Alex and Annie: The Real Women of Vacation Rentals

In this engaging episode of Alex and Annie: The Real Women of Vacation Rentals we are joined once again  by Ben Coleman, the visionary founder of Rev and Research, alongside the Chief Operating Officer, Rebecca Ballart.

Rev and Research revolutionizes the vacation rental industry with their 100% done-for-you revenue management services. Beyond standard rate adjustments, the team, driven by a passion for data and numbers, conducts a comprehensive analysis of clients' businesses. From revenue discussions to sales budgets and overarching goals, their unique bottom-up approach has halved owner attrition in the first year. With a team of industry leaders and former operators, Rev and Research taps into the brightest minds in vacation rentals, maximizing occupancy at optimal rates. Their services not only pay for themselves but also reshape the landscape of revenue management in the industry.

In this episode, Ben and Rebecca, together with Alex and Annie combine their expertise to dissect the current state of the vacation rental market. They stress the importance of understanding market demand and pricing strategies while underlining transparency and clear communication with homeowners regarding revenue projections and expectations. Dive into the challenges of managing diverse inventory, from urban markets to homes versus condos. Learn how staying informed about local events can be leveraged to boost bookings and adapt to the changing expectations of homeowners.

The discussion concludes with a sneak peek into the upcoming DARM conference. Ben and Rebecca share insights on their sessions covering revenue management strategies and tackling underperforming units. Overall, the episode emphasizes the proactive, transparent, and knowledgeable approach required for success in vacation rental revenue management.

🚀 Don't miss this enlightening conversation that could reshape the way you approach revenue management in the vacation rental industry!

Highlights of the Episode:
00:00:00 Introduction
00:00:23 Meeting and connecting at conferences.
00:02:11 Demand normalizing and technology.
00:06:29 Taylor Swift and booking strategies.
00:10:11 Understanding Different Types of Inventory.
00:11:38 Market research and vacation rentals.
00:13:55 One night stay reservations.
00:16:40 Types of homeowners and ROI.
00:19:51 Trust and transparency in real estate.
00:23:28 Trust in client conversations.
00:28:20 Companies growing inventory through information.
00:29:29 Thinking outside the box.
00:32:02 DARM conference benefits.
00:36:38 Letting go of difficult units.
00:37:31 Setting boundaries with owners.
00:40:25 Deciding what properties to keep.
00:42:41 Being proud of your brand.
00:48:15 Know your brand.
00:49:32 Getting in touch and networking.

This episode is brought to you by Rev & Research!

Connect with Ben Coleman
Email | LinkedIn

Connect with Rebecca Ballart
Email | LinkedIn

Connect with Alex and Annie
Alex Husner | Annie Holcombe
AlexAndAnniePodcast.com

Send us a message!

In this engaging episode of Alex and Annie: The Real Women of Vacation Rentals we are joined once again  by Ben Coleman, the visionary founder of Rev and Research, alongside the Chief Operating Officer, Rebecca Ballart.

Rev and Research revolutionizes the vacation rental industry with their 100% done-for-you revenue management services. Beyond standard rate adjustments, the team, driven by a passion for data and numbers, conducts a comprehensive analysis of clients' businesses. From revenue discussions to sales budgets and overarching goals, their unique bottom-up approach has halved owner attrition in the first year. With a team of industry leaders and former operators, Rev and Research taps into the brightest minds in vacation rentals, maximizing occupancy at optimal rates. Their services not only pay for themselves but also reshape the landscape of revenue management in the industry.

In this episode, Ben and Rebecca, together with Alex and Annie combine their expertise to dissect the current state of the vacation rental market. They stress the importance of understanding market demand and pricing strategies while underlining transparency and clear communication with homeowners regarding revenue projections and expectations. Dive into the challenges of managing diverse inventory, from urban markets to homes versus condos. Learn how staying informed about local events can be leveraged to boost bookings and adapt to the changing expectations of homeowners.

The discussion concludes with a sneak peek into the upcoming DARM conference. Ben and Rebecca share insights on their sessions covering revenue management strategies and tackling underperforming units. Overall, the episode emphasizes the proactive, transparent, and knowledgeable approach required for success in vacation rental revenue management.

🚀 Don't miss this enlightening conversation that could reshape the way you approach revenue management in the vacation rental industry!

