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The STR Insiders Podcast episodes
- Systems to Maximize Your STR Potential: Expert Tips from Cody Wood
If you're feeling frustrated and overwhelmed by the lack of progress despite implementing various strategies to improve your short-term rental business processes, then you are not alone!
Our guest today, Cody Wood, scaled his short-term rental business to over 150 properties in just eight months. But when he realized that not all of them were profitable, he had to make some tough decisions. Now, Cody is sharing his secrets for success, from process mapping to creating redundant tech systems.
In this episode, you will be able to:
Grasp the importance of integrating suitable systems and procedures in the realm of short-term rental administration.
Delve into the art of maximizing property income by employing the 80/20 rule
Familiarize yourself with the essentials of standard operating procedures and their impact on refining the guest adventure.
Recognize the value of maintaining vigilance in tracking metrics and performing upkeep for thriving short-term rental enterprises.
Explore the benefits of automation in the hiring of virtual assistants and the effective coordination of your technology arsenal.
Our special guest on this episode is Cody Wood!
Cody Wood is a former aerospace and defense professional with over a decade of experience in systems and processes. Cody transitioned into the short-term rental industry in 2020 and quickly applied his expertise to scale a company from 75 to 150+ properties in record time. Now, as a expert in the industry, Cody shares his insights on the importance of efficient systems and processes in managing successful STRs. His laid-back personality and friendly demeanor make him an engaging resource for STR operators looking to improve their businesses.
Action steps mentioned in this episode are:
Map out your process and create standard operating procedures for your team to follow.
Implement monthly maintenance checks to ensure the property is in top condition.
Score your housekeepers and address any issues immediately.
Use digital screens in properties to allow guests to give real-time feedback and address any concerns.
Track occupancy, future bookings, and marketing platforms biweekly to ensure overall company success.
Optimize your listings to ensure they are successful and profitable.
Identify the right client for your business and work with those who align with your personality and values.
Use technology to automate and streamline processes wherever possible.
Focus on maximizing income from each individual property rather than getting as many doors as possible.
Process Mapping
Implementing process mapping in the management of short-term rentals (STRs) can greatly improve the guest journey and overall operation efficiency. Mapping out each step of a process, from communication to resolving issues, allows operators to have a clear understanding of their business and its workflows.
Implementing Technology for Property Success
Integrating technology and automation into STR operations can maximize efficiency, scalability, and income per property. By automating processes and using various software solutions, operators can save time, minimize human errors, and track the performance of their properties effectively. Cody explains that utilizing communication and project management tools like RingCentral, Slack, and Trello improved his team's collaboration and management of tasks.
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
www.jurny.com
https://hospitable.com
https://easycare.com
https://remotelock.com
https://www.ringcentral.com
https://slack.com
www.trello.com
27 min - Hiring & Managing Overseas VAs: Expert Insights from Heba Girgiss
Are you an entrepreneur struggling to manage virtual assistants effectively? Have you fallen prey to common myths about hiring and managing virtual assistants for your business? Here are three myths you may have heard: Virtual assistants are unreliable, Hiring a virtual assistant is expensive, and Virtual assistants can't have a personal touch. But fear not, because Heba Girgiss is here to share the truth about effectively managing virtual assistants. Don't miss out on this game-changing insight!
In this episode, you will be able to:
Optimize the process of hiring and directing virtual assistants for your organization.
Implement Loom and Scribe to produce organized Standard Operating Procedures.
Focus on fostering excellent communication and dedicating valuable time for managing virtual assistants.
Evaluate potential hires' critical thinking and problem-solving skills during recruitment.
Adopt powerful tools like Zapier, Slack, Hospitable, TransferWise, and Payoneer for seamless interactions and financial transactions.
The special guest on this episode is Heba Girgiss!
Heba Girgiss is a talented and driven individual who transitioned from a successful career as a CPA with KPMG and Prudential to pursuing her passion in interior design and property management for short-term rentals. Heba's unique ability to build and manage overseas teams has allowed her to tackle ambitious projects, like launching 24 units in a mere two months. Her expertise in hiring and managing virtual assistants is just what entrepreneurs need to help their businesses thrive and grow efficiently.
