Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | STR Revenue Management

Though home-sharing and hospitality is nothing new—we’ve been sharing our spaces since Prehistoric times—the industry has evolved a great deal in the last decade. And the short-term rental (STR) space will continue to grow and change in the years to come. So, what current trends are likely to continue in 2020? And how can we grow as hosts to stay competitive in the decade to come?

Simon Lehmann is the CEO and cofounder of AJL Consulting, a boutique firm with a focus in the private accommodation and STR industry. Prior to AJL, Simon served on the boards of HomeAway, Travelwindow and Inntopia, and spent eight years at the helm of Interhome, where he oversaw a total of 32K STR units in 29 countries. A globally recognized thought leader in the vacation rental and online travel space, Simon has delivered keynotes at VRMA International, the World Tourism Forum and the Vacation Rental World Summit.

On this episode of Get Paid for Your Pad, Simon joins me to discuss how Airbnb has (and hasn’t) changed the STR space, describing the platform’s major achievements in the last 10 years. He shares the trends around professionally managed inventory and predicts whether Airbnb will realize its ambition to become the world’s OTA superbrand. Listen in for Simon’s insight on growing your own property management business and learn how to meet changing guest expectations for STR in 2020 and beyond!

Topics Covered

How Airbnb changed the STR space

• Created new vertical in existing industry
• Accelerate supply growth exponentially

Airbnb’s major achievements in the last 10 years

• Established incredible marketplace
• Created many entrepreneurs + businesses
• Made tourism available to new generation

Simon’s top prediction for the STR space in 2020

• Supply will become more professionally managed

What aspiring PPMs should consider in growing a business

• Take on quality inventory in good location
• Maximize availability + bookability

Simon’s advice on scaling up a PPM business

• Bring on staff, limit self to tasks that add value
• Be selective in onboarding new properties

How guest expectations are changing in the STR space

• More ‘hotel guests’ with higher standards
• Improve quality to remain competitive

How small property managers can stand out

• Spend 2 to 3 days in each property yourself
• Little things make big difference (e.g.: personal note)

The potential for Airbnb to go public in 2020

• All signs point to YES
• Strategic acquisitions

What’s behind Airbnb’s ambition to expand beyond STR

• Pressure from current investors
• Leverage customer base to sell additional things

Connect with Simon

AJL Consulting

Simon on LinkedIn

Resources

Vacation Rental World Summit

Airbnb’s Acquisition of HotelTonight

STR Legends Mastermind

Email [email protected]

Sponsor

Hostfully

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More than 500 million people have stayed in an Airbnb since its inception in 2008. And a mind-boggling 350 people check into an Airbnb every minute. So, what makes the short-term rental (STR) platform so successful? And what do the best hosts do to deliver an exceptional experience that makes every guest feel welcome?

Joseph Michelli is the New York Times bestselling author of several books about world-class customer experience providers, including the Ritz-Carlton, Starbucks and Zappos. A sought-after keynote speaker and business consultant, Joseph has been recognized as one of the Top 10 thought leaders in the realm of customer service by Global Gurus, and his most recent title is The Airbnb Way: 5 Leadership Lessons for Igniting Growth Through Loyalty, Community, and Belonging.

On this episode of Get Paid for Your Pad, Joseph joins me to explain what prompted him to write The Airbnb Way and discuss the book’s major themes around how the sharing economy has changed the hospitality industry. He walks us through the five sections of The Airbnb Way, describing how Airbnb hosts deliver belonging and what we can do to cultivate trust with our guests. Listen in for Joseph’s insight on how Airbnb promotes the idea of enlightened hospitality, fosters a sense of community, and empowers its hosts to improve their lives!

