Hi there.
On today's episode, I'm going to be talking to you about how to run your short-term rental.
I get this question so often.
So many people want to know about managing it.
How do I set it up?
What companies do I use?
How to does it all work?.
I'm going to explain all of that to you step by step in this episode.
Let's go.
Welcome back.
I Noelle Randall.
Real Estate entrepreneur, mentor and momified.
And we are talking about how to run your short-term rental.
There are 3 things that you really need to focus on.
Number 1 in this episode, we're going to talk about "What people do you need?"
What people?
Do you need people?
Do you not need people?
Do you do it by yourself?
The second thing we're going to talk about is what stuff do you need?
Do you need anything?
Do you need things or TV's?
What do you need?
And then lastly, we're going to talk about how to get started legally.
Watch to the end because this is very important.
You want to be legal in everything you do.
So, number 1 are the people.
We all need people with anything that we do.
Do you need people?
Yes?
You need people.
Do you need a lot of people?
Let's talk about that.
So, what an Airbnb is short-term rental, vacation rental.
Whatever you want to call it.
You have a business where people are staying kind of like a hotel.
They book for a night or 3 nights or 7 nights.
Some people will even book for few months.
We'll talk about that in another episode.
But just know that this people are not staying there for years and years.
They're usually travelling.
They usually vacationing or they're usually there for a conference or music festival.
Things like that.
Think just like a hotel, okay?
So, your business when managing and running a short-term rental, you need to think like
a hotel.
But the great thing about it is you do not need as much staff as a hotel does.
That's the awesome part, okay?
But you do need some people.
So, let's talk about who those people are.
With your short-term rental, they are 3 things that we are always going for.
Clean, safe and comfortable.
Clean, safe, comfortable.
So, let's talk about clean.
You need someone to clean the property.
Now, do you need someone like a cleaning person or can you do it yourself?
Well, that depends on you.
Do you want to clean the properties yourself and keep that money?
Because here's the key: You charge for cleanings, okay?
So, unlike a hotel, with a short-term rental, you usually charge a cleaning fee.
Now, again, you can pass that cost right on the person that's cleaning the property or
you can clean the property yourself and keep that money and that's your fee and that's
revenue to your business.
I don't know.
I am not a big fan of cleaning properties but when I first got started, I cleaned.
Not with these pretty nails but I definitely cleaned.
And it helped my business.
A lot of my students, they don't necessarily have to clean the properties.
I will talk about some different ways.
But you have to decide that.
You're going to need to keep the property clean.
The next thing is things.
You need towels, you need sheets.
You need appliances.
You need to have a fully stocked and fully-equip place for people to come.
Again, just like a hotel.
I've never been to hotel that did not have towels.
I've never been to hotel that did not have iron.
Things like that.
So, start to think (again) like a hotel and all of the things that are available to you
at a hotel.
Not every single little thing.
We'll talk about what do you absolutely need in another video.
I don't want this one too long.
But know that you need everything that a hotel has.
And in some cases a little bit more.
Just because you are going to be servicing people that are vacationing.
So, they may need beach towels or they may need sunscreen.
They may need shampoo and conditioner just like a hotel.
But then there's other things that hotels don't offer that you may offer.
But let's keep it simple for this video.
And just know that you need the same things that a hotel has.
And when running your short-term rental, you need to do it legally.
Now, what does that mean legally?
I'm going to give you a great secret on this video.
So, Airbnb doesn't actually care if yoU own the property.
They just care that you manage the property well and that you treat their guest very nicely
so that you get good reviews.
And we'll talk about what the reviews and the ratings are.
But just now Airbnb really cares about you taking care of their guest.
All of the websites are like that.
Airbnb, homeaway, booking.com, pretty much any short-term rental platform that you go
to, they are really concerned with you as the business owner providing great service
to their guests.
So, you want to make sure that you do that.
And one of the ways that I suggest that you do this is to make a business out of it.
Yes.
And there's so many benefits to that.
If you get your business license and you say, "Okay, this is what I'm doing.
I'm getting registered with the state.
I'm going to get my LLC.
I'm going to get my corp.
I'm going to get ready registered.
And I'm going to do this as a business", then you are ready setting your self apart from
other people on these websites because you are a professional.
And I always suggest being a professional on anything that you do.
Because it helps you stand out.
Additionally, it protects you.
And there's so many benefits to doing it as a professional business.
And I'm going to share all of those with you.
And one of them is just being business will allow you to get business funding.
I'll make a whole another video on that.
But just know if you're an actual business, then that allows you opportunities that other
people do not have and you can make and scale your business a lot faster than other people.
So, what I'm suggesting for you is that you take this seriously.
Get a business license and register your business before yous start listing your property.
Hopefully you enjoy this video.
I gave you a lot of great information.
Again for free, I'm wanting to teach you so much about how to run your short-term rental
business and I'm going to keep sharing.
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See you next time.