Increase Your STR Wealth with These Takeaways
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.
- Ask yourself this question – do you work for yourself, or do you work for Airbnb? If you don’t have a direct booking strategy, get one, and start keeping 100% of your rental earnings.
- If you do one thing after leaving this conference, it should be trying out Rankbreeze, which helps you A/B test and optimize your listing for rankings in Airbnb.
- Network and align yourself with the right people; you are the average of the 5 people you spend the most time with
- Remind yourself why you’re putting in all this hard work with the power of visualization. Picture your perfect day and reverse engineer how your STR will help you achieve it.
It’s time for #strsharesunday! Today we are sharing Wood You Stay!
Listeners, you know we love a good pun. Steve and Samantha’s last name is Wood… get it? Their properties are located in Utah and Idaho and they have their direct booking site linked on their instagram account.
They’re just getting started, so they haven’t posted a ton of photos yet, but there are multiple videos, including ones about who they are and their story, so they’re doing an amazing job promoting both of their properties as they get going.
We actually get this question a lot: should each property have their own social accounts? Well, you can… but that can quickly become a lot to manage, so sometimes it’s easier to have one brand account that features all of your properties if you have more than one, and Wood You Stay is an excellent example of how to do this. Well done!
We would love to feature YOU, so don’t forget to use #STRShareSunday to get your chance!