Topics Covered

What prompted Joseph to write The Airbnb Way

• Work with Ritz-Carlton on book in 2008
• Saw changes in how travelers experience hotels

The major themes of The Airbnb Way

• How Airbnb came to be, what makes it great
• What Airbnb and hosts do to drive belonging

How Joseph thinks about BELONGING

• Create safe physical + emotional environment
• Offer sense of what it’s like to live in city

The concept of enlightened HOSPITALITY

• Chip Conley brought mindset to Airbnb
• Anticipate needs, create personal connection

Joseph’s insight around cultivating TRUST

• Demonstrate genuine care for guest
• Live up to claims made in listing

How Airbnb EMPOWERS its hosts

• Leverage asset to unlock what’s important
• Provide housing security, power to travel

How Airbnb fosters a sense of COMMUNITY

• Supports communication among hosts
• Activate to protect rights of home sharers

The values Airbnb guests and hosts have in common

• Global citizens
• Positive view of people

Connect with Joseph

The Airbnb Way

Resources

The Airbnb Way: 5 Leadership Lessons for Igniting Growth through Loyalty, Community, and Belonging by Joseph Michelli

Chip Conley on GPFYP EP024

Peak: How Great Companies Get Their Mojo from Maslow by Chip Conley

Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa Kapadia

News Story on Airbnb Halloween Shooting

STR Legends Mastermind

STR Profit Academy

Email [email protected]

Sponsor

Hostfully

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You’ve probably heard of the mother-in-law apartment, a small suite on the same lot as a single-family home, where an in-law (or other family member) can live while maintaining their own privacy and independence. But what if you want to list an in-law property on Airbnb? Is it wise to list two units on the same lot as short-term rentals (STR)? Or is there a better way?

Kyle Stanley is an avid real estate investor and experienced STR host. He is also the host of the Fearless Flipping Podcast, a show dedicated to helping listeners learn to flip houses and earn passive income with real estate. After buying a property with a secondary unit onsite, Kyle created the mother-in-law model to earn money on Airbnb and provide a unique opportunity for his long-term tenants.

On this episode of Get Paid for Your Pad, Kyle joins me to explain how he came up with the mother-in-law model, discussing how it can be a win-win-win for long-term tenants, Airbnb guests and property owners alike. He describes how to find willing onsite managers for mother-in-law units and the challenges of relying on an individual rather than a business. Listen in for Kyle’s insight around the current real estate market and learn whether the mother-in-law strategy makes sense for your STR business!

Topics Covered

How Kyle got into the STR space

• Unexpected expenses with first house in Scottsdale
• Friend introduced to idea of renting room on Airbnb

How Kyle expanded his STR business

• Moved back to California for dad’s health in 2016
• Airbnb guests generally in town for business or family
• Discovered income potential of renting whole house
• Increased portfolio to five listings in Fresno

How Kyle came upon the mother-in-law model

• Nervous about listing two houses on one lot on Airbnb
• Idea to make one long-term rental with reduced rent
• Serve as onsite manager/cleaner of Airbnb property

The advantages of Kyle’s mother-in-law strategy

• Win-win-win for tenant, STR guest and owner
• Increased profits from $1500 to $2500/month

Finding a tenant who is willing to serve as onsite manager

• Stay-at-home moms + individuals looking for low rent
• Consider fair wage laws, track time and offer bonuses

How guests respond to having an onsite manager

• Make clear on listing to attract right people
• Guests inclined to break rules unlikely to book

The challenges of using the mother-in-law strategy

• Relying on person vs. business
• Backup plan in place for emergencies, trips

Kyle’s tips for replicating the mother-in-law model

• Choose onsite managers you trust 100%
• Ensure that model makes financial sense

Kyle’s insight around the current real estate market

• Likely 12-18 months away from downturn
• All-in on special terms and arbitrage model

How to approach a property manager about Airbnb

• Use FORM sales formula to make friends first
• Explain how differ from other tenants (pros + realities)
• One of every nine will say YES

Kyle’s best advice for GPFYP listeners

• Access likeminded people and information
• Do research to expand mindse

Connect with Kyle

Fearless Flipping

Sponsor

Hostfully 2019 Report

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Between HomeAway and Airbnb, there are 3,155 cabins in Pigeon Forge, a popular Tennessee tourist destination near Dollywood. To book up, you have to STAND OUT. But how? How do you create a pattern interrupt among all the rustic spaces decked out with plaid comforters and bear figurines? One strategy is to theme your space, surprising potential guests with something they’ve never seen before.

