EP 318: Turn your short term rental into a scalable business by operating on a higher levelNov 07, 2022
Running a short-term rental has its own advantages and associated risks. It pays off to be prepared from the beginning and improve as you learn along the way. As the market for this is getting tighter, how do you stand out from the competition and find a guest that would keep coming back?
Sarah Karakaian and Annette Grant talk about how you could find loyal guests by raising the bar on hospitality. People who commonly use short-term rentals are those who are on people either vacation or business trips, so they have a specific set of needs that you must address. They discuss everything you need to know from thinking about furnishings, utilizing technology for monitoring and property care, and setting up automation software hacks.
As short-term rental investors and operators for 10 years and counting, Sarah and Annette founded Thanks For Visiting to bring their diverse knowledge to stagers and hosts ready to grow their businesses. They met at a Columbus, Ohio City Council Meeting fighting for their right to host homes on Airbnb. The two shared a belief that the short-term rental industry needs hosts to be more hospitable. Every resource they’d come across in growing their own businesses was purely profit-driven, and “heads in beds” just isn’t their style. They had to figure out a lot of stuff on their own and now they want to give hosts the behind-the-scenes look they tried to find when they started. Thanks For Visiting is like Hospitality Prep School for the short-term rental host. Annette and Sarah don’t just hide behind their laptop screens and podcast mics. Far from it! These ladies practice what they preach, running a hosting company that generates over $1 million in revenue with metropolitan and vacation rental properties.
• “Consistency is a superpower. Things just take longer than I always anticipate, but when I wait and I'm consistent, they always are much more than I could have ever anticipated.” (7:31 - 7:58)
•“There are just so many moving parts that you are still the CEO of that hospitality business, even when you hire a property manager. So [short term rentals] will never be passive.” (11:05 - 11:17)
• “If you're giving them amazing hospitality, they're going to want to come back and stay with you.” (20-:31 - 20:35)
• “Sarah and I always talk about the importance of owning digital real estate alongside your physical real estate.” (24:23 - 24:30)
• “Figure out how can we get as much information that is important about the home and about their stay to everyone.” (26:28-26:33}
• “Another thing short term rental owner-operators tend to forget is that you have to still care for your property. There is still preventative maintenance that we have to stay on top of.” (28:56 - 29:05)
Connect with Annette and Sarah:
- Beyond Pricing
- The Compound Effect by Darren Hardy
- Rich Dad Poor Dad by Robert T. Kiyosaki
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