347. How to Optimize Your Supply Inventory as an Airbnb Co-Host in 2024

Welcome to the officially unofficial Money Making May, where we have a full month’s worth of content all around pricing profitable properties with PriceLabs!Today’s expert guest is Michael Lacalle, a teacher, husband, and father of two who stumbled into house hacking as a means to afford living on the Central Coast of California. From there, he got the real estate bug and now owns five short-term rental listings on three separate properties (HINT: He is looking to partner with like-minded investors and scale his portfolio!)We chat with Michael about his inspiring three-tiered story – launching a studio STR space attached to his first home purchase, rolling the dice on a wait-and-see vacation rental project in Joshua Tree, and partnering up for a sprawling cabin escape in New York. We also touch on a few important niche STR subjects, like how he’s leveraged dynamic pricing to get the most out of his listings and seller financing – who, what, where, when, and why it makes so much sense for both the seller and the buyer.We met Michael in a moment of cosmic fate, in an airport of all places, and were enthralled with his willingness to share the nitty gritty details of his various deals, processes, and plans. He’s another great example of a real life person, just like you, out there doing his thing and having great success in this industry through passion and purpose. (00:01:28) #STRShareSunday: @treebonesresort(00:07:08) Launching a Short-Term Rental in Central California(00:22:03) Expanding His Portfolio of Investment Properties(00:29:53) Understanding Seller-Financed Deals (00:36:59) Prepping Operations for a Cross-Country STR Listing(00:52:48) Michael’s Top Short-Term Rental Hosting Hot TipsResources:• #STRShareSunday: @treebonesresort• Instagram: @michael_lacalle_real_estate• Check out PriceLabs: Start your 30-day free trial• Video: Funding Your NEXT Airbnb or Real Estate Property• Recommended Short-Term Rental Training Tools & Software #338• Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode:Visit MinoanExperience.com and tell them TFV sent you!Host Checklist | Grab our Airbnb Essentials Checklist and make stocking your Airbnb a breeze – we've got all your hosting needs covered!Quiz | Take our quiz to reveal your hosting personality style!Hostfully | Go to https://www.hostfully.com/influencers/thanks-for-visiting/ and use TFV100 to get $100 off your subscription.

Welcome back to the Hosting Hotline! This is an Ask Me Anything where each week we’ll answer your questions on Airbnb, STRs, real estate, and everything in between.Russell asks:Hosts are seeing so much out there right now about cameras and Airbnb. I have one on my front porch. Is this still okay? Can you guys cut through all the noise and tell us exactly what we need to know about the cameras? Can we have them? Should we have them?(00:01:10) What’s the Deal with Cameras & Airbnb? (00:02:27) Exact Verbiage of Airbnb’s New Camera Policy(00:05:55) Combatting Public Concern Over Hidden STR Cameras(00:07:31) Other Useful (and Legal) Airbnb Monitoring Sensors(00:09:39) How to Get Camera Compliant on Your Airbnb ListingThanks to everyone who submitted questions. To hear your voice on the show and send a question to Sarah and Annette, submit your burning hosting questions at: hostinghotline.com.Resources:• Important: Airbnb Camera Policy• NoiseAware | The Indoor and Outdoor Sensors monitor noise levels at your property and will alert you through your Dashboard or Mobile App when the noise levels go over your set thresholds. Use code TFVNA20 for 20% off ($144/year including 1 free indoor sensor) and 20% off any additional indoor or outdoor sensors.• Video: Noise Aware - for Noisy Airbnb Guests• Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode:Quiz | Take our quiz to reveal your hosting personality style!Host Checklist | Grab our Airbnb Essentials Checklist and make stocking your Airbnb a breeze – we've got all your hosting needs covered!