Jeff MacIntyre is an Emmy-winning television producer, long-time real estate investor and creator of Theme My Space, a platform designed to help short-term rental (STR) hosts transform their vacation rental into a unique experience guests will love—and share on social media. Jeff is also the only Airbnb host in Pigeon Forge with a pirate-themed cabin, complete with wall-mounted cannons and a figurehead from the bow of an old ship!

On this episode of Get Paid for Your Pad, Jeff joins me to explain how learning about the Pigeon Forge market drew him to the STR space. He discusses why he chose the pirate theme for one of his cabins, sharing where he got his aargh-infused artifacts and how he incorporates pirate slang in his listing. Listen in for Jeff’s insight on branding your Airbnb and learn the top five benefits of theming a STR space.

Topics Covered

How Jeff got into the STR space

• Learned about Pigeon Forge through Rhonda Blue
• Big profit potential in hot family travel market

Jeff’s first STR property in Pidgeon Forge

• Traditional cabin positioned as honeymoon spot
• Returns blow away long-term rental properties

Why Jeff chose the pirate theme for his second STR

• Popular pirate-themed shows for tourists
• Aargh-infused cabin to stand out in market

Why Jeff is a fan of smaller 1BR + 2BR properties

• Fewer problems with guests
• Easier to test out theming theory

Where Jeff got his pirate-themed artifacts

• Swap meets, eBay, Craigslist and Facebook
• Scroll Pinterest for ideas re: fabrics for bedroom

Jeff’s insight around branding your STR

• Create sharable custom experience
• See yourself as dealer of DELIGHT

Jeff’s familiarity with pirate slang

• Learned for Tipsy Captain YouTube channel
• Include in listing captions, cabin manual

The other benefits of theming your STR space

• Increase attention and bookings
• Opportunities for local partnerships
• Targeted marketing (e.g.: Facebook ads)
• Work with social media influencers
• Earn more by selling merchandise

Jeff’s advice for promoting a themed listing

• #PirateRidge decals by photo-worthy décor
• Selfie basket + frame with cabin name

Connect with Jeff

Theme My Space

Pirate Ridge on Airbnb

Alpine Dreams on Airbnb

Resources

BiggerPockets

Rhonda Blue

Dollywood

Realtor.com

eBay

Craigslist

Pinterest

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Wish you could create space in your life to explore new things? To spend more time on creative interests or pursue the hobbies you love? Shawn Laidlaw is leveraging Airbnb to do just that, investing in a short-term rental (STR) business in Mexico that gives him the time freedom to live life on his own terms.

Shawn Laidlaw is an investor and STR host in Villas de Cerritos Beach near El Pescadero. He purchased land in an existing development there and built a three-unit property on the site, allowing him to rent the units on Airbnb and live there himself for six months of the year. Shawn is also a photographer, writer and avid surfer.

On this episode, Shawn joins me to discuss how he came to invest in an Airbnb in Mexico and explain the process of buying and developing land in the country. He shares the perks of running a STR business in a development with an onsite staff, the cost of doing construction in Mexico, and the mindset difference when it comes to scheduling work. Listen in for insight around what it’s like to host a vacation rental in Mexico and learn how Shawn is leveraging Airbnb to live a simpler life—and do a lot of surfing!

Topics Covered

Shawn’s journey to Mexico

• Money from sale of property in Victoria, BC
• House sitting in California for friend in real estate
• Presented with development opportunity
• ‘Open to whatever life brought me

What it looks like to buy property in Mexico

• Foreigners can’t own outright within 50 km of coast
• Sole beneficiary of third-party trust (fideicomiso)
• 99-year term on lease hold construction

The benefits of buying in a ‘gringo development’

• Fit Shawn’s goals for lifestyle and investment
• Staff onsite for cleaning, reception + security

How much it cost to build in Mexico

• $20K for 10x12 m of land
• $100K for construction of three units

How Shawn’s property is structured

• Two bachelor suites on first level (open air kitchens)
• 700 ft2 unit on second level, hang out on roof

Hosting on Airbnb in Mexico

• Platform collects sales and regional taxes
• Shawn focuses on vacationers vs. business clients

The pros and cons of building in Mexico

• Builders in place in existing developments
• Things move slowly (mindset difference)

