By The Hospitable Team
Mike Reilly was working at Google in 2019 when he realized the urge to escape the time-for-money trap. He sought investment opportunities outside the corporate world, stumbled upon short-term rentals and dived in headfirst:
“I bought my first property in North Carolina, where I’m from, and I scaled to 19 properties in about 18 months. I left my job at Google to do this full-time… all while getting married and having two kids. So, that’s what most of my time is spent on now — with my family, which is amazing.”
Now being a Co-founder and CEO of Your BNB Property, Mike joined our latest Hospitable Hosts podcast episode to turn your hosting nightmares into effortless profits. He talked about how to scale up fast and easily, leveraging cutting-edge tools to handle all daily STR operations.
If you’ve ever dreamed of breaking free from the daily grind, Mike’s journey is the inspiration you need — tune in to our Hospitable Hosts podcast and note down the wise words!
Prefer to read the highlights? We’ve got a summary of the key takeaways below.
Mike’s journey began with a single vacation rental property consisting of four one-bedroom units. At first, all had long-term tenants and generated modest cash flow. However, Mike crunched the numbers and decided to transform one of these units into a short-term rental.
By converting just one unit to short-term, Mike’s earnings jumped from $600-700 a month to a remarkable $1,000 a month in profit. The success story didn’t stop there. This prompted Mike to fully convert the property into a complex of short-term and mid-term rentals:
“We maximize. When we took over, that property was doing right around $27,000 a year as a long-term rental. Last year, it did $76,000 in top-line revenue. We have 97% occupancy. Now, if there are any gaps in the mid-term bookings, we fill them with short-term bookings.”
Mike’s strategy involves a balanced mix of short-term and mid-term stays. He also creates tailored offers and utilizes tech to attract the ideal guest, stay flexible and maximize occupancy.
How? Read on or jump right to the full episode!
Stop trading your time for money — get Hospitable!
Mike is a long-time Hospitable friend and product adopter. He shared some insights on how hosts can optimize their operations as they grow, specifically with Hospitable:
- Set Clear Goals: Have a clear vision of where you want your STR business to go — are you aiming to manage 20, 30, 40 or even 50 properties? Having this vision will guide your decisions and strategies as you expand.
- Leverage Up-to-Date Technology: Mike highlighted the importance of keeping an eye on constant upgrades. It’s essential to use the platforms that can meet your changing needs (if in doubt how dynamic it gets — check our product updates).
- Document Processes: Create a detailed manual that documents the workflow you follow to manage your properties. This documentation ensures that anyone you bring into your team can quickly step into your role, as you scale up.
- Automate Where Possible: Embrace automation to streamline everything from guest communication to pricing optimization and exclude the need for constant manual intervention.
- Manage Your Time Wisely: Don’t let your STR business consume all your time. By delegating and automating tasks, you can regain control of your schedule.
Mike agreed that platforms like Hospitable play a crucial role in making hosting easy and yet more efficient. Numerous tools and integrations provide everything you need to effortlessly manage a growing portfolio.
Soon to Be the #1 Boutique STR Managers in North Carolina
Mike was clear about his future path too, “It’s just about getting the word out more.”
Mike’s focusing on his local market due to his proximity to beach properties within a 45-minute radius: “We’re now applying the same standards that we have for marketing properties to marketing our company and then working with the right owners and the right type of properties.”
Listen to Mike’s full testament to the power of vision, perseverance and the right tools for success — explore the full episode of our Hospitable Hosts podcast!
Looking to maximize your vacation rental profits with Hospitable.com?
Hit this link to learn more about our unique features and automate your hosting experience.
We dug into all the nitty-gritty details of noise and occupancy monitoring, highlighted the use of outdoor sensors and explained how smart technology not only protects your property but also elevates the guest experience.
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.
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.