BROADCASTS.com

Get unstuck and get one step closer to making short term rental real estate a real thing for you. Get answers to your questions so that you can keep moving forward towards your financial and business goals. 

Questions and Answers

• We are entering into the slower winter season, what additional things can we give to our guests so they book with us over others? 

The first time experiencing a slow season can be a challenge. The caller has been leveraging his membership with his local BNI group which is a great place to start. Another potential avenue is to connect with the travel agent in the group and ask them about working together. It’s possible to start generating instant book specials that allows you to acquire a guest at your advertised rate while also creating a referral for the travel agent.

• How would you pitch to a BNI group?

It takes a while to get any sort of response from a BNI group because their reputations on the line. As you build your relationships in that group you want to focus on creating a power team, where each individual has different strengths. 

Think about your centers of influence, like doctor’s offices that are members of the BNI group and start building those relationships.

• How do you deal with a secured building?

There is a module is the Mastermind Course that members of Cashflow Diary can access that helps with this issue. The key question to ask is “if I order food, how does the food delivery guy get to the front door?”. Whatever the process is, that’s how your guest will access the unit.

• How can we have properties in a state that we are not even in?

To have a property all you need is a lease, so it doesn’t matter where you are located. If you run the system properly, it only takes around an hour a day of your personal time to manage your business. If you have to do everything yourself, you don’t really have a business, you have a job. With the short term rental model the business is completely location independent. That being said, start where you live.

• How would you offer the instant book special on the platform?

You would simply change up the title and description of your listing to describe what your extra offerings are. It’s also possible to set up an automatic sequence that connects the guest to your offering once they make a reservation and then sets up the connection with the travel agent as well.

• How soon should I be negotiating for first right of refusal for a property?

Since the caller is willing to purchase the remainder of the units in a multifamily property, it should be very simple to ask the landlord for the first right of refusal if at some point in the future they consider selling. Now’s as good a time as any to start negotiating.

• What are your feelings about incorporating in another state?

This is not legal advice, but since the person resides in California incorporating in another state may save them some costs. They should consult an attorney.

• What are some ways to identify the city and zip codes near me so I will be profitable?

Rather than focusing on the money, think about the perso