How to build an Airbnb business: Years of Mistakes and What to do About Them.
We learn when we make mistakes. The more guests you accommodate the more mistakes (or learning lessons) you will likely encounter, but let’s accept that as a benefit of our industry. Tim will explain why and how you can use mistakes to grow, improve your business and make more money.
- The beautiful thing about the STR industry
- How to create perfection
- The “private reviews”
- Pleasing the masses
- What areas do I commonly see mistakes?
- Listing descriptions errors
- Buying a property with “hopes”
For more resources check out restmethods.com
Welcome to short-term rental riches will discuss investing in real estate but with a specific focus on short term rentals quick actionable items to acquire manage and scale your portfolio I’m your host Tim Hubbard.
We’ll come back to the short-term riches podcast today were talking about mistakes mistakes mistakes mistakes and why they’re necessary and how we can learn from them and how we should learn from them as it relates to the short term rental industry Theodore Roosevelt said the only man who never makes a mistake is the man who never does anything.
Well that makes a lot of sense doesn’t it but then on the flip side of that. Albert Einstein or at least it’s often attributed to Albert Einstein said insanity is doing the same thing over and over again and expecting different results. So in this industry and your business. On your journey with short term rental investments real estate investments in general really anything in life we’re going to make mistakes and those mistakes will make us better as long as we learn from them and we don’t continue to repeat those mistakes the beautiful thing about the short term rental industry is that we get tons of feedback the lifeblood of any short term rental really is the feedback those are the reviews that other guests are seen.
The property can be perfect but if you have bad reviews it’s gonna hurt yeah big time so that’s the nice thing about the industry is that we get reviews now you need to be asking for those reviews I see this a lot yeah you know this is people don’t ask for the reviews now that doesn’t mean his almost bug me sometimes when people say make sure to leave me a 5 star review you know what they want to rate your rental is up to them but just asking for it and letting them know that we live and breathe out this review so that we can make our business is better and so that we can better inform future cast so asking for the reviews is huge piece and now a lot of people even if they didn’t like to run off from work for whatever reason does still leave you good reviews but we also have the private reviews of the private comments and that’s where you need to spend extra special attention because a lot of the times that is where people really tell you how you how they feel so maybe they loved it overall bites they didn’t lie some piece of furniture or the neighborhood your property was in order some noise that they heard from outside or. Or the communication between the gas I mean you name it anything can pop up in there and we can’t please everyone but that is definitely the goal and by monitoring the private comments in the private reviews and making changes where those changes will affect the greater amount of people that’s super super important now my team and I are constantly monitoring this as well because even after thousands of guests accommodations and we still make mistakes for not making mistakes we have nothing to learn from you know and we’re not proving her business so by learning from all these mistakes were gonna have a better guest experience we’re gonna have less headache less issues and hopefully we’re going to make more money right so what are some areas that you want to double check out some obvious areas where maybe you made a couple mistakes that could haunt you in the long run a big area would be your listing description so you want to make sure that it is exactly like your listing you know it has the amount of bedrooms properly listed in and the bathrooms and the amenities I had a rental this was a big learning lesson you know what we were in the midst of adding a lot of rentals at the same time and I wasn’t monitoring each piece and it just simple thing that got overlooked we set up the rentals you know the same way that we had set up all of our other successful rentals but we accidentally checked.
The smoking allowed button or even that was in our house rules that said no smoking we had a listing that in the amenities something that I don’t look at very often are really hardly ever after I set up a listing. It accidentally was checked were allowed for smoking and so people were smoking in the apartment and we caught on to it you know real quickly but it actually wasn’t until it casts just straight up told us and they said oh it allowed smoking on your list scene but when I read your house rules a dead end and docile realize oh my gosh what a big mistake so that’s something really small and that’s like you know we’re just adding too many units the same time and and didn’t have a system in place really to double check that so that’s an easy thing and we won’t make that mistake again so switching gear for a second away from short term rentals you know that’s one area that it’s easy to just eliminate mistakes at your listing descriptions make sure they’re absolutely perfect your guests know exactly what to expect but switching gears to the investment side of this a big mistake that really can hurt Shia and intimidate you from ever getting into real estate again is buying a property on the whole the hopes that it’s going to make a certain amount of money that’s just not a good practice you you don’t want to acquire property that you don’t know what it’s already making you know if it’s raining for $1000 a month and it has been running for $1000 a month for a while it’s not very probable that it’s gonna rent for $1800 a month with a long term tenant so that’s why I want to be careful when were acquiring a property especially to turn around and run is a short term rental is we always make sure it’s stable with a long term tenant so there’s just a couple of the many areas where mistakes are common in the goal of this podcast is just to remind you that mistakes are important they happen if we’re not making them we’re not growing and although a lot of us grew up in schools that essentially taught us that mistakes were bad in the form of a. Task question for example where there’s either a right or a wrong answer and although you know we often heard no question is a stupid question the reality is that we sort of grew up and were trained at least in the US that it’s either right or wrong and where it’s a very competitive culture and society so mistakes are important they should happen and they’re totally necessary for any business and just life in general so if you.
Throughout your days and your business just make sure you’re monitoring the feedback from your gas and reflecting on any issues that you come across so that you can learn from and improve and make things better going forward until next time.
Want to get on the fast track to financial freedom through short term rentals what all searching the properties you. You want to make sure that you acquired the right to give you my. Yes that there is no charge to you for being one of our subscribers the rest methods.com R. E. S. T.. methods.com.
