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Questions and Answers

• What’s your system for rewarding or getting rid of cleaners that work for you? 

The best way to make this work is to make sure that everybody you work with understands the metrics that you are measuring performance by. You should know what your revenue was before you hire someone, and you should see a reflection of that person’s productivity in that after you hire them. You should have a minimum standard for review scores the you require your cleaners to maintain and then keep that number in front of them.

• If the landlord feels the negotiation around the lease is too much work, is there a better way to go about it?

There isn’t much to deal with a lease other than the specific clause around being able to use the property as a short term rental. Other than that there is a clause around marketing and making sure the lease is in the company name. Those are the three main things that you need to address, other than that there shouldn’t be much you should have to fight for.

The more units and the more revenue you’re bringing to the table, the easier it is to have this type of conversation. Start using future language to help your side of the negotiations.

Failing fast and failing frequently is the secret to success in the short term rental business. You won’t be able to get the ball rolling if you are trying to get it right the first time and are unwilling to fail.

• Do you find you have more success when you are having a conversation with someone in person or is more of a numbers game?

Being in person is a major advantage when you’re getting started because when you’re new, you have a lot working against you including the mainstream media. You have to overcome a bunch of assumptions which is a big challenge over the phone, which is why your only goal on the phone should be to secure a face to face appointment.

• Can you talk about how many towels, sheets, and linens you put in your units for each stay?

There is a file in the program that breaks down what you need based on the number of beds and bathrooms. Basically you want to stock for maximum occupancy.

• Can you speak to the Cashflow Game, where do you find it, host it, why do you consider it important?

The Cashflow Game was developed by Robert Kiyosaki and his wife but the best way to buy it now is through Amazon. Being an introvert, J had to figure out a way to increase his odds of attracting customers. The way to do that is to filter, and the kinds of people who are willing to show up and play a Cashflow Game are self selecting as people who are willing to take action.

He or she who educates their market, dominates their market.

• Can you talk about obtaining guests that are looking for short term rentals due to being displaced and using insurance claim to fund the rental? Who do we need to build relationships and how do we meet them?

You tend to need a lot of inventory to meet these people. You won’t typically find them, they will find you, but once that happens, developing the relationship is crucial. When someone comes to you ask them who their adjuster is or if the adjuster is contacting you, get to know them and their company.

• Do you have any ideas to generate more income from