Action steps mentioned in this episode are:
Make a list of all the things you do ion your business and decide what you can outsource
Create a system to keep track of what your VAs are doing everyday
Have SOPs available for new hires
Set up a screenshot monitor so you can see exactly what your VAs are working on
Set up some role playing scenarios in your interview process
Make sure you have effieceient communication with your team
Hiring a Virtual Assistant Virtual can offer numerous benefits to businesses, including cost savings, increased efficiency, and access to a wider pool of talent. By delegating tasks that don't require physical presence to VAs, businesses can focus on core functions and invest in growth. However, there are also potential drawbacks such as cultural and communication barriers, time differences, and the lack of in-person interaction. It's essential for businesses to weigh the pros and cons before deciding to hire a VA. Heba Girgiss highlights that hiring overseas VAs, particularly in the Philippines, provides her business with cost savings and access to loyal and hardworking team members. While addressing potential communication barriers and cultural differences, Girgiss has found great success by developing strong procedures and investing time in onboarding and training her VAs to efficiently handle crucial tasks.
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 Heba: https://welcometobeitak.carrd.co/
Programs Heba mentioned:
Monday.com
Scrin.io
Onlinejob.ph
Loom.com
Scribehow.com
Zapier.com
Wise.com
Payoneer.com
26 min - Mastering Inclusive Hospitality with Tracey Northcott
Join us in welcoming Tracey Northcott as she shares her philosophy of hospitality, from defining her ideal guest avatar to creating a converting short-term rental listing. It's time to step up your game and learn how to speak directly to your target audience!
In this episode, you will be able to:
Design the perfect guest archetypes to optimize and enrich their experiences. Integrate inclusivity for an enduring and profitable business ecosystem.
Engage your audience through authentic and powerful copy that resonates.
Curate a value-centric circle of staff and guests that fosters collaboration and growth.
Leverage AI-assisted prompts for creative insights that jumpstart your listing endeavors.
Tracey Northcott, a seasoned short-term rental property manager based in Tokyo, knows the value of understanding and catering to her ideal guest avatar. With over a decade of experience in the industry, she has built a sustainable business that supports her family and has allowed them to achieve financial freedom. Tracey is passionate about hospitality and has honed her skills in identifying the specific needs of her guests. By focusing on extended families and offering inclusive, diverse services, she has created a loyal customer base that keeps coming back for more.
Action steps mentioned in this episode are:
Define your ideal guest avatar and create a guest journey based on their needs. Mirror back messaging from guests to show inclusivity and acceptance.
Write out your company mission and vision to stay on track with your values.
Use pre-approved nouns, verbs, and adjectives to sprinkle throughout your copywriting and social media.
Self-select guests by being specific with your listing's amenities and values. Educate your staff on your values, including LGBTQ inclusivity.
Use tools like dynamic pricing and AI to optimize and streamline your daily processes as a host.
Consider hiring a property manager or consultant to help grow your business. Join The STR Insiders Podcast community for tips, stories, and gossip on the STR life.
Visit www.thestrinsiders.com for more episodes, or to learn more about our hosts Tracie Fowler and Jacquie Mosher
The Value of Failing Forward
Navigating obstacles and learning from mistakes are essential aspects of growth and improvement in the short-term rental industry. Embracing failure and adapting to challenges propels a short-term rental business toward success and increased profitability. Tracey Northcott shares her empathetic approach to short-term rental audits and how it contributes to meaningful growth in her business.
Inclusivity
Aligning business values and missions with the concept of inclusivity fosters spaces where guests are valued and feel welcome, leading to higher chances of return visits and positive referrals. In the podcast, Tracey Northcott shares her insights on the importance of inclusivity and how it has directly impacted her business. Channeling her efforts as an ally for underrepresented groups like LGBTQ+ individuals, she communicates in a non-assuming, inclusive manner. Northcott's business approach addressed the specific needs of these communities while creating a comfortable and accommodating atmosphere, positively affecting her property's profitability and reputation.
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 Tracey: https://www.tracey-northcott.com/ or https://www.tokyofamilystays.com
Follow Tracey on Instagram: https://www.instagram.com/traceynorthcottconsulting/
25 min - Don't Let the Bedbugs Bite: Strategies for Keeping Your STR Pest-Free
Do you find yourself unsure of effective measures to address pest infestations? Discover the power of effective pest control in this episode to take back control of your properties and ensure a pleasant stay for your guests.
In this episode, you will be able to:
Master the skill of handling bedbug infestations in short-term rentals for happy guests and stellar reviews.
Discover the power of diatomaceous earth in keeping your properties pest-free effortlessly.
Implement inconspicuous snap traps to keep your rentals rodent-free and maintain a pleasant experience for your guests.
Master the art of proactive communication in challenging pest-related situations to maintain trust and satisfaction.
Unlock location-specific pest prevention techniques to maintain a seamless experience for guests across properties.
