The Intentional Host

ARE YOU READY?

TIME TO DUST OFF THE COBWEBS!

Hello my peeps!

The weather is changing...
Retail is slowly opening...
Now is the time to hyper focus on the details of your Short term rentals!
Here are a couple of tips to position yourself.

ELEPHANT IN THE ROOM
Be aware of the newest Covid-19
State Health department recommendations even if you are not required to have Health Department inspections in your community. The tide of permits and inspections can change quickly, be ready when they do.

https://wedc.org/reopen-guidelines/

Pin a post in your platform listing and at the top of any social media. Let your guests know how you are personally handling Covid-19 at your AirBnB to set your guests at ease and make it easier for them to book with you.

TEAM
Engage with your team (housekeepers, platforms, bookkeepers. Co-hosts, utitilites, maintenence etc...) Be sure that everyone is at the ready and your ducks are in a row. Preparing for success not only puts you in a better mindset. It also sets you apart.

GOING DEEP
Stand in front of your property and look at it as if you were a guest. Make good notes as you evaluate actions needed. Do you have curb appeal and a fresh look? First impressions are critical. Now is also the time to do a deep cleaning, Open the windows let the sun into your space. Look at each room and notice where adjustments, supplies or updates are needed.

A FRESH NEW LOOK
Take new photos. Mid morning light is your best time of day for interior and exterior shots. If you can, hire a professional photographer skilled in rentals or RE do it; it is worth the investment. Remember to focus in on your brand and messaging when choosing what to feature.

BRAND & MESSAGING
Now onto your Marketing and Branding. You have already addressed the elephant in the room. Let that stand on it’s own! No apologies, no personal sentiment, no additional mentions of safety are needed. Move quickly and confidently into your marketing message.

“Where focus goes, energy flows”

YOUR RATES
Don’t lower your rates or try to underbid your immediate competitors. At the same time be realistic and don’t over price your asset to make up for lost rentals. Keeping true to your market is your best path. This is your business and if anything you will incur more cost (cleaning and Covid-19 gap dates etc...) not less. Data has proven that when rates are too low a guests loses confidence about safety. You will lose rentals, not gain them. You are also more likely to attract guests that will bring trouble and damage your property. Your business is your business nothing has changed.

Maximize your leverage. Throughly enjoy your role as host and the profits will come.

ARE YOU READY?

TIME TO DUST OFF THE COBWEBS!

Hello my peeps!

The weather is changing...
Retail is slowly opening...
Now is the time to hyper focus on the details of your Short term rentals!
Here are a couple of tips to position yourself.

ELEPHANT IN THE ROOM
- Be aware of the newest Covid State Health department recommendations even if you are not required to have a Health Department inspections in your community. The tide of permits and inspections can change quickly, be ready when they do.

https://wedc.org/reopen-guidelines/

Pin a post in your platform listing and at the top of any social media. Let your guests know how you are personally handling Covid-19 at your AirBnB to set your guests at ease and make it easier for them to book with you.

TEAM
Engage with your team (housekeepers, platforms, utitilites, maintenence etc...) Be sure rhat everyone is at the ready. Preparing for success not only puts you in a better mindset. It also sets you apart.

GOING DEEP
Stand in front of your property and look at it as if you were a guest. Do you have curb appeal and a fresh look. Now is also the time to do a deep cleaning, Open the windows let the sun into your space. Look at each room as see where adjustments supplies or updates are needed.

A FRESH NEW LOOK
-Take fresh new photos. Mid morning light is your best time of day for interior and exterior shots. If you can hire a professional photographer. Remember to focus in on your brand and messaging when choosing what to feature.

BRAND & MESSAGING
Now you are onto your Marketing and Branding. You have already addresses the elephant in the room. Let that stand on it’s own! No apologies, no personal sentiment, no additional mentions of safety are needed. Move quickly and confidently into your marketing message.

“Where focus goes, energy flows”

YOUR RATES
Don’t lower your rates or try to underbid your immediate competitors. At the same time be realistic and don’t over price your asset to make up for lost rentals. Keeping true to your market is your best path. This is your business and if anything you will inccur more cost (cleaning and Covid-19 gap dates) not less. Data has proven that when rates are too low a guests loses confidence about safety. You will lose rentals not gain them. You are also more likely to attract guests that will bring trouble and damage your property. Your business is your business nothing has changed.

