In this episode of the STR Data Lab, Jamie Lane interviews Henry Corell, the founder of RevUp Rental, a revenue management consultancy company. Henry shares his journey from real estate interest in college to starting his own business focused on revenue management. He discusses his early experiences with short-term rental vacation businesses and the niche opportunities in revenue management within the industry. 

Henry explains the importance of being proactive rather than reactive in revenue management, emphasizing forecasting and reading data to make calculated decisions. He highlights key metrics for analyzing market health, such as consumer sentiment, economic trends, airline trends, and occupancy rates. Henry underlines the importance of understanding client demographics and adapting strategies accordingly. 

The conversation touches on the challenges of maintaining high booking rates, managing cancellation policies, and optimizing property listings by updating photos and allowing pets. Henry also discusses the role of communication in revenue management, balancing broader market trends with specific property analyses. He concludes by sharing insights on managing properties with fluctuating review scores and the impact of economic factors like job growth on the short-term rental market. Henry advises listeners to stay updated on economic indicators and maintain flexibility in their revenue management strategies.

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~~~~

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~~~~

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LinkedIn: https://www.linkedin.com/in/jamiehlane/ 

Twitter: https://twitter.com/Jamie_Lane 

~~~~

Connect with Scott on LinkedIn: 

LinkedIn: https://www.linkedin.com/in/sagescott

~~~~

Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:

LinkedIn: https://www.linkedin.com/company/airdna/  

Twitter: https://twitter.com/airdna 

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Instagram: https://instagram.com/airdna.co 

Episode 141

In this episode of the STR Data Lab, Jamie Lane hosts a discussion with Ryan Bakke about recent changes in tax law from the Big Beautiful Bill and their implications for short-term rental investors. Ryan, who has extensive experience helping investors save on taxes, explains his journey into the short-term rental and real estate tax niche. 

The conversation highlights recent tax law changes and their potential impact on investment strategies. Key changes discussed include bonus depreciation, its implementation, and how it can impact short-term rental investors. Ryan explains the concept of bonus depreciation, providing examples of potential tax savings and how these can be reinvested to grow initial investments. He also talks about the significance of qualifying for different depreciation schedules and cost segregation for leveraging tax benefits. Another major topic is the Qualified Business Income (QBI) deduction, its permanency, and who qualifies for it, especially in the context of short-term rental investments vs. long-term rentals. Ryan elaborates on the qualifying rules for offsetting W-2 income with short-term rental investments, including the 7-day use test and additional hour requirements. 

He also discusses potential economic benefits, such as saving on personal car interest and employer-paid student loans. The introduction of new financial accounts for children's savings and the broader economic effects of these tax changes are touched upon. Throughout, Ryan shares practical advice for investors on how to navigate these changes and maximize their tax savings. The session concludes with Ryan's recommendations for additional resources and ways to stay informed about tax strategies for real estate.

You don’t want to miss this episode!

~~~~

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~~~~

Connect with Jamie on LinkedIn and Twitter: 

LinkedIn: https://www.linkedin.com/in/jamiehlane/ 

Twitter: https://twitter.com/Jamie_Lane 

~~~~

Connect with Scott on LinkedIn: 

LinkedIn: https://www.linkedin.com/in/sagescott

~~~~

Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:

LinkedIn: https://www.linkedin.com/company/airdna/  

Twitter: https://twitter.com/airdna 

TikTok: https://www.tiktok.com/@airdna.co 

Instagram: https://instagram.com/airdna.co 

Episode 142

In this episode of the STR Data Lab, Jamie Lane hosts a discussion with Ryan Bakke about recent changes in tax law from the Big Beautiful Bill and their implications for short-term rental investors. Ryan, who has extensive experience helping investors save on taxes, explains his journey into the short-term rental and real estate tax niche. 

The conversation highlights recent tax law changes and their potential impact on investment strategies. Key changes discussed include bonus depreciation, its implementation, and how it can impact short-term rental investors. Ryan explains the concept of bonus depreciation, providing examples of potential tax savings and how these can be reinvested to grow initial investments. He also talks about the significance of qualifying for different depreciation schedules and cost segregation for leveraging tax benefits. Another major topic is the Qualified Business Income (QBI) deduction, its permanency, and who qualifies for it, especially in the context of short-term rental investments vs. long-term rentals. Ryan elaborates on the qualifying rules for offsetting W-2 income with short-term rental investments, including the 7-day use test and additional hour requirements. 

He also discusses potential economic benefits, such as saving on personal car interest and employer-paid student loans. The introduction of new financial accounts for children's savings and the broader economic effects of these tax changes are touched upon. Throughout, Ryan shares practical advice for investors on how to navigate these changes and maximize their tax savings. The session concludes with Ryan's recommendations for additional resources and ways to stay informed about tax strategies for real estate.

You don’t want to miss this episode!

