The Short Term Rental Authority Podcast
Episode2 of the New Season The number one mistake re...
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Jul 31 2022 29m
Chapter 1 59 sec
Chapter 2 59 sec
rental businessChapter 3 59 sec
if you, if you have the, the property. Yeah. And you're trying to. Operate a business inside of it. I think a lot of people don't even realize that's what's going onChapter 4 59 sec
short term rental side of it. I'm gonna say business is much more like running a reChapter 5 59 sec
rental is because, well, you're actually running a business in it hereChapter 6 59 sec
probably never think to himself, Hey, I could get more rent if I own the Chinese restaurant. Right, right. He would realize that, oh, I'm starting a whole nother business. Yes. I'm gonna run it in my strip mall. But what I'm also forgoing is the rent that I would normally be collecting from the Chinese restaurantChapter 7 59 sec
what I'm doing is I'm putting a hospitality business inside of this houseChapter 8 59 sec
of YouTube videos and things you can read andChapter 9 59 sec
the right word to say it, but it's trying to, you're trying to shoe horn your customer into this property. Right? So taking that into consideration is, is the, the first thing that you need to do is. okay, well, who's gonna be staying in my short term rental businessChapter 10 59 sec
I would tooChapter 11 59 sec
just one, you want a whole chain of these things. Mm-hmm and I know we do, and that's another mistake. Ends up happening with real estate investors is because they're going for deals and value. Ooh, this is another really good point. Mm-hmm yes, they are real estate investors tend to, to think about the, what the cash flow that this particular property is going to bring in mm-hmm rightChapter 12 59 sec
here, a duplex over here in a totally separate part of town. And, you know, a four bedroom over here. Right. And then I've got this place in the mountains. It's from beach house, five bedroom, beach house over hereChapter 13 59 sec
customer. Right? Right. So now if I really want to get into like taking direct bookings and having an email list and I, I, all of a sudden have this fractured customer base. Right. And if I want to reach those different types of people, now I have to, if I had a hundred dollars to market with, I gotta, well, put 10 on the beach house and 10 on the, instead of spending the whole hundred mm-hmm and saying, Hey, here, come stay at any of these placesChapter 14 59 sec
and had a really great experience, mm-hmm for example, they, and they, and they want to come back then. And, but the, the time that they wanna come back, your, your beach house is, is rented or even worseChapter 15 59 sec
be here in this place, in this house, right in this house. They're really saying I enjoyed that experience. I enjoyed that experience. Yep. Mm-hmm that's exactly right. And you know, this happened to us not too long ago, the, we we're in Charlotte, North Carolina, and as hot as Hades here in the townChapter 16 59 sec
get, you need to place to either, either correct the problem by having portable space heaters or something, portable airChapter 17 59 sec
perspective on itChapter 18 59 sec
you're now competing with people that are lowering their price. And you have no realChapter 19 59 sec
for example, if you are serving families with children and pets, what are you gonna put inside the unit? You're gonna put a pack and play a stroller. Yeah, we do the high chair. High chair. Yeah. Dog bowls. Mm-hmm we're gonna put those pet covers over the top. Right, right. And pray that people, and we're gonna have a place that doesn't haveChapter 20 59 sec
I've got two small children and I am coming to Tim buck to, to visit my elderly parents mm-hmm and I've got to cart all this. I don't know how these little babies come with so much crap they do, but they do don't they don't talk to baby contraptionsChapter 21 59 sec
they're, they're thinking, well, you know, I could pay. You know, a little bit more for this great space that has everything that I need alreadyChapter 22 59 sec
until, well, this is why you hear people say it's things thatChapter 23 59 sec
more in the long run. Mm. Cause you will consistently attract that customer. Ooh, that's good. And, and that's the key to getting 'em to comeback direct too, by the way, which is dang. I was just about to say thatChapter 24 59 sec
And quote well, other things, you know, pricing and all these other kind of things that people tend to get tripped up on because frankly they came into it as real estate investorsChapter 25 59 sec
you know, properties or NopeChapter 26 59 sec
are, is Airbnb a threat to the hotels? Oh yeah. What I learned it, it, that was the subjectChapter 27 59 sec
owned some time ago. So they don't even own the real estate. Yeah. So when you go to a holiday Inn, it's not owned by holiday Inn, it's franchised by holiday InnChapter 28 59 sec
offer to manage it? They were simply buying the name. The, the brand awareness or the computer software. Yeah. Like how do you run a hotel? Oh, like here's the owner's manualChapter 29 59 sec
cause John thinks of something laterChapter 30 19 sec
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