapes. Our focus extends beyond mere speculation, aiming to equip you with the knowledge and tools to make informed decisions and capitalize on emerging opportunities. In this episode, you’ll learn: Comprehensive analysis of how current interest rates  are reshaping the real estate markets Trends and predictions for the STR market in 2024 The role of AI in the STR industry Investment Strategies Strategies for navigating the evolving real estate landscape Remember, the key to success in this dynamic market lies in continuous learning, adapting to changes, and strategically planning your investments. We invite you to revisit your goals, analyze market trends, and embrace the technologies and practices that will elevate your real estate journey. Stay tuned for more episodes where we'll continue to explore the depths of real estate and STR markets, offering you the knowledge and tools to turn your investments into success stories. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
1/2/202421 minutes, 20 seconds
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215. Seven Signs Your STR Demand are likely to increase!

In today's episode, we're exploring the undercurrents that drive demand in various markets, offering you a comprehensive guide to understanding and capitalizing on these trends. The landscape of real estate investment is continually changing, influenced by a myriad of factors from economic shifts to cultural trends. As an investor, staying informed and adaptable is key to navigating this dynamic terrain.  Our journey through the world of short-term rental investment is both exciting and enlightening. We delve into seven critical reasons that are currently driving demand in different markets across the globe. Each factor we discuss is a piece of the larger puzzle, providing a clearer picture of what makes a market ripe for investment. In this episode, you’ll learn: How new attractions can significantly boost tourist inflow and demand The positive impact of developments like new hospitals and universities How events like concerts (e.g., Taylor Swift shows), sports events, and even the Olympics can temporarily surge rental rates Understand how changes in short-term rental regulations can create unique opportunities The significance of improvements in travel infrastructure, such as new airports, highways, or expansions We hope these insights into the seven key drivers of demand in short-term rental markets have provided you with a new perspective and valuable knowledge to apply to your investment strategies. The world of real estate is vast and full of opportunities, and with the right information, you can navigate it successfully. Remember, every market has its unique characteristics and potential; it's about finding the right fit for your investment goals. Don't forget to visit our website, strriches.com, for more episodes and resources. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
12/26/202314 minutes, 41 seconds
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214. Overlooked Maintenance: Your team will not know to check

In this insightful episode of our podcast, we delve deep into the world of short-term rental property management, emphasizing the crucial role of maintenance in ensuring guest satisfaction and property value. Join us as we discuss the challenges and solutions of remotely managing properties, the importance of a dependable team, and practical tips for keeping your rentals in top condition.  As a property owner myself, I have firsthand experience managing multiple properties across various locations. The lessons learned and the maintenance oversights I discovered are valuable for any property owner or manager looking to streamline their operations and ensure top-notch guest experiences. In this episode, you’ll learn: Understanding the challenges and advantages of managing short-term rentals remotely Critical Maintenance Oversights Strategies for ensuring your property meets guest expectation Innovative Tools and Techniques The importance of having a reliable team As we wrap up this episode, remember that successful short-term rental management is a balance of attentiveness, innovation, and effective teamwork. Whether it’s ensuring the little things like scissors and wine openers are in place, or tackling bigger challenges like pest control, every aspect of maintenance contributes to the overall guest experience. By implementing the strategies and tools discussed today, you can significantly enhance the efficiency and appeal of your rental properties. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. 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.
12/19/202316 minutes, 44 seconds
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213. Get More From The Best Free Tool For Market Research You Already Use

Hey Real Estate Enthusiasts! Welcome back! In today's episode, we'll show you how YouTube can revolutionize your real estate research. Forget traditional methods—YouTube is now a treasure trove of property insights, from market analysis to local details. It's been a game-changer in my own journey, but remember, approach it with a discerning eye. Let's dive into the untapped potential of YouTube in real estate! Join me in this eye-opening episode where I break down my personal journey and strategies for leveraging YouTube to scout out the best real estate deals, especially in the ever-changing landscape of short-term rentals. In this episode, you'll learn: Understanding Market Dynamics Learn to use YouTube for in-depth research on specific areas Tips on distinguishing between sales pitches and genuine advice Additional Resources for Investors  I hope today's episode sheds some light on how YouTube can be a valuable tool in your real estate investment journey. While it offers valuable insights, remember it's just one part of the larger property investment landscape. Use it as a starting point, but supplement your research with diverse sources, consult professionals, visit properties, and maintain a critical mindset – not everything in real estate that glitters is gold. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
12/12/202320 minutes, 2 seconds
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212. Perfecting Your Mid-Term Rental Guest Screening, Payments, and Lease Agreements (Part 2)

Welcome to the Short-Term Rental Riches, in this second installment of our three-part series, we focus on the critical steps you need to take after receiving an inquiry for a longer guest stay. In the first part of our series, we explored strategic listing placements and optimized copywriting to attract longer-term guests. Now, as inquiries start rolling in, we shift our focus to the meticulous process of running tenant background checks. The transition from guest to tenant varies across states, typically kicking in after 28 days. Now, it's time to change how you manage things. Property owners need to handle longer stays with the same care as they do for long-term leases. Buckle up as we guide you through securing your property, from checking guest reviews to running comprehensive background checks. In this episode, you'll learn: Strategic Background Checks Crafting a Comprehensive Lease Payment Processing Strategies Deposit Dilemma Lease Highlights and Communication As we wrap up part two of our three-part series, you're now equipped with the knowledge to navigate the landscape of medium-term rentals. From background checks to lease agreements and payment processing, every step is a vital piece in ensuring a seamless and secure experience for both hosts and tenants. Stay tuned for part three! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
12/5/202318 minutes, 37 seconds
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211. Setting Up Your Mid-Term Rental Listing for Success (Part 1)

Welcome back to the Short Term Rental Riches Podcast! In this episode, we dive into the dynamic world of medium-term rentals. Discover invaluable insights and strategies to optimize your property for stays lasting a month or more. From choosing the right platforms to streamlining communication and setting competitive prices, this episode is your comprehensive guide to transforming your short-term rentals into lucrative medium-term opportunities. In this episode, you'll learn: Adapting Policies for Medium-Term Success Targeting the Right Audience Listing on the Right Platforms Alternative Guest Sources Instant Book and Visibility Stay tuned for the upcoming episodes in this three-part series. Subscribe for weekly insights that will elevate your short-term rental game. If you're navigating the evolving landscape of property rentals, this podcast is your ultimate resource.  If you found this episode helpful, don't forget to like, share, and subscribe for more expert insights. Connect with us on our website, strriches.com, and let us know your thoughts and questions. Here's to turning your properties into thriving medium-term rentals! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
11/28/202317 minutes, 26 seconds
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210. Secrets of a Super Host: Maintaining High Airbnb Ratings and Guest Satisfaction

Have you ever been left scratching your head, wondering why guests, who seemingly had a perfect stay, end up giving a less-than-stellar review? It's a scenario that perplexes many hosts, but fear not - we've got the answers and strategies to ensure it happens less frequently.  So, what are the reasons behind this inconsistency, and how can you ensure your property consistently earns those 5-star ratings? Stick around as we explore five crucial factors and provide actionable strategies to transform your guest reviews.  In this episode, you’ll learn: The importance of setting the right expectations Effective communication strategies The critical role of cleanliness Secrets of handling minor maintenance issues As we conclude this eye-opening episode, remember that mastering guest reviews is an ongoing journey. By implementing the strategies discussed here and honing your communication skills, you're on the path to turning every stay into a 5-star experience. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. We hope you found these insights valuable for your short-term rental journey. If you did, don't forget to like, subscribe, and share this with fellow property managers and enthusiasts.
11/21/202317 minutes, 36 seconds
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209. Expert Panel Insights & Pro Tips : Unlocking Short-Term Rental Success

This week's episode is a special treat as I'm joined by industry experts Bill Faeth, Jasper Ribbers, Shawn Moore, and Will Slickers. Get ready for a deep dive into the top three criteria for selecting profitable short-term rental properties and efficient management strategies. We've condensed the panel discussion for this episode, focusing on marketability, location, and proximity. If you want the full hour and a half of expert insights, head over to restmethods.com/panel. Let's unlock the secrets to short-term rental success! In this episode, you’ll learn: Top three criteria for selecting profitable short-term rental properties Efficient management and maintenance strategies Unforeseen expenses Challenges for new hosts Future trends in short-term rentals Head over to restmethods.com/panel for the extended version. Connect with our expert panelists and tap into their wealth of knowledge. Get ready for a jam-packed episode filled with wisdom from experienced professionals in the short-term rental industry. Don't miss out on the secrets to success—hit play and let's dive in!  Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
11/14/202329 minutes, 49 seconds
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208. Enhancing Guest Experiences: Property Management Insights from France

Bonjour! Welcome to another exciting episode of the Short Term Rental Riches podcast. I've just returned from my adventures in beautiful France, and it's time to share some valuable insights with you. We'll explore how to enhance your property for an exceptional guest experience. So, let's jump right in! In this episode, we will cover: The importance of guest expectations and how it can make or break their stay Dealing with unexpected weather conditions Enhancing your property's entrance for a seamless arrival experience. Simplifying Wi-Fi access As property owners, it's essential to create a welcoming environment for our guests. I'll also share some tips based on my personal experiences to help you avoid common pitfalls and ensure your guests leave with unforgettable memories. Travel is a powerful way to open our minds and see the world through new lenses. Join me on this journey, and let's make every stay a fantastic experience for your guests. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others who may find the info helpful as well. 
11/7/20237 minutes, 21 seconds
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207. Unlocking the Art of Super Properties with Bill Faeth

In today's episode, we're diving deep into the world of super properties with the incredible Bill Faeth, a real estate veteran who has mastered the art of creating unforgettable experiences in short-term rental properties. So, whether you're a seasoned pro or just getting started, fasten your seatbelts because we're about to embark on a journey to discover the secrets of supercharging your short-term rental properties. Stay with us as we uncover the strategies that can turn your rentals into memorable, five-star experiences for your guests. In this episode, we will cover the following key points: Understanding Super Properties Discover how to stack value in your properties to create unforgettable experiences for your guests Learn the secrets to achieving consistency in property management Find out how to assemble and manage the ideal team of cleaning and maintenance professionals Explore the significance of first impressions and attention to detail in guest satisfaction Why marketing is the most important thing? We hope you've gained valuable knowledge and inspiration that will help you enhance your short-term rental business. Remember, the path to success is built on a foundation of continuous learning and improvement. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others who may find the info helpful as well. 
10/31/202340 minutes, 26 seconds
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206. The Rise of Easy Travel: How it Impacts Short-Term Rentals

The world is becoming a more accessible place for everyone, and this is leading to a surge in travel demand. This is great news for short-term rental hosts, as it means there are more potential guests out there looking for places to stay. In this episode, we discuss the five major reasons why it's easier than ever to travel. From seamless planning and payments to effortless arrival and connectivity! We explore how this trend is impacting the short-term rental industry and what it means for hosts and guests alike. In this episode, we'll cover: The five major reasons why travel is easier than ever before. How the rise of easy travel is impacting the short-term rental industry. How guests are benefiting from the ease of travel. The future of travel and how it will continue to evolve. If you're a short-term rental host, it's important to be aware of the trends that are shaping the industry. By understanding the factors that are driving travel demand, you can make informed decisions about how to market and manage your properties. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others who may find the info helpful as well. 
10/24/202312 minutes, 57 seconds
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205. Self Managing for Over A Decade - Tips from Industry Expert Luke Carl

Welcome back, everyone, to the Short Term Rental Riches Podcast! We've got another exciting episode lined up for you today as we dive deep into the world of short-term rentals. Our guest for this episode is none other than Luke Carl, the host of the Short Term Rental Management Podcast and the Director of Education for the Short Term Shop. Luke brings a wealth of knowledge and experience to the table, and we're thrilled to have him on the show. In this episode, Luke takes us on a journey through his real estate ventures, starting with buying his first house and gradually venturing into the world of short-term rentals. He shares stories of early Airbnb adoption, property management, and the birth of the Short Term Shop. Luke's insights and experiences are invaluable for both newcomers and seasoned short-term rental hosts.  In this episode, we'll cover: Luke's Real Estate Portfolio Property Management Challenges of Remote Management Housekeeping and Maintenance Taking care of short-term rental staff We've explored a wealth of knowledge, delved into intriguing discussions, and shared ideas that we hope will inspire you. Remember, the pursuit of wisdom never ends, and we'll be here, guiding you through it. Until next time, keep learning, growing, and embracing the wonders of our ever-evolving world. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.  
10/17/202334 minutes, 34 seconds
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204. New Ways to Use AI for Your Short-Term Rental, Productivity (Part Two)