Shawn’s experience of managing units remotely

• Leverage onsite reception, cleaning staff
• Schedule through online booking portal

How much Shawn charges for his units

• $55/night during busy season in winter
• $40/night in summer
• Discounts for weekly, monthly stays

The occupancy rates on Shawn’s units

• 30% to 40% throughout year
• Booked solid through March
• Fewer tourists in summer (10% to 15%)

Shawn’s advice around investing in Mexico

• Take leap when opportunity presents itself
• Amazing people, rich culture and surfing

Shawn’s minimum income experiment

• Create balance among lifestyle, investing and simplicity
• Intent to live off rental income, stay in Mexico full-time

Connect with Shawn

Shawn’s Blog

Shawn’s Website

Shawn on Instagram

Shawn on Airbnb

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Does your Airbnb have the delight factor? The most successful short-term rental (STR) hosts surprise their guests with unique hospitality experiences. They leverage the playful headspace we’re in when we travel to create quirky spaces that keep people coming back.

Amy Gilbert is the creator of Givingtree Hospitality, an STR property management firm out of Blue Mountain, Canada. An Airbnb host since 2011, Amy has a special talent for turning unlikely spaces into popular and profitable vacation rentals.

On this episode of Get Paid for Your Pad, Amy joins me to explain how she creates unique hospitality experiences with quirky listings like the Lovable Karma Cabin and the Retro Airstream Glamping Retreat. She shares some of the delight factors that make her listings special and discusses how she pitches cohosting clients with the prospect of making more money—by working less! Listen in for Amy’s insight on running with your fun ideas and learn how to turn imperfections into features that guests will love.

Topics Covered

How Amy got into Airbnb

• Started as traditional bed and breakfast
• Use Airbnb as marketing tool for guest cabin

Amy’s insight on creating a listing with soul

• Perfection not necessary to attract guests
• Leverage quirks with travelers (playful headspace)

What makes Amy’s glamping listings special

• BBQ pit and s’mores kit
• Instagram-able, off-grid experience

Amy’s Beehive women’s retreat

• Unique space with no square corners
• Cater to bachelorette parties + bridal showers

What Amy offers as a cohost

• Help clients take listing to next level
• Rebrand with services, extras

How Amy finds owners to work with

• Got start on Airbnb cohosting marketplace
• Now word-of-mouth and cold calling

Amy’s advice for aspiring short-term rental hosts

• Don’t wait for things to be perfect to start
• Turn imperfections into feature
• Be honest about being new host

Amy’s tips for successful hosting on Airbnb

• Invest in tasteful décor + curate experience
• Be generous and infuse ‘delight factor’
• Anticipate guest needs, run with fun ideas

Amy’s take on listing photos

• Use professional real estate photographer
• Include photos of real guests using space

Connect with Amy

Givingtree Hospitality

Givingtree on Instagram

Resources

STR Profit Academy

Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa Kapadia

How to Promote Your Listing on Instagram on GPFYP EP302

Mark Simpson

Short Stay Summit Barcelona

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As the short-term rental (STR) space gets more and more competitive, hosts are looking to promote their listings beyond Airbnb. Joshua Hittinger leverages Instagram to generate buzz around his vacation rental and engage with potential guests. So, how can YOU use social media to market your listing?

Joshua is a new Airbnb host in northwest Arkansas. He and his wife relocated to the area near the Ozark Mountains 14 months ago and purchased an A-frame cabin with the intention of listing on Airbnb. After a year spent renovating the space and documenting the journey on Instagram, they are enjoying 85-90% occupancy just two months into their hosting career—in the off season!

On this episode of Get Paid for Your Pad, Joshua joins me to explain how he is using Instagram to promote his listing, turning followers into guests and growing his audience organically. He walks us through the process of finding and renovating the cabin and documenting the journey on social media. Listen in for insight around telling the story of your listing in the first five photos and learn how you might promote your vacation rental outside the Airbnb platform.