“If you're cleaning your space frequently and keeping it clutter-free, that means that cleaners are going to notice it quicker and figure it out.” - Jacquie Mosher
Dealing with Bedbugs
Dealing with bedbugs in short-term rentals can be a significant concern for property managers and hosts. These tiny pests can cause discomfort to guests and may lead to negative reviews or even potential liability. Quick identification and decisive action are essential in managing these infestations while ensuring guest satisfaction remains a priority. A proactive approach with routine inspections and monitoring for bedbug presence will minimize the risk of more serious infestations. In the episode, Jacquie sheds light on how to handle bedbugs effectively by determining their gender and age with the aid of pictures provided by the guest. This information is crucial, as it enables hosts to take the appropriate measures, such as moving the guest to another space and utilizing perimeter treatment with diatomaceous earth. Jacquie also highlights the fact that bedbugs can come from various sources and stresses the need to address any potential entry points.
Handling Infested Mattresses
An infested mattress can be a challenging issue for hosts to manage, as the need to address cleanliness and comfort concerns can sometimes conflict with the desire to minimize costs and waste. It is important for property managers to recognize that handling infested mattresses may require a combination of treatment methods and preventative measures to ensure continued guest satisfaction. As explained by Jacquie, removing a mattress may not always be necessary. Instead, using bed bug encasements to protect the mattress and washing all affected bedding could be effective in containing the infestation. Ensuring thorough routine cleanings can help prevent future incidents, and property managers should be sensitive and responsive in dealing with any guest complaints related to infestations.
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/
Video of bedbugs:https://www.youtube.com/watch?v=2JAOTJxYqh8
27 min - Stacey St. John's Secrets to Thriving in the Short Term Rental Industry
Stacey St. John is an inspiring example of how embracing continuous learning and fostering a supportive community can lead to success. She is a multifaceted entrepreneur with a wealth of experience in marketing, advertising, and short-term rental management. Equipped with a global consulting background, Stacey has honed her skills in understanding target audiences and crafting strategic business approaches.
As the founder of the Female Short-Term Rental Investor Facebook group, she has fostered a collaborative space for like-minded professionals to share knowledge and support each other's growth. With a passion for continuous learning and teamwork, Stacey brings her expertise and positive energy to the STR industry, inspiring others to embrace the journey and have fun along the way.
In this episode, you will learn to:
Enhance target audience communication skills for impactful short-term rental listings.
Embrace continuous learning and collaboration as the key to short-term rental business success.
Discover techniques to achieve work-life balance and positivity in the entrepreneurial journey.
Adapt to industry changes by leveraging innovative technologies
The Importance of Community in Short-Term Rentals
Building a strong community is crucial for success in the short-term rental (STR) industry. A supportive network of peers can be invaluable when navigating challenges and seeking advice from others who have faced similar situations. Surrounding oneself with successful people can lead to accelerated learning and a more fruitful entrepreneurial journey.
In this episode, Stacey St. John highlights the power of a supportive community, particularly for women in the STR business. She has helped create such a space through her Facebook group, Female Short-term Rental Investors, which offers a positive atmosphere where over 36,000 hosts can share their knowledge and experiences. In addition, Stacey also runs the Short-Term Rental Virtual Summit for Women and The STR Sisterhood podcast, which further foster collaboration and empowerment among STR entrepreneurs.
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 Stacey: https://staceystjohn.com/
Check out The Female Short-Term Rental Investors Facebook group: https://www.facebook.com/groups/femalestrinvestors
Read Innercise by John Assaraf: https://www.amazon.com/Innercise
Check out Better Your BnB on YouTube: https://www.youtube.com/@betteryourbnb
Want your BnB reviewed go to: https://betteryourbnb.com/
Listen to The STR Sisterhood Podcast: https://staceystjohn.com/podcast/
28 min - Bad Guest Repellent: Screening to Prevent Parties & Protect Your Short-Term Rental Business
Screening guests for red flags is an important part of running a successful short-term rental business.
Unfortunately, it's often overlooked until it's too late and the owner has to deal with the aftermath of a bad guest. By screening guests for red flags, owners can prevent bad guests, property damage, and negative reviews.
In this episode, we discuss why screening your guests is an important part of being a successful host and what questions you should ask when you are screening guests.
In this episode, you will learn the following:
What red flags to look for when screening guest
Should you let first-time users stay at your Airbnb
How to avoid a conflict with unhappy guests
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/
27 min - Get More Bookings with Photography that Converts with Kevin Malella
How essential is it for you to hire a professional photographer to take photos of your short-term rental?