Welcome back to the Short-Term Rental Riches Podcast! Every week, we're your trusted source for quick, actionable real estate tips, tailored specifically for the world of short-term rentals. In this episode, we're diving into the AI revolution that's been making waves across the industry. From market analysis to crafting the perfect listing, we're exploring seven ingenious ways to leverage artificial intelligence for your short-term rental portfolio or your quest to acquire the next lucrative property.  So don't let the tech jargon intimidate you – we've got user-friendly solutions in store. As we've seen with Airbnb's CEO announcing a transformative AI-centric approach, the future is here, and AI is at the heart of it. Plus, we'll share our five-step process for extracting optimal results from AI, ensuring you're well-prepared to harness its potential. Join us as we unlock the secrets to AI success in the short-term rental game. From market analysis to guest avatars and beyond, you'll leave this episode armed with invaluable knowledge and strategies to elevate your rental business. So, let's dive right in and explore the incredible ways AI can supercharge your short-term rental journey! In this episode, we'll cover: Market analysis made easy with AI-powered tools like Chat GPT. Identifying your guest avatar to enhance your property's appeal. Crafting compelling listing copy with AI assistance. Visualizing interior design with AI tools like Decor AI. Streamlining communication responses, especially for handling negative reviews. Leveraging AI for marketing materials and email campaigns. Easy website development with AI-driven solutions like Hostdinger. As AI continues to shape the future of short-term rentals, staying ahead of the curve is crucial. Tune in and discover how AI can be your secret weapon for success. Whether you're a seasoned host or just getting started, our insights will empower you to thrive in the ever-evolving world of short-term rentals. Stay updated on all things short-term rentals and join us at our upcoming virtual event on October 14th, where we’ll delve into margin mastery and share our industry expertise. Find out more here Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.  
10/10/202315 minutes, 20 seconds
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203. Getting more visibility for your rentals: Furnished Finder

The key to success in the short-term rental business is exposure, high reservations, and maximizing your income. And one way to achieve this is by expanding your listing reach beyond Airbnb or VRBO. This week, we're putting the spotlight on Furnished Finder, a platform initially designed for traveling nurses but now catering to a broader audience. Whether you're a pro or new to the platform, this episode will unveil the potential benefits of incorporating Furnished Finder into your property portfolio. Stay tuned for a deep dive into this game-changing platform! Welcome back to the Short-Term Rental Riches Podcast! We're thrilled to have you with us for another week of valuable insights and strategies. In the ever-evolving world of short-term rentals, there's always something exciting to discuss. If you're new to the podcast, be sure to explore our previous episodes and check out strriches.com for a treasure trove of resources, including the tools and programs I personally use in my short-term rental business. Today, we're shining a spotlight on Furnished Finder – a platform with enormous potential. Let's explore how it can take your rental income to new heights! In this episode, you'll learn: The unique opportunities Furnished Finder provides for hosting extended-stay guests. How to adapt your short-term rental strategies for Furnished Finder's platform. Strategies for simplifying operations on Furnished Finder Tips for preventing double bookings when listing your property on Furnished Finder. The importance of centralized communication channels and dedicated phone numbers for efficient management. As we wrap up this episode, we hope you've gained valuable insights into the potential of Furnished Finder for your short-term rental business. With its focus on medium-term stays, this platform is paving the way for the future of the industry. So, if you're looking to expand your exposure and bookings, don't hesitate to explore Furnished Finder. Whether you're a seasoned host or just starting out, there's a world of opportunity waiting for you in the medium-term rental market. Thanks for tuning in, and we wish you a fantastic week ahead, filled with fully booked properties and thriving rentals. Until next time! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Stay updated on all things short-term rentals and join us at our upcoming virtual event on October 14th, where we’ll delve into margin mastery and share our industry expertise. Find out more here
10/3/202313 minutes, 6 seconds
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202. How to Stand Out in the Short-Term Rental Market with Shawn Moore

Welcome back to the Short-Term Rental Riches podcast. In this episode, we're diving deep into the world of short-term rentals with a true industry expert, Shawn Moore. Shawn is the host of the Vacation Rental Revolution podcast, an author, and the founder of Vodacy. With 23 years of experience in real estate investing and short-term rentals, Shawn has a wealth of knowledge to share. Join us for an insightful conversation where Shawn discusses how he stumbled upon the world of short-term rentals by accident, the evolution of the industry, and the keys to success in this ever-growing market. From choosing the right property to finding the perfect management partner, Shawn shares valuable insights to help you thrive in the short-term rental business. In this episode, you'll learn: The three phases of short-term rental success: Acquisition, Management, and Marketing. The importance of curating a unique guest experience. Strategies for choosing the right property manager for your short-term rental. How the short-term rental industry has evolved and the opportunities it presents. Tips for navigating regulations and raising the bar for hospitality.   If you're considering entering the world of short-term rentals or looking to elevate your existing portfolio, this episode is a must-listen. Shawn's expertise will empower you to make informed decisions and achieve success in this exciting industry. Don't forget to grab a free copy of Shawn's book, "What the Hell Is a Lifestyle Asset?" on Vodyssey's website to dive even deeper into the world of short-term rentals. And if you enjoyed this episode, please like, subscribe, and leave a review to help us continue bringing you valuable insights from industry experts. Thanks for tuning in, and let's get started! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Stay updated on all things short-term rentals and join us at our upcoming virtual event on October 14th, where we'll delve into margin mastery and share our industry expertise. [Find out more here]
9/26/202329 minutes, 51 seconds
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201. Doing more with less time, Productivity (Part One)

Welcome back to the show! I'm thrilled to have you here as we explore the exciting intersection of technology and short-term rentals. In today's episode, we're delving into the essential tools and tech that can supercharge your property management game. Whether you're a seasoned host or just starting out, these insights will help you save time and boost your efficiency. By investing a bit of time in strategizing and adopting technology, we can unlock a world of possibilities for our short-term rental businesses. I understand that we all have busy lives, but trust me, dedicating a few minutes to optimize your processes can pay off immensely in the long run. So, let's dive in and discover how you can make your short-term rental venture a tech-savvy success! In this episode, you'll learn: Streamline Your Workflow The One Thing Principle Browse Smarter Investigate Alternative Methods We hope you found these tech and tool insights valuable for your short-term rental journey. If you did, don't forget to like, subscribe, and share this video with fellow property managers and enthusiasts. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Stay updated on all things short-term rentals and join us at our upcoming virtual event on October 14th, where we'll delve into margin mastery and share our industry expertise. [Find out more here]
9/19/202320 minutes, 14 seconds
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200. My Experience Hosting 30,000 Guests and Counting

Welcome to a milestone episode, #200! It's hard to believe that for almost four years, we've been sharing valuable insights about short-term rentals every week. In this special episode, we take a moment to reflect on the incredible journey we've had so far. From the early days of traditional rentals to the exciting world of short-term rentals, we've covered it all. Whether you're a seasoned host or just starting, our real-world experience and advice are here to help you succeed. Join us as we share the highs and lows, from property purchases to international travels, and discover how short-term rentals can be a game-changer for your real estate journey. Thank you for being part of our community, with listeners from around the globe, and let's look forward to the next 200 episodes of Short-Term Rental Riches! This episode covers: Reflecting on 4 years of weekly episodes dedicated to short-term rentals Going from traditional rentals to short-term rentals The bright future of the short-term rental industry Recommended books to expand your knowledge and mindset The value of continuous learning and staying informed in the industry Seizing opportunities in today's buyer's market Thank you for joining us on this incredible journey! If you enjoyed this episode, don't forget to like, subscribe, and share it with fellow short-term rental enthusiasts. Stay tuned for more invaluable insights and here's to your ongoing success in short-term rentals! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Stay updated on all things short-term rentals and join us at our upcoming virtual event on October 14th, where we'll delve into margin mastery and share our industry expertise. [Find out more here]
9/12/202325 minutes, 12 seconds
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199. Unlocking Success in Short-Term Rentals, Your Burning Questions Answered | Part 2 Q&A

In this exciting episode, we're diving into Part 2 of our Q&A series, where we address your most pressing questions about the dynamic world of short-term rentals. Whether you're a seasoned host or just starting in the industry, this episode will provide you with valuable knowledge to enhance your success. In this episode, we'll: Discover the tasks you can delegate to virtual assistants in the short-term rental industry. Explore the differences between Relay Bank and Mercury Bank for property management. Get insights into how using multiple platforms affects your property's SEO and ranking on Airbnb. Learn about review removal strategies and why persistence matters. Find out if using a HELOC to buy a rental property is a good idea. Join us as we unravel the intricacies of the short-term rental business, share industry secrets, and equip you with the tools to thrive in this ever-evolving landscape. Don't miss out on this valuable episode and take your short-term rental venture to the next level! Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. Stay updated on all things short-term rentals and join us at our upcoming virtual event on October 14th, where we'll delve into margin mastery and share our industry expertise. [Find out more here]
9/5/202314 minutes, 18 seconds
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198. Steve Trover, Better Talent

Imagine getting started in the short-term rental industry over 26 years ago. Yeah, way before Airbnb even existed. How would you do your research? What tools would you use to help manage and operate? Things would be much different, wouldn’t they? Now imagine if you were still working in the industry day in and day out… Our guest this week is just that person. Steve Trover experience in the short-term rental world from building a management portfolio of 400 properties, developing new purpose-built STRs, the former president of the most recognized short-term rental conference; the VRMA. The list goes on… I had the pleasure of interviewing Steve and am looking forward to sharing some of his expert insights including: New Construction and purpose-built STRs How access to data has changed but doesn’t tell the whole story How to know if you need to hire someone What to look for with your first hire Why personality tests are crucial for any team member Importance of structuring your interviews Why the world is our oyster Why short-term rentals are here to stay You can find out more about Steve by visiting his LinkedIn profile and make sure to check out bettertalent.com for your hiring resources specific to the STR industry. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. The dates for our Virtual Event in October are now up! [Find out more here]
8/29/202329 minutes, 33 seconds
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197. Rapid Fire Q&A: Your STR Questions Answered

We get quite a lot of questions and the topics range. I try to lump them together and create a podcast for the ones we get asked most often but I thought it would be fun to do a rapid-fire Q&A for this week’s episode. The real world is much like school was when we were growing up – we often don’t ask enough questions. And the only way we can become comfortable with what we are doing is by uncovering the answers and diving deeper. So I encourage any of you who have been listening in over the last couple of years to let us know what’s on your mind! And hopefully this week we will be able to answer some of the questions you *wanted* to ask. No question is a stupid question! This weeks topics range from: - Service Animals and our right to refuse them - Lease arbitrage - Airbnb Tax reporting - Enforcing Min age restrictions on different rental websites So, whether you're a seasoned real estate investor or just starting out, whether you're intrigued by the opportunities of short-term rentals or simply seeking financial freedom, I hope you will find this episode helpful. I’m excited to announce the dates are out for our upcoming virtual event! We’ll be meeting with a panel of industry experts where you can get your questions answered.  We’ll follow that up with a remote management workshop where we’ll unveil every system our company uses, how you can use the sames ones, and EXACTLY how to actually set them up.  👉 Grab your spot here  
8/22/202315 minutes, 30 seconds
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196. How Self Driving Cars will Change Real Estate Forever

Join us on this week's episode of the Short-Term Rental Riches podcast as we dive into a fascinating topic that's poised to reshape the world of real estate: the impact of autonomous vehicles. In the ever-evolving landscape of real estate investing, demographic shifts and societal changes play a pivotal role in shaping supply, demand, and property values. Think of the seismic shift brought about by remote work – a game-changer for our society. But there's another transformative shift on the horizon, one that's not as far away as you might think, and it's going to have a profound impact on real estate that might not be on your radar just yet. I recently returned from California, where the beauty of the state was a striking backdrop to ponder the future of real estate. Drawing on personal experiences and industry insights, we'll delve into the realm of autonomous vehicles – a revolutionary development that's quickly gaining momentum. From Tesla's strides in self-driving technology to the intriguing world of autonomous Ubers, the future is closer than you imagine. Discover how this technological wave will ripple through the fabric of real estate. The traditional mantra of "location, location, location" might take a backseat as the importance of access and commuting changes the game. Imagine a world with reduced traffic congestion, fewer parking garages, and a society on the move like never before. The dates for our Virtual Event in October are now up! [Find out more here]
8/15/202313 minutes, 22 seconds
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195. Saving your Guests from Construction Catastrophes

Bang bang bang goes the nail gun from the construction project next door. And… There’s not much you can do about it. That’s the reality when our neighbor starts a new renovation project or the lot next door finally sees some framing going up to support a new construction home or building. While this might freshen up your neighborhood it might also create a not-so-good experience for your next short-term guest. If they don’t know about it, that is. Many times construction is out of our control so we need to be proactive. This week we’ll discuss what you should be doing to make sure those 5-star reviews keep on coming even when things are out of your control. Stay tuned as we unravel how to: Appropriately Planning Being proactive HOAs (the good and the bad) Your neighbors new project Making it right when you drop the ball Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help. The dates for our Virtual Event in October are now up! Find out more here
8/8/202311 minutes, 45 seconds
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194. Be Careful When Doing Bigger Deals (but why they’ll keep happening)

Nearly every large real estate deal you see was accomplished through the efforts of more than just one person. Nearly every hotel, shopping center, large apartment complex, mall, you name it - these deals take a lot of work and thus require a lot of finances and brain power. Most of the time on this show we talk about individual deals like a vacation rental or urban short-term rental. Or even smaller apartment buildings. But what if we want to go bigger? 50, 100, 200+ rentals in the same deal. How can we do that? And what does that look like in the short-term rental world? As the visibility for short-term rentals continues to grow among investors and venture capital firms realizing the serious potential and returns that can be made through STRs, larger deals are happening. In fact, I’m in the midst of one myself. So this week I want to share with you: What’s a syndication? What do these larger deals look like? How are larger deals (typically) structured? Why these types of deals will continue to become more common I’m excited to announce the dates are out for our upcoming virtual event! We’ll be meeting with a panel of industry experts where you can get your questions answered. We’ll follow that up with a remote management workshop where we’ll unveil every system our company uses, how you can use the same ones, and EXACTLY how to actually set them up. Grab your spot here 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.
8/1/202310 minutes, 4 seconds
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193. Avery Carl - Connecting Investors Across the Nation with Great Short Term Rental Investments

These days there are so many resources and experts for every industry…. After spending years in the STR industry I feel very fortunate to have access to some of the most seasoned experts in the space. Avery is one of those people. She is the host of the “Short Term Show” which is arguably one of the most recognized podcasts in our space. She has been featured on almost every short-term rental industry resource. She wears a lot of hats. From her position as CEO at the Short Term Shop where they’ve connected owners with profitable STRs generating over $1 billion in revenue to managing her own personal portfolio. We dove deep on several subjects that you will find helpful! Stay tuned as we unravel how to: As a STR sales agency - the current market outlook Benefit to being in an owners market Supply & Demand Growth Mode vs. Cruise Mode the “enemy method” Established vs. Emerging Vacation rental markets You can find out more about Avery and The Short Term Shop by visiting her company website here. Don’t forget to check out her podcast, “The Short Term Show”
7/25/202328 minutes, 4 seconds
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192. Are You Spending Too Much on Taxes?