~~~~

Signup for AirDNA for FREE👇

https://app.airdna.co/data 

~~~~

Connect with Jamie on LinkedIn and Twitter: 

LinkedIn: https://www.linkedin.com/in/jamiehlane/ 

Twitter: https://twitter.com/Jamie_Lane 

~~~~

Connect with Scott on LinkedIn: 

LinkedIn: https://www.linkedin.com/in/sagescott

~~~~

Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:

LinkedIn: https://www.linkedin.com/company/airdna/  

Twitter: https://twitter.com/airdna 

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Instagram: https://instagram.com/airdna.co 

In this episode of the STR Data Lab, Jamie Lane interviews Patryk Swietek, owner of The Cohost Company. Patryk shares his journey into the short-term rental industry, starting as a tech employee at Aon Stay, where he observed operations scaling from 200 to over 1000 units. Post-COVID layoffs led him to start his own business, initially as a host and eventually acquiring three property management companies. His company now manages 100 listings in Joshua Tree, California. 

Patryk emphasizes the benefits of real estate for wealth creation but notes the thin margins and significant time commitment. He transitioned to managing properties for others to scale more effectively. Patryk details the advantages and challenges of acquiring property management contracts, highlighting the stability and long-term value these contracts provide. He also discusses the importance of integrating new acquisitions into a single Property Management System (PMS) and improving operational efficiency. 

The conversation touches on the competitive landscape of Joshua Tree, the importance of proactive hospitality, and leveraging tech solutions for better management. Patryk also discusses his public presence and its impact on his business. He concludes by stressing the importance of high-quality service, owner retention, and responsible scaling.

You don’t want to miss this episode!

~~~~

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~~~~

Connect with Jamie on LinkedIn and Twitter: 

LinkedIn: https://www.linkedin.com/in/jamiehlane/ 

Twitter: https://twitter.com/Jamie_Lane 

~~~~

Connect with Scott on LinkedIn: 

LinkedIn: https://www.linkedin.com/in/sagescott

~~~~

Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:

LinkedIn: https://www.linkedin.com/company/airdna/  

Twitter: https://twitter.com/airdna 

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Instagram: https://instagram.com/airdna.co 

Episode 140

In this episode of the STR Data Lab, Jamie Lane and co-host Scott Sage discuss short-term rental trends and market performance for the month of May. Jamie shares insights from his personal experiences managing his short-term rental property in the North Georgia Mountains. 

The discussion highlights a 6% year-over-year increase in STR listings, a 1% dip in occupancy, a 6% rise in ADR, and a 4.8% growth in RevPAR. They note that while nights booked are slightly down by 0.3%, shorter lead times for bookings are contributing to this trend. The conversation covers the implications of global events on travel and the STR market, including potential impacts on bookings from increased oil prices due to Middle Eastern conflicts. Jamie addresses how the economic landscape, job growth, and consumer confidence are influencing the industry. A key takeaway is that although demand and occupancy are fluctuating, shorter booking windows are becoming the norm. 

Scott and Jamie also analyze review scores based on operator size, revealing that smaller operators tend to have higher review scores but larger operators are improving the most year-over-year. They attribute this to both Airbnb's efforts to remove underperforming listings and operators becoming more attentive to review management. The episode concludes with advice for hosts and managers to adapt their pricing and booking strategies based on these trends, encouraging vigilance and real-time market analysis to remain competitive.