This week’s expert guest is Kristie Wolfe, creative off-grid builder and short-term rental superstar. With her one-of-a-kind projects, her focus is on creating unforgettable guest experiences, not just accommodations.Kristie is not only the builder in her business, she is also the designer, and she crafts some of Airbnb's most sought-after wishlist stays. She has several tree houses, a hobbit hole, a cocoon cottage, a shipwreck, and even a potato hotel – properties which have earned thousands of five-star reviews as the main attraction to niche travelers from all over the world.Our chat with Kristie is one of the most entertaining and educational we’ve ever had! We get all the juicy details about her first treehouse build in the Hawaiian jungle, that time she bought a shipwreck on Craigslist, touring the country to promote Idaho Potatoes, and so many other memorable and meaningful stories from across her accomplished career.The creative nuggets in this one are uber inspiring – packed with a zest for life and artistic expression that you’ll hear in Kristie’s voice. But she doesn’t stop there! About halfway through this one, she drops the mic with several solid gold operational tidbits that will change how you think about running your short-term rental business.For years, we’ve had Kristie Wolfe atop our list of dream podcast guests – and, dear listeners, she delivered in a major way. We’re so thankful for her spending her valuable time with us today and look forward to following along with her latest treehouse museum project.(00:01:27) #STRShareSunday: @ae.premiumrentals(00:03:35) Introducing: Creative Builder, Kristie Wolfe(00:12:35) Building a Short-Term Rental in the Jungle(00:19:32) Kristie Wolfe’s Eclectic Portfolio of Rental Properties (00:26:54) Pro Tips on Juggling Hosting While Completing Builds (00:41:45) One-of-a-Kind Listings: Cocoon Cottage & Shipwreck House(00:50:47) Kristie’s Advice for STR Hosts & Aspiring BuildersResources:• #STRShareSunday: @ae.premiumrentals• Instagram: @kristiemaewolfe• Website: kristiewolfe.com• LinkTree: linktr.ee/kristiemaewolfe• Airbnb Essentials Checklist: hostchecklist.com• Video: How to Design Your First Airbnb - EssentialsThanks for Visiting is produced by Crate Media.Mentioned in this episode:Hostfully | Go to https://www.hostfully.com/influencers/thanks-for-visiting/ and use TFV100 to get $100 off your subscription.Quiz | Take our quiz to reveal your hosting personality style!Host Checklist | Grab our Airbnb Essentials Checklist and make stocking your Airbnb a breeze – we've got all your hosting needs covered!Visit MinoanExperience.com and tell them TFV sent you!

Welcome back to the Hosting Hotline! This is an Ask Me Anything where each week we’ll answer your questions on Airbnb, STRs, real estate, and everything in between.Kendra asks:We purchased a property, my husband's pipe dream, in western Wisconsin on the trout streams where he grew up fishing. We launched it on Airbnb and VRBO in March. It's called the Trimbelle Cottage and we've had good success with consistent bookings and buzz in the area since that time.We had someone reach out asking to book it as a mid-term rental from November through March of next year. I believe those would be our slower months anyway. But it's hard to know because we haven't had it on the market for a whole year yet.We're trying to decide if it's best for us to go for what seems to be a safer mid-term route. Do we risk losing ground in the STR market, on the algorithm, Instagram, or word of mouth? We would love to hear your thoughts on the pros and cons of taking a mid-term rental vs. keeping it on the STR market through the down season. Thank you so much.(00:03:01) Should We Convert to Mid-Term for Our Slow Rental Season?(00:04:34) Understanding Risk & Knowing Your Why(00:05:14) The (Harsh) Realities of Today’s Mid-Term Rental Market(00:06:21) Prioritize Running Your Numbers with PriceLabs(00:07:39) Nurture Existing Guest Leads: All of Them!(00:10:19) Specific Prep & Comms for a Mid-Term Pivot Thanks to everyone who submitted questions. To hear your voice on the show and send a question to Sarah and Annette, submit your burning hosting questions at: hostinghotline.com.Resources:• PriceLabs Free Trial• Video: 3 Analytics Airbnb Hosts Need to be Tracking• Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode:StayFi | Go to www.stayfi.com and enter TFV to get 50% off your first three months.Quiz | Take our quiz to reveal your hosting personality style!