Let's face reality here… there’s no getting around your property tax. You have to pay for it. But, that doesn’t mean you have to pay all of it! Many people have been caught off guard lately at their huge property tax increases. This week we’ll break down why this is happening. We’re going to go one step further too because unfortunately, your taxes don’t stop with just property tax. Yes, those of us that have the luxury of being involved in the short-term rental world also have a special tax we have to pay; the TOT tax. We’ll break that all down this week as well as: The upside to having extra short-term rental taxes Remitting your STR taxes Why property taxes are on the rise The highest and lowest states How to save on your property taxes I’m excited to announce the dates are out for our upcoming virtual event! We’ll be meeting with a panel of industry experts where you can get your questions answered. We’ll follow that up with a remote management workshop where we’ll unveil every system our company uses, how you can use the same ones, and EXACTLY how to actually set them up. Grab your spot here Your short-term rental expert, Tim
7/18/202310 minutes, 19 seconds
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191. How Brooke Pfautz Grew A Portfolio of 500 Properties in Just 5 Years! (And TIPS for How You Can As Well)

This week we had the pleasure of interviewing Brooke Pfautz on the show. Brooke is an author and short-term rental industry expert. His experience ranges from building custom short-term rentals to growing a portfolio of 500 properties in just five years and now to providing software services. The episode is jam-packed with insights and lessons learned from Brooke’s journey including: Top mistakes property managers make (and how any STR owner can learn from them) Tips on hiring Growing pains Changes in property management You can find out more about everything Brooke and his company have to offer by visiting his website here. I also highly encourage you to check out his books which are packed full of expert advice. Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.
7/11/202319 minutes, 14 seconds
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190. 7 Ways to Avoid Failing As A Real Estate Investor

We have some many great examples of businesses that have shaped the way we live today. From the invention of the first automobile to the smartphones we rely on so much each and every day. We’ve seen some amazing progress in our lifetimes and I’m excited to see what is around the corner. There is a darker side though. Many businesses have failed. In fact, most businesses have failed. This is exactly what I love about real estate though. We don’t have to be a rocket scientist to make it work; it just comes down to the numbers. Ok… so maybe it’s not quite that simple. We still have to have a good understanding of our market, regulations, and supply and demand. If we get this right though we should be good to go for the long run. While other businesses don’t have it so easy. I’ve been revisiting a classic book this week, perhaps one of the most recognized and influential motivational books of all time, “Think and Grow Rich” by Napoleon Hill. Napoleon dedicated 25 years of his life to this timeless book, or what I would call, a handbook for living a successful life. In this, he also talks about failure and how most failures can be summed up into thirty separate items. For those of you that haven’t yet had the pleasure of reading this book, I want to sum up just seven of those 30 failures in what I can most closely relate to the short-term rental and real estate industry. P.S. If you ever make it down to Brazil you might want to take a little trip here :) 
7/4/202313 minutes, 57 seconds
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189. Your Property Scorecard: How to Measure and Improve Your Property Performance

These days there are so many resources and experts for every industry. They seem to come from all directions. Some even seem to become experts overnight (be careful). It’s no different in the short-term rental world. We’ve talked about some of those experts in the past, we’ve had some of them on the show, and we’re always discovering new ones and people to go-to. But does any of that really matter? It might… If you’re using the advice and research wisely then absolutely. We don’t want you to get into analysis paralysis but we do want you to get into the short-term rental world. For me, it’s been life-changing. I feel very fortunate to be doing what I love (from anywhere in the world). At the end of the day though our success comes down to one thing; property performance. And while expert and guru advice can be a huge help it still doesn’t help us figure out how well our properties are actually doing! No, that’s something we need to do for ourselves. So how exactly do we do that? Determine if our short-term rental is doing better than our neighbors. If it’s doing better than the average. We need a scorecard and this week I’ll fill you in on exactly what your property scorecard should have. Stay tuned as we unravel how to grade your properties success: Creating a comp set Comparing apples to apples Removing the “outliers” Insights you will gain You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more! Cheers, Your Short-Term Rental Expert Tim Hubbard P.S. Looking for help managing your property? Click here to find out how we can partner up  
6/27/202311 minutes, 6 seconds
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188. Hiring on Jobrack

If you’re building a short-term rental business or planning on adding another property or two in the future you might find yourself getting overwhelmed. The reality is, we can’t do it all ourselves! Not if we want to grow anyway. The first step for many of us is to hire someone to help with all the guest communications. We’ve talked about this before and how our company has been hiring lots of extremely talented help out of the Philipines and Mexico. It’s a big world out there though and since we can now work with others virtually easier than we’ve broadened our horizons and began hiring out of Eastern Europe. This week I want to share with you a new place you can look for virtual help and find extremely talented and capable team members at a fraction of what it might cost to hire in the USA. This week we’ll break down: Where to hire directly in Eastern Europe Why you should hire someone (even if you think you’re not ready) Benefits of hiring in Eastern Europe What to expect Some interview questions you’ll want to ask 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!
6/20/202314 minutes, 43 seconds
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187. Property Management Fees Exposed: The Real Cost of Hiring A Manager

As many of you know we recently starting managing other properties - we’re really excited to bring on our new partners but as Ive been meeting with owners from all over the place (around the world) I'm finding that the competitive options differ quite a bit. Not just in services but in fees. Many fees that owners don’t even know are being charged. I looked up an example with Vacasa recently to illustrate the example and a $500 reservation had over $1100 in fees. So as we evaluate our options I thought it would be good to do a recap to make sure you’re totally aware of any and all “common” fees in the industry. Please note that not all property management companies charge all of these fees, and the specific fees and amounts can vary depending on the company's policies and the services provided. It's essential to carefully review and understand the fee structure of any property management agreement before entering into a contract. Short-term rental fees: Flat monthly management fee Cleaning fee per guest stay Booking/Reservation Fee per booking Advertising and marketing fee Technology/software fee for using property management software Furnishing and decor setup fee The maintenance fee for coordinating repairs and maintenance Seasonal rate adjustment fee for adjusting rental rates based on seasons or demand Guest communication fee Key exchange fee Administration fee for managing paperwork and documentation Monthly statement fee for providing financial reports Credit card processing fee for handling guest payments Inventory and inspection fee for conducting property inspections Security deposit management fee Late payment fee for managing overdue rental payments Cancellation fee for cancellations made by guests The utility management fee for managing utilities on behalf of the owner Emergency after-hours service fee for handling guest emergencies outside of regular business hours.  Remember: Your management fee comes off your GROSS income Who owns your reviews listings / whats your contract policy? Do you need to start over? That could be difficult in a down economy.. I’ve also worked with a lot of management companies more so on the Long term rental - sometimes it’s really hard to find the right one.. If you’re interested in help managing your properties and we’re a bit different in that we use my team to manage your properties 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 event, short-term rental playbook, Instagram, and more!
6/13/202313 minutes, 29 seconds
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186. The Math Behind Long-Term Discounts: How to Make Sure You're Not Losing Money

We would all love to have our properties 100% occupied but many times a 100% occupancy rate is a clear sign that we are not charging enough money per night. What if we increased our rates 20% per night and, even with a lower occupancy, were making more money? And then we have to think about the opposite equation. What if we have a low vacancy, does it make sense to offer a long term discount to try and increase our revenues? I know, it’s odd to hear the word discount and increased revenues in the same sentence but with the latest travel trends showing that guests are opting for longer stays this can be a reality. Many people give out discounts because of the fear of not getting booked but, oftentimes, caving into that fear ends up earning less profit at the end of the day. Whether you are using your pricing tools or not, you might want to stop first and think if offering discounts works out to your advantage. I know, I know… You hear a lot of opposite opinions about whether to send special offers or not for longer stays. Luckily we have access to a lot of data that can help us figure this out to determine whether a long term rental discount is truly going to help us or not. It’s not a guessing game. The data shows us what to do, as it almost always does in real estate. This week let’s discuss whether a long term discount makes since for your property: Pro & Con recap of long term reservations Do you know your numbers? Do you know your averages? Expenses to cover and consider Duplicating discounts & custom pricing Things to consider when calculating or giving discounts 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!
6/6/202313 minutes, 34 seconds
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185. Laundry Trouble? Efficient Options for your Short Term Rental

One of the biggest components of a short-term rental is the turnover between guests and all that dirty laundry. Sometimes you can hardly tell your guests even used the linens and others, well… I’ll let your imagination run with that one Either way it’s something we have to deal with and the bigger the property the more laundry we have. For some of us it’s pretty easy; your housekeeper shows up, throws it in the washer, cleans the property and has fresh linens to replace before they’re done cleaning. But for others properties this isn’t so easy… What happens if you have 3+ bedrooms? There is too much laundry for one load, so what happens then? Well maybe you’re housekeeper thinks they can fit it all in one… so they try anyway. Or maybe it’s obvious they’re going to do multiple loads so they end up waiting around for the second load to finish even after they’ve finished cleaning the property. Whether you’re working with a professional housekeeping company or paying someone on your team directly the more laundry you have the more it’s going to cost you. That’s a no brainer right. So what do we do? I’ve learned a ton about laundry over the days managing tens out thousands of guests with my team. Even to the point where I purchased a commercial building and brought in industrial sized laundry machines on forklifts. Those babies can handle whatever we throw at em’ They’re bolted to the concrete to make sure they don’t spin out of control and run through the wall. While this is a natural progression for many growing larger portfolios, for others just getting started, we also need other alternatives. This week we talk about those alternatives. Stay tuned as we break down your laundry options for your short term rental: Challenges doing laundry in your property Wear and tear and the life of your machines Housekeeping costs Off-site options, worth it? Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended) Are you managing your property yourself? If so, make sure to get a copy of our management handbook to make sure you’re not missing any crucial steps - get your copy here If you are looking for help managing your property, we’d be happy to see if we can help. Lets chat You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!
5/30/202311 minutes, 31 seconds
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184. Smart Thermostats for Vacation Rentals: Easy Guest Control and Energy Savings

“I’m going to turn the thermostat as cold as it will go.” Your guest thinks to themself stepping in from the hot summer sun. Regardless whether or not your property is at a cool temperature - some guests will still turn down the thermostat…all the way. This ins’t just a challenge for your equipment, it can also be a challenge for you pocket book. Air conditioning and heat are usually one of the largest utility expenses for most properties. And those bills get even worse if your property is not properly equipped. Whoa that’s a tongue twister–say that one 3x fast. “Property is not properly equipped” Ok down to the point. The easier the thermostat is to use the easier it is for you guests. And they are not all created equally. In my personal portfolio we use multiple different brands. But, I now have a favorite. I purchased a dozen or so of them and we’ve tested them… All is looking good so I figured it’s time to pass the tips on to you all. This week as we dive into everything from: Potential HVAC issues Essential thermostat settings Several Industry Options The thermostats we now use Looking for the closest possible thing to a turn-key short term rental you can find. Check out the episode I did with my friends Dave and Leon who are building them :) 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!
5/23/202314 minutes, 40 seconds
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183. How to Earn 5-Star Reviews for Your Non-Perfect Property EVERYTIME

Even if an older, short-term rental property is not perfect in terms of its amenities or aesthetics, it can still earn perfect five-star reviews on Airbnb. It can still outperform a brand new, well-designed competing property by leveraging five key concepts. The money is in the details. On a last-minute trip to Miami for a friends wedding I stayed at a guest house in a nice little neighborhood near my friends wedding venue. The neighborhood was nice but the property… egh, not so nice. But it had everything I needed. It met my expectations. One slight little hiccup however, and it would have been really easy to slip this Airbnb a less than perfect review. I left a glowing 5-start review though for 5 basic reasons! All of which we’ll cover in this weeks episode. Stay tuned as we dive into the five things you can do to make sure your non-perfect property gets perfect reviews—everytime. 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!
5/16/202316 minutes, 7 seconds
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182. Lessons from one of the industry’s leading experts (Jason Hartman)