Highlights of the Episode:
00:00:00 Introduction
00:00:23 Meeting and connecting at conferences.
00:02:11 Demand normalizing and technology.
00:06:29 Taylor Swift and booking strategies.
00:10:11 Understanding Different Types of Inventory.
00:11:38 Market research and vacation rentals.
00:13:55 One night stay reservations.
00:16:40 Types of homeowners and ROI.
00:19:51 Trust and transparency in real estate.
00:23:28 Trust in client conversations.
00:28:20 Companies growing inventory through information.
00:29:29 Thinking outside the box.
00:32:02 DARM conference benefits.
00:36:38 Letting go of difficult units.
00:37:31 Setting boundaries with owners.
00:40:25 Deciding what properties to keep.
00:42:41 Being proud of your brand.
00:48:15 Know your brand.
00:49:32 Getting in touch and networking.

This episode is brought to you by Rev & Research!

Connect with Ben Coleman
Email | LinkedIn

Connect with Rebecca Ballart
Email | LinkedIn

Connect with Alex and Annie
Alex Husner | Annie Holcombe
AlexAndAnniePodcast.com

#Revenue #RevenueManagement #RevAndResearch #VacationRental

In this engaging episode of Alex and Annie: The Real Women of Vacation Rentals, we sit down with Valerie Gangas, a powerhouse in Transformational Life Coaching, an accomplished Author, and the visionary CEO behind Juniper Holiday & Home. As Valerie shares her fascinating journey, we explore how her roots in the restaurant and bar industry grew into a passion for hospitality, ultimately guiding her towards the dynamic world of vacation rentals.

During the challenges of the COVID era, Valerie's entrepreneurial spirit led her to start her own vacation rental company, experiencing an impressive surge from 12 homes to a portfolio of over 60 in record time. Listen in as Valerie unravels the essence of her success, emphasizing the crucial role of brand-building and the creation of an authentically memorable guest experience. She believes that vacation rentals are not just about making money, but about creating magic in people's lives.

The conversation takes a deep turn as Valerie opens up about her book, "In Deep Shift," a heartfelt exploration of her personal transformation journey. In navigating the challenges of grief and self-discovery following the loss of her mother, Valerie found comfort in meditation, tapping into her intuition and authenticity. Her message is clear: life's inevitable profound changes are opportunities for growth, urging us to trust our instincts and cherish the transformative journey.

But the story doesn't end there. Valerie offers a sneak peek into her upcoming book, a blend of her passion for hospitality and spiritual enlightenment. This enlightened hospitality manifesto promises to be a guide for those seeking a harmonious blend of service and spirituality.

As an active contributor to the vacation rental community, Valerie generously shares her insights, guiding others on their own paths of transformation. Join us for an episode full of wisdom, inspiration, and the kind of magic that leaves an indelible mark on your journey. Tune in now and let the journey begin!

Highlights of the Episode
00:00:00 Introduction
00:02:01 Greek immigrant restaurant business.
00:05:12 Transitioning from restaurants to vacation rentals.
00:10:05 Finding a mentor and learning.
00:12:21 Building a brand through guests.
00:14:55 Building a consistent brand.
00:20:30 Consistency and building a brand.
00:23:43 Recording an audiobook.
00:24:56 A deep shift in life.
00:29:12 Creating magic in people's lives.
00:32:50 Making big life changes.
00:35:29 Shattering false narratives.
00:39:42 Tips for meditation.
00:43:27 Being quiet and gaining more.
00:46:07 Shifting perspectives in difficult times.
00:48:51 LinkedIn: Where Business People Connect.

This episode is brought to you by Rev & Research!

Connect with Valerie Gangas
Website | Juniper Holiday & Home | LinkedIn
 Facebook | Instagram | Pinterest

Connect with Alex and Annie
Alex Husner | Annie Holcombe
AlexAndAnniePodcast.com

Send us a message!

In this episode, Alex and Annie are joined by David Angotti, the Chief Evangelist at Guesty, an end-to-end property management software designed for short-term property managers who seek to save time, increase revenue, and grow their businesses. David's journey in the vacation rental industry began after he exited his first company, SpeedyPrep, in 2009. Retirement at the age of 29 quickly lost its allure, so he purchased a few rental properties. This quickly evolved into a property management business from which he also exited. Afterwards, David shifted his focus to launching and managing a book direct business, ultimately leading him to his current role at Guesty.

David breaks down the role of Chief Evangelist into two parts. The external part of his role strives to achieve a level of market education and awareness that makes sure Guesty is always part of the conversation when companies are evaluating property management software. The internal part of his role requires him to always have his finger on the pulse when it comes to current market trends and demand, and for him to advocate for both their existing clientele and the total addressable market to make sure that Guesty is always developing in a direction that best serves their market.

Guesty is expanding their United States team, adding 40-50 consultative market managers who will serve individual markets across the US. Their purpose will be to ensure that Guesty’s onboarding experience is much more refined, and that clients have access to a dedicated support team in their particular market that can serve them at a much higher pace and quality than what the industry is used to. The reason for this expansion is that Guesty is now moving into the traditional vacation rental markets, while their previous market share was typically in urban areas.

