The STR Insiders Podcast

Find out how a simple addition to your short-term rental property can skyrocket your bookings and guest satisfaction, making your listing stand out from the rest. 

It's not just high-end amenities or fancy decor, it’s the extra things that you do that impress your guests.

Stay tuned to uncover the secret sauce that has transformed average rentals into sought-after destinations, and learn how you can implement this game-changing strategy in your own properties. It's a unique twist that's sure to surprise you and your guests. Don't miss out on this insider knowledge that will take your STR business to the next level.

Our special guest is Cody Wood

Today on The STR Insiders podcast, we have the pleasure of welcoming back Cody Wood, an experienced property manager in the short-term rental industry. With a keen focus on guest experience and market differentiation, Cody has achieved increased bookings and positive reviews through the implementation of unique amenities. His insights into the balance between attracting bookings and garnering rave reviews, as well as the importance of understanding guest perspectives, make him a valuable resource for those looking to enhance their property offerings. Cody's approach to identifying and implementing amenities that truly stand out in the market provides a fresh perspective on creating memorable experiences for guests.

In this episode, you will be able to:

Boost Income with Rave ReviewsGenerating positive reviews is crucial for driving future bookings and boosting income in the short-term rental industry. Prioritizing the guest experience and providing surprise amenities that guests appreciate can lead to glowing reviews and increased profitability. By analyzing guest feedback, hosts can identify which amenities are valued, driving positive reviews and ultimately maximizing revenue.

Elevate Guest ExperienceElevating the guest experience involves going above and beyond to create memorable stays through unique touches and personalized elements. By striving to exceed guest expectations, hosts can leave a lasting impression that leads to positive reviews, repeat bookings, and enthusiastic recommendations. Understanding guest needs and preferences is key to tailoring the experience and differentiating properties within the competitive short-term rental market.

Unleash Unique AmenitiesImplementing unique amenities in short-term rentals can set properties apart in the market and create a memorable guest experience. Personalized elements such as scavenger hunts and themed decorations can elevate the stay and leave a lasting impression on guests. By offering unexpected extras and going beyond standard expectations, hosts can unleash the potential for increased bookings and positive reviews.

Link and Resources

Subscribe for free episode bonus materials: https://www.thestrinsiders.com/ 

Join the conversation with Tracie on Facebook: https://www.fb.com/groups/strcentral

Follow Jacquie on Instagram: https://www.instagram.com/5starbnb/

Connect with Cody on Facebook: https://www.facebook.com/BrandonCodytheCowboyWood

Connect with Cody on LinkedIn: https://www.linkedin.com/in/cody-wood-423a0978

If you're feeling the frustration of constantly hiring vacation rental cleaners who just don't meet your standards, then you are not alone! 

Maybe you've tried hiring from hotels, only to find their training methods aren't suitable for short-term rentals. Or perhaps you've struggled with cleaners who don't follow proper procedures, causing inconsistencies in cleanliness across your properties. 

It's time to shake up your hiring strategies and find cleaners who truly care about maintaining your vacation rentals to the highest standards.

Our special guest is Cody Wood

Cody Wood, from STR Accommodations offers valuable insights into the art of sourcing exceptional vacation rental cleaners and nurturing a reliable local cleaning team. He delves into the intricacies of hiring practices and emphasizes the importance of continuous encouragement and rewards. His extensive industry knowledge and pragmatic advice make him an invaluable source of guidance for property managers and operators seeking to elevate their cleaning strategies ahead of the impending peak season.

In this episode, you will be able to:

Develop a Solid Local Cleaning Team

It’s important to train and prepare cleaners before the busy season, including hiring individuals with the right attitude and mindset, such as students, stay-at-home moms, or single moms. There are different challenges of hiring during the busy season compared to the off-season.

Training and Managing Cleaners

When training and managing cleaners you need to have consistent feedback, a rewards system, and team building activities to ensure continuous improvement and motivation among cleaners. These rewards can be monetary bonuses or non-monetary rewards like prizes.

Hire Cleaners with the Right Attitude and Mindset

It’s important to hire cleaners with the right attitude and mindset, there are differences between cleaners from different backgrounds such as hotel staff and individuals with hospitality experience. There is also a benefit to hiring couples who can provide both cleaning and handyman services for remote properties.