Before we can determine whether or not a real estate investment will be a successful one we need to first look at the bigger picture. We need to know and understand the demographics and fundamentals driving each market.  Once we know what real estate markets are ripe for investment it drastically helps to narrow down our options. With a market decided, we can go hunting. But it’s not always easy to determine what makes a “good” market for investment. This comes with practice, education, and experience. So when I’m doing my market research I turn to advice from some of the industry’s leading experts. This week we had the luxury of interviewing someone who’s education has been a big influence in my life. Education that has saved me from putting my money in real estate markets that were too risky (and that’s evident now as prices fall). I’ve gone to several of his conferences in person and been listening to his podcast for years soaking up all of the knowledge that he shares so freely and wisely. He is, arguably, one of the industry’s most recognized and respected thought leaders in real estate; Jason Hartman. Jason is the host of the popular “Creating Wealth Real Estate Investing” Podcast. With almost 2000 episodes and years of experience under his belt, Jason brings a ton of value. Stay tuned as we dive in deep to:  Why money is still “cheap”  What makes a market risky Examples of risky markets where you don’t want to invest Which markets are ripe for investment and why What it means to live a “Rich” life You can find out more about everything Jason has to offer by visiting his website here. Need help managing your short term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.  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!
5/9/202332 minutes, 17 seconds
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181. Smart Banking Solutions for your Short Term Rentals

If you have been investing in real estate for a while you know it has a lot of moving pieces.  Especially if you have ever remodeled a property. All those tiny little expenses need to be recorded. From the miscellaneous screws you bought at your local Home Depot to the new, fresh vanity for your master bathroom. Don’t forget the gas you paid for on the way to the home goods store; that should be expensed too. So maybe you’re not doing the remodel yourself. If you’re like me, when I started I definitely got my hands dirty. I’m not saying I knew exactly what I was doing but that’s where I started anyway. It was fantastic graduating to the point where I could pay professionals to do professional work. No more uneven grout lines or crooked tiles. But of course hiring professionals costs money… and yep, that money has to be tracked too. If you’re working with a local handyman many times you’ll send over an easy payment through the Cash app or Venmo. But as you get bigger, you add more properties, and then you add more expenses. Sometimes, you come across the occasional vendor that doesn’t accept venmo payments. Checks only? Yeah, that still exists unfortunately. So now you need to send a check out that’s not going to process until it’s cashed. I’ve got an easy solution I’m getting too soon–I promise. And I’m not referring to the turn-key short term rentals we recently talked about (although that’s an excellent way to skip the bookkeeping too) But first let's flip the switch here and assume we’re no longer referring to a long term rental property. Tips from the Short Term Rental Riches Podcast and you’re friends' Airbnb success have led you down the path to getting in the STR game. And as you dive in head first the amount of transactions you have shoots through the roof. Cleaning supplies. Furniture. Housekeeping payments. Utility payments. Software subscriptions. Landscaping. The list goes on and on… This week we’ll break down how we can make all of the expense tracking and banking so much easier! I’ll share with you my best practices and what I’ve learned paying hundreds of contractors, and hundreds of thousands of dollars (remotely) over the years.  This week as we dive into everything from:  Safe banking options & what makes them “not safe” My struggles Features you need  Why speed matters Sharing features with your team Connecting to accounting programs  Two banking options to make your life easier (Incl. one I use) To find out more about the bank options recommended you can head here to Relayfi.com or mercury.com 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!  
5/2/202321 minutes, 34 seconds
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180. Lessons from one of the industry’s leading experts (Danny Rusteen "Optimize Your BNB")

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. This week we meet with my friend and former Airbnb employee Danny Rusteen. Danny is also the author of the best selling book “Optimize your BNB” and has a new book coming out soon I’m excited to talk about “profitable properties - Airbnb Insider secrets.” Danny doesn’t just talk the talk, he also owns and operates arguably one of the best performing properties in all of Medellin, Colombia. Medellin is no small city… thousands of Airbnb’s are actively listed there and it takes work to get to the top of that list. He brings a ton of value this week as we dive into everything from:  What it means to live a “Rich” life Why direct bookings are important  To get in touch with Danny you can find him at https://optimizemybnb.com/ or get a copy of his book here. He is also launching the Optimized Business course, which I believe could be of great value to you. By using the code STRRICHES, you can enjoy a 50% discount for three months. The course begins on May 29th. 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!  
4/25/202322 minutes, 30 seconds
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179. Lessons from one of the industry’s leading experts (Jonathan Farber)

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. This week we meet with Jonathan Farber. John is the real deal. He also happens to spend half of his year in Medellin, Colombia where I ran into him and have had the pleasure to meet up with several times afterwards for dinner and drinks. I’ll let John tell his own story on the episode but just know that he brings some EXPERT tips. Join us this week as we discuss with a fellow short term rental expert:  Why having virtual team members is necessary Best practices for hiring your own VA How your team can “train themselves” How traditional management can hurt (or crush) your STR returns The current economic and industry outlook  What it means to live a “Rich” life Make sure to catch Johnathan on his popular podcast - Millennial Millionaires. You can also find out how to work with John and have real estate deals hand picked for you by going to:  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!  
4/18/202338 minutes, 21 seconds
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178. A Short-Term Rental Option that Won't Break the Bank AND Earns Higher Returns

When I first got started with my real estate investment career the idea of a turn-key rental always sounded enticing to me. Turn-key property = a property you can purchase that is renovated, rented, and professionally managed all in one spot. Easy peasy. Problem was, after visiting multiple states and markets, I wasn’t able to find many opportunities that led to decent returns. In fact, some of the so-called “opportunities” weren’t earning any cash-on-cash return at all. That’s what led me to start investing in short term rentals. It was a natural progression after having used them during my world travels time and time again.  Now years later, after over 25,000 guests have passed through my personal portfolio and for the first time I’m witnessing a potential turn-key short term rental investment opportunity just beyond the horizon.  An opportunity to purchase a short term rental property that comes professionally designed, fully furnished, and ready to list online with minimal effort.  A short-term rental that also happens to have an exceptionally affordable entry-level price.  It’s brand new. It’s eligible for bonus depreciation. You will never have to pay property tax on it.  All with the potential to earn much higher cash-on-cash returns. Heck, our team will even help you manage it! I know, I  know, this all sounds too good to be true… I’ve dedicated years to becoming an expert in short term rentals and I’ve never come across an opportunity like this that has so many value-added components all in the same place. Until now… People all over the world are choosing many short-term rentals for the experience they provide—no matter the size.  And if you’ve followed my content for any length of time then you already know that many of my smallest properties also happen to be my best performers. So when I travelled to Phildelphia recently and saw with my very eyes an opportunity to purchase a short-term rental that I could have delivered anywhere in the USA, my ears perked up. Listen in to this week’s episode and find out how a couple friends of mine are changing the short-term rental investment landscape. They’ll break down how a park model home has the potential to multiply your investment returns and save you from the hassle of getting things going on your own. We break down all the highlights this week including:  Defining a park model home  Tax benefits from day one  Built to last with minimal maintenance How a $100k investment could earn 4x more than a $1 million investment Who these properties are right for A truly turn-key short-term rental opportunity?  If you want to find out more you can simply leave your email here and setup a quick meeting with our week's guest who has already worked with dozens of other happy investors. Worried about the management? My team and I might be able to help you out with that as well. If you haven’t heard, we’re now partnering with others to help manage properties (no matter where they’re located) just like mine—find out more here.
4/11/202328 minutes, 9 seconds
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177. How the Right Virtual Assistants Can Boost Your Short Term Rental Property Performance

Your short-term rental operations don’t stop the moment your guests check out. Nope.  Actually, in many ways, they are just beginning. Much like a new born baby you have to care, protect, and monitor your STR for its whole life. You have to make sure it stays clean. You have to make sure it stays smoke-free. You have to make sure that it's warm when it needs to be and cool when it’s heating up outside. And much like how a child's experiences impact its future experiences—so do guest bookings.  Every single reservation that comes through your property impacts future bookings in the way of a review. Over time, your property builds a solid foundation (hopefully a positive one) and allows for the good times to keep on coming. So in a way, while a short-term rental and a baby may seem like two very different things, both require a significant amount of attention and care to ensure that they live out successful and enjoyable lives. So yes, if you have a short-term rental, you have something that needs to be cared for! This week in part 4 of our management series, we’ll break down all the things you need to know after your guest leaves your property. And if you have someone else managing your property—hopefully they are doing these things as well. Your future pocket book depends on it.    Stay tuned as I break down for you: Managing your property AFTER a reservation Turnover Operations Housekeeping  Maintenance  Resolutions and charges Monitoring Performance  Analytics Review management  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!
4/4/202310 minutes, 59 seconds
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176. How Your Virtual Assistants (or manager) Should be handling Your Short Term Rental Bookings

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!
3/28/202310 minutes, 19 seconds
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175. What Landlords Need to Know Before Choosing a Short-Term Rental Property Manager

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!  
3/21/202315 minutes, 19 seconds
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174. Find out why Virtual management is the future of property management

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!
3/14/202319 minutes, 43 seconds
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173. Lessons from one of the industry’s leading experts (Jasper Ribbers)

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!
3/7/202336 minutes, 41 seconds
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172. Enhancing your STR’s curb appeal

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!  
2/28/202313 minutes, 31 seconds
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171. What to Do If Your Airbnb Gets “Shut Down”

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!  
2/21/202316 minutes, 12 seconds
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170. Does Your Short-term Rental Need Additional Insurance?

In the world of long-term rentals we do a lot of screening before we put a tenant in one of our properties. We don’t want someone getting in there not taking care of the property, and on top of that having a legal right to the property without some sort of financial reserve; that’s why we always get a deposit and in many cases first and last month's rent. In the world of short-term rentals however, many people are not getting security deposits. They are relying on Airbnb to cover their back should something go wrong. But what if Airbnb doesn’t cover your back? What can you do to add additional protection to your properties? This week we will discuss some additional insurance you may want to take out: Airbnb protection Every other OTA protection Your essential protections steps  How much of a deposit?  Is your deposit adequate to cover damages?  What happens if you have no deposit and no OTA protection 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!  
2/15/202313 minutes, 24 seconds
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169. Guide to Hosting on Booking.com for Beginners

When the facts change, I change my mind. What do you do sir? This was a quote I heard and has stuck with me for years since an Int’l business class I took as a young buck. This is reality: things change. I’ve spoken before about Booking.com and how they weren’t right for us but… We’re now back on Booking.com! And I think you might want to use them for extra exposure for your short-term rental as well. They have also released a few new features I think you will find very handy since the last time we reviewed them. Stay tuned this week as we discuss: Why we went back on Booking.com How to get started with them (for beginners) How to save time in the setup  Why now they are easier to use then ever Extra exposure Property protection What type of guests they will bring to your property 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!
2/7/202312 minutes, 30 seconds
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168. Renting Your Property By the Hour

Have you thought about renting by the hour? I know what you’re thinking… Tim you have stooped too low. I’m not about to start running a brothel. Besides, even if I wanted to, that's not even legal. No, I’m not talking about running a brothel. The truth is there are lots of legal, productive, and lucrative ways to rent your short-term rental by the hour. The best part, if your property is already set up there not much more to do! The platform is here. So, let’s dive in! We will discuss: Is renting by the hour a good idea?  How the platform works  Opportunities & Risks Who this is right for Challenges 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!
1/31/202311 minutes, 28 seconds
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167. What Linens Should You Use For Your Bed? (and What I Use)

Coziness goes a long way when it comes to guest experience in your STRs. If there is one other important thing you should consider focusing on, it would be something relatively timeless: COMFORT. We are talking about linens, towels, mattresses and pillows. Having a superb quality of these coupled with proper care and some nice presentation can totally enhance the guest experience!  As traveling has been redefined, we see more inclusive stays across short-term rental properties lately. But some guest expectations remain the same. Regardless of the main reason why our guests are traveling, they are still coming to your short term rental to relax, so make sure you’re providing them the space to just do that! So in this week’s episode, we will talk about how to provide guests with a quality and comfortable stay in the form of these amenities. Tune in as I give you extra bonus tips straight from Airbnb Host Plus! We will discuss: Keeping quality comfort in mind Caring tips and when to replace them What I personally use and where to get the best  Bonus Tips for making a welcoming bed - Airbnb Host Plus! If you want to checkout the recommended video from a bedding expert see it here. 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!
1/24/202314 minutes, 40 seconds
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166. You’re Leaving These Items For Your Guests…But You Probably You Don’t Need To

As occupancy around the nation has slowed slightly (although not in all markets) we really need to consider our expenses. Afterall, we earn more if our expenses are less! There is one consumable item I have been using in my properties for years but just realized something… Maybe we don’t actually need it. Well, we’re now testing that theory. And the chances are you might not need to be leaving this consumable item as well (and I can guarantee it's something you are currently leaving). I’ve found that Hotels (even with kitchens) don’t leave this for their guests either so after reviewing how much it was costing us we have decided to cut this expense. This week we will discuss: The consumable items we leave guests and whether they are all necessary Have you considered alternatives? Do you know how much they are costing you? Will forgetting something lead to a bad review 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!
1/17/20238 minutes, 13 seconds
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165. Do You Have the Right Number of Bedrooms?

