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Or maybe you're not quite a host yet and here because you are considering getting into the Airbnb/short-term rental game, either way... you're in the right place! When we first got into the business of creating wonderful experiences and spaces for guests, we had no idea what we were doing! We just knew we wanted each guest and every stay to not only meet but exceed guest expectations.
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Common cliches alert–this post is riddled with them with intent to tackle an important topic that can ‘set you up for success or failure’. Let’s be honest–hate it or love it, embrace or ignore it–1st Impressions are a reality of our existence, being infused in all we do & interpret daily. In life, business, & certainly how we operate in the STR/MTR space, this principle is key & no exception! Whether going to meetups to expand your reach & network, acquiring properties or investments, getting bookings for your listing, or ensuring your guests have a 5 star experience during their stay, 1st impressions play a major role in the outcome. If you approach any of these areas not leading with your best foot forward & presenting less than your best, that very well may be what you receive in return. We cannot expect excellent results if we do not display the excellence required to receive it. This is why ‘birds of a feather flock together,’ so to speak, & why we must be the change we want to be along with matching the energy we desire in our life, business, & personnel. Otherwise, subpar service will ALWAYS=subpar results. Whilst there are, & will always be, other variables outside our control, being accurately aware of the 1st impression you and your property’s appearance conveys will help you better approach your circumstances & achieve your goals!
One of the best to ever do it in the NFL arena, Deion Sanders, is oft-referred as contributing his legendary success to, “You look good, you feel good. If you feel good, you play good. If you play good, they pay good.”
Take it from science journals–any information about a person or place, from their physical properties to nonverbal & verbal behaviors, & even the environment they inhabit, influences our impressions & judgments about them or the space (A room with a cue: Personality judgments based on offices and bedrooms)
1st impressions matter–NEVER underestimate their impact. Make sure your appearance, & that of your listings, match the performance & success you aim to achieve. This consistency & alignment will cultivate success & hit business goals. Look & play as good as you & your business want to perform.
08/16/2023
If you don’t know your numbers, you don’t know your business. -Marcus Lemonis
You’ve got to know your numbers! We have encountered countless people and clients who are so excited to get into the short-term rental industry (because it IS that awesome) that they jump in without running the numbers to determine if it’s a good business move. Whether you own the property or are doing rental arbitrage, it’s important to know:
1. What is the average rent in the area and for the specifics of your property (i.e. # bedrooms, baths, square feet, amenities like a pool, etc.)
2. What are the nightly rates for similar properties in the area?
3. What is the average occupancy rate for the area? High and low seasons?
4. What is the ROI after all is said and done. That means after rent/mortgage, utilities, insurance, maintenance, consumables and the upfront cost of furnishings, linens etc.
Numbers don't lie.
The short and midterm business is such a fun, worthwhile and lucrative business, but don’t get it twisted - IT IS a business! Count your costs, do the work of research so that when you do start your first (of many hopefully) space that you are building on a solid foundation and be successful.
Shoot us a msg if you want to know how to find out the information to run the numbers - there are different ways and resources to acquire the necessary information to make an informed decision and a smart business move!
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103 W Osborn Road #701
Phoenix, AZ