Link and Resources

Subscribe for free episode bonus materials: https://www.thestrinsiders.com/ 

Join the conversation with Tracie on Facebook: https://www.fb.com/groups/strcentral

Follow Jacquie on Instagram: https://www.instagram.com/5starbnb/

Connect with Cody on Facebook: https://www.facebook.com/BrandonCodytheCowboyWood

Connect with Cody on LinkedIn: https://www.linkedin.com/in/cody-wood-423a0978

Join Jacquie and Tracie for an eye-opening discussion on overcoming Airbnb Support challenges. From suspension woes to customer service nightmares, they share invaluable tips to keep your listings safe and your sanity intact.

Jacquie’s stories highlight the power of professionalism and persistence in handling Airbnb mishaps, while Tracie's tech-savvy approach acts as a 24/7 guardian for your property. From unexpected gas leaks to wild party suspensions - Jacquie and Tracie have seen it all. In this week’s episode, they’re prepared to equip you with essential tools and strategies to navigate the rollercoaster of Airbnb's Trust & Safety Team. Buckle up for insider advice on communicating effectively with Airbnb support, staying ahead of guest issues, and documenting thoroughly to effectively resolve support cases. Your listing's success depends on it! 🎢🏡✨

In this episode, you will be able to:

Master Trust and Safety Strategies:Mastering trust and safety strategies is crucial for Airbnb hosts to protect their properties and prevent suspensions. Hosts should proactively manage guest complaints and safety issues to maintain a secure environment for guests. Implementing strict house rules, utilizing technology for monitoring, and swift problem-solving can help hosts navigate through trust and safety challenges effectively.

Navigate Airbnb Listing Suspensions:When faced with Airbnb listing suspensions, hosts must act swiftly and persistently to resolve the issue. Clear communication with Airbnb and thorough documentation are key strategies in navigating through these challenging situations. Utilizing technology such as security cameras and smart locks can also help prevent suspensions by providing evidence in case of incidents. Hosts should approach interactions with persistence and professionalism. Clear and proactive communication with Airbnb representatives is essential in addressing guest incidents and suspensions effectively. By mastering the art of communication and documentation, hosts can enhance their relationship with Airbnb and ensure better ongoing support.

Link and Resources

Subscribe for free episode bonus materials: https://www.thestrinsiders.com/ 

Join the conversation with Tracie on Facebook: https://www.fb.com/groups/strcentral

Follow Jacquie on Instagram: https://www.instagram.com/5starbnb/

If you're feeling overwhelmed by the complex tax strategies and loopholes in real estate, then you are not alone! Trying to navigate the STR loophole, cost segregation, vehicles, and recapture avoidance can feel like an impossible puzzle to solve. And if you're not sure how to optimize these strategies for maximum tax efficiency, it can lead to missed opportunities for substantial tax savings and informed financial decisions. But fear not, because we have Tony Hoong to demystify these tax-saving opportunities and kick the IRS out of your pocket. Let's unravel the mystery together and reveal the secrets to optimizing tax efficiency for real estate professionals.

Our special guest is Tony Hoong

Tony Hoong, a respected expert in real estate tax strategies, brings a wealth of knowledge and experience to the table. With a sharp focus on helping real estate professionals optimize tax efficiency, Tony has a proven track record of guiding individuals towards substantial tax savings and informed financial decisions. His in-depth understanding of the STR loophole, cost segregation, and other tax optimization techniques has made him a go-to resource in the industry. Tony's personable approach and ability to demystify complex tax concepts make him a valuable asset for anyone looking to navigate the intricacies of tax strategies in real estate.

In this episode, you will be able to:

Short Term Rental Tax Loophole

The Short-Term Rental Tax Loophole is an efficient strategy for real estate professionals to optimize their tax savings. Through active participation in managing properties, and aided by specific limitations, investors can convert passive losses into active ones. This essential loophole in tax codes can significantly reduce taxable income, unveiling a considerable saving strategy for owners of short-term rentals.

Avoiding Tax Recapture

Another significant strategy is avoiding tax recapture when selling a property. Investors who've capitalized on depreciation may face tax liabilities upon property sale, but smart planning can help prevent this. Among the effective techniques is using mechanisms such as charitable remainder trusts and 1031 exchanges that facilitate the movement of assets and limit recapture, enabling the preservation and even growth of wealth.