Topics Covered

The story behind The Lost Haus

• Relocated to NW Arkansas (potential for Airbnb)
• Found A-frame cabin for $140K
• Moved in and spent year doing renovations

How Instagram has helped Joshua’s listing

• Turns followers into guests
• Rank quickly on Airbnb front page
• 85-90% booked in off-season

The process Joshua followed to host on Airbnb

• Used FHA loan for first home ($6K down)
• Renovate room by room + document journey
• Put up listing 2 months before finished

How Joshua made interior design choices for the listing

• Different theme for each room
• Choose things WE love

How often Joshua posts on Instagram

• 2X per day to keep engagement high
• Take pics at turnover, post through week

How guests help grow Joshua’s following on Instagram

• Ask to tag @thelosthaus, use # in posts
• Introduces listing to guest’s followers

How hosting on Airbnb has changed over time

• Understanding search algorithm used to be enough
• Provide unique experience, promote beyond Airbnb

What Joshua might do to improve his listing

• Include photos of nearby lake, historic town
• Pictures of people EXPERIENCING listing
• Most attractive pic of each room in first 5
• Use quotes from reviews as photo captions

Connect with Joshua

The Lost Haus on Instagram

Joshua’s Airbnb Listing

Resources

Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa Kapadia

Ozark on Netflix

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Think you need to operate in a major metropolitan area to run a successful short-term rental (STR) business? Think again! As STR hosts in larger cities are faced with more and more competition and mounting regulations, Airbnb property managers in small towns are thriving. So, how do you identify a small community with BIG potential in the STR market?

Christian Gissing is the CEO of True North Property Management, Northern Michigan’s short-term rental experts. TNPM is dedicated to building strong relationships with clients and providing memorable experiences for guests. In 2018, Christian and his team expanded to Mexico, Barbados and the UK, and today, they manage 100-plus units around the world. TNPM is a VRBO, HomeAway and Expedia Premier Partner, and the company has been recognized by Airbnb, TripAdvisor and Booking.com.

On this episode of Get Paid for Your Pad, Christian joins me to share the romantic story of how he got into STR property management in Traverse City, Michigan. He offers advice on optimizing your listing (no matter how many units you manage) and making your guests feel special with extras like a free bottle of bubbly or gym access. Listen in for Christian’s insight around how to handle seasonality and learn the benefits of operating your STR business in a smaller city!

Topics Covered

How Christian got into STR property management

• Met woman on vacation in Traverse City, MI
• Decision to stay + look for investment properties
• Huge opportunity in STR, expand to other’s units

Traverse City trivia

• Population 14,674 according to 2010 census
• Cherry Festival attracts 500K annual visitors

The benefit of operating STRs in small cities

• Less competition, fewer regulations
• Charge higher rates (huge demand)
• Respectful guests

How Christian navigates the challenge of seasonality

• Switch to six-month lease in wintertime
• Advertise on Airbnb, Craigslist, Facebook

Christian’s insight around diversifying across platforms

• Airbnb and HomeAway primary in his market
• Adjust rates to accommodate platform fees

Christian’s advice for optimizing results on one listing

• Find amazing photographer + stage unit well
• Charismatic writing for descriptions
• Use dynamic pricing (base on hotels, AirDNA)
• Personal touches to make listing stand out

Christian’s top ideas for making guests feel special

• Free bottle of bubbly or local wine tasting
• Cherry-themed gift bags and spa discounts
• Partner with local gyms (guests use for free)

How Christian thinks about dynamic pricing

• Services like PriceLabs use comps
• Still need to modify yourself

Christian’s tips for hosts facing regulation in metro areas

• Consider managing units remotely
• Scope out small cities with < competition

Connect with Christian

True North Property Management

Christian on LinkedIn

Resources

VRMA International Conference

Traverse City on Wikipedia

Article on Millennial Millionaires

AirDNA

Beyond Pricing

Wheelhouse

PriceLabs

STR Legends Live

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In under three years, Julie George went from listing her one-bedroom apartment on Airbnb to running a successful property management company that turned over $5.5M. So, how did Julie scale from one to 130 units in 19 months? And how can you follow in her footsteps to become a million-dollar host?

Julie George is the founder of Host My Home, Queensland’s top short-term rental (STR) property management company. She leveraged her background in hospitality, marketing and real estate sales to help property owners replicate the success she had hosting on Airbnb. In June 2019, Julie sold Host My Home, and today, she travels the world and runs Million Dollar Host, a consulting platform designed to help aspiring Airbnb entrepreneurs grow their business. Julie is also the author of Million Dollar Host: Julie’s Airbnb Portfolio Earned Over a Million Dollars in Her First Year … Yours Can Too!