A big focus of David’s work is towards educating the market on how to build the right growth strategies. He considers the marketing agency model to be inefficient for smaller property managers, as great marketing agencies typically have large retainers that are way out of budget for your average property management company, and smaller agencies are less effective than hiring freelancers and contractors to take care of individual projects. 

Tune into the full episode to learn more about David’s journey and expertise!

HIGHLIGHTS:
00:54 David’s Journey Into Vacation Rentals
10:22 Improving Your Book Direct UX
15:41 How Guesty Helps With Marketing
18:42 What Does a Chief Evangelist Do?
26:14 Guesty’s US Expansion Plan
32:20 The Right Approach to Marketing
39:42 Building a Recognizable Brand

This episode is brought to you by Rev & Research!

Connect with David:

Website | Linkedin

Connect with Alex and Annie:

Alex Husner | Annie Holcombe

Send us a message!

Welcome to a special flashback episode of Alex & Annie! Today marks the 2nd anniversary of the podcast, and we couldn't be more grateful for the road so far, and excited for what's to come!

To celebrate, we decided to back the episode where it all started. Fun fact - the first time we tried to record it we needed 3 takes to get it right, as technology was getting the best of us.

Here are the original show notes - 

In this inaugural episode of Alex & Annie: The Real Women of Vacation Rentals, we explore the spark that started our journey to making this podcast. We provide a high-level overview of our industry background, and highlight two AHA moments that defined the future of our careers. 

Topics we cover:

• Who are Alex & Annie? 
• The importance of having a good mentor 
• Two AHA moments that defined our careers
• Where will this journey take us? 
• Vacation Rental Women’s Summit

Thank you for joining us and helping this become a reality. We cannot wait to bring you more exciting stories from the PEOPLE behind the industry.

CONTACT ALEX & ANNIE
AlexandAnniePodcast.com
LinkedIn | Facebook | Instagram

Alex Husner - Linkedin
Annie Holcombe - Linkedin

Send us a message!

For this November 1st of the Month Bonus Episode, Alex & Annie welcome Lance and Elaine Stitcher - Owners of Seaside Vacations & Sales - a full-service, boutique Vacation Rental company that operates in Chincoteague Island, VA, Ocean City, MD, and Captains Cove, VA. During the VRMA 2023 International Conference in Orlando they became the recipients of the Vacation Rental Management Company of the Year Award and are joining us today to talk about their road to winning this prestigious award.

Lance and Elaine understand that to truly provide the best possible guest experience, you need to level up your service and go beyond the industry status quo. One of the ways they’ve done it is by bringing laundry in-house and including linens as a standard part of their service. This was a costly, uphill battle at first, but now they can proudly say that they’re the only vacation rental managers in their market that do this - which takes a huge burden off of the guests shoulders. 

Spirits are high after the phenomenal VRMA conference in Orlando last week. Compared to last year's event in Vegas, the Orlando venue was much less populated by external parties making it easier to connect with industry peers - which is what vacation rental conferences are all about. This year, the DARM and Women’s Summit Conferences are both right around the corner from the VRMA event, and we’re expecting a strong follow-up to the Orlando event.

When asked about revenue management in 2023, Lance reaffirms that the COVID high season is obviously over, however, they’ve still seen a 25% growth improvement compared to 2019 which puts them at an over 5% yearly growth rate for the last 4 years. Revenue management is no easy task, especially if it’s one of the many hats you wear, which is why Lance considers Rev & Research and Wheelhouse must-haves for their business at this point.

With the market no longer being as forgiving as it was during 2020-2021, Lance and Elaine are both focused on making revenue management their superpower. This year, they’ve learned an invaluable lesson about the importance of getting seasonal pricing right, and the market expectation of flexibility when it comes to cancellations and changes to bookings. 

Check out the full episode to hear the road that took Seaside Vacations & Sales to the VRMA Vacation Rental Management Company of the Year Award!

HIGHLIGHTS:
00:00 Lance & Elaine Receive the VRMA Award!
02:21 Seaside Vacations & Sales Road To Victory
05:03 Bringing Their Laundry In-House
10:42 The Value of Conferences
17:21 Revenue Management in 2023
24:52 How Consumers Choose Booking Sites
30:52 Why Our Industry Rocks!

This episode is brought to you by Rev & Research!

Connect with Lance:

Website | LinkedIn

Connect with Elaine:

Website | Linkedin

Connect with Alex and Annie:

Alex Husner | Annie Holcombe

AlexAndAnniePodcast.com

Send us a message!