Cost Segregation Study Benefits

Cost Segregation Studies play a valuable part in the world of real estate tax planning. By separating different parts of a property into diverse depreciation categories, these studies enable you to make the most of bonus and accelerated depreciation. The resulting tax savings can be substantial, particularly for properties with low land values and those whose cost justifies the expense of the study.

Link and Resources

Subscribe for free episode bonus materials: https://www.thestrinsiders.com/ 

Join the conversation with Tracie on Facebook: https://www.fb.com/groups/strcentral

Follow Jacquie on Instagram: https://www.instagram.com/5starbnb/

Connect with Tony: https://thecpadude.com/

Follow Tony on Instagram: https://www.instagram.com/thecpadude_/

In this episode of The STR Insiders, we'll dive into the complexities of finding the right tax professional, especially if you're involved in real estate investment and short-term rentals. Our guest, Tony Hoong, sheds light on the challenges people face when searching for a tax professional who truly understands their financial situation. He emphasizes the importance of having a tax strategy tailored to your individual needs and how a specialized tax professional can help navigate the complexities of tax planning, maximizing savings in the long run.

Our special guest is Tony Hoong

Tony Hoong, the founder and CEO of The CPA dude accounting firm, brings a wealth of experience to the table. Having worked as a Big Four tax associate and held various senior accounting and tax management positions, Tony is a seasoned expert in navigating the complexities of tax strategies. With a former IRS auditor on his team, Tony's insights offer a unique perspective that's valuable for real estate investors seeking informed decision-making tailored to their financial circumstances. His down-to-earth approach and practical knowledge make him a valuable resource in the world of STR investments and tax planning.

In this episode, you will be able to:

Safeguard Your Assets

Asset protection is equally as important as tax savings for real estate investors. Choosing the right entity structure such as an LLC, based on individual circumstances and risk tolerance can provide a layer of asset protection. For thrifty individuals, alternatives like opting for a sole proprietorship with an umbrella insurance may be a prudent choice, considering the cost and level of protection needed.

Navigate Entity Structures

Deciding on the optimal entity structure can appear overwhelming due to the range of possibilities like LLC, Inc, and SP. Each carries its own set of pros and cons but rushing into such commitments without fully understanding financial implications could lead to unnecessary drain of resources. Therefore, expert guidance to make informed decisions tailored to specific circumstances is vital.

Maximize Your Tax Savings

Understanding how to maximize your tax savings is key in the real estate investment sector. Implementing a strategic tax plan, like leveraging cost segregation on short-term rental property purchases, can significantly lower taxable income. Engaging a capable tax professional who is well-versed with specific tax loopholes is crucial in unlocking these potential savings.

Link and Resources

Subscribe for free episode bonus materials: https://www.thestrinsiders.com/ 

Join the conversation with Tracie on Facebook: https://www.fb.com/groups/strcentral

Follow Jacquie on Instagram: https://www.instagram.com/5starbnb/

Connect with Tony: https://thecpadude.com/

Follow Tony on Instagram: https://www.instagram.com/thecpadude_/

Do you want to see increased bookings and higher rental income for your property?

Are you making this big mistake with your rental listings? 

You might be surprised to learn that skipping professional photography could be costing you major bookings and revenue. 

Discover the unexpected impact of pro photos on your rental success and how it could transform your business. Stay tuned for the eye-opening insights that could change the game for your rental properties.

In this episode, you will be able to:

Action steps mentioned in this episode are:

Maximize Bookings with Professional PhotographyInvesting in professional photography can significantly boost your short-term rental bookings. High-quality images help showcase the best features of your property, attracting more potential guests. It’s a worthwhile expense, with the potential returns greatly outweighing the initial investment.

Elevate Rental Appeal through Proper StagingProfessional staging can highlight your property’s best features, making it stand out in a saturated market. Attention to details like fluffing curtains and tucking away unsightly items can make a big difference in the photoshoot. Moreover, avoid over-staging to ensure the space meets your guests' expectations on arrival.

Consistency between Visuals and ExperienceEnsuring a consistent experience for your guests starts with accurate representation through photography. What guests see in the photos should align with their actual experience at your property. This not only paves the way for positive reviews but also avoids disappointments and confusion upon arrival.

Link and Resources

Subscribe for free episode bonus materials: https://www.thestrinsiders.com/ 

Join the conversation with Tracie on Facebook: https://www.fb.com/groups/strcentral

Follow Jacquie on Instagram: https://www.instagram.com/5starbnb/

Discover the surprising secrets behind optimizing your Airbnb listing from an unexpected source - a former Airbnb employee turned industry expert. 

