From Flipping Houses to starting an Airbnb Fund (Ep580)
Summary
This podcast episode features a discussion on how to grow a short-term rental business, from flipping houses to property management to starting a fund. The guests discuss leveraging tech like ChatGPT and Yada.ai, and also emphasize the importance of setting minimum night stays based on how far in advance guests book to maximize revenue.
Key Insights
- •The guests went from flipping houses to owning Airbnbs, managing properties, and are now starting a short-term rental fund, demonstrating rapid business growth.
- •The hosts use Yada.ai for automated messaging, and found it beneficial in providing backup system information to guests and reducing workload.
- •They use Zapier to automate tasks, such as uploading cleaning bills to QuickBooks after a cleaner confirms a property is clean.
- •Dan analyzed booking data from their PMS and used ChatGPT's code interpreter to determine average length of stay, ADR, and booking lead times to help set minimum night stays.
Action Items
- ✓Consider implementing minimum night stays based on how far in advance a guest books, such as 5+ nights for bookings 60+ days out, to increase occupancy and revenue.Effort: mediumImpact: medium
- ✓Explore using AI tools like ChatGPT for listing description optimization to improve SEO and potentially get more bookings.Effort: lowImpact: medium
Tools & Resources
- →Slack: The guests use Slack for communication with their team.
- →Yada.ai: The guests implemented Yada.ai, an automated messaging software.
- →Zapier: The guests use Zapier to connect different tools.
- →Asana: The guests use Asana for task management.
- →PriceLabs: The guests use PriceLabs for dynamic pricing.
- →HostAway: The guests switched from Logify to HostAway for their PMS.
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Curated by Learn STR by GoStudioM