Join us today for a special FLASHBACK episode with Vanessa Humes as we explore the Top 5 Ways to Drive Direct Bookings! This episode originally aired in September 2022.

Original shownotes from September of 2022:

Vanessa Humes of ICND joins us today to share the top 5 strategies for building a book-direct vacation rental brand. As we often talk about on the podcast, building your house on someone else's land puts your business in a dangerous position - but where do you begin if you want to take business BACK from the OTAs? Whether you're an experienced manager or just starting out in the industry, Vanessa has  great insights and tips that will help you build your business on your own land...because the grass really IS greener, when you water it yourself :)

CONTACT VANESSA HUMES
ICND
LinkedIn
[email protected]

CONTACT ALEX & ANNIE
AlexandAnniePodcast.com
LinkedIn | Facebook | Instagram

Alex Husner - Linkedin
Annie Holcombe - Linkedin

Send us a message!

In this episode, Alex & Annie are joined by Marcus Räder - Founder & CEO of Hostaway. Hostaway is one of the fastest growing vacation rental management software companies, perfect for those with 5 to 1,000+ listings. They make it easy for you to get more out of your business while spending less time with tedious manual tasks by offering a variety of pre-made software-based solutions. Last time Marcus was on the show, we spoke about what companies really learn as they attempt to grow with investment capital, and this time he’s joining us to discuss where our industry is heading in 2024 and beyond.

Aside from the fact that Hostaway just raised the biggest venture capital round in vacation rental history at $175 Million USD, the reason why we decided to have Marcus on the show again is because his last year's appearance on here ended up being one of our favorite episodes ever. Between the entrepreneurial and career wisdom, plus the technical topics we discussed - the episode was so good we released it twice. And today’s sequel does it justice.

When speaking on the prioritization on what to develop for the Hostaway platform, Marcus reveals that their core philosophy stems from the fact that they need to be an all-in-one solution. There’s too many moving parts in the day-to-day operations of a property management company to allow decentralization, which is what Marcus realized 7 years ago during the inception of Hostaway. The money trail that goes from renter to property owner is a complex route with many stops, which creates quite a few inefficiencies. Marcus draws a comparison to Amazon - the reason why they’re so price efficient is because they remove a variety of steps from the money trail including logistics and wholesalers, allowing for true efficiency to be achieved. This same Amazon-esque philosophy is what he applies to how Hostaway serves their clients.

Marcus speaks on the success of Hostaway being in large part driven by their company culture and hiring methodology. The reason why they’ve been able to achieve more with a team of 150 then their competitors with teams of 5-600 is due to them being zoned in on hiring the right talent and building a culture of winners. To help facilitate this type of environment, Marcus makes sure to meet with every single new hire, even though at times it might take 3 months to get it set up with his ultra busy schedule.

Now that American Express is moving into the vacation rental space with their loyalty program, many speculate on the impact this will have on the market share between hotels and rentals. Marcus brings up a great point that these new programs won’t fundamentally change the thinking of a buyer when choosing between a hotel or a rental property, so no impactful uptick is to be expected from this new program.

Tune in to the full episode to learn more on how Hostaway has become a true staple in the vacation rental management software space!

HIGHLIGHTS:
00:00 Recalling Marcus’s Previous Alex & Annie Appearance
06:17 Hostaway’s Development Prioritisation Strategy
12:42 Approaching Customer Support The Right Way
17:12 Building an International Company Culture Based On Success
23:31 Marcus’s Global Viewpoint On The 2023 Market
29:42 The Impact of AmEx’s Arrival To Vacation Rentals
36:32 Marcus’s Expectations For This Years Conference Season

This episode is brought to you by Casago and Rev & Research!

Connect with Marcus:

Website | Linkedin

Connect with Alex and Annie:

Alex Husner | Annie Holcombe

Send us a message!

On this episode of Alex & Annie : The Real Women of Vacation Rentals, Alex is joined by Veronica Romney, Founder of Rainmaker Residency™ and VeronicaRomney.com. Veronica is a coach of all things marketing and leadership with over 15 years of experience. She puts her marketing skills on display with the two long term rental properties and one short term rental property she owns, and her marketing efforts as a solo contributor have outperformed both agencies and management companies with her holistic understanding on what it means to effectively market both herself and her products.

As both owned and social media become more prevalent across every business sector, marketers have to learn how to market themselves first and foremost to unlock better opportunities and own their marketing channels. Here’s the problem - marketing yourself is no easy task for conventional marketers who’ve spent their careers building demand for goods and services. For many, putting yourself out there comes with a lot of anxiety and imposter syndrome, and the way Veronica suggests battling those seeds of doubt is to remember the statistic that 82% of Americans will think positively of a brand if its leaders have their own thought leadership and online presence.