Daniel Rusteen is back again to uncover the untold stories of working at Airbnb and the insider tips for skyrocketing your property's ranking, captivating your ideal guests, and mastering the art of digital guidebooks. 

But that's not all - there's an unexpected twist that will challenge everything you thought you knew about Airbnb success. 

Get ready to revolutionize your hosting game and leave your competition in the dust. 

Our special guest is Daniel Rusteen

Daniel Rusteen is a distinguished figure in the realm of Airbnb listing optimization, leveraging his substantial expertise garnered from his tenure in the finance department at Airbnb and his nomadic lifestyle as a guest. His comprehensive insights and unconventional strategies provide valuable guidance for hosts aiming to refine their property listings and enhance the overall guest experience. With a strong foundation rooted in the intricacies of the vacation rental industry, Daniel's pragmatic approach and profound understanding make him an essential resource for hosts seeking to optimize their Airbnb listings and maximize occupancy rates.

In this episode, you will be able to:

Action steps mentioned in this episode are:

Effective Communication for Guest Satisfaction

Designing the listing's information, rules, and amenities around a specific guest type can make communication more targeted and effective. Daniel points out that even the title and top five photos of a listing play a significant role in communicating with potential guests, making them crucial factors in a property's success.

Clear Expectations for Guest Experience

A vital part of creating an optimum guest experience revolves around setting clear expectations. Disclosing potential drawbacks such as noise levels or lack of an elevator, allows guests to understand what to expect, leading to fewer negative reviews. 

Property Optimization for Maximum Returns

Planning and strategically organizing a listing is the key to optimizing a property for maximum returns. Daniel advises hosts to focus on the online elements of the listing, like the title, the first five photos, and the summary text. He emphasizes that paying careful attention to these components can help in attracting potential guests and boost the property's visibility on Airbnb.

Link and Resources

Subscribe for free episode bonus materials: https://www.thestrinsiders.com/ 

Join the conversation with Tracie on Facebook: https://www.fb.com/groups/strcentral

Follow Jacquie on Instagram: https://www.instagram.com/5starbnb/

Use code Strip at https://optimizemyairbnb.com/ for a 50% discount

Follow Daniel on Instagram: https://www.instagram.com/optimizemyAIRbnb/

Happy New Year!

Do you want to increase your earnings and enhance the guest experience in your short-term rental properties? 

Today we welcome back Cody Wood to the podcast and we are discussing all the 2023 trends for short term rentals.

He will reveal the strategy to achieve improved revenue and guest satisfaction. Plus we discuss what property types were up or down in 2023, why we don’t mind permitting, serving niche guest demographics, and strategic segmenting for optimal revenue.

In this episode, you will learn:

The special guest on this episode is Cody Wood!

Cody Wood is a seasoned property manager with a keen eye for spotting short-term rental market trends. With a knack for diving into data and turning insights into actionable strategies, Cody has a wealth of experience in optimizing pricing strategies and navigating the ever-evolving world of vacation rentals. His unique perspective on embracing regulations and capitalizing on market shifts makes him a valuable voice in the industry. 

Action steps mentioned in this episode are:

Short-term Rental Market Trends

Understanding the short-term rental (STR) market trends is essential for operators. Analyzing data, trends, and making adjustments based on them can help operators maintain profitability and competitiveness. Embracing this evolving market dynamic can ensure your success even amidst market saturation and sudden changes.

Impact of Permitting

Permitting processes in the STR market can significantly influence its growth and saturation. Properties with grandfathered permits can gain competitive advantages and can leverage these benefits amid density restrictions. Instead of seeing this as a hurdle, embracing measures like these can maintain market balance, boost positive development, and alleviate oversaturation concerns.

Effective Pricing StrategiesCrafting pricing strategies in line with market trends can help ensure a property's viability and profitability. An adaptive approach to pricing based on seasonality and market demand can optimize revenue opportunities while maintaining high standards of service to guests. Such strategies can help weather market fluctuations and keep occupancy rates high.