Today’s expert guests are Austin and Karlee Phippen, operators of an expanding portfolio of hospitality brands and businesses in scenic Northern New Mexico. Starting in just 2019, they’ve already built an empire in Chama – from boutique hotel rooms, a 16-room motel, a dozen co-hosted properties, and a sprawling ranch wedding venue.With Austin’s background in construction, and Karlee’s formal education and experience in the hospitality industry, magic was bound to be made when these two teamed up. We hear all about how they took on the motel project, detail the fairytale love story behind their wedding venue, unpack how they collected a dozen co-hosting deals, and explain how they keep it all together – in their hearts, minds, and in their paperwork. As members of our Hosting Business Mastery Method membership, we’ve had front-row seats to Austin and Karlee’s growth (and many challenges) along the way. We’re so excited to bring that story to the larger hosting community today. (00:01:29) #STRShareSunday: @bluebirddaycottagemarin(00:03:12) Thanks For Visiting Content Announcements(00:06:14) Pairing a Wedding Venue with a Motel(00:15:32) Renovating, Repairing, Remodeling & Running a Remote Motel(00:21:55) Detailing Their Expanding Business Model(00:30:45) Current-Day Operations at Chama Trails Motel(00:38:31) A Classic Love Story at Log River Ranch(00:41:10) Division of Time, Labor & ProfitsResources:• #STRShareSunday: @bluebirddaycottagemarin• Chama Trails Motel: chamatrailsmotel.com• Instagram: @chamatrailsmotel• Sterling & Sage Lofts: sterlingandsagechama.com• Turquoise Antler Co-Hosting: turquoiseantler.com• Log River Ranch Wedding Venue: logriverranch.com• Instagram: @logriverranch• Video: How to Become an Airbnb Co-Host• Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode:Visit MinoanExperience.com and tell them TFV sent you!Quiz | Take our quiz to reveal your hosting personality style!Host Checklist | Grab our Airbnb Essentials Checklist and make stocking your Airbnb a breeze – we've got all your hosting needs covered!Hostfully | Go to https://www.hostfully.com/influencers/thanks-for-visiting/ and use TFV100 to get $100 off your subscription.

Welcome back to the Hosting Hotline! This is an Ask Me Anything where each week we’ll answer your questions on Airbnb, STRs, real estate, and everything in between.Bri asks:How do I prepare guests for nuisance neighbors? I have a neighbor who lives two houses down and he is senile. He does get really chatty and he has doomsday stories.The other day, my guest engaged in conversation with him, and the story is always the same about wanting to get rid of the drug dealers in the neighborhood, and the prostitution, and all of these sorts of things. It made my guest so uncomfortable that she sent me a message.It used to be a rough neighborhood. Now, it's an up-and-coming neighborhood, but it still looks rough around the edges. There's nothing to be afraid of. I'm not sure how to relay that to my guests. Thanks for your wisdom.(00:02:08) Dealing with Chatty Neighbors at Your Short-Term Rental(00:04:05) Your Guest’s Experience is Most Important(00:08:49) Impress Airbnb Guests with Transparency & Honesty Thanks to everyone who submitted questions. To hear your voice on the show and send a question to Sarah and Annette, submit your burning hosting questions at: hostinghotline.com.Resources:• Relevant Video: How to Improve Check-In Experience for Airbnb Guests• Visit thanksforvisiting.com/workshop to watch our Hosting Business Mastery Method workshop!• Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode:Quiz | Take our quiz to reveal your hosting personality style!StayFi | Go to www.stayfi.com and enter TFV to get 50% off your first three months.