Veronica’s path to working with influencers such as Tony Robbins, Pete Vargas and Dean Grazioni stemmed from her decision to sell her agency. After 5 years of running ModernMarca with her husband, Veronica was very burned out, and her exit just so happened to be around the same time as Tony Robbins and Dean Grazioni entered into their partnership on a new service which was all about how to monetise your knowledge. Veronica became a client, and the program ended up being a major success with the team behind it looking to follow up by building a public speaking team - on which Veronica won a spot in a 600 applicant competition.

The way Veronica got into the short term rental space is by purchasing a second home and converting their townhouse into a rental property. The house she purchased came with $80,000 worth of bookings already made prior to their investment, and it was run by a top tier local property manager. Upon purchase she noticed that the house was badly maintained and came with an archaic, outdated system, which broke her perception of property management companies. To fix this predicament, Veronica reached out to a smaller, more modern local management company and offered a hybrid model - they take care of the operations and property management and she does all the marketing, and so a win-win was born!

Tune into the full episode to learn how marketing yourself can open up new and exciting opportunities!

HIGHLIGHTS:
00:42 How Veronica and Alex Met
03:28 Marketing Products vs Marketing Yourself
12:32 Veronica’s Impressive Resume
16:43 Effective Coaching Remotely
20:25 Veronica’s Short Term Rental Journey
28:15 The Importance of Influencer Marketing
32:38 Golden Marketing Nuggets

This episode is brought to you by Casago and Rev & Research!

Connect with Veronica:
Website | Linkedin

Connect with Alex and Annie:
Alex Husner | Annie Holcombe

AlexAndAnniePodcast.com

Send us a message!

In this episode, Alex & Annie are joined by Syed Lateef of SyedBnb. Syed is a philanthropist, a family man, an exotic car collector, an 8 figure Airbnb Coach, and the CEO of his short term rental company. He currently operates almost 300 units and is looking to add more. Last year his Airbnb business did more than $10,000,000 in revenue - but it was NOT an easy ride.

Syed’s journey into short term rentals began when he was in the midst of looking for ways to achieve financial freedom, which led him to purchase his first multifamily investment property in 2017. After living in it for a year, he ended up placing it on Airbnb based on a podcast episode he heard, and this move ended up making double the rent value immediately. Then, within 3 months it started making triple the rent value, and so his new business plan was in motion. Fast forward to today, Syed has over 300 units under management, with a majority of his properties being in the Chicago area.

COVID was a true challenge for Syed’s business. When flights were grounded, regulations came in overnight and Airbnb refunded more than $100,000 worth of Syed’s bookings, he was faced with the reality that the lease agreements he had signed were no longer sustainable. After approaching property owners, he gave them 3 potential options - either he moved out of their properties, went into revenue share agreements with them or they could sue him. Even though things were looking grim, most owners agreed to go into a revenue share agreement, and even those who were ready to sue him slowly retracted their positions as they started to understand exactly how crazy the world was becoming.

It’s no secret that the rental arbitrage model is one that often doesn’t work out in the vacation rental space - but that’s not the case for Syed’s business. The reason why Syed’s business model works even though almost all of it is based on rental arbitrage is the fact that he’s mostly in urban areas where the rents are much lower. Even though Chicago might seem like a year-round market, Syed reveals that most of their bookings happen during the summer, with him reporting losses between $350,000-$400,000/month during the winter months.

When asked about booking windows, Syed mentions that everything has gone last minute in 2023. Between hotels being open again and all the negative press that Airbnb has been getting, Syed’s lead times are now on average 5 days, which is very stressful. Another big stress factor for his business is the over-reliance on consistent cash flow. Syed mentions that another freak event like COVID could wipe out their business overnight, which is a tough idea to deal with for any entrepreneur.

Tune into the full episode to hear about the rollercoaster of running an Airbnb empire!

HIGHLIGHTS
00:33 Syed’s STR Journey
02:32 Working Around Regulations in Chicago
04:02 Surviving COVID
09:28 Making Rental Arbitrage Work
17:26 Syed’s Booking Windows in 2023
28:21 Advice To Get Into Arbitraging
32:52 Finding The Right Airbnb Coach
38:06 Syed’s Community Building

This episode is brought to you by Casago and Rev & Research!

Connect with Syed:

Website | Linkedin | Instagram

Connect with Alex and Annie:

Alex Husner | Annie Holcombe

AlexAndAnniePodcast.com

Send us a message!