Bookings, Marketing, VA’s, and Landlords in the Short Term Rental Business Q&A
Release Date: 12/27/2019
Troy R. Underwood is an industry disruptor. Part technologist, part economist, and all innovator, he revolutionized the motor vehicle industry with the nation’s first electronic title system for financial institutions, which was later sold for $106 million. His healthcare venture, benefitsCONNECT, innovated healthcare benefits administration and resulted in a highly successful acquisition. His new book is How to Launch Your Side Hustle: Start and Scale a Business with Minimal Capital. Learn more at . Podcast Highlights Who is Troy Underwood? Troy considers himself a necessity...info_outline Be Your Own Banker and Grow More Wealth with Mark Willis
Mark Willis, is a CERTIFIED FINANCIAL PLANNER™, a #1 Best Selling Author and the owner of Lake Growth Financial Services, a financial firm in Chicago, Illinois. Over the years, he has helped hundreds of his clients take back control of their financial future and build their businesses with sophisticated, tax-efficient financial solutions. Mark Willis specializes in building custom-tailored financial strategies that are unknown to typical stock-jockeys, attorneys, or other financial gurus. As co-host of the Not Your Average Financial Podcast, he shares some of his strategies...info_outline Contact Marketing Secrets: How to Get a Meeting With Anyone
Stu Heinecke is the Hall of Fame “Father of Contact Marketing" and Founder/President of the Contact Marketing Agency and Cartoonlink, which helps sales teams break through using contact marketing solutions to produce critical contact with accounts and prospects. He is a longstanding senior cartoonist for the Wall Street Journal and the bestselling author of How to Get a Meeting with Anyone: The Untapped Selling Power of Contact Marketing and the new book Get the Meeting!: An Illustrative Contact Marketing Playbook. He hosts Contact Marketing Radio and the How to Get a Meeting With...info_outline Creating Passive Income with Chris Miles
As founder of Money Ripples, host of The Chris Miles Money Show, and co-author of the book Entrepreneur on Fire, Chris Miles is a leading authority on quickly creating wealth by increasing monthly cash flow and creating passive income. He has shown hundreds of thousands internationally how to free up or generate tens of thousands of dollars each year! Chris has been featured in US News, CNNMoney, and Bankrate.com and has a reputation for getting his clients fast, proven results. Many of his clients have the option to retire in less than 5-10 years, and Chris himself was able to retire...info_outline Conquering Corona With Kyle Stanley
Kyle Stanley is the host of the Fearless Flipping podcast where he educates new hungry real estate investors about best practices for getting started. We flip the roles into today’s episode with J being interviewed for Kyle’s podcast. Find out how J is conquering the coronavirus and adjusting his short term rental business to be even more successful than before. Podcast Highlights How did you get to this point and what brought you into the short term rental business? The keyword for J is cash flow, everything he’s done in terms of business is around generating an income...info_outline Protecting Your Assets In A Changing Marketplace
Let me introduce you to Scott Smith, a new breed of real estate attorney with a great sense of humor and a gift for simplifying the complex. His Austin startup, Royal Legal Solutions, has a different take on protecting your assets including real estate investments and already serves thousands of clients across all 50 states. As a former litigation attorney, Scott has a deep understanding of how lawsuits really work. More importantly, he is a real estate investor himself, with property in 10 states. Now he’s sharing his information with the world and is committed to helping other real estate...info_outline Public Speaking Tips and Strategies with Jacqueline Nagle
With a diverse career crossing professional services, mining services, civil construction, manufacturing, industrial relations Jacqueline has used public speaking-centric strategies extensively to launch, pivot and manage both growth and crisis across all of those organizations.info_outline What To Do When The AirBnB Business Changes
Kyle Stanley is the host of the Fearless Flipping podcast where he educates new hungry real estate investors about best practices for getting started. Kyle is also a master with AirBnB and believes it's the best form of almost-completely-passive income in today's economy. Podcast Highlights Who is Kyle Stanley? Kyle doesn’t like the term “serial entrepreneur”, he prefers the idea of FOCUS (focus on one course until success). Kyle had to make a lot of adjustments over his career based on his skills and what he enjoyed. Kyle started out as a sports anchor in...info_outline This Is Your Defining Moment with Chad Peterson
Chad Peterson is an expert business broker and the founder of Peterson Acquisitions, an award-winning M&A firm. Chad’s firm handles transactions in the $1 million to $25 million range, with some deals exceeding $25 million. He works with companies all over the United States and has completed international deals as well. Peterson Acquisitions was recently named by one publication as the #1 ranked business broker in the United States. What sets Chad Peterson apart from all other business brokers is his aggressive style, work ethic and tenacity that are rooted in his humble...info_outline GoodEgg Investments Founders Talk Real Estate Syndications
Annie Dickerson and Julie Lam are the co-founders and managing partners of Goodegg Investments, a premier real estate investing company that helps people learn about and invest in They are both moms (Annie has 2 kids and Julie has 3) and are passionate about helping other families build passive income so they can spend more time with the people they love, doing the things they love, and living a life by design. Podcast Highlights Who is Annie Dickerson and Julie Lam? Annie started as an elementary school teacher and after setting out to buy her first...info_outline
Robert Vocolla guest hosts the Q&A show with J today and they’re talking about some very important short term rental business questions. Find out about security processes, managing VA’s, marketing your business, getting out of problematic leases, and more.
