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Questions and Answers

• We currently use two different pricing platforms. If I’m using a tool like Price Labs, how do I set it up so the price is good for relocation companies and change it so I’m netting all that I can from the other booking websites? 

Since direct bookings to relocation companies yields the highest net profit, the ideal set up would be to have Price Labs reflect that in the Lowest price. You should also have an anchor for the Base price.

In general, because of the way things are set up and connected this way, price for your highest possible outcome. If someone books at that price, that’s great but that’s not the end goal. You want every customer to feel unique and special, and you accomplish this by giving them a personal discount code or adjusting your mark down so they see a price closer to the natural price. This way you will always be in a position to make the adjuster look good.

• Is Hawaii completely out for nightly short term rentals?

No, we have active students in Hawaii right now who are doing quite well. If you desire to be an entrepreneur, you are making decisions where the outcomes are completely uncertain. The environment we all play in is uncertain and every business has regulations and changes, it’s unavoidable.

Some people will quit, some will keep going, and some will waffle back and forth and get bought out. At the end of the day, entrepreneurs adjust.

• How do you price listings that require a minimum 30 day stay? What if there is a 15 day gap, do you keep a 3 month booking window?

Pricing is the most complicated aspect of a short term rental business. There are too many pieces to give a quick answer because you need to know all the variables first. The key is to always price it profitably, whatever that means for you. It comes down to a pricing strategy that accomplishes your goals and who you are trying to serve.

• Do you have any tips or tricks to attract small apartment owners and property managers without actually driving around the neighborhood?

Loopnet.com is a good tool for researching an area. You can use the site to look for owners and operators that have the most listings and use that info to get on the phone and talk to them about the listings that are not yet on the site. Even if that particular realtor has nothing in their inventory that you want to purchase, they can help you get in touch with the top three property managers of that class of real estate. Once you get them on the phone, you do the same thing and find out if they have problems you can solve.

• Have you ever marketed to landlords?

J avoids direct marketing at all costs. It has always proven to be too expensive and take too long, that doesn’t mean it doesn’t work, just that he doesn’t like it.

• How has your faith affected your business outlook?

J’s faith has directly affected his business outlook, it’s a major reason he’s even in business. To whom much has been given, much is expected. If you’ve been given any talent, the expectation is that you will at least double it. It doesn’t matter that you succeed, just that you attempt it.

• Can you offer daily/nightly rentals between monthly rentals?

If you’re in a 30 day market, proba