All Forum Posts by: Theresa Holl

Hi Alton - some people say the number one thing to consider is building a great team around you, no matter where you invest.  You can get tons of hyperlocal detail from resources like Airdna, Pricelabs and Hotstats.com.  Definitely compare hotels as part of your competitive data set (comp set) as lots of tourists will consider both.  Putting the right people around you with expertise across state/local taxes/law, insurance (your Airbnb policy isn't all it's cracked up to be), good designers, photographers and more cleaners than you think you need is some of what people overlook.  

Even if you check out popular STR podcasts like STR Secrets and Get Paid For Your Pad, the successful hosts building large portfolios will say it's the infrastructure you build around you that matters. Best of luck!

For anyone struggling to get financed, I have a friend who runs a company called unbankable and it might be a good fall back for you.  Happy to introduce you if interested.

Cool.  My number is 612.210.1579.  Let's connect on Monday and here's the group on FB.  We Zoom on Thursdays at noon CST.  :) 

📸 Look at this post on Facebook

https://www.facebook.com/groups/116014073784681/permalink/653282526724497/?sfnsn=mo&ref=share&mibextid=6aamW6

Quote from @Calvin Baughman:

Quote from @Theresa Holl:

Quote from @Babalo Reda:

Quote from @Theresa Holl:

I think one of the most common mistakes people make is being reactive about guest experience and reviews.  I tell people to use the data from your personal booking site to determine and market to their ideal guest (avatar) from day one.  It's a huge benefit of having your own site, owning and leveraging your guest data.  That way, you can run ads targeting that persona and there's a good chance they'll have a decent time and leave a 5 star review.  FB is filled with Airbnb hosts crying about their bad reviews and they don't do their own targeted ads properly or formally request 5 star reviews as guests check in.  Reviews will make or break you so those are a few best practices.

can you elaborate on asking for 5 star review when guest checks in? I usually ask it when they check out

Sure. Some hosts will say things like:  "I'll be giving you a 5 star guest review and would love to know how to earn 5 stars as well." It sets an expectation and kind of a reminder to the guest. 

That's just one example. 

 This is a great one! I usually say something like "I would love to hear from you if there's anything I can do to improve your experience next time" instead of mentioning I want a 5-star review back. That way they feel I'm interested in their well-being instead of my rating on the platform!

Love that one too. :)

Try Allen Wright!

Hi - please contact me if you are an STR property manager in the Twin Cities covering or covering the Cities and looking to grow your network. I am on a great FB networking group called MNO and we'd love to invite you to a meeting.

Quote from @Babalo Reda:

Quote from @Theresa Holl:

I think one of the most common mistakes people make is being reactive about guest experience and reviews.  I tell people to use the data from your personal booking site to determine and market to their ideal guest (avatar) from day one.  It's a huge benefit of having your own site, owning and leveraging your guest data.  That way, you can run ads targeting that persona and there's a good chance they'll have a decent time and leave a 5 star review.  FB is filled with Airbnb hosts crying about their bad reviews and they don't do their own targeted ads properly or formally request 5 star reviews as guests check in.  Reviews will make or break you so those are a few best practices.

can you elaborate on asking for 5 star review when guest checks in? I usually ask it when they check out

Sure. Some hosts will say things like:  "I'll be giving you a 5 star guest review and would love to know how to earn 5 stars as well." It sets an expectation and kind of a reminder to the guest. 

That's just one example. 

I think one of the most common mistakes people make is being reactive about guest experience and reviews.  I tell people to use the data from your personal booking site to determine and market to their ideal guest (avatar) from day one.  It's a huge benefit of having your own site, owning and leveraging your guest data.  That way, you can run ads targeting that persona and there's a good chance they'll have a decent time and leave a 5 star review.  FB is filled with Airbnb hosts crying about their bad reviews and they don't do their own targeted ads properly or formally request 5 star reviews as guests check in.  Reviews will make or break you so those are a few best practices.

Hey - I know some people  Would you like to connect?  Give me a shout for sure.

@Havan Surat Don't forget to spend a ton of time looking at your tech stack and what AI is doing for STR hosts these days. Also, having your basics in place like affordable guidance on law, accounting, business strategy, etc...will be key. I have contacts for some of those topics, so let me know if you'd like to network. Happy to pass you some names. Have fun!!!