On this episode of Get Paid for Your Pad, Julie joins me to share her Airbnb origin story and explain how she built, scaled and sold Host My Home. She offers advice on optimizing your revenue as a STR host and walks us through her process for onboarding a new property. Listen in for Julie’s insight on maintaining total control of the listings you manage and learn how YOU can get into the Airbnb property management game!

Topics Covered

Julie’s Airbnb origin story

• Tenant moved out of 1BR apartment
• List on Airbnb (from $240 to $600/week)
• Help others with property management

Where Julie’s STR business was located

• Cairns, Queensland, near Great Barrier Reef
• Tourism hub w/ demand for accommodations

Julie’s journey to building Host My Home

• Help property investors buy vacation homes
• Establish self as local expert through articles
• Hire cohosts in January 2018 (up to 15 STRs)
• Scale to 130 properties, $5.5M by June 2019

How Julie sold her property management company

• Writing Million Dollar Host generated buzz
• Took offer from Hometime, sold June 2019

Julie’s tips for optimizing revenue on Airbnb

• Use fresh photos + floor plans, good content
• Offer extras (e.g.: coffee machines, bicycles)
• Keep minimum nightly stay low to fill 100%
• Keep eye on competitors, research rates

Julie’s process for onboarding a new property

• Establish realistic expectations IN WRITING
• Cover what clean entails, consumables, etc.

The opportunity to get into the management game

• Novelty wears off quickly for new hosts
• Get message out re: services you offer

How the STR landscape has changed since 2016

• More competition means work harder
• Additional education, support available

Julie’s advice for aspiring property managers

• Maintain total control of listing (vs. cohost)
• JUST DO IT

Connect with Julie

Million Dollar Host

Email [email protected]

Resources

Million Dollar Host: Julie’s Airbnb Portfolio Earned Over a Million Dollars in Her First Year … Yours Can Too! by Julie George

Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa Kapadia

Host My Home

Floorplanner

Hometime

Host 2019

STR Legends Live

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If you’re an Airbnb entrepreneur looking to start or scale a property management business, you need leads! So, what is the best way to find property owners who might be interested in the STR model?

Randy Zimnoch is the cofounder and broker-owner of Realty National, an investor-friendly, boutique-style brokerage based in San Diego, California. With more than 13 years of experience in real estate, Randy has flipped 250-plus houses, and his team of agents has done 1,600 transactions since Realty National launched in 2011. His impressive resume also includes seven years as the Acquisition and Sales Director for CT Homes, a residential re-development company featured on A&E’s Flip This House.

On this episode of Get Paid for Your Pad, Randy joins me to explain how STR property managers and real estate agents can work together to grow their businesses. He discusses how to provide value for realtors through education, revenue projections and cross-promotional opportunities and offers advice on where to go to start building relationships with agents. Listen in for Randy’s insight around fostering an abundance mindset and learn several strategies for generating lead flow for your property management business!

Topics Covered

Randy’s background and experience in real estate

• License to connect with agents as flipper
• Runs small boutique-style brokerage

How STR hosts and agents can benefit each other

• Agents have direct access to property owners
• Knowledge of STR makes agent stand out

How property managers can provide value for realtors

• Educate around STR industry
• Revenue projection reports with AirDNA
• Cross-promotion opportunities

Where to start building relationships with realtors

• Practice script on agents at Open Houses
• Reach out to brokers, speak at team meeting

Randy’s approach to nurturing agent relationships

• Stay in front of database on regular basis
• Overdeliver (i.e.: gift basket for referrals)

Randy’s insight around having an abundance mindset

• Provide value to attract opportunities
• Find + serve people who relate to you

Other strategies for generating lead flow

• Network with investor community
• Build real estate club with STR focus

Connect with Randy

Realty National

Randy on LinkedIn

Resources

STR Profit Academy

VRMA Conference 2019

Eric Moeller

Fortune Builders

CT Homes

AirDNA

Host Financial

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