In today’s episode, our guests are Mike and Kristy Rowe and they walk us through the ins and outs of short-term vacation rentals. In managing this business, Mike and Kristy share tips and tricks on bringing value to the guests and increasing revenue while at it. Stay tuned!

The points below are from the 52nd episode of The Real Estate JAM, where we discussed short-term vacation rental management and everything you need to know to make it successful.

Tune in to the full episode on YouTube, Spotify, or Apple Podcasts.

High-Quality Experience

Providing a high-quality guest experience is essential in the short-term rental market because it can lead to repeat business and positive reviews. When guests have a positive experience, they are more likely to return to the property and recommend it to their friends and family. Positive reviews on platforms like Airbnb can also help attract new guests, as potential renters are often influenced by the feedback and ratings left by previous guests. Additionally, having a high rating and many positive reviews can make a property more attractive to renters and help the owner or property manager command a higher rental rate.

Professional Property Management

Using a professional property management company to help with the day-to-day management of short-term rentals is very important. Tasks such as cleaning, maintenance, and guest communication need to be handled by one to allow you to focus on growing your rental portfolio and on providing a high-quality experience for your guests rather than getting bogged down in the day-to-day tasks of managing the properties. Using a property management company can also benefit owners who live far from their rental properties. It can help ensure that the properties are well-maintained and that any issues are dealt with quickly.

Want to learn more? You can listen to the full episode on YouTube, Spotify, or Apple Podcasts.

Outline of the Episode:

• [00:48] Let’s welcome our host and our guests!
• [02:57] How do you turn a small property into something huge? What does it take? Can you do something like that?
• [05:59] Do you think books like “Rich Dad, Poor Dad” can impact how you handle business, or is this just hype? Find out what our guests think.
• [07:55] Would an approach of committing first and then exploring later work for you, or are you the type to research everything first and be genuinely ready before signing anything?
• [08:09] What is the difference between a short-term and a long-term rental?
• [10:25] One thing you can do is to observe your competition, figure out what their challenges are, and make sure you don’t make the same mistake.
• [12:03] How important is it to streamline your business? Does it add to the income while minimizing expenses?
• [12:51] Focus on quality, not just quantity. This can be an edge over other businesses.
• [15:46] Do you hand-pick your staff to ensure that who you hire is in line with your brand values, or do you think this is unnecessary?
• [17:46] Is adding an inspector to check on the cleaning process important? What’s the relevance?
• [19:44] To stand out in this industry, you need to take care of not just the customer but also of the property you rent to customers.
• [22:39] Coming up with package ideas that can increase revenue by allowing you to buy some items in bulk is genius. Is this a practice you can get behind on?
• [23:46] Charging a fee for early check-in can help deter those not serious about needing to check in, which can give more time for the cleaning crew to do their jobs.
• [26:20] Building a relationship with your employees is very important. It helps make them feel they are part of the business, not just employees.
• [27:23] Take care of your employees, and they will take care of you. They will also become your biggest fans on social media and encourage people to come and stay on your rentals.

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