It's quite possible that your short term rental is not the right size. I don’t necessarily mean the square footage, but more specifically the number of bedrooms. For example, when it comes to size, I have found little difference in the performance of an STR based on overall size. For example, I have studios as small as 250 square feet and then one bedroom in the same city up to 800 square feet and the performance is essentially the same. One isn’t noticeably outperforming the other. When you look at the number of bedrooms however, and not the size that is when things change. If you take that same 800 square foot one bedroom and compare it with a two bedroom of the same size the performance could be drastically different! Even though the size has not changed. So how do we figure this out? Good news, we have several ways. Let's discuss this week if you are missing out on some opportunity by not having the right number of bedrooms and what you can do about it. We will discuss: What's the ideal number of bedrooms in your market?  Should you add another bedroom? Alternative ways to “add” a bedroom Finding the data that tells you yes or no Potential increased return    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!
1/10/202310 minutes, 50 seconds
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164. Cash on Cash Returns Explained

One of the upsides to real estate investing vs. other investments, stocks for example, is that with real estate we can know when we buy a property if it’s a good investment or not. It all comes down to the numbers. While there are a lot of metrics out there to compare investments there are a few that are more important and one in particular that every conservative investor should have in their tool belt.If I had to choose just one metric, it would be the Cash-on-Cash (COC) return. This tells us how much cash we are actually making at the end of the day–which, to me as a conservative investor, is always more important than what we could make. By investing for appreciation for example. In our current economic environment you can pretty much kiss your appreciation returns goodbye since the market is dropping. BUT we can still find properties that earn a good return and to do that we will need to fully understand the COC metric. To take it one step further, as short-term rental investors, we need to add in a few items to make sure that we are accurately calculating our potential returns. Let's break that all down this week to make sure you are not getting into a deal that doesn’t make sense.  What is the cash on cash return?  An easy example Historic averages Today’s averages Why the annualized COC return is important Why CAP rates are not as useful.   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!
1/3/202315 minutes, 16 seconds
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163. International investment options just got WAY better

What the heck is going on? If we look beyond the US borders most currencies are getting crushed against the dollar. I just got back from a 4-week Euro trip and the dollar for the first time in my life the US dollar was at parity with the euro! Just to put things in perspective, the first time I went to Europe one Euro equaled $1.50 (a 50% difference). And why does this all matter anyway. There has never been a time in my lifetime when the dollar has been as strong as it has now. What does that mean for Americans or those of us that are earning US dollars? It means everything is on sale! Unfortunately at the expense of many other nations. The subject of currency exchange is a complicated one. A subject that isn’t easily calculated or forecasted and that can change on a whim from the news. But if you have interest in investing in other countries now may be your time!  Historical highs Brent Johnson’s Milkshake theory Exchange arbitrage Using your USD to live like a king / queen Plan Bs and potential options Virtual Assistants Considerations for buying foreign properties My current deal CLOSED I got lucky I didn’t invest a year ago…   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!
12/27/202211 minutes, 40 seconds
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162. Dissecting Airbnbs review (from the guest side)

What better way to find out exactly what Airbnb finds important than to be a guest. Shortly after you’ll receive a review request asking some specific questions. Questions that will help Airbnb figure out where you should rank against other properties in their search results. I just got back from a nice stay in Mexico (where I got to meet up with one of my receptionists as well). This week we’ll dissect the Airbnb review only from the side of the guest:  The required questions Additional info The order they ask the questions Completing the review   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!
12/20/202212 minutes, 25 seconds
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161. Should You Still Leave Instant Book Turned On?

Do you know the one power tool that you can use to maximize your earnings and expedite the booking process, too? I am talking about Airbnb's Instant Book feature. Instant book is a hassle-free booking process that allows guests to book your listing automatically. It also improves guest experience on top of that. It is like hitting 3 birds with one stone. But let’s pause here for a second and rethink, are we using it effectively?  In this week’s episode, we will talk about the power of Instant booking. Is it a yay or is it a nay? Stay tuned as I break down for you the perks, the downsides, and everything between! We will discuss: Pros and Cons  Tips when dealing with Instant Book Guests Booking requirements you should apply Why don't some hosts use it? Top 3 FAQs about Instant Book   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!
12/13/202210 minutes, 27 seconds
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160. It’s Now a Buyer's Market (But Should We Buy?)

Things are sounding a bit scary out there in the real estate world. Interest rates have surged, less people can afford to purchase, real estate prices are falling, and people are backing out of deals!According to Bloomberg, home prices are decelerating at the fastest rate in over a decade across major markets in the U.S., and homebuyers are increasingly backing out of deals (a record 16% in July 2022)On top of that we are seeing savings accounts depleted, consumer credit debt is on the rise, and general prices for necessities like food and energy keep creeping up due to inflation; that is not a good combination.   At the same time though, it’s been a while since I’ve seen so many real estate “opportunities” coming across my mailbox with price reductions. So now that we have officially entered a buyer’s market, should we actually be buying? Or should we wait around for prices to keep dropping?  This week:  What it means to be in a buyers market Opportunities Should we actually buy? Or wait… Every Market is different  What to do if you are underwater…  What this means for rents (and renters) Int’l opportunities
12/6/202216 minutes, 8 seconds
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159. How to Get Your Negative Reviews Removed

It’s a great world for short term rental business but it definitely is no fairy tale! There are still lots of things that can’t be in our control which may affect the total guest service that we offer. For those that we can, it’s important to remedy them right away and see how we can make it right for our guests if there is a need for that. Hopefully, these two things can better the experience and guests continue on having a great stay. But not all guests can be understanding. We get the opposite, too! And they can hurt our business big time when it’s time to submit reviews and they give us a really bad one. With all my experience, Your property may be top of the charts when it comes to 99% of the experience but you will most likely see that measly 1% up on the review board. The good news is we can have these reviews taken down if we believe it violates the platform’s Review Policy. There are things we can do to mitigate the damage a bad review will cause to our listing. It’s not always easy but it's always worth the shot! So,let’s dive in! This week, we will discuss: 3 Reasons for reviews to be removed 2 Questions to ask yourself if the review is worth pursuing Importance of proof and evidence How to proactively handle a negative review Bonus Tip: How do I personally do it? Do you want to take your STR to the next level and meet with me and a group of like minded investors each month? We now have the perfect place to do that and share resources and tips– check out our “Rested Investor Club House.” Hope to see you on the inside!  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!   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.
11/29/202211 minutes, 21 seconds
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158. Are you being lied to?

I believe communication is one of the main keys to success in life. But it’s more than just communication, it’s honest communication. After managing tens of thousands of guests, however, it's clear that we are not always receiving honest communication. It’s true, my team and I have been lied to–and if you have a short term rental it’s possible you have been lied to as well! This week we’re going to talk about dishonesty in the world of short term rental rentals and how it’s affecting you. Including: What does it actually mean to lie or be dishonest?  What about “white” lies… Aren’t those acceptable?  Lie maintenance.  Issues with your short-term rental - you may be enticed to fib What our guests may lie to us about How we prove them wrong Our word against theirs…  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! Do you want to take your STR to the next level and meet with me and a group of like minded investors each month? We now have the perfect place to do that and share resources and tips– check out our “Rested Investor Club House.” Hope to see you on the inside! 
11/22/202215 minutes, 35 seconds
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157. Tom Wheelwright Interview - Why We Should “Partner With The Government” (Part Two)

We have an extra special guest this week that you will not want to miss! He is one of the leading authorities on taxes in the nation when it comes to building your wealth tax free. You may recognize the name, Tom Wheelwright, from his bestselling book Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes or because he is the CPA for Robert Kiyosaki! (author of Rich Dad Poor Dad). Tom is an excellent teacher; his goal is to help people achieve their financial dreams faster by permanently and legally reducing their taxes. He has been a contributor to Entrepreneur magazine, and his work has been seen in Forbes, The Wall Street Journal, The Washington Post and on FOX, NPR, ABC News Radio and hundreds of other media outlets.This week we will break down some insights from Tom’s latest book (I just had the pleasure of reading) The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make. Don’t miss this extra special week as we discuss:  Why short term rentals can have excellent tax advantages The difference between active and passive income Material Participation vs. being a real estate professional  Why the government will discount your investment activities (if you pick the right ones) Why the rich don’t pay taxes If you want to hear more from Tom (make sure you listened to part one) but you can also find Tom at www.Wealthability.com or on one of his two popular podcasts: The WealthAbility® Show with Tom Wheelwright CPA and The WealthAbility® for CPAs Show. 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!
11/15/202217 minutes, 1 second
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156. Tom Wheelwright Interview - Why We Should “Partner With The Government” (Part One)

We have an extra special guest this week that you will not want to miss! He is one of the leading authorities on taxes in the nation when it comes to building your wealth tax free. You may recognize the name, Tom Wheelwright, from his bestselling book Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes or because he is the CPA for Robert Kiyosaki! (author of Rich Dad Poor Dad). Tom is an excellent teacher; his goal is to help people achieve their financial dreams faster by permanently and legally reducing their taxes. He has been a contributor to Entrepreneur magazine, and his work has been seen in Forbes, The Wall Street Journal, The Washington Post and on FOX, NPR, ABC News Radio and hundreds of other media outlets.This week we will break down some insights from Tom’s latest book (I just had the pleasure of reading) The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make. Don’t miss this extra special week as we discuss:  Why you should be an active partner with the government Why the rich don’t pay taxes What you should do if your CPA is skeptical about saving taxes Strategies for saving tax  Why the government will discount your investment activities (if you pick the right ones) If you want to hear more from Tom (make sure to catch part two) but you can also find Tom at www.Wealthability.com or on one of his two popular podcasts: The WealthAbility® Show with Tom Wheelwright CPA and The WealthAbility® for CPAs Show. 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!
11/8/202222 minutes, 7 seconds
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155. The Biggest Fail You Can Make as an Airbnb Host

There’s one thing that will guarantee you a bad review. It’s also something that you could encounter if you are not prepared! We have to always have backup plans for when the unexpected happens. On a recent trip to Eastern Europe I was staying in an Airbnb and this very thing happened. I got locked out! Even worse, it was in the middle of the night :( So this week I want to talk about the experience and what you can do to make sure your guests are never left stranded.  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!
11/1/20228 minutes, 27 seconds
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154. How to earn twice as much as your neighbor

There are so many things to think about when we are getting ready to invest and start a short term rental (STR). I don’t claim to know all of them but after managing my over 21,000 guests my team and I have learned most of them. There is one component, however, that can’t just be “taught” with a few words or checklists. One component that does, seriously, make or break your short term rental. This week we are talking about the “Experience” your guests have. If you get it wrong it will show up in the form of negative reviews and you can kiss your high occupancy and high daily rates goodbye! This is a serious topic; you can literally make twice as much as your neighboring short term rental (or half as much if you get this wrong). As investors and owners though sometimes its hard to know what our guests might be experiencing. One way to get some better insight is to stay in other Airbnbs!I just got back from a little over 5 weeks of traveling and I stayed in a whole bunch of different accommodations over 6 different countries and I want to touch on the subject. This week I want to discuss five things you can do to add to your guest experience and five things you should not do!  We will discuss: What I learned from my recent travels Why Airbnb puts so much emphasis on the experience Who is getting the “experience” part right Five things you can do now to improve your experience Five things you do NOT want to be doing  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!
10/25/202216 minutes, 34 seconds
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153. Superhost Status- Does it really change anything?

