236. Rapid Fire Listing FACTORS
Short Term Rental Riches
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...
info_outline
235. Active Listings - Is Your Pricing Strategy Still Relevant?
Short Term Rental Riches
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...
info_outline
234. 46 Factors Affecting Your Short-Term Rental Performance
Short Term Rental Riches
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...
info_outline
233. Questions For Your Next Team Member (or 1st)
Short Term Rental Riches
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...
info_outline
232. Delivery! Better Ways for Guests to Receive Packages at Your STR
Short Term Rental Riches
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...
info_outline
231. Guests are Happy to Pay More For "Gap Nights"
Short Term Rental Riches
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...
info_outline
230. People Are Giving Up: State of the Economy
Short Term Rental Riches
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...
info_outline
229. How The Best Hotels in the World Solve Their Guest Issues
Short Term Rental Riches
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,...
info_outline
228. When Your Guest Doesn't Leave And Happens To Be A Felon
Short Term Rental Riches
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...
info_outline
227. Improve Your Writing For Rules & Policies
Short Term Rental Riches
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,...
info_outlineBuilding 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!