Hiring a professional photographer is an important way to ensure that the photos of your listing are attractive and consistent. Professional photographers understand the importance of lighting, staging, and equipment and can make sure that the photos look inviting and appealing to potential guests.
On today’s episode, Kevin Malella is going to tell us why hiring a professional photographer is not only one of the most important things to do for your short term rental but also how it can actually get you more bookings.
In this episode, you will learn:
- How to prepare before a professional photographer comes to your listing
- Why professional photos actually increase your bookings
- The importance of keeping your photos simple and concise
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/
26 min - Snag 5 Star Reviews with Setups that WOW Guests
Do you want to know how to WOW your guests at your short-term rental?
Investing in a great guest experience can make a huge difference in your guest’s stay. Not only will it provide your guests with an unforgettable stay, but it will also help to ensure that your Airbnb is a success.
Our guest today, Sabrina Afuhaamago gives us a glimpse into her approach to setting up an STR. She goes over everything from researching the area, talking to locals, and making sure that your home is properly labeled and stocked with amenities.
Sabrina is a listing manager at Five Star B&B, an STR management and consulting firm. She is responsible for many tasks, including vetting prospective clients, coordinating with property owners, and managing daily logistics. But one of her most important responsibilities is setting up STRs.
“Be as nosy as possible when you get into a new space.”
In this episode, you will learn the following:
- Why exploring local attractions is important
- Sabrina’s number one tip for giving your guest the best experience
- The reason your Airbnb should have board games
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/
26 min - Bougie on a Budget: Part 2 - Do’s, Don’ts, and Hot Takes
In part 2 of our interview with Jenny Yi, we are discussing the do’s, don’ts, and some controversial options for furnishing a luxury property on a small budget.
Jenny Yi is an experienced designer and investor in the hospitality space, specializing in creating unique luxury experiences on tight budgets. She is the creator of her own hospitality-specific bedding line, which focuses on products that are easy to use and maintain. Her products are used by investors, designers, and property managers, giving them the luxury of not having to worry about basics.
"If you constantly think about what people book and why they book in the unique experience, you naturally rule out certain things that you often see over and over again in people's homes.”
In this episode you will learn:
1. How to think differently when decorating for STRs
2. How to think creatively within a budget
3. How to automate the process of refreshing products over time
Links 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 Jenny: https://www.facebook.com/JennyYiDesigns
Follow Jenny on Instagram: https://www.instagram.com/jenny_jennyyidesigns/
29 min - Bougie on a Budget: Part 1 - STR Design and Finding Deals
Do you want your short-term rental to feel luxurious but also stay within your budget?
Discover how Jenny Yi, a thrifty and well-traveled designer, uses her unique knowledge of cultures and markets to help Airbnb investors create luxurious spaces on a budget.
In this episode, we discuss all the ways to make your STR look amazing while not spending a ton of money.
Jenny owns Jenny Yi Designs, the preeminent Design Firm in the AirBnB & Hospitality Design space. From turnkey short-term rental services, to commercial design, to renovation project management, Jenny truly believes that buildings are more than mere buildings - they're experiences and opportunities.
"Making a home feel like home isn't about expensive items, it's about the emotional triggers people get when they enter.”
In this episode, you will learn the following:
1. How to design a luxury space on a budget
2. Immersing yourself in the culture of where your STR is located
3. Why comfort is just as important as your space looking good as a short-term rental
Link and Resources
Connect with us: https://www.thestrinsiders.com/
Join the conversation with Tracie on Facebook: https://www.facebook.com/groups/strcentral
Follow Jacquie on Instagram: https://www.instagram.com/5starbnb/
Connect with Jenny: https://www.jennyyidesigns.com/
Follow Jenny on Instagram: https://www.instagram.com/jenny_jennyyidesigns/
Check out Rowe: https://www.rowefurniture.com/
34 min
About The STR Insiders Podcast
From the publisher's feed
Airbnb Superhosts dish insider tips for achieving your short-term rental (STR) investing and hospitality goals through a-ha moments, funny stories, and all the latest industry gossip. Listen in as Jacquie & Tracie strip down their successes and mistakes to accelerate YOUR wins! Fun, unscripted, and packed full of actionable intel! Whether you’re new to real estate investing, new to short-term rentals, or a seasoned vacation rental pro - this is the place for you! #Airbnb #STRlife #VRBO
Visit https://www.thestrinsiders.com and subscribe for free bonus materials mentioned during episodes.