Hello My Peeps!
I have been getting a lot of questions on this topic and thought it was time to give you some food for thought.

Property + Good Planning + Exceptional Hosting = Profits

AIRBNB AND THE DNC (Milwaukee, July 2020)

DNC in MILWAUKEE IS NOT CANCELLED YET! It is a possibility but certainly not determined and I would hope this craziness is over by then. Presently AirBnB is only offering 100% refunds on reservations made before March 14, 2020. AirBnB has some, autonomy in the situation by it’s rules and in the case of a national crisis. They could extend or authorize cancellations above and beyond the wishes of owners chosen cancellation policy levels for national health and extenuating circumstances. Is there money to be made with AirBnB? Yes but do your numbers! There is the misconception that there are fortunes to be made during the DNC. Surprisingly the real profit numbers come into play if you keep your rental in AirBnB 6 months to a year or longer depending on your location. For those of you holding units for the DNC consider these items.

DO THE NUMBERS ADD UP?
Just like any real estate deal you have to do the numbers for a short term rental may be a larger price tag than the 4 to 5 day rental nights estimated between 1k and 2k per night on the high side for the average apt unit. Properly licensing, insuring, furnishing a property (not already furnished) and add housekeeping, platform and managment turnover fees. You also need to deduct the monthly rent you would have otherwise collected.

LICENSING
In the wake of Covid-19 it is possible that we could see local health department and other licensing coming down the pike. Currently a state held residential business license and tax account is required which existing landlords should already have. If you purchased property just for the DNC these will be costs you need to work into your numbers. There are usually event authorized national housing agencies that mobilize around these larger events (like done during Harley Davidson’s 100th anniversary) that will register and disseminate rental inventory and have housing requirements as well should you participate in them. Some municipalities also require listing or licensing a property used for short term rental. Skip any of these laws and insurance coverage can come into question.

INSURANCE
Your property may already be insured but it does not guarantee that it will cover a short term rental incident. Short term rental are a class of their own and usually require a business policy (or special rider) to fully protect your RE asset. People sometimes do stupid things at AirBnB’s. It is rare but you do not want be caught without the proper insurance to cover the lawsuit brought by a family of a drunk guy who fell off a balcony and died. Contact your insurance agent and be sure you are adequately covered. “Done and Won“ in one state and the owner lost everything.

PRIVATE RESIDENCE
In the case of a private residence that carries a mortgage also be aware that your bank may have the right to call on a mortgage
and/or sue for damages if a damaged home is being used in a manner prohibited by or not zoned for rentals within your mortgage documents. This may also put you in the category of uninsured due to improper or unauthorized use.

FURNISHING COSTS
Depending on the number of rooms and bedrooms in your property. Even a meagerly furnished rental will set you back 3k to 5k per unit. To properly furnish (beds mattresses, couch, chairs, tables, lamps, linens, dishes art, etc... etc...) A STR you are really looking at 5k to 8k per unit with a mix of old and new furniture.

TIMING
Hotels generally have a 24 to 48 hour cancellation policy. For larger events sometimes longer. With Covid-19 people are in a bit of a holding pattern. But will cancel a hotel stay in chicago to be closer in an AirBnB. if Covid-19 crisis has already passed, releasing your inventory dates in May and June will give you a better chance of a reservation that will hold and yield a higher $ amount per night. You can list your property photos with virtual staging photos prior to a vacancy and replace it with actual photos once your vacancy is furnished at least two weeks prior to rental. For full transparency, notify your guest that the staging in your photos is a representation of the rental unit which will be newly furnished before their stay and that they will be notified when actual photos are posted to AirBnB prior to their stay.

There is a lot more to be said here like how new national laws on move outs and eviction may come into play. For a later time.

Hello My peeps! Lets Start the information flowing! I would like to build free relevant content and educational posts based around your AirBnB questions and needs.

HERE IS TODAY’s QUESTION...

What is your most pressing Air BnB question, challenge or obstacle?