The Vacation Rental Manager's Podcast with Sarah and T

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Do you have insurance?   Of course, everyone who runs a vacation rental business knows you need insurance.   Do you have enough insurance?   Do you have the right insurance?  Are you SURE you are covered in the event of anything that might happen?    Maybe the answers to the last 3 questions are not as convincing as the first question's answer.   

In this episode Sarah and T are out to save your backside.   We assure you that you will learn some things in this episode that could save your business!  So listen up and get ready for our hosts to drop some knowledge on you!

Key Points: 

Disclaimer: we are not insurance agents nor do we play one on TV. Everything we say here should be verified with your insurance agent and not hold us liable for anything we say that turns out to be incorrect.  

Many thanks to Tim's insurance agent, Larry Barker of Towne Insurance Agency in Kitty Hawk, North Carolina for giving us the 411 on insurance of all types in the vacation rental business.   

In this episode, we cover: 

- Liability Insurance

- Workman's Comp Insurance

- Errors & Omissions 

- Vehicle insurance for employees driving company vehicles & their own vehicles

Vacation rental managers small or large are ultimately responsible for finding and keeping tenants (aka "guests") on someone else's property.  To be successful at this, they must do the following five things: 

1) Negotiate, sign and enforce leases (aka Guest Agreement or Contract)

2) Collect rents 

3) Make repairs

4) Conduct routine maintenance 

5) Ensure the safety of guests

Each one of these five comes with its own set of risks and that's why there's property and liability insurance designed to protect. Let's talk about the protection you need to cover these five activities: 

1) Professional Liability insurance aka "errors and omissions"  coverage.  This coverage protects you when you forget to purchase appropriate property insurance, resulting in a loss for the homeowner, wrongful or negligent evictions, discrimination claims, and other failure to perform professional duties according to your contract.

**big reason to get this - commercial general liability may not provide coverage for any expenses related to professional liability claims or suits.  

It does need to be said that errors & omissions does NOT usually include criminal, fraudulent, or malicious acts, bodily injury and property damage, workers compensation claims, and punitive damages.

2) Property & Liability Insurance - two biggest risks in our line of work relates to property maintenance and contract negligence. There are often questions about who - the manager or the property owner - has the "insurable interest" on the building. 

a) Commercial property insurance - this protects the VRM's assets after a physical loss due to smoke, fire, wind, hailstorm, vandalism, and other events. It all depends on the wording in your contract as to whether you are responsible for keeping this coverage on buildings you manage. 

b) Business income insurance aka "business interruption insurance" - this is typically included in a commercial property policy.  It protects your earnings if you can't collect b/c of storm, fire, etc. 

c) Commercial General Liability - (read from Larry's doc - I have it printed and ready to go)

If you want to get everything we have discussed to date, ask your agent about a BOP - business owner's policy which includes property coverage, liability coverage, AND business income insurance. 

ADDITIONAL insurance coverage to consider: 

1) Non-owned auto liability coverage - should be purchased if you or your employees drive personal vehicles for busines

Find all of Sarah and T's content at www.sarahandt.com 
You can also follow this podcast on Instagram or Linked In 

Special thanks to our podcast Partners:
Intercoastal  Net Designs    www.icoastalnet.com
KeyData    www.keydatadashboard.com
Sojo   www.getsojo.com

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Sarah and T have big news in this episode.   Not only do they bring you great content in this edition to help you grow your business, but they have a big announcement to make.    Listen in to hear the great news and then get a pad and paper ready to pick up on tips that will make you money!   Like always, Sarah and T deliver for you.

Find all of Sarah and T's content at www.sarahandt.com 
You can also follow this podcast on Instagram or Linked In 

Special thanks to our podcast Partners:
Intercoastal  Net Designs    www.icoastalnet.com
KeyData    www.keydatadashboard.com
Sojo   www.getsojo.com

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Are you doing everything from washing sheets to payroll for your company?   Have you ever thought about what life would be like if you hired capable help so you can work on your business instead of in your business?   In this week's episode, Sarah and Tim welcome Brian Harris and Alan Kemper who will discuss Brian's process of self analysis Brian did with Alan as his coach   

Topics covered  (in addition to the best collection of quotes ever on our podcast): 
- identifying what you are good at and what you enjoy doing (as well as what is an "energy drain")
- how to give up control of those areas you are not meant to be leading
- the long term benefits of having managers - especially a GM - handling the day to day as you grow (hint:  you make MORE money, not less, and enjoy the process)

As you listen consider if you are the captain of your space ship or are you the rocket booster powering the flight.

Many thanks to Brian Harris for being open and candid about his struggle to make this happen, as well as Alan Kemper of LeadAdvisors for his insight.  So many good quotes and analogies for our listeners in here! 

Find all of Sarah and T's content at www.sarahandt.com 
You can also follow this podcast on Instagram or Linked In 

Special thanks to our podcast Partners:
Intercoastal  Net Designs    www.icoastalnet.com
KeyData    www.keydatadashboard.com
Sojo   www.getsojo.com

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How many guests are too many?   The question begs you to think of over population of our resort areas.  Today's podcast is a webinar that Sarah and T did for Rent Responsibly's People, Places & Planet Summit.  Check out Rent Responsibly's 2023 STR Sustainability Report for more on all of the topics discussed. 

Sarah and Tim cover what we all can do to be better citizens as Vacation Rental Managers. 

