We recorded this episode right after getting off the plane from Nashville, where we attended STR Wealth Conference. It was so amazing seeing our friends, colleagues, and listeners face to face. On this episode we’re sharing some of our big insights from the conference, and some key takeaways that our members also shared from their conference experience.
Setting your listing apart from the competition might not require an expensive refab; decor and interior design can help your listing pop and lead to more revenue.
STRs are not passive income! Even if you create the minimal workload, you still have to check in on your assets, your team, and have some oversight on your property.
Electric car charging stations are becoming more and more standard for rentals. You only need one per property (if you have multiple rentals on the same property); and, this is a lucrative addition as you can make extra money from travelers who may be looking for charging spots while on the road.
Take advantage of local tentpole events: everything from small conferences all the way to the Superbowl create prime dates for bookings. Consider taking your listing off of OTAs for those dates and leverage your direct bookings instead.
Hire a tax professional that specializes in short-term rentals, or at least one that’s experienced in real estate
He has lots of live plants in his property, and to keep up with it, he has a service (aside from turnover team!) that comes in to care for the plants every other week, even while guests are staying. They’re made aware of this when booking, and often don’t mind because the plants themselves are a selling point for the property.
Make your first impression with a guest within the first 10 minutes of them arriving. If they have any hiccups during their stay, they’ll typically be more forgiving if they had a great check-in experience.