We are talking about that yellow and red badge that shines bright next to your name and listing. The badge that sets you apart from the rest. The SuperHost status badge! Being a part of a distinguished group is generally a pretty good feeling. But when it comes to our short-term rentals and Airbnb not only do we get to feel good… but we make more money!  No wonder most of us aim to be a Superhost! In short term rentals, having that badge is adding an extra layer of trust and credibility to you and your listing and as a result, more people will book your property.  But is it as shiny as it looks and as glorious as it sounds? Is it really worth the struggle to comply with Airbnb’s strict requirements?  This week, we will talk about Airbnb Superhost status. We will look at the upside it offers our short-term rentals as well as a new insight on what we should really focus on for a more successful and profitable hosting experience. We will discuss: Defining a Superhost (Premier Host with Vrbo) How do you qualify to be one? Is it really worth aiming for? Benefits of being a Superhost The Lagging Indicator Bonus Tips: Getting your Superhost Badge 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!
10/18/202212 minutes, 19 seconds
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152. Setting up your property online like a pro (Part two)

If you missed last week make sure to jump back and check it out as we ran through (in a nutshell) the essential steps to getting your Airbnb ready. Everything that you need to physically do, that is. But we can’t stop there. A STR that no one can find is not going to make any money. So step two; get it ready online. Although this doesn’t take a long time, there may be more to it than you know. I’m going to walk through this week (in a nutshell) the nine step process for getting your Airbnb (or STR) ready and online to make sure it has the biggest reach and answers all of your guest’s questions so they don’t hesitate and hit that reserve button :)  This week we will discuss:  Getting started on Airbnb My software stack The 4 essential components Setting up your pricing Setting up your guidebook  Your home automation Going beyond Airbnb for max exposure A nice place to store additional property info Great news, the dates are set for our next annual virtual event! Join us October 22-23 as we uncover everything you need to know to find, acquire and operate a short-term rental with passive operations! Spend a jampacked weekend with us – for more details click HERE! Are you enjoying the podcast?If you find value in any of our episodes or resources you would do a huge service to your fellow investors if you would share it with them! This will also help us grow and it would be much appreciated. You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more! Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended) P.S. You have asked for it for quite some time and it’s ready… We just launched a virtual clubhouse where we can talk directly! Find out more info here.
10/11/202213 minutes, 35 seconds
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151. 9 Steps to Starting your Airbnb (Part one)

It can be quite a process, but it doesn’t have to be. Setting up an Airbnb that is. After we have our perfect property ready to go we have to furnish it, install home automation tech, and provide details to our guests.  It’s crucial that we do not overlook anything because, as you know, our initial reviews can make or break the success of our STR. I recently got back from hopping around the US and one of the stops was in a city where I own properties and I was doing just this with one of my team members. So I'd like to break down the process for you in a nut-shell to make sure that you do not overlook anything during the initial setup. And if you haven’t set up your 1st STR yet well… then this can be your 15-minute handbook :)  This week we will discuss:  Making a plan  Ordering & Coordinating furniture Setting up / installing furniture  Where to get help? How long does it really take?  Essential rule to make sure you don’t FORGET anything. Great news, the dates are set for our next annual virtual event! Join us October 22-23 as we uncover everything you need to know to find, acquire and operate a short-term rental with passive operations! Spend a jampacked weekend with us – for more details click HERE! Are you enjoying the podcast?If you find value in any of our episodes or resources you would do a huge service to your fellow investors if you would share it with them! This will also help us grow and it would be much appreciated. You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more! Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended) P.S. You have asked for it for quite some time and it’s ready… We just launched a virtual clubhouse where we can talk directly! Find out more info here.
10/4/202216 minutes, 46 seconds
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150. How living longer WILL affect real estate

I can’t believe it. This is our 150th episode! Wow, how time passes soo quickly. I thought we’d do something special and talk about a topic that’s not 100% real estate related but will, undoubtedly, change the markets we should be investing in and the type of guest we will be receiving in the future. Let’s talk about the human lifespan. Our population as a whole is getting older; it’s a fact.  And as our population ages, demographics change and that changes the fundamentals of our real estate investments and the decision we are making. Well… it should change our investment decisions! But it depends on your investment timeline and to be honest - some of the demographic info is a bit hard to see from the ground level.I’ll get to some excellent resources I’ve used in the past in a bit but, first, a bit more on breaking scientific research that is allowing us to live longer!Every year we are alive we gain an extra 3 months of life. So, if you're alive for 10 extra years from today that means you added another two and a half years to your lifespan. And not too far off on the horizon, scientists believe that we will be adding an extra year of life for every year we are alive; imagine that. So I don’t know about you but if I can live 20 years longer than the current life expectancy I am all for that; as long as I’m healthy, that is. The good news, we know what we can do today to live longer and stay healthy. Lets go slightly off topic this week for a special 150th episode and talk about the latest scientific research behind longer lifespans and how:  Our aging population affects real estate Why demographics are so important to real estate investing Exactly why we are living longer 5 scientifically proven tips we can implement to live longer The opportunities we all have with a longer lifespan  Consistency & the Slight Edge recap (one of my favorite books) If you haven’t already read it, please check out one of the most influential books I’ve ever read by Jeff Olson: The Slight Edge. It will change your life. I promise.Also make sure to check out “Big Shifts Ahead” and “Emerging Markets” you can find on our resources section here. If you want to jump around you can check these time stamps:  10:15 how living longer affects real estate  13:15 two of my favorite book recommendations for finding good markets & demographic data 13:35 how to predict demographic shifts  15:30 best book for finding emerging market data 16:35 how we can combine longer lifespan + consistency to achieve amazing results Great news, the dates are set for our next annual virtual event! Join us October 22-23 as we uncover everything you need to know to find, acquire and operate a short-term rental with passive operations! Spend a jampacked weekend with us - for more details click HERE Are you enjoying the podcast?If you find value in any of our episodes or resources you would do a huge service to your fellow investors if you would share it with them! This will also help us grow and it would be much appreciated. You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more! Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  P.S. You have asked for it for quite some time and it's ready... We just launched a virtual clubhouse where we can talk directly! Find out more info here.
9/27/202221 minutes, 54 seconds
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149. Are you keeping your property secure? (best security camera)

Camera technology has really improved over the years. That’s really good news for us in the STR industry because security cameras not only help us protect our homes but they help us monitor our guests.Ok… before you go thinking that I have been spying on our guests let me explain a bit more what I mean by “monitoring” our guests. Cameras are NOT allowed inside our short-term rentals and that is obvious. But we can monitor our guests in other ways. We can see when they arrive. We can see how many people they arrive with. We can see if they, perhaps, are trying to sneak in one of their furry little pet friends when we have a no pet policy :) So for us in the STR space cameras are essential. But there are a ton of options to choose from these days! So which one do we choose? I’ll share my experience in this week’s episode using several different models over the last 7 years and break down some of the most important features you will want to have regardless of the camera you choose.  Is it worth opting for a wireless option?  Alternate uses for our STR (outside of security) 3 things to consider when purchasing 5 options on the market today Are you enjoying the podcast?If you find value in any of our episodes or resources you would do a huge service to your fellow investors if you would share it with them! This will also help us grow and it would be much appreciated. You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more! Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)
9/20/202212 minutes, 37 seconds
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148. Short term rentals are LESS RISKY than long term rentals

One of the first things most people think of when they think of renting their property on Airbnb is “Someone is going to destroy it!”Yes, this is possible but it’s very unlikely. The truth is, I actually think that long term rentals can be much more risky than short term rentals. I’ll explain shortly. I’ve been investing for over 12 years and throughout the years I have not been particularly biased towards any one specific type of real estate to invest in. I started my career as a commercial real estate broker working exclusively with investors and different real estate investment options.  The small team I worked with completed over 2 billion (with a B) in real estate transactions including everything from shopping centers, to warehouses, to apartment buildings. There are many, many different niches of real estate to invest in and we can take it one step further. Within each “sector” of real estate lies even more sub-niches. Short term rentals are just one sub-niche of the residential housing sector.  You may say… hey Tim… short-term rentals are part of the hospitality sector! They are for vacations! But the fact is, people are living in short-term rentals now. So which type of real estate is the best to invest in? Short answer; it depends. It depends on your risk profile and what your experience is But to make things simple, this week we will break down and compare just two different niches: Short-term rentals vs. Long Term rentals. I own both and continue to invest in both so feel that I can provide you some great insight in this week’s podcast. Let’s discuss the pros and cons between the two including:  Recap from 8 days with some of the smartest RE investors I know STR vs. LT rental risks Subtle advantages of STR (you probably haven’t though of) Scaling - which is easier Future outlook for both
9/13/202213 minutes, 33 seconds
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147. Exploring Airbnb Categories

Options are always good. Unlimited options? Even better!  That is what Airbnb is offering with its latest 2022 Summer Release. When you open it, you're presented with 56 categories that organize homes based on their style, location, or proximity to a travel activity. That is 5.3 million unique listings in 191 different countries around the globe!  Limitless possibilities are here to stay for the travel industry. The changing of work set-ups paved the way for “bleisure” stays (that’s business + leisure combined) and these beautiful, fun and sometimes quirky groupings just added more inspiration to travelers.  As Airbnb timely transitioned from a destination-focused search to an experience-focused search, we ask, “What are my chances of popping up on these new search results?” “Is my listing in one of those categories?” So to understand more about this latest update from Airbnb Summer Release, let’s dive in! This week we will discuss:  Interesting Airbnb Categories Why was the search changed? Top 3 Host questions to Airbnb Elements Airbnb consider for you to qualify in a category 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!
9/6/20229 minutes, 41 seconds
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146. Is it time to renovate your property?

Keeping your STR updated and contemporary will help to increase your property value and get more bookings. These types of upgrades are essential in order for your property to stay competitive and relevant in the booming 21st-century short term rental market! But hold it just one minute! Before you start renovating, make sure you’re doing it for the right reasons! Sometimes, we think pumping more money into certain areas of the home will get higher rent, get a higher equity position in the house, and it simply does not happen! And then we ask, “Why??” Yes, I have gone through my fair share of renovations here and there. It is not an easy decision to make and in actuality, it's an even more difficult task to undertake! But I always think of the areas of my rental property to concentrate on for the best return of investment from renovating. So today, I will share with you my experiences and a few good tips to consider if you are renovating your properties. Stay tuned as we discuss: When is it time to renovate your property? 4 Main reasons why you should renovate 3 Renovations that are a waste of money Tips to renovating your rental 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!  
8/31/202214 minutes, 29 seconds
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145. Upside and Downside of Alteration Requests

I’m sure we all have experienced this: a guest changing his/her plans and asking you to change the date of their stay to a time that is outside of the cancellation penalty period.You approve this request only to find out that, well your guest is, after all, planning to cancel!  Well quite sadly, this is an ongoing tactic. We understand that guests want flexibility but if you just give in to these alteration requests without checking how it goes with your cancellation policies, then you are losing a lot of potential income there! Imagine, a Reddit post about this tactic in ULPT (Unethical Life Pro Tips) has 10,000 upvotes on exactly how to go around the host’s cancellation policy. They are talking about this at your expense! You definitely don’t have to fall for this! Remember that when a reservation is made on your listing, guests are locking in those dates so no one else books it. You have the right to earn money knowing the value of your home and the value of your home being booked! So this week, I invite you to join me as we talk about:   What is a trip change request How it works  Should you be accepting them and what you can do Red flags you should keep an eye for  Bonus Tips you should know 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!
8/23/20225 minutes, 59 seconds
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144. When do the expensive markets make sense?

Investment philosophies should always revolve around returns that’s why we normally recommend areas of the US where the rent to value ratio (amount of rent we get back vs. purchase price) is higher. If you evaluate properties using this metric it’s an easy way to rule out a lot of areas; typically the areas with the highest cost of living. But when can these SAME CITIES actually make sense? Let’s talk about rental arbitrage and how the areas for rental arbitrage are often the opposite of the areas you would want to purchase or invest in but can still make you a fortune.   Why some markets are bad places to purchase but better for lease arbitrage A few examples of cities How we can calculate to know for sure Lease considerations if you decide to go this route The operations are the same 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! Check out this older Airdna report on the Best Markets for Lease Arbitrage in the US which is still relevant today (unless regulations have changed in the cities).
8/16/202211 minutes, 50 seconds
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143. Outsourcing your guest communications 24/7

It’s exciting hosting so many guests from all over the world in our properties. We are helping to facilitate a new way people are deciding to travel that is more experiential. We are helping others to build lifelong memories.But it’s not exactly easy. Things happen, and people have questions. Questions about our properties. Questions about the area our property is in. Questions about what we recommend they do while they are there. If you’ve been listening to the podcast for a while, then hopefully, you’ve figured out how to answer most of these questions BEFORE your guests actually ask them, but the reality is, there will still be more times when we have to communicate with our guests. Every guest has slightly different questions and expectations. If you are just getting started and have one or two properties, then the questions you get from your guests are likely not dictating your life and waking you up at all hours of the night. If you have more properties, however, there is no avoiding required communication at ALL times of the day, and if you’re like me, I didn’t begin investing in real estate to answer calls at all times of the day. I got into real estate as a way to earn passive income, and so I learned early on that the guest questions were one of the most important parts of an Airbnb business that I needed to outsource. Over the years, I’ve explored several options for outsourcing guest communications, and that’s what I’d like to break down for you this week so you know your best options! Join me as we discuss:  Options for outsourcing your guest communications Where to hire virtual assistants  What to Include in Your job description Having someone 24/7 for your guests Challenges & requirements for a VA Tracking progress 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!
8/9/202214 minutes, 38 seconds
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142. Breezeway for scaling

It’s often said that “the devil is in the details.” When it comes to short-term rentals, this could not be more true. One little hair could be the difference between your 3-star review and a perfect 5-star review that will keep guests coming back. So how do we ensure that we consistently get great reviews? We have to monitor the details! I know, that’s easier said than done. My team and I have managed over 20,000 guests over the years, and I know we have missed a lot of details. A dead battery in a TV remote, a loose door knob on the closet door, or mismatched hangars in the closet; there are a lot of details to consider. So I’m excited to talk this week about a program that can help us manage all of these little details. Everything from housekeeping to maintenance to ensure that our properties are exactly the way they should be :)  What is breezeway?  Most management software programs are lacking The items we should be tracking  Top features Connecting to Airbnb, VRBO, etc.  Costs You can check out the software here: https://www.breezeway.io 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!
8/2/202210 minutes, 31 seconds
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141. Are you charging the correct cleaning fee?