You don’t want to miss this episode!

~~~~

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Connect with Jamie on LinkedIn and Twitter: 

LinkedIn: https://www.linkedin.com/in/jamiehlane/ 

Twitter: https://twitter.com/Jamie_Lane 

~~~~

Connect with Scott on LinkedIn: 

LinkedIn: https://www.linkedin.com/in/sagescott

~~~~

Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:

LinkedIn: https://www.linkedin.com/company/airdna/  

Twitter: https://twitter.com/airdna 

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Instagram: https://instagram.com/airdna.co 

Episode 139

In this episode of the STR Data Lab, Jamie Lane welcomes Michael O’Connell, founder of Happy Guest. Michael shares insights into the purpose and functionality of Happy Guest, a guest management system designed to streamline the check-in process for short-term rental properties while enhancing the overall guest experience. 

Happy Guest provides an all-in-one, web-based check-in solution that integrates with property management systems, allowing hosts to manage post-booking interactions seamlessly. The platform facilitates rental agreements, HOA forms, and upsells like early check-in and late checkout to generate ancillary revenue. Michael discusses the importance of user-friendly technology that doesn't require guests to download apps, making the check-in process smoother and more enjoyable. He explains how his team, consisting of experienced industry professionals, tested and refined the platform to ensure it provides maximum value and ease of use. Michael emphasizes the significance of personalization and flexible cancellations to improve guest loyalty and satisfaction. He also highlights the need for hosts to adopt new technologies that are more aligned with modern hosting demands, and offers insights into how automation can free up time for hosts to focus on delivering exceptional hospitality. 

The episode also touches on the development and features of Happy Guest, as well as the importance of great customer service in the short-term rental industry. Finally, Michael announces an upcoming virtual conference, Revenue Rehab, focused on revenue management strategies for hosts, which features notable industry CEOs and experts.

You don’t want to miss this episode!

~~~~

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Connect with Jamie on LinkedIn and Twitter: 

LinkedIn: https://www.linkedin.com/in/jamiehlane/ 

Twitter: https://twitter.com/Jamie_Lane 

~~~~

Connect with Scott on LinkedIn: 

LinkedIn: https://www.linkedin.com/in/sagescott

~~~~

Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:

LinkedIn: https://www.linkedin.com/company/airdna/  

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Instagram: https://instagram.com/airdna.co 

Episode 138

In this episode of the STR Data Lab, Jamie Lane welcomes Alex Alioto, Head of Growth at Whimstay. They discuss the inception and growth of Whimstay, an OTA specializing in last-minute bookings for short-term rentals. Alex shares insights on how they fill unsold gap nights and create a win-win situation for both hosts and spontaneous travelers.

 The conversation delves into the challenges and strategies around booking windows, particularly the trend of shortening lead times due to economic uncertainties. Both emphasize the importance of having a diverse distribution strategy and dynamic pricing to capture various traveler segments. Alex highlights Whimstay's unique value proposition and discusses the impact of Gen Z and millennial travelers on the market. They also explore the rise in last-minute group travel and the significance of capturing next-gen travelers for long-term industry growth. Alex emphasizes the need for property managers to focus on direct bookings and maintaining high hospitality standards. Jamie and Alex agree on the importance of spreading demand across shoulder seasons to optimize occupancy and revenue. 

They conclude by discussing the marketing efforts Whimstay has undertaken to build its demand, including social media and targeted advertising. Alex urges hosts to think strategically about their listing platforms and dynamic pricing to maximize bookings. The episode wraps up with a call to action for property managers to list their properties on Whimstay and leverage its last-minute booking capabilities.

You don’t want to miss this episode!

~~~~

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Connect with Jamie on LinkedIn and Twitter: 

LinkedIn: https://www.linkedin.com/in/jamiehlane/ 

Twitter: https://twitter.com/Jamie_Lane 

~~~~

Connect with Scott on LinkedIn: 

LinkedIn: https://www.linkedin.com/in/sagescott

~~~~

Learn more about Whimstay: https://www.whimstay.com/

~~~~

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LinkedIn: https://www.linkedin.com/company/airdna/  

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Instagram: https://instagram.com/airdna.co 

Episode 137

In this episode of the STR Data Lab, Jamie Lane sits down with Jodi Odlin, founder of Hospitable Hosts, a book series celebrating stories from the short-term rental industry. Jodi recently won the Rentalpreneur Award at the Shorty's and shares her journey from a hospitality background to becoming a successful short-term rental host. Hospitable Hosts is a trilogy featuring 40 authors in each book. These books aim to inspire and provide tips for new and experienced hosts by sharing their personal stories. 

