By The Hospitable Team
Are you feeling the hassle of tracking all the cleaning schedules, messaging, and calendars, while the industry trends continue to change faster and faster? We know the feeling all too well!
That’s why we’ve been inviting the best industry experts to our Hospitable Hosts podcast. Our guests shared their valuable insights and expertise on how to navigate the short-term rental industry and gave valuable tips that can make your life as a host just that little bit easier.
The purpose of our podcast is to provide practical, actionable advice on how to succeed in the short-term rental industry, and this blog is no different! We’ve taken the most important snippets from all episodes and put them in a handy blog format for you to refer to whenever you need it.
Eric Moeller (Overnight Success), Richie Khandelwal (PriceLabs), Simon Lehman (AJL Atelier), Jasper Ribbers (Overnight Success), Assaf Karmon (TurnoverBnB), and Daniel Ramirez & Adam Windham (Host Financial) have already shared all the fun stuff in 2022. All that’s left is to listen closely.
So, sit back and enjoy as we bring you the selected highlights below, or jump straight to your favorite podcast platform to listen to the full episodes.
How to turn your short-term rental into a hospitality brand
Eric Moeller, CEO & Co-founder of Overnight Success
While vacation rental and property investment represent a big chunk of Eric Moeller’s career, his true mission is to educate other hosts on how to run a successful short-term rental business.
So, our conversation underlined the basics of “short-term rental Branding 101” and motivated thinking about vacation rentals as a business model with unlimited potential.
Eric pointed out some of the most common rookie mistakes in brand building, guest communication, and success evaluation. He illustrated his brand strategy tips and tricks through his personal experience as a host and provided us all with professional cases at Overnight Success. The exemplary brand story always starts with your acknowledgment of previous mistakes – what he calls being a “hectic host”:
- Getting lost in the checklist and being reactive to the business
- Micromanaging the processes and not letting the smallest tasks go
- Absence of any system or strategy when using technology or personnel
“Take a closer look. Is your short-term rental your job or your business? A job is about putting all your time into it. You’re trading hours for dollars. A business is an organism that you’re feeding and grows beyond you.”
Curious to hear more from Eric Moeller? Listen to the full episode here.
How to develop a winning pricing strategy
Richie Khandelwal, President & Co-founder of PriceLabs
Richie Khandelwal discussed the ways to create and follow a winning pricing strategy for your short-term rental. He talked about dynamic pricing and its almost immediate effect on the listings’ profits and performance. Being a pricing expert, he also shared some pro tips for correct dynamic pricing implementation.
Richie then provided even more hints on the ways to optimize your income in the short-term rental industry. Among those were adjusting lead times and guests’ minimum length of stay. He also explained why PriceLabs, including its integration with Hospitable.com, is a great tool for short-term rental owners and property managers, with its edge being its ability to use data to make real-time pricing adjustments.
“The pricing that works for an individual host also works for a large business. Obviously, we have more tooling for those managing a thousand properties together, but the large majority of the 10,000 customers that we have are small-scale hosts, those who benefit the most from automated and optimized pricing strategies.”
Curious to hear more from Richie Khandelwal? Listen to the full episode here.
What are the current tech needs in the short-term rental industry?
Simon Lehmann, CEO & Founder of AJL Atelier
Simon Lehman, with his extensive background in the industry dating back to 2005, shared his insights on trends, necessary tech and software, and lucrative investments. He emphasized the importance of direct bookings and cautioned against relying too heavily on one platform. Simon’s advice was to have clear business goals and make steady efforts towards direct bookings.
Simon went into more detail in our discussion on how the pandemic had shifted the industry fundamentally, with an unprecedented expansion of the consumer base. He called on hosts to raise the bar in terms of both guest experience and technology, in order to meet the high expectations of the new customers. Simon highlighted the essence of software solutions for hosts, leaning toward all-in-one solutions like Hospitable.com to make managing listings easier.
“We need to lift the game. There are two trends. One is guest experience and quality. On the other hand, you have expectations of remote check-in and automated door locks, and maybe even a virtual concierge. This is what the hotel guest expects. That’s the same in our industry, right? So, technology is fundamental for sustaining the business as profitable.”
Curious to hear more from Simon Lehman? Listen to the full episode here.
Hosting remotely while living as a digital nomad
Jasper Ribbers, Co-founder of Overnight Success.
