Learn how we lead virtual teams, optimize revenue, and prepare for seasonal shifts.

Today, we’re excited to welcome back a familiar face, Colleen Prochaska. Not only is she our Chief Operating Officer here at Thanks for Visiting, but she’s also a key player in our property management team, managing everything from guest services to revenue management. In this episode you’ll get a peek inside our in-depth quarterly meetings where we review how things are going and where we’re headed in our short term rental business.

In this episode, we’ll be diving into the past three months of key performance indicators, reviews, and team dynamics, as well as forecasting strategies for the next three to six months, sharing key strategies for property management and business growth along the way. 

We share insights on what we’ve learned leading virtual teams, how we optimize revenue through data-driven decisions, and adjust strategies for better occupancy. We also discuss our customer service expectations, and how Colleen wonderfully handles guest communication and feedback. Finally, we take a look at how we are preparing for seasonal shifts. If you feel lost or intimidated by the analytics side of your short term rental business, this episode will be your guide to leveraging data to grow your business! 

(00:01:27) #STRShareSunday: @apex38655

(00:03:54) How to Train, Lead & Empower a Virtual Team

• Colleen’s role in organizing and streamlining processes in their businesses
• How to set up a virtual assistant for success and empower your team
• What makes our relationship so fruitful, especially while working virtually
• Advice for hiring and delegating a virtual team 

(00:10:45) Behind The Scenes Of A Revenue Growth Meeting: Tackling KPI’s & Revenue Growth

• How we review our revenue goals and prepare for the future
• Our rate strategy: how to obtain profitability and occupancy goals
• The software we use to review and track data
• How far back we consider a baseline for comparative results

(00:17:19) Midhoff Property Review: Booking Window, Occupancy & Revenue Optimization

• The “risky” rate strategy for a property Sarah, Annette and her sister own
• What a flat occupancy rate means and how to increase revenue with equal occupancy
• Why our booking window is shorter for this property 
• How to adjust your strategy if your property isn’t booking 

(00:24:43) Eastview Property Review & Advice for Getting Comfortable with Revenue Management

• Sharing the different levers you can pull to drive value
• What to do if you feel overwhelmed by revenue management 
• How Sarah knew Colleen was the best support system for her business
• Eastview’s unique heads and beds approach
• How to get comfortable with letting a property sit empty 
• How to find your pricing sweet spot

(00:35:43) Tracking Numbers 101 & Our Strategy for Filling Gap Nights

• How to track historicals and data in a spreadsheet
• How they implemented a gap night strategy and the revenue results

(00:39:25) Going Over Reviews! Handling Constructive Criticism & Responding to Guest Feedback

• What we are hearing in our guest reviews
• Recent constructive criticism we received and how we take responsibility
• How to handle construction complaints
• How to respond to the guest who reaches out with a complaint
• What Sarah learned about herself when she delegated customer service to Colleen

(00:47:42) How We’re Forecasting for the High Season & Preparing for the Low Season

• Changes in our team and our process for letting go and hiring new team members
• What we are expecting moving into the high season
• How we are preparing for the slower months in the winter
• How the election is informing our business expectations
• Setting up a midterm rental strategy 
• Advice for focusing on the only benchmark that matters: your own year over year results

Download a transcript of this episode.

Resources:

• #STRShareSunday: @apex38655
• Submit your property for our next #STRShareSunday at strshare.com
• Airbnb Essentials Checklist: hostchecklist.com

#STRShareSunday

@apex38655

Apex is a short-term rental hosting company run by one of our HBM members, Jennifer. Their Instagram showcases properties in the Ole Miss college town, but more importantly highlights how they provide top-tier hospitality services for short-term investments. We love their bio —it positions them as asset managers, not just co-hosts, and their direct booking site and phone number are easily accessible for quick responses. Their feed is a great example of how to balance attracting both clients and guests, with team highlights, property showcases, and guest reviews. Well done, Apex!

• Instagram: @apex38655

We would love to feature YOU! Submit your property for our next #STRShareSunday at strshare.com!