Today’s expert guest (and one of our new business partners!) is Mike Navarro of Columbus, Ohio. Mike and his wife Ingrid entered the residential market as first-time homebuyers and have since expanded into multi-family housing, constructing single-family homes ranging from 400 sqft to 4500 sq ft. Their diverse portfolio comprises over 20 units, including single-family homes, multi-units, and condos, with a total real estate holding value of $10 million. We chat with Mike today to lay the groundwork for a series of episodes in which we’ll be detailing our newfound property partnership together – the plan, the preparation, and everything in between – in as much detail as we possibly can. In this one, you get the skinny on Mike and his wife, as we cover the background of their incredible scalability and unlimited energy. We get vulnerable about our own thought processes before, during, and after the deal closed only a few short weeks ago, and we get excited (well, most of us) about the next steps – surveys, utilities, operations, branding, marketing, oh my!So many of you ask us about partnerships – consider this episode just the tip of the iceberg on a deeply personal case study illustrating our take on the process, and how we go about our decision making challenges along the way.(00:01:26) #STRShareSunday: @timbercovehideaway(00:02:54) Introducing Columbus STR Expert: Mike Navarro(00:14:00) What Made Them Switch to STRs?(00:22:28) How Sarah, Annette & Mike First Crossed Paths(00:25:24) Mike Navarro’s New-Build Property Experience(00:32:36) Deal Maker: How (and Why) We Became STR Partners (00:47:39) Reviewing Our Final Land Acquisition Deal Resources:• #STRShareSunday: @timbercovehideaway• Website: rowehouserentals.com• Instagram: @rowerentals• Thanks For Visiting Org Chart: Free Download • Relevant Video: We Bought Our First Airbnb Together: Part 1• Relevant Video: We Bought Our First Airbnb Together: Part 2 - Renovation & Updates • Visit thanksforvisiting.com/workshop to watch our Hosting Business Mastery Method workshop!• Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode:Quiz | Take our quiz to reveal your hosting personality style!Host Checklist | Grab our Airbnb Essentials Checklist and make stocking your Airbnb a breeze – we've got all your hosting needs covered!Hostfully | Go to https://www.hostfully.com/influencers/thanks-for-visiting/ and use TFV100 to get $100 off your subscription.Visit MinoanExperience.com and tell them TFV sent you!

Welcome back to the Hosting Hotline! This is an Ask Me Anything where each week we’ll answer your questions on Airbnb, STRs, real estate, and everything in between.A listener asks:We are about ready to launch our first short-term rental on the beach. I've been vetting cleaning companies and have been a little surprised to learn of common standard practices related to washing (or not) the top layer of bedding.It seems like most cleaners don't wash that regularly, which to be honest, gave me the heebie-jeebies. Is that standard practice in the industry? To me, that needs to be turned over between each guest. Do I need to wash them myself?Any other wisdom that you have on bedding, number of layers, quilts vs duvets – really providing a high quality, comfortable, luxury experience for the guests – would be appreciated. (00:01:51) When Do Airbnb Hosts Wash the Top Layer of Bedding?(00:03:53) Training Your Turnover Team to Your Cleaning Standards (00:05:27) Pro Bedding Tips for Successful Airbnb Hosts (00:09:30) How To Protect Your Pillows in a Short-Term Rental(00:10:08) Sarah’s Tried-and-True Airbnb Blanket & Sheet Strategy(00:11:25) White Bedding?! Yes, White BeddingThanks to everyone who submitted questions. To hear your voice on the show and send a question to Sarah and Annette, submit your burning hosting questions at: hostinghotline.com.Resources:• Shop our recommendations at HostGPO• Video: How to Clean Your Airbnb - A Walkthrough for New Airbnb Hosts• Visit thanksforvisiting.com/workshop to watch our Hosting Business Mastery Method workshop!• Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode:StayFi | Go to www.stayfi.com and enter TFV to get 50% off your first three months.Quiz | Take our quiz to reveal your hosting personality style!