Jasper Ribbers let us glimpse behind the curtains of his digital nomad lifestyle and the peculiarities of remote hosting. Being a host since 2010, Jasper wrote a book, Get Paid for Your Pad, and started a podcast to share his knowledge and experience with other hosts. His key to successful remote hosting lies within the three “aha” moments: looking at the property from the guest’s perspective, working with pricing algorithms, and effective communication.
Jasper’s hot tips were sending information in a way that guests enjoy consuming it and always being ready for their questions. Jasper also mentioned that managing units you have never visited forces you to get creative with technology, such as using Google Street View to understand what the parking situation is. Technology became essential in messaging and management and that’s why he became one of the first Hospitable.com users and supporters.
“The short-term rental ecosystem changed and Hospitable is a part of this. There are so many services and technology companies that help you with the hosting process. Those are the things that have really changed the game, fueling the industry growth”
Curious to hear more from Jasper Ribbers? Listen to the full episode here.
How to build a stellar cleaning team for your vacation rental
Assaf Karmon, CEO & Co-founder of TurnoverBnB
Assaf Karmon joined the Hospitable Hosts podcast to talk about how to build a stellar cleaning team for your vacation rental. Assaf, an experienced short-term rental host himself, now helps hosts with hiring, scheduling, and paying for cleaning services. Assaf pointed out that cleaning management is a more complex process than it often seems and it can be difficult to find the right cleaner at the right price.
He said, “It’s not just about finding a cleaner. It’s finding a cleaner at the right price. Because this is going to be your single biggest expense. You don’t know how reliable they are. You don’t know their track record. You don’t know if they know what they’re doing… That will take you a month to find out. We can give all of this in just three minutes.”
Assaf also mentioned how crucial it is for cleaners to document their work by uploading photos. This helps hosts to avoid disputes with guests who may claim that the property wasn’t clean. He also discussed how management software such as TurnoverBnB and Hospitable.com can help streamline the cleaning process and make it easier for hosts to manage their properties.
“It’s just all in there. It’s taken care of itself. It’s a robust solution against very specific problems.”
Curious to hear more from Assaf Karmon? Listen to the full episode here.
How to finance your next short-term rental investment
Daniel Ramirez & Adam Windham, Co-Founders of Host Financial
Daniel Ramirez and Adam Windham wrapped up the 2022 season, discussing all things related to short-term rental investments. They dived into the future of STR investments, the pros and cons of different financing options, and the hot debates surrounding the industry in today’s economic climate.
Daniel and Adam identified various ways of financing short-term vacation rentals, including traditional loans, crowdfunding, and private lending. They highlighted the pros and cons of each option and how to approach any of the situations, whether it’s buying property, new construction, or remodeling. Our guests’ expertise allowed them to go the extra mile with their own investments and help hosts navigate the complex world of short-term rental financing and make informed decisions.
Daniel and Adam believe that the industry will continue to grow and evolve. They saw more hosts entering the market in 2022 and an increasing number of people turning to vacation rentals as a viable investment opportunity.
“In 2020 and 2021, there was an explosion in the short-term rental industry. Basically, ‘buy a vacation rental and you’re immediately printing money.’ But what people miss is that capital is needed to close the property, furnish the property, stage and promote the property… People miss modeling the whole process. That’s why we are out there to educate hosts about this”
Curious to hear more from Daniel and Adam? Listen to the full episode here.
More in 2023
Excited to listen to more episodes this season?
Our guests will keep on sharing the best tips on all of your favorite podcast platforms. Stay tuned!
Got inspired by all the exciting details of the hosting world and want to generate additional income without sacrificing your free time and energy?
Streamline your short-term rental business!
Hospitable Masterclasses: STR Tips You Must Know in 2023
We know that being a short-term rental host can be like a game of Tetris… guests, bookings, and cleaning schedules are constantly falling from the sky and you have to fit them all together perfectly. To help our hosts slot everything into place, we organize Hospitable Masterclasses that are jam-packed with inspiration and insight.
20 Top-Rated STR Podcasts for Vacation Rental Hosts
To help you take stock, get inspired, and improve day-to-day operations at your short-term rental (STR) business, we’ve put together a list of the best podcasts to check out in 2023. Hosted by industry veterans and packed with actionable insights, these entertaining shows will help you work more effectively, increase occupancy, and improve your guest experience.
14 Must-Follow Short-Term Rental Influencers
The short-term rental (STR) world moves at a fast pace, and if you’re not in the loop you might miss out on new trends, insights, and technologies. Staying up to date with these trends can help to improve your ROI and streamline property management, and the best way to do so is to follow STR influencers and thought leaders.