loader from loading.io

The Key Short Term Rental Systems That Allow You To Scale Your Business To Six Figures

Cashflow Diary™

Release Date: 02/20/2020

How to Launch Your Side Hustle with Troy Underwood show art How to Launch Your Side Hustle with Troy Underwood

Cashflow Diary™

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 show art Be Your Own Banker and Grow More Wealth with Mark Willis

Cashflow Diary™

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 show art Contact Marketing Secrets: How to Get a Meeting With Anyone

Cashflow Diary™

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 show art Creating Passive Income with Chris Miles

Cashflow Diary™

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 show art Conquering Corona With Kyle Stanley

Cashflow Diary™

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 show art Protecting Your Assets In A Changing Marketplace

Cashflow Diary™

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 show art Public Speaking Tips and Strategies with Jacqueline Nagle

Cashflow Diary™

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 show art What To Do When The AirBnB Business Changes

Cashflow Diary™

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 show art This Is Your Defining Moment with Chad Peterson

Cashflow Diary™

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 show art GoodEgg Investments Founders Talk Real Estate Syndications

Cashflow Diary™

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
 
More Episodes

The short term rental industry is waiting for people like you who want to be professional operators delivering a high quality experience. The hardest way to do this business is to go through the first year with only one unit. Putting the right short term rental systems in place that allow you to grow past that point and start running more units is the secret to long term success. Learn what systems you must implement in your short term rental business.

 

  • Have you ever asked a traditional real estate investor or landlord about short term rentals? 

 

A good analogy is imagining what a person who owns a Costco franchise or someone who owns a vending machine business. Each person will have firmly believe that what they are doing is the best option, but the Costco person probably thinks the vending business is too much work, and the vending machine owner thinks the Costco is too much money upfront.

The traditional landlord is like Costco, they are wholesaling their property in 12 month terms. Short term rentals are like the vending machine business, you’re both selling the same product, just with a different package and sales channel. The differences are the customers being served and the level of services you are providing.

Short term rental operators are the retail version of real estate, we sell the property one day at a time, and the power is in our ability to be efficient. It’s the system that delivers the service, and that’s the difference between the two.

As a resource becomes more available and efficient, demand for that resource starts to go up. Cell phones are a good example, they started off big and clunky and difficult to manufacture, but now they are small, powerful, and ubiquitous. Short term rental operators make real estate more efficient.

The more efficiency we bring to the table, the more revenue we can drive in our businesses and other people’s organizations as well. The key to your future is putting this principle into effect for your life.

 

  • Putting Short Term Rental Systems In Place

 

There are a few key short term rental systems that have to be in place if you’re going to capture this efficiency. This includes a system for cleaning the unit on a regular basis, a maintenance and repair system for fixtures like doorknobs, a communication system for communicating with your guests, and a system for managing the availability of multiple calendars per property.

Most of the time, we recommend people start out with AirBnB because they have the absolute best system for customer acquisition. But there are other platforms as well, and if you can operate efficiently on those platforms, you can make much more money per booking. 

If you’re going to make the maximum amount of profit in this business you need to have a system in place for availability 24 hours a day, 7 days a week. This is probably the easiest area for us to outperform the market because the average short term rental operator has no system in place to handle inquiries and can sometimes take days to respond.

You have to provide more value to the marketplace than just you are able to provide. It has to be bigger than you. That kind of thinking is how you unlock five figure paydays, six figure success, and seven figure freedom. Learning how to provide value to the marketplace efficiently allows you to scale and reach levels of income that most people have no idea how to achieve, in less time than you would think possible.

Taking your customers direct will make your business more efficient, it will allow you to deliver your service more efficiently with a lower cost, while also increasing your profit. Once you get your customer from a marketplace like AirBnB, it’s your job to keep them happy so that they only want to do business with you, that way you pay the customer acquisition just once instead of every time.

If your business feels like work, that’s a sign that your short term rental systems are broken. You can’t just add tools and technologies to your business, you need the knowledge and training on how to use them well.

 

  • How much value are you providing to the marketplace?

 

When you have one unit, you are providing 30 days of value each month. What happens when you have 12 units? That means that every single month you are delivering a year’s worth of economic value. This is why short term rental systems are so important, without them there would be no way to seperate your time from your income, and no way to grow a business to a level that makes an impact on the world.

Links:

cashflowdiary.com/roadmap

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes and Stitcher Radio!