Today’s expert guest is Wendy Doris. Experienced house flipper, host, co-host, and Hosting Business Mastery Method (HBMM) coach, Wendy loves the details, especially when it comes to the operations of her business. We lean into that expertise in this episode, jumping into the deep end on supplies as they relate to short-term rental listings.Managing more than a dozen properties in the Phoenix area, Wendy set out to reimagine her supply chain operations – where, who, why, when, and how. We won’t spoil her story, but to let you know that she gets very detailed with the specific calculations she ran, hiccups and highlights, and of course, the bottom line financial results of what she’s implemented.Her approach is a great example of why we run numbers in our industry – and how to avoid being paralyzed by them. The funny thing about the work it takes to set up efficient systems is that, if done effectively – they disappear from your to-do list! Wendy explains that she ideated on the program for six months before taking the leap and putting it into action. The results, as they say, speak for themselves. Big thanks to Wendy for taking the time to share this super niche but super valuable insight with the community today. We hope inspires you to take a closer look at some of the more mundane, ongoing costs in your business to see if a creative solution like Wendy’s might apply.(00:01:24) #STRShareSunday: @CandyCabinsofBrokenBow(00:02:51) (Re)Introducing STR Co-Hosting Expert Wendy Doris(00:08:05) Managing Stock of Supplies for an STR Business (00:17:41) Supply Program Results & Reactions: One Year Later (00:38:13) Other Tips & Tools for Your STR Supply InventoryResources:• Visit thanksforvisiting.com/workshop to watch our Hosting Business Mastery Method workshop!• Co-hosting website: mostess.host• Video: Airbnb Hosts: A Simple Supply System• Airbnb Essentials Checklist: hostchecklist.com• #STRShareSunday: @CandyCabinsofBrokenBowThanks for Visiting is produced by Crate Media.Mentioned in this episode:Hostfully | Go to https://www.hostfully.com/influencers/thanks-for-visiting/ and use TFV100 to get $100 off your subscription.Host Checklist | Grab our Airbnb Essentials Checklist and make stocking your Airbnb a breeze – we've got all your hosting needs covered!Quiz | Take our quiz to reveal your hosting personality style!Visit MinoanExperience.com and tell them TFV sent you!

Welcome back to the Hosting Hotline! This is an Ask Me Anything where each week we’ll answer your questions on Airbnb, STRs, real estate, and everything in between.Katelyn asks:My husband and I own Stay Old Town Road in Albuquerque, New Mexico. It's four small, super charming historic houses on one property in the best tourist location in town. We got into hosting because we love travel and hospitality. We've always envisioned our guest avatar as a vacationer.Then, we had a very different guest type fall into our laps, so we pivoted to host midterm stays for the film industry. At first, it just felt like a smart strategy to fill our slow season. We thought we could use the time we were saving while not hosting traditional guests to build up our social media and our website. We were finally going to start telling the brand story that we've been dreaming up. Now that we know how great these film industry guests can be, we're wondering… Do we even need a brand?Should we lean into developing relationships with production companies instead? Is it a waste of our time and money to market these houses as the vacation rentals that we always thought they were? We have 100% occupancy for months at a time and leases signed and paid by big companies like Netflix. It seems like a no-brainer, but we feel our hospitality dreams slipping away. Should we keep building our brand as a backup to fill time between productions knowing that we'll be marketing nights that are few and far between? Or will that just make potential guests feel frustrated that we have such limited availability? What should we do?(00:01:24) Do We Need a Brand as a Mid-Term Rental Business?(00:04:06) As a Short-Term Rental: You Are Your Brand(00:06:11) Creative Ideas for Leveraging Your CircumstanceThanks to everyone who submitted questions. To hear your voice on the show and send a question to Sarah and Annette, submit your burning hosting questions at: hostinghotline.com.Resources:• Video: Airbnb Market Shift | Thrive as a Host• Visit thanksforvisiting.com/workshop to watch our Hosting Business Mastery Method workshop!• Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode:StayFi | Go to www.stayfi.com and enter TFV to get 50% off your first three months.Quiz | Take our quiz to reveal your hosting personality style!