Pro Tips for Investors & Operators of Short Term Rentals - Part 1
Over the past few months, we’ve been sharing a weekly pro tip on our social platforms [most] Tuesdays that is designed to help investors and operators of short term rentals ensure that their properties are maximized to their fullest potential.
In case you’ve missed these videos from Chris or want easy access to the content for future reference, here’s a recap on the first five:
Pro Tip #1: Mistakes happen, learn from them
We’re human, in order to grow and develop personally and professionally, it’s imperative to stumble and fail. It’s how you use these opportunities to advance your goals that matters. Don’t sacrifice the important for the urgent; take the time to carve out what you need to get done and then make sure you get it done right the first time. You’ll save yourself valuable resources, like time and money.
Pro Tip #2: Booking platforms
Which ones should you use to list your property? Is the concept of “more lookers, more bookers” your best option? The reality is that 20% of the platforms have 80% of the bookings (think: Airbnb and Vrbo). When you cast a wide net, you create more administrative headaches and challenges, and this strategy doesn’t reduce fees. Focus on the one or two platforms that are most popular in your market first. After you’ve been operating for a while and have focused on building a great product that has elicited a solid base of reviews, build a direct booking website so that repeat guests can book directly and you can get rid of the OTA fee.
Pro Tip #3: Smart locks, backup plans & the power of recordings
Read on to learn how to avoid stressful late night (or any time) messages and calls about property access issues and appliance/electronic challenges from guests. Take the time to record and document exactly how your smart lock works since it might be a completely new experience to someone else - never assume guests know everything that you know. This same recommendation applies to every electronic device or appliance that a guest has to interact with - we’re talking everything from an electric fireplace and Roku TV to the oven, stove, and washer/dryer setup. Once you’ve created your set of recordings, store them in a YouTube playlist or in a central location like a Google document where you can grab a link quickly to share with a guest in need. We’re committed to finding ways that reduce potential stressors and anxiety-driving factors, while ensuring that everything in a property is streamlined and as simple and convenient as possible.
Pro Tip #4: Never stop improving your product
When it comes to evaluating our portfolio of properties, it’s important to remember that short term rentals are not a “set it and forget it” game like long term rentals. Here’s a look at our process: we always spend time analyzing guest reviews as this feedback is incredibly important to the overall STR experience. These insights have led us to improve property design, inspect and evaluate each property’s layout and structure, and to make impactful technological updates. We’re constantly looking at how we can add value to our properties or anticipate and prevent issues we’ve experienced in the past. Make your decisions on a cadenced schedule whether it’s weekly (what we do!), bi-weekly, quarterly - whatever works for you. Be actively engaged with your STRs and always improve your product.
Pro Tip #5: Stick to your policies
When we received our first 1-star review on Google, we weren’t too sour about it. Here’s why: we stuck to our guest screening criteria and policies instead of waiving them for revenue. The bottom line is that you shouldn’t make exceptions to your norm just to make money. Avoid putting homeowners and/or neighbors at risk. When you have policies in place, it’s easier to not let your emotions get the best of you. In fact, keep the emotion out of the situation altogether and always handle any guest challenges professionally.
Advice resonating with you? Bookmark this post for easy access and stay tuned for the second part of our pro tip series!