The session covers staff housing efforts, as well as the issue of having "naysayers" in the local population of your destination, plus what the future of tourism looks like in your community. 

Key Takeaways covered: 

• Get involved with your local government bodies and join the conversation about how much workforce housing is needed, what types, and work on creative ways to fill the gap now while getting building efforts off the ground that will serve the community and make sense for filling the need
• Marketing Education to Visitors - recycling, reducing plastic (stop with the throw away plastic bottles!!), responsible behavior, etc
• Be sure that you aren’t just sending a text “take out the trash and be sure to put the lid on!” but put action and money behind your efforts - talk with guests, create signage, create a culture at your office with a mission to help guests be great visitors
• Volutourism
• Work with City/Town on long range tourism - you may have to do the heavy lifting here. Elected officials LOVE someone to do the dirty work for them and then take credit.

Find all of Sarah and T's content at www.sarahandt.com 
You can also follow this podcast on Instagram or Linked In 

Special thanks to our podcast Partners:
Intercoastal  Net Designs    www.icoastalnet.com
KeyData    www.keydatadashboard.com
Sojo   www.getsojo.com

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John DiJulius was so good in episode 146, our hosts had to have him back for a 2nd episode.   

Show Notes:

- Chat GPT - how it may be used in the vacation rental industry
- Subrogration
- Ryan Reynolds trying ChatGPT
- Every generation is relationship disadvantaged now - there has been a significant decline in relationship-building skills. Here's 5 skills to teach (well, one is not teachable)

• Be Authentic 
• Insatiable Curiosity
• Incredible Empathy
• Be a Great Listeners ("Listen Like You're Wrong")
• Love People - filter for this since it cannot be taught

- Day in the Life (refer to Ep. 33)
- FORD (Family, Occupation, Recreation & Dreams) - in personal life, narcism barometer
- Always & Never List's remove personal interpretation from customer service expectations

- John DiJulius's Secret Service Summit - Oct 11 & 12, 2023

- Scott Galloway - don't give yourself as much credit when you succeed or fail - it's probably not your fault 

Find all of Sarah and T's content at www.sarahandt.com 
You can also follow this podcast on Instagram or Linked In 

Special thanks to our podcast Partners:
Intercoastal  Net Designs    www.icoastalnet.com
KeyData    www.keydatadashboard.com
Sojo   www.getsojo.com

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John DiJulius is well known as the customer service experience champion.   His fresh approach and no nonsense analogies will open your mind about how you can deliver service better.   With clients like Starbucks, Chick-Fil-A, The Cheesecake Factory, Marriott, The Ritz Carlton, Lexus, and other top of the market customer service brands you can see John knows his stuff.   He was on the show in 2018 for episode 33, and today he makes a triumphant return to give you more great ideas about how to be better every day!

Highlights:
- 4 Guidelines for customer experience moments
- how to offer personal experiences even at scale (hint: use their name and yours)
- customer experience action statement
- Eliminate “employee roulette”
- why “hustle” got cancelled
- how to connect with employees at a distance (allow for “rabbit holes” and use Big Talk)

Skip Small Talk https://youtu.be/WDbxqM4Oy1Y

Find all of Sarah and T's content at www.sarahandt.com 
You can also follow this podcast on Instagram or Linked In 

Special thanks to our podcast Partners:
Intercoastal  Net Designs    www.icoastalnet.com
KeyData    www.keydatadashboard.com
Sojo   www.getsojo.com

Send us Fan Mail

Our listeners take center stage again this week as we continue the theme of "who is your favorite vendor?"    There were a lot of great comments on the last episode, and we are sure you will learn even more from this episode.
Thank you to our friends that contributed to this great edition of Sarah and T.

Find all of Sarah and T's content at www.sarahandt.com 
You can also follow this podcast on Instagram or Linked In 

Special thanks to our podcast Partners:
Intercoastal  Net Designs    www.icoastalnet.com
KeyData    www.keydatadashboard.com
Sojo   www.getsojo.com

Send us Fan Mail

Do you have a favorite company you work with?   We posed that question to our listeners and boy did we get a response!    In this episode, we cover just half of the favorite vendors that were mentioned by our listeners.   Next episode will have the rest! There are some great discussions on this episode about whom we hire to help us and what they do to make our lives easier.

Find all of Sarah and T's content at www.sarahandt.com 
You can also follow this podcast on Instagram or Linked In 

Special thanks to our podcast Partners:
Intercoastal  Net Designs    www.icoastalnet.com
KeyData    www.keydatadashboard.com
Sojo   www.getsojo.com

Send us Fan Mail

In this episode Sarah and T talk about the benefits of being involved in your industry, and your community.   Stepping up to help does have benefits, and that is the subject for this week.   Sarah and T also pay tribute to two important people that recently passed away.

Find all of Sarah and T's content at www.sarahandt.com 
You can also follow this podcast on Instagram or Linked In 

Special thanks to our podcast Partners:
Intercoastal  Net Designs    www.icoastalnet.com
KeyData    www.keydatadashboard.com
Sojo   www.getsojo.com

In this episode Sarah and T discuss the tangible benefits of being involved in your industry and community.   There is a real payoff from volunteering your time for the betterment of what we do and where we live.   Listen to how Sarah, T and others have found the true secrets to success.
In the news segment Sarah and T remember two Vacation Rental Icons who understood this concept and recently passed.  A truly great episode!