Questions and Answers
- A question about processes around security technology
Rob uses a simple analog process to make sure his guests don’t run into issues with the security system in his units. He uses sticky labels on each panel that warns the guest not to tamper with it and has a basic template in Smartbnb that gets sent out that lets the guest know how to interact with the security system. This has drastically reduced the number of false alarms.
- I’ve got three VA’s covering 18 hours a day, seven days a week and they’re great at following SOPs but not so good at doing customer service work?
Hiring is always a major challenge, if you want to find someone that can handle managerial level tasks it’s going to take a lot of searching. You may have to review, hire, and fire a number of people before you will find that gem of a person that checks off all the boxes. For this particular caller, they have multiple units in multiple cities and that’s adding to the stress of working with his team.
A good rule of thumb is to be prepared to train someone for 30 hours for every hour a task would take you to do. A quick tip for your customer service manager is to look at what time of day your business is getting the most messages because that will inform what hours you should assign your team.
- What are the most important marketing KPIs to track?
There is a whole set of metrics around leads, around customer conversion, and average order and frequency. All of them should be measured and tracked and each one can have a compounding impact on the growth potential of your business.
Another thing to keep in mind is that a lot of your marketing on Airbnb is about working with the algorithm correctly. Make sure you have the right pictures with good descriptions because your search position in the rankings will determine your success on that platform.
Tools like Smartbnb are crucial to understanding the most important metrics in your business. The only way to have metrics to look at and measure is to gather data.
- What is the difference between Basic and Pro in Lodgify and Smartbnb?
The biggest difference between the two is one uses and API to communicate with other apps and the other uses the older iCal method. Since the caller is using Smartbnb, they should just stick with basic because they already have a built in sync feature that makes Pro unnecessary.
- What are you guys doing to get more bookings from booking.com?
Getting guests on booking.com is similar to the other channels even if it feels like it’s more work. One of the secrets is to have every single field filled out for your listing and setting your prices correctly with Lodgify. Keep in mind that guests from booking.com may be more seasonal as well.
Mirror the same types of policies on booking.com that you have on other channels to keep everything consistently.
- How do you guys do your messaging for booking.com?
No one is currently satisfied with the messaging situation of booking.com. It’s a very manual process but J is actively looking to create a better system.
- A question about a six month reservation opportunity
The caller feels like the guest may be trying to pull something over on him. Since that’s the case the question is around the tactical implementation of the reservation. The caller needs to be able to collect in cash and upfront 60 days worth of reservation while also implementing a 30 minimum notification in anything changes.
Give the guests multiple plans and ways to pay. Under no circumstances should the caller accept less than their target profit numbers for that unit.
- Are there any resources I can use to explain the short term rental business to financial institutions?
The risk of real estate and the risk of hospitality are different but all the literature and strategies that J uses are meant for landlords, not financial institutions. The majority of lending institutions are still putting together the underwriting model for the short term rental business and they’re not quite ready yet.
You can find some resources that will help you tell the story of your business to prospective partners within the Mastermind product.
- I have a potential situation where I may have to get out of a lease. How do I get out?
If you want to get out of your lease, and keep in mind this is not legal advice, you need to be able to document the incidents that come up. One of the promises that the landlord makes with you is called Quiet Enjoyment of the unit, and if they are failing to follow up on that promise you may have something to work with.
Talk to a landlord attorney to learn what you need to prove that the landlord has broken the contract that will let you out of the lease.
In this case, the landlord has a problem and it shouldn’t be the caller’s problem. Whichever path the caller takes, he needs to document everything.
- How much do we pay for a manager? What basic rules does a manager follow? What calendar platforms does Lodgify sync with?
Check out module 4 and 5 of the Mastermind product.
- What would be the best way to approach an owner about Airbnb?
Rule #1 to keep in mind is that this is not an Airbnb business, this is a short term rental hospitality business. Airbnb is just one channel where you get your customers. If you use the terminology “Airbnb business” you won’t even get your foot in the door with most landlords. Go to cashflowdiary.com/star to learn how to present the business to property owners and to get a deeper understanding of the methodology of the business.
Setting up the business the right way at the front end is what will allow you to scale.
- Hawaii is a 30 day market and I’ve got a 25 day vacancy in between reservations. What can I do about it?
What can you sell either the previous guest or future guest to cover the revenue you would need for that vacancy period? Being creative is what is going to bridge that gap and once you create these offers you can use them for any number of guests in the future as well.