We are currently doing hundreds of reservations a month, and something just dawned on me after looking at our cleaning fee and realizing it was likely too low...We may be losing thousands of dollars! And not just in lost potential revenue but because our cleaning expense is actually higher than our fee. So that brings up a good question, how much should you charge your guests? How do you calculate the right cleaning fee for your property? Should you look at the cleaning fee as a way to earn additional revenue, or should you charge just enough to cover your costs? What happens if your cleaning fee is too low or too high? There are a lot of things to consider when you set your cleaning fee for your listing, so this week, we’ll uncover a few of them, including: Finding the average Lower fees vs. higher fees Housekeeping perceptions Is it fair?  How often do we need to adjust our prices  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 event, short-term rental playbook, Instagram, and more!   P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
7/26/20228 minutes, 36 seconds
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140. Are long-term stays better? (Pros and cons)

Do you know all the downsides to renting to long-term guests for stays over 30 days? If you haven’t really thought it through before - there are quite a few. Everything from the legalities and taxes you will owe to the way you manage your property change. Long-term stays are NOT well suited for all short-term rentals and markets. But on the flip side, there are a lot of benefits!So before we decide if we want to attract long-term stays, we need to truly understand if having long-term stays will be to our advantage…So this week, we will dive into this discussion and talk about: Pros of accepting long-term guests The downsides The legalities (it is different) Management Changes Are you leaving money on the table?  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!
7/19/202211 minutes, 45 seconds
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139. Remote listings & traveling tax free

What if you could travel for free? Without tax that is. Well, you likely can.   I stayed at the most remote Airbnb I’ve ever stayed at in my life. I literally could barely get to it. After putting the jeep in 4x4 and dredging up and down muddy roads with deep crater-like holes we finally made it. Not without, however, two gracious Colombian gentlemen helping to push us up a hill while I had the throttle to the floor and mud shot all over their ponchos. It’s hard to imagine a moment of peace after such an arrival. But it was peaceful. Staring out at the beautiful mountains where the clouds rolled by like waves in the sky. The rain spattered in from time to time but there was no noise to be washed out. Just the sound of nature and a crisp breeze.Of course, as an investor in the short-term rental space, having accommodated over 20,000 guests in my properties, my mind started churning. I couldn’t help but think about the future success (or failure) of this property. Was the arrival just too treacherous? Was this property just too remote? We’ll break down the pros and cons of remote listings this week and wrap up with just how cool it is to explore the world and travel tax-free! This week's topics:    Remote properties Pros and cons of operating remote properties  Expectations Are you eligible for a tax write-off for travel?  Is it possible you could use travel expenses to offset your ordinary income?    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!
7/12/20228 minutes, 55 seconds
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138. The Risks and Opportunities with Short-term Rentals

I’ve been investing for over 12 years and have not been particularly biased to any one type of real estate to invest in. I started my career as a commercial real estate broker working exclusively with investors and different real estate investment options. The small team I worked with completed over 2 billion (with a B) in real estate transactions including everything from shopping centers, to warehouses, to apartment buildings. There are many, many different niches of real estate niches to invest in and within each “sector” of real estate lies even more sub-niches. Short-term rentals are just one sub-niche of the residential housing sector.  You may say… hey Tim… short-term rentals are part of the hospitality sector! And you would be right if you were referring to just STRs used for vacations! But the fact is, people are living in short-term rentals now and they have become a mid-term option for many people.So which type of real estate is the best to invest in? Short answer; it depends. It depends on your risk profile and your experience. It’s also helpful to be able to compare and contrast the various options. So this week we’re going to make things simple and break down the risks and opportunities of just one of these niches (and my favorite as our listeners already know) and talk about investing in short-term rentals. This week we will have a rapid-fire list of the risks and opportunities as I see them with short-term rentals. Let’s discuss:  Recap from 8 days with some of the smartest investors I know STR strengths and weaknesses Subtle opportunities (you probably haven’t thought of) The future outlook for the industry (and economy) What I’m doing in the current environment 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!
7/5/202221 minutes, 8 seconds
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137. How you know you’re getting scammed (Airbnb thieves)

It’s hard to tell at first. Something seems a little fishy but not enough to lead you to believe that someone is out to fool you. Not from the start anyway. These days there aren’t many areas of life that haven’t been infiltrated by someone or something trying to take advantage where they can and ultimately take things that don’t belong to them. Scams happen with Airbnbs and short-term rentals as well. And there isn’t just one way they’re doing it. An important thing to take note of is that scammers are smart and always adapt.  Just recently, for example, a scam at the start of 2022 affected 587 individuals and tallied up to a whopping $2.7 million in lost money. $2.7M lost with just one fraudulent scheme! So we need to be careful. As scammers are getting increasingly sophisticated in their attempts to fool people around the globe and with the rise in demand for rentals, this industry is now more prone than ever to fraud.It’s crucial that we watch out for any potential risks to avoid becoming vulnerable to scams, even to those already staying with us. This is an important topic, so this week, we’ll talk about  Warning signs to look out for Most Common STR scams OTA ways of protecting us (and who does it the best) General tips for preventing scams   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!
6/28/20229 minutes, 49 seconds
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136. How Aircover Protects You

If you have had an STR for a while I’m sure you had some unexpected cleaning due to guests smoking in your listing or pets damaging your property. Not only is it frustrating when our properties aren’t treated with care but having to deal with the process to get reimbursed can be equally frustrating! And sometimes we just don’t have the time to file a complaint before our next guest checks in and we lose the possibility. Airbnb has had its “Host Guarantee” for many years but just last November, Airbnb dropped it and introduced AirCover - the “top-to-bottom” protection for Hosts. AirCover is a branded type of coverage that consists of Host Damage Protection and Host Liability Insurance. It actually covers a lot of stuff behind this simple name and is just one more reason to explore short-term rentals as an investment option. Once you hear more about it, you may think, “Is this too good to be true?”  Well, it is true, but is it good?! This week I will share with you all you need to know about AirCover and how it helps us manage our short-term rentals in case of damage to property caused by guests. We will talk about: Host Damage Protection Host Liability Insurance Key takeaways Tips on how to make Airbnb damage claim 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!
6/21/202210 minutes, 57 seconds
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135. Future outlook from the biggest hotel chains in the world

Compared to the hotel industry, the short-term rental industry is still just a small share of the pie. Although it is growing! And not just growing but merging with the hotel industry. The hotel industry is taking note of the STR industry and vice versa. But at the end of the day, the hotel industry is still a giant and the travel industry’s leader. Some hotel chains have tens of thousands of rooms and so they have access to incredible data. Data on the return of work travel, data on the average length of stay and average price, and perhaps most interestingly, data on the future outlook of the travel industry as a whole!This week I want to share some insights I learned from a conference I recently attended with some of the biggest players in the industry. I think you will find what they had to say to be quite exciting :) A quick review on:  The great “merger”  Is business travel returning?  What areas are most ripe for investment?  Industry expert’s opinion on a potential “recession” 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! P.S.  I'm excited to share that we've just locked in our dates for our next live event in Memphis! It takes place August 19-21 (Friday-Sunday). So if you're interested in learning the ins-and-outs to successfully acquiring your first STR or the tools you'll need to scale your STR empire to the moon, come join us! More info here P.P.S. Did you know that we just launched a mastermind group where we can talk directly? Find out more info here
6/14/202210 minutes, 30 seconds
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134. Why You Might Want to Delete Your Airbnb

Whether you sold your house, decided not to rent your home any longer, are doing a major renovation, or dropped the ball and got some bad initial reviews with your short-term rental, you might want to consider deleting it. This week, we will talk about how to delete your Airbnb listing (not your entire account!) and what other different Airbnb alternatives are worth pursuing before making that final and irreversible decision. I have removed quite a few listings myself over the years and so this week I’ll share with you my experiences and some facts on: Why you might delete your listing Before and after considerations How to delete your Airbnb listing  Airbnb Alternatives you might want to consider Can Airbnb deactivate my listing? 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!
6/7/20227 minutes, 17 seconds
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133. When A Guest Can Bring a Pet to Your Property (Whether you like it or not)

There are times when a man’s best friend gets promoted to its highest calling, as a crucial companion for members of the community. As a service animal. Today, a lot of people rely on them to help assist with disabilities. This higher calling however brings about a new set of rules you need to know in regards to your short-term rentals. By law, we have to make reasonable adjustments to accommodate service animals. But what about emotional support animals? (ESAs)How do you really know the difference between a service animal, an ESA, and a pet? And how do they exactly fit in our short-term rentals? It gets tricky. So, this week we’re busting all the common myths about service animals and vacation rentals. We will discuss: What’s a “Service Animal”  What’s an “Emotional Support Animal” (ESA) What’s the difference??? Can you deny them? The questions you can ask Airbnb and Vrbo policies Can you charge pet fees? Here is a link to Airbnb’s policiesAre 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! P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
5/31/20228 minutes, 20 seconds
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132. Should You Accept Pets?

Have you considered putting out the welcome mat for the furry, four-legged travelers of the world? Well, there’s a pretty substantial market for pet-friendly vacation rentals. Study shows that more than half of pet owners bring their furry friends along on vacations and this is becoming the trend. According to Airbnb, the most popular amenities right now include wifi, free parking, and..a pet-friendly space! There is also growing evidence that pet-friendly properties are more lucrative than their non-pet neighbors. For starters, pet owners tend to stay longer in one location, meaning higher occupancy rates for your property, which also means maximizing the potential for earning in your listing.  The question of whether or not to allow pets, however, is not an easy one. Many short-term rental owners have split opinions on the subject. If you are wondering if maybe offering pet-friendly properties isn’t a bad idea, after all, there are some simple ways and ideas to accommodate man’s best friend and protect our properties at the same time. This week, we’ll discuss: Pros and cons   Expectations to include in house rules Pet-proof your rental (Furnishing for your pets) Pet fees and cleaning fees How to request money for accidental damage to property? Longer-term stays (people don’t leave their pets at home forever) 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! P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
5/24/202214 minutes, 35 seconds
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131. Is your Airbnb Getting Better or Worse? (Performance Insights)

Why is it that we can have two identical properties right next to each other but one waaay outperforms the other? Just a small change in occupancy or our average daily rate has a big impact on our bottom line so we need to ensure our short-term rentals are advertised in the best way possible. Monitoring our properties against themselves or monitoring their performance, however, can be a bit confusing. There are so many changes we can make to our listings on Airbnb or wherever we have them listed but how do we know if they are actually going to make a difference? In short, we need to measure them. What doesn’t get measured can be managed, as the common saying goes. So this week we’re going to talk about three ways you can measure the performance of your short-term rentals after making a change to see if they are performing better! And if you have more than one property already make sure to tune in to the bonus tip (#4) that might make things a bit easier for you :)This week: Listing performance insights Conversion rates Page views An easily exportable report with data you need Comparing one property to another 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! P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
5/17/20228 minutes, 41 seconds
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130. Five listing upgrades to BOOST your search ranking

I know the hesitation. You’re staring at your Airbnb listing wondering… is this the right title? Is this the best title? Did I charge the right cleaning fee? Should I change my photos and descriptions? Am I missing something? Because we rely so heavily on listings sites like Airbnb and VRBO to advertise our properties for rent as short-term rentals, it's important that we do what they want when it comes to our online listing setup. It’s only right that we do what they ask, isn’t it? Would your property be staying booked so easily without them? Hopefully! But for many of us, that’s not the case, after all, they do spend $100s of millions on advertising on our behalf :) And so when I say “do what they ask” I'm actually referring to machines. Yes, machines. I can say with 100% certainty that on the other side of our computer screen there is not a human being reviewing our listings; it is a machine. A machine looking for certain data that it can plug into its algorithms to let Airbnb know that the listing is in fact a good one or a bad one less deserving of lucrative reservations.  So how do we make these search algorithms (machines) happy to ensure that our listings are viewed by as many people as possible? That’s what we’ll uncover this week in a quick episode breaking down the top five. Doing what they ask Completing the listing sections (correctly) Safety features A few pointers in regards to photos  Keeping up on our listing (Monitor)  Superhost metrics: (VRBO “premier host”)   Refer back to some of the prior episodes mentioned this week: Episode 118 (listing titles) Episode 70 (Must have photos) and Episode 91 (what NOT to do with your photos) 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! P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
5/10/202216 minutes, 21 seconds
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129. Bathroom Maintenance Items You Will Definitely Encounter

Operating short-term rentals will give you a new appreciation for the spaces we live in. It gets us thinking more about interior design but it also has us thinking about how durable our interior design will be. Or at least you should be thinking that if you already have a rental property. How well will your rental hold up to guests coming in and out on a regular basis? It would be hard to argue that every guest (or long-term tenant) will treat our properties exactly the way we do. As a result, we’re likely to get some additional wear and tear. But not all parts of a rental will receive the same amount of wear. Normal wear and tear are all based on usage and if there is one place I can guarantee your guests will always use, it's the bathroom. So because it gets used every time a guest stays with you it needs a little more attention. We’ll shed some light on wear and tear this week with a focus on our bathrooms. Including:    The bathroom items that will wear out Budgeting A couple items you need but don’t want your guests to see An item you probably haven’t thought about (you will need) 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 event, short-term rental playbook, Instagram, and more! P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
5/3/202211 minutes, 36 seconds
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128. Past Prejudices Might Make You Say "No"