During the conversation, Jodi emphasizes the importance of hospitality in the short-term rental business, contrasting it with property investment-driven approaches. She also discusses how she leverages AI to manage her 15 properties from Australia and maintain a personalized touch for her guests. Jodi offers practical tips like partnering with local businesses to enhance guest experiences and maintaining high levels of communication and cleanliness. Jamie and Jodi also touch on upcoming projects, such as the Hospitable Host Sisterhood and Couples Books, and a hospitality accreditation program. They agree on the need for industry standards to improve advocacy and professional recognition. 

Jodi concludes with a story illustrating that despite best efforts, not all guests can be pleased, underscoring the unpredictable nature of the business. The episode highlights the significance of community, hospitality, and adaptability in achieving success in the short-term rental industry.

You don’t want to miss this episode!

~~~~

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Connect with Jamie on LinkedIn and Twitter: 

LinkedIn: https://www.linkedin.com/in/jamiehlane/ 

Twitter: https://twitter.com/Jamie_Lane 

~~~~

Connect with Scott on LinkedIn: 

LinkedIn: https://www.linkedin.com/in/sagescott

~~~~

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Instagram: https://instagram.com/airdna.co 

Episode 136

In this episode of the STR Data Lab, Jamie Lane and Scott Sage discuss travel trends and the latest insights from the Airbnb summer release. Jamie shares his exciting Memorial Day plans, heading to North Carolina for his grandfather's 95th birthday and then to Litchfield Beach in South Carolina for a large family reunion. They discuss Memorial Day travel data, noting that occupancy rates are almost identical to last year but achieved through different trends. There's a weakness in budget and economic travel but strength in upscale travel, especially in coastal destinations. 

Jamie and Scott discuss the impact of economic volatility, including tariffs and stock market fluctuations, on travel bookings. They note a trend towards shorter booking windows and the challenges this poses for property managers. Jamie shares his experiences at the Airbnb summer release, highlighting Airbnb's new services aimed at competing with hotels. Both agree that while these services may not directly benefit hosts, they could grow the overall short-term rental market. April data showed a significant increase in demand, occupancy, and ADRs compared to March, attributed to the Easter shift. The discussion includes the impact of Canadian travelers and currency fluctuations on travel patterns. Domestic travel within the U.S. shows some pullback in overseas trips but remains robust. Jamie advises hosts to monitor year-over-year demand in their markets and adjust pricing strategies accordingly. 

The episode concludes with Jamie emphasizing the importance of understanding booking windows, length of stay, and property profiles to optimize performance. Scott and Jamie express optimism about summer bookings despite the challenges.

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~~~~

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LinkedIn: https://www.linkedin.com/in/jamiehlane/ 

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~~~~

Connect with Scott on LinkedIn: 

LinkedIn: https://www.linkedin.com/in/sagescott

~~~~

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Episode 135

In this episode of the STR Data Lab, Jamie Lane, Chief Economist at AirDNA, is joined by Justin Ford, Director of Short-Term Rental Safety and Certifications Program at Breezeway. Justin shares insights into his role and the importance of safety in short-term rentals. Breezeway, a property care and operations platform, supports professionalism and safety in the industry.

Ford explains the primary goal of using Breezeway for safety inspections, elevating standards, fostering community awareness, and aiding government efforts in inspections. He emphasizes the significance of safety standards and offers practical tips for property owners to ensure guest safety, including slip and fall prevention, furniture tip-over protection, and poison control. Ford recounts his background in the Coast Guard and as a firefighter, which shaped his expertise in safety. He discusses the need for safety regulations and the potential for federal or state-level laws to enhance safety standards in short-term rentals. 

Ford also addresses the misconception that insurance alone is sufficient, highlighting the importance of proactive safety measures to prevent negligence claims. He shares stories of hosts using safety as a marketing point to attract more cautious travelers. Overall, this episode underlines the necessity of prioritizing safety in short-term rentals for guest protection and long-term property investment.

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~~~~

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LinkedIn: https://www.linkedin.com/in/jamiehlane/ 

Twitter: https://twitter.com/Jamie_Lane 

~~~~

Connect with Scott on LinkedIn: 

LinkedIn: https://www.linkedin.com/in/sagescott

~~~~

Connect with AirDNA on LinkedIn, Twitter, TikTok, and Instagram:

LinkedIn: https://www.linkedin.com/company/airdna/  

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Episode 134