How a near death experience inspired two brothers to go all-in on STRs
Summary
This article from "Get Paid for Your Pad" discusses how the Lotem brothers built a successful STR business with a focus on guest experience and operational excellence. They prioritize safety, unique amenities, and collaboration. Hosts can learn from their focus on detail and innovation.
Key Insights
- •The Lotem brothers are exploring creating unique guest experiences through high-quality furniture and unique features.
- •The Lotem brothers expanded from four to 20 properties in a year with a focus on high-end properties.
- •5 Star STR offers both full-service and online service management models.
Action Items
- ✓Consider how you can enhance guest experiences with unique amenities or features to differentiate your properties.Effort: mediumImpact: medium
- ✓Review your properties to ensure they are safe and properly maintained to provide a comfortable stay.Effort: lowImpact: medium
Tools & Resources
- →5starstr.com: The article references the website 5starstr.com for potential partnerships.
- →Get Paid for Your Pad: The article mentions Get Paid for Your Pad and offers a free revenue management training.
Related News
User Profile: Mountainside Treasures
This article shares the experiences of an STR host who has grown their business from a single condo to nearly 30 properties, highlighting the importance of guest service and the use of OwnerRez. The host emphasizes that delivering a good guest experience is a key factor for success, and struggles with the power of OTAs and challenging guests. Consider OwnerRez as a key tool for managing your properties.
Owner Statements 2.0: Faster, Clearer and Built for Growing Portfolios
Lodgify has released Owner Statements 2.0, promising faster and clearer reporting for property managers. This update aims to cut down manual work and improve the quality of reports shared with owners.
Financial firms face rising cyber risks, data challenges
This article discusses rising cyber risks and data challenges in the financial services industry, including fraud prevention using AI. While not directly about STRs, it highlights the importance of data quality, which directly impacts the effective use of AI for risk management and decision-making for STRs.
Booking.com Refunds Policy: Process and Ts & Cs Explained
This article from iGMS explains Booking.com's refund policies and cancellation options for hosts. It highlights the importance of choosing a cancellation policy that balances flexibility to attract bookings with financial considerations, and encourages hosts to experiment with different policies and rates to find the ideal balance.