I feel super fortunate to have been able to meet and become friends with some really big-time real estate investors. A friend of mine owns and manages roughly $400 million between himself and his investors’ portfolio so when he starts changing the way he does something my ears perk up. I’ll get to what he says shortly into this week’s episode but for now, I’d like to ask you if you can think of anywhere where a property costs less five years ago than it does today? I didn’t think so.  Prices have skyrocketed in most real estate markets. I know that is not news to most of you but what exactly is it that makes you think these properties are expensive? Yes, the price is certainly higher but are they actually more expensive? For me, a property is expensive when it no longer makes money. When it can’t cash flow. When the rents and income no longer exceed the expenses it takes to own the property. That is the point when a property (for me) does not become a sound investment option. And so if we look at it that way then a property’s sales price actually has much less to do with the whole equation.If you’re looking for one more nudge to help you pull the trigger, I’ve got another metric for you: price per square foot (psf). It allows you to compare between properties and provide a whole bunch of insight to help you make a better-informed decision. So this week we’ll talk all about that and:  Past Prejudices Using today’s numbers to make a decision All about Price Per Square Foot (PSF) What causes PSF to change Construction Costs Check here for stats. And new home  source ▪  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! P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
4/26/202211 minutes, 37 seconds
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127. A Free Digital Guidebook Option

The fewer questions we receive from our guests the easier it is to manage our short-term rentals and if it’s easier it’s likely that we will continue doing it and building our portfolios! At the same time, receiving fewer questions also indicates that our guests have everything they need! So we talk a lot about communication on this channel and how to best serve our guests. One of those ways that we highly recommend is to have a digital guidebook. It’s not just about communication but it's how we are communicating and a digital guidebook allows us to relay information in a very easy and visibly pleasing way. This week we’re going to talk about how we can get our recommendations and property information over to our guests using a FREE option that doesn’t require a software subscription.  We’ll be using my favorite program in the world! I use it every day in both my business and my personal life and couldn’t imagine staying organized without it. And I know that ANYONE with a short-term rental could benefit from using it.This week's episode we’ll dive into:    Sharing info with your guests efficiently Providing better instructions Creating a FREE digital Guidebook Creating a FREE digital Housekeeping checklist Listen to my episode about Notion here and you can check it out online at www.Notion.so  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 event, short-term rental playbook, Instagram, and more! P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
4/19/20226 minutes, 50 seconds
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126. Save Time & Money Furnishing Your Property (new options)

There is quite a lot that goes into furnishing a property and I’m not just talking about the money. It takes some thought. A good design takes work and since it is such a crucial element to the success of your short-term rental you want to make sure you do it right. You may think you have the interior design skills your guests will be seeking out but are you sure? The first place we like to start is with a floor plan or what you could call our “road map” (see last week's episode #125). In addition to outsourcing your floor plans, you can easily hire someone on Fiverr or Upwork to help you with the virtual design!  Other sites are taking that even one step further… You can now actually order all of the furniture they have recommended from the same exact place where you got your design help! Pretty cool right. And easy. So this week we’ll talk about a couple of options and break them down:  What exactly can these virtual designers do?  Where can you find them?  How much do they cost?  Coordinated order purchases - time Are they actually worth it?  Check out Modsy here and Amazon Showroom here 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 event, short-term rental playbook, Instagram, and more! P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
4/12/20229 minutes, 2 seconds
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125. A Road Map For Furnishing Your Property

There is quite a lot that goes into furnishing a property and I’m not just talking about the money. It takes some thought. A good design takes work and since it is such a crucial element to the success of your short-term rental you want to make sure you do it right. The first place I always recommend starting is with a floor plan. It will save you time and money and also be an additional resource your guests will love (more on that later in the episode). A floor plan will allow you to make sure you’re not putting a couch in a space that doesn’t fit (episode 113 we talk specifically about couches). You won’t accidentally squash a work desk in a corner that doesn’t fit. I can almost guarantee you that if you use a floor plan before you furnish your space you will end up changing your mind on how some of your furniture is laid out. There is a reason all of the pros use them after all! Luckily, today it’s easier than ever to have floor plans created for you so this week we’ll talk about a couple of those options as well as a couple of DIY options:  How can I create a floor plan myself A couple of DIY programs Where can I hire help to create my floorplan (virtually) How much do they cost?  Why your guests will thank you Check out Modsy here and Amazon Showroom here 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 event, short-term rental playbook, Instagram, and more! P.S. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
4/5/20228 minutes, 25 seconds
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124. 3-step Formula to Stay Organized With Those You Work With

As our team continues to grow (we work with 10 people full-time and close to 20 on a regular basis) it’s a lot to keep track of! So how do you stay organized and make the best, most efficient use of you and your team’s time? I’m always playing around with different programs and ideas but think I may have finally figured out a fail-proof system.  If you have people that you work with then this episode is for you. I’ll break down my 3-piece formula for managing lots of people with a busy schedule. The formula helps to make sure that no notes or ideas are overlooked, progress is always being made, people are being held accountable, and perhaps the best thing about it… it takes hardly any time! Tune in this week as we discuss three tools and how to use them to better manage the people you work with:  A shared regular review page Where to set it up and how to use it Automated forms Best questions to ask your team (automatically) Bringing a bit of personal life into the work environment Automatically tracking time and activity Which tool to use and why it’s awesome 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 event, short-term rental playbook, Instagram, and more! P.s. did you know that we just launched a mastermind group where we can talk directly? Find out more info here
3/29/20228 minutes, 3 seconds
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123. Are you working with the right real estate agent?

I’m just getting back from my 3-week tour in the US and reflecting back on some of the simple mistakes I made. I have been loosely looking for property in San Antonio, TX for a couple of years. I think it’s a fantastic market but I found a property I liked in a city where I don't currently have a property and am not currently working with anyone a brand new market for me you could say. I emailed the broker I was referred to and didn't get much help; bad start. I met them there and I knew more than they did; bad second encounter (although it does have something to say for how much you can learn from thousands of miles away). The second I left the property I was kicking myself for having begun the “purchasing process” with the wrong agent. This week we’ll discuss the value of your agent/broker and a few tips for making sure you are with the right one My history as a broker /agent Finding a broker /agent Can you make a good relationship remotely? What's their experience? The value of a broker Long term goals - a lifelong relationship   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 event, short-term rental playbook, Instagram, and more!
3/22/202210 minutes, 48 seconds
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122. Are You Getting What You Paid For? (Inspection Tips)

Are you getting what you paid for when it comes to purchasing a property? How do you actually know? After a recent (and quite hectic) visit to 7 cities in less than three weeks and meeting and viewing several properties I wanted to share some tips while they’re fresh in my mind. Inspections are super important especially if you are new to real estate - an unexpected sewer issue could cost you thousands of dollars for example!  In today’s super-competitive market good properties are being snatched up right after they hit the market BUT that doesn’t mean the property is as described. Properties can be misrepresented and so by doing your property inspections you can decrease your chances of getting into an investment that is different from what you expected. It’s a necessary step for all real estate investors at any level so this week we’ll discuss:  Ensuring you get what you're paying for Interactions with your property inspector An untapped source to your property’s history The different types of inspections Negotiating power 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 event, short-term rental playbook, Instagram, and more!
3/15/20229 minutes, 40 seconds
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121. Is It Cold In Your City? (Impacts Of Weather On Your Investments)

Since the invention of the air conditioner people have had the ability to live comfortably in hot areas. It wasn’t that long ago that the southern part of the USA, what's commonly referred to as “the sun belt” was more of a ghost town. Today it’s booming! In fact more retirees are choosing to live in areas in the sun belt than ever before. States like Arizona, Texas, Florida have all seen huge population growth over the past years.  Couple that with the fact that more people are working remotely than ever and I believe the “sun belt” offers lots of good investment options in the USA. It’s comprised of 22 metropolitan statistical areas (cities with over 1 million people each) so if you’re currently searching for your next potential property this might help you narrow things down. Lets discuss the move to warmer climates this week and I’ll also provide an easy go-to website for you this week to get some great annual city statistics :)This week let’s discuss: The sun belt Demographic trends City Population Growth Easy access to weather stats Weather’s effects on tourism Check out weatherspark.com. 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 event, short-term rental playbook, Instagram, and more!
3/8/20227 minutes, 33 seconds
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120. What’s Your Breaking Point?

I was at the gym the other day about to start running on the treadmill when all of a sudden my phone would not connect to my Bluetooth headphones. Disaster, right?  Well it gets worse... Not only did it not connect, it completely shut down and wouldn’t restart! I was forced to do a factory reset and wipe it clean out of nowhere. Which means all my data, contacts, passwords, notes, everything I keep on my phone (which is essentially everything these days) disappeared.Only it wasn’t truly that bad… I have backups of everything. And it got me thinking about the subject of “weak points.” Weak points, or breaking points, in our real estate businesses that could really devastate us if we are not prepared for them.  It’s important we’re always thinking about how stable our operation is as we grow our rental portfolios and real estate businesses. So this week we will dive into that with a little help from Nassim Nicholas Teleb and his fantastic book on the subject, called “Antifragile,” Weak spots in our STR business How to protect yourself Why weak spots can make your business better Impacts on stress  Highlights from AntifragileYou can check out Nassim’s book here on Amazon 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 event, short-term rental playbook, Instagram, and more!
3/1/202210 minutes, 45 seconds
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119. How much does crime impact your property performance?

Checking out a new city and want a brief overview? We’ve talked before about several places to go for short-term rental data but before we even get to that step we need to make sure the overall city or area where we are investing has good fundamentals. Should “crime” be one of those fundamentals? Is the city you are investing in “dangerous?” This week we’ll dive a little deeper into the subject of crime and your rentals but also talk about this a new tool to easily uncover things like population growth and employment. An easy tool to help us easily lots of general information about an area to make you more comfortable before pulling the trigger on a new property! In this week’s episode, let’s take a look at:  City overviews Real Estate Trends Demographics Crime Schools 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!
2/22/202211 minutes, 36 seconds
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118. Tips For Creating The Perfect Listing Title

Never have so few words packed such a punch. We’re talking about, on average, just 10 little short words. Ten little short words that comprise your short term rental listing’s title and ten little short words that could lead to a new reservation! If you have the title right, that is. People are normally looking at your main photo first but second to that they’ll notice your title. Is your property currently listed as “Two bedroom suite in ideal location!” While that doesn’t sound bad at first glance… it’s dropping the ball in all kinds of ways. You need to put some thought into your title and so this week (and after experimenting with all kinds of titles with my own properties) I want to give you my top tips for crafting the perfect listing title. We’ll discuss: Following character limits  Who is your audience?  Include listings best features Are you including redundant information? Catchy words Should you adjust your title?  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 event, short-term rental playbook, Instagram, and more!
2/15/20227 minutes, 19 seconds
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117. Four and a Half Tools to Forecast Occupancy

It’s a bit scary pulling the trigger on a new property purchase in an area you don’t know too well. Luckily we have quite a few options these days to get a great overview as to what the occupancy could be; a crucial metric in determining the success of our short-term rental. If no one stays there then obviously we’re not going to do well. So we have to get it right. We’ll talk this week about multiple tools that can all help us accomplish the same thing and by using them all we can make a confident prediction about a new market we may want to invest in.Stay tuned as we dive in to: 4.5 websites to find your occupancy data What metrics to look for The problem with “Top Airbnb City” reports Feeling comfortable with your occupancy forecast Here are the links: All The Rooms, Mashvisor, Airdna, PriceLabs 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 event, short-term rental playbook, Instagram, and more!
2/8/202210 minutes, 57 seconds
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116. Luxury Vacation Rental RISK - Is This the Right Investment For You?

When most people new to the idea of investing in short-term rentals think of a potential investment they think about a Vacation Rental and NOT a normal property that might also be an excellent STR. If you’ve been tuning in to this show for while hopefully you’ve recognized that there are all types of STRs and they call can be successful investments. Some, however, come with more risk. I’ve tended to always recommend properties with good exit plans (that can be easily rented long term if regulations change or occupancy is low; not a normal characteristic of a LARGE vacation rental. With that said, I know lots of people want to go for the nice, chic, luxury vacation rentals! So this week we’ll break down a few principles you should follow to determine if your potential vacation rental investment is going to be too risky. Break even occupancy Net worth and investments Emergency funds Back up plans  Age   You can check out Nassim’s book here on Amazon 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 event, short-term rental playbook, Instagram, and more!
2/1/202212 minutes, 9 seconds
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51. Three questions to ask yourself before selling

Supply in the US is at a historic low, in fact the lowest it has ever been in many markets! That’s one of the reasons prices are so high and also why a lot of people are considering selling. But, there is more to selling a property than just timing. If you are considering selling make sure it aligns with your bigger investment picture.  There are several questions we want to always ask ourselves and make sure we have the answers. Planning is a huge piece of any long term investment and also your path to wealth and financial freedom. So, let’s discuss the following to make sure you’ve considered your options.  Why EXACTLY are you selling? Can you use your proceeds better somewhere else? Can I keep my property AND still use the equity? Tax consequences Trying to time the market? Check out Emerging Real Estate Markets by David Linhal Doing a 1031 exchange? Refer back to episode #35 Want to get a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental passively? Good news!  We’ve gone virtual and our next event takes place November 14-15th 2020.  For all the details and to save your spot head to: restmethods.com/virtual For more info on finding the best properties get our free guide and more at restmethods.com  If you want to learn more about Tim’s journey, email us at [email protected] for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”  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.
11/3/202010 minutes, 36 seconds