Link and Resources

Subscribe for free episode bonus materials: https://www.thestrinsiders.com/ 

Join the conversation with Tracie on Facebook: https://www.fb.com/groups/strcentral

Follow Jacquie on Instagram: https://www.instagram.com/5starbnb/

Connect with Cody on Facebook: https://www.facebook.com/BrandonCodytheCowboyWood

Connect with Cody on LinkedIn: https://www.linkedin.com/in/cody-wood-423a0978

Dreaming of turning your STR Income into the ultimate travel fund? This week, we're joined by the incredible Daniel Rusteen, who shows us just how achievable it is to build your STR portfolio while exploring international markets and embracing the slow travel movement. And that's not all - our co-host Jacquie will share how Daniel's book, Optimize YOUR Bnb, impacted her career and led her to open a property management company that has generated over $12 million in all-time gross revenue!

Our special guest is Daniel Rusteen

Daniel Rusteen is an accomplished expert in the world of short-term rentals. With a background working at Airbnb and a successful career as an author and blogger, Daniel brings a wealth of knowledge and experience to the table. His book, Optimize YOUR Bnb, has sold over 50,000 copies through word of mouth and sales alone, a testament to its value and impact in the industry. Not only has Daniel traveled extensively as an Airbnb guest, staying over 2000 nights in Airbnb’s in 100+ cities, but he also owns his own rentals and manages a thriving management company. With a focus on international travel, Daniel's insights and tips for successful short-term rental investing and global travel are highly sought after. 

In this episode, you will be able to:

Engage with genuine local experiences

Immersing yourself in authentic experiences can lead to genuine connections and unique discoveries that could potentially diversify your investment portfolio. In the episode, Daniel encourages stepping away from the typical tourist spots and delving into the local culture to gain novel insights. By doing so, investors can better understand the community, the culture, and the needs of potential renters.

Capitalize on international investment opportunities

Different countries offer diverse opportunities and challenges for short-term rental investors. This episode brings international investment to the forefront, with a special focus on Da Nang, Vietnam. Daniel Rusteen provides valuable insights from his personal experience, stressing the need for thorough research and understanding of the region before investing.

Delve into untapped rental markets

In the expanding world of short-term rentals, there exists immense potential in untapped markets. The episode discusses such neglected locations, including the high-rise buildings in Da Nang, Vietnam. While considering these unexplored territories, the importance of understanding local laws, market dynamics, and demand cannot be overstated.

Action steps mentioned in this episode are:

Link and Resources

Subscribe for free episode bonus materials: https://www.thestrinsiders.com/ 

Join the conversation with Tracie on Facebook: https://www.fb.com/groups/strcentral

Follow Jacquie on Instagram: https://www.instagram.com/5starbnb/

Use code "Strip" at https://optimizemyairbnb.com/ for a 50% discount

Follow Daniel on Instagram: https://www.instagram.com/optimizemyAIRbnb/

In the world of Short Term Rentals, cameras can be instrumental in keeping your property secure, but let's not forget about our lovely guests and their right to privacy. We'll let you in on how to keep your property safe without making your guests feel like they're being watched 24/7.

In this episode, we'll let you in on how to strike the perfect balance between security and privacy. Learn how to use your cameras responsibly, without making your guests squirm!

In this episode, you will be able to:

Clear communication about monitoringProper disclosure of monitoring equipment is an essential aspect of hosting short-term rentals. Hosts must clearly convey their use of such equipment, discussing its orientation, purpose, and what exactly is being recorded. This fosters transparency and trust between hosts and guests, mitigating potential misunderstandings or concerns about privacy invasion.

Balancing privacy and securityManaging privacy and security in short-term rentals demands a delicate equilibrium. On one hand, hosts must ensure their property is secure, which can necessitate the use of security cameras. On the other hand, it's essential to respect guests' privacy, avoiding constant monitoring and emphasizing the limited use of cameras for safety purposes.

Practical uses for security camerasSecurity cameras aren't just for preventing theft or damage; they can also provide practical oversight in other areas. For instance, they can assist in confirming the state of the property after a guest stay, overseeing yard work, or monitoring cleaning services. They serve as a facilitator in managing the property rather than a constant surveillance tool, aligning with the overarching principle of prioritizing guest privacy.

Action steps mentioned in this episode are:

Link and Resources

Subscribe for free episode bonus materials: https://www.thestrinsiders.com/ 

Join the conversation with Tracie on Facebook: https://www.fb.com/groups/strcentral

Follow Jacquie on Instagram: https://www.instagram.com/5starbnb/