How a near death experience inspired two brothers to go all-in on STRs (Ep 608)
Summary
This podcast episode features two brothers who pivoted from retail to short-term rentals and launched a property management company, Five Star STR. The discussion covers the challenges of regulations in Las Vegas, the importance of focusing on guest experience, and utilizing tools like virtual assistants and revenue management strategies to stay competitive.
Key Insights
- •The Las Vegas market experienced a rapid increase in competition and a decrease in occupancy after the pandemic, due to an influx of properties.
- •The hosts emphasize the importance of guest experience and 'unreasonable hospitality' to differentiate their brand.
Action Items
- ✓Consider investing in virtual assistants to provide 24/7 guest support.Effort: mediumImpact: medium
- ✓Implement revenue management strategies to deal with the increasing competition, including monitoring competitors and optimizing pricing.Effort: mediumImpact: high
Tools & Resources
- →Unreasonable Hospitality: The book 'Unreasonable Hospitality' is mentioned.
Watch Out For
- ⚠Failing to adapt to increasing competition in the market and failing to utilize revenue management tools.
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