356. Hosting Hotline: Quick Tips for Using PriceLabs Dynamic Pricing Software

Welcome back to this dedicated series on the acquisition, set-up, and launch of our brand new Hocking Hills vacation rental project. In this episode, we update listeners on the actions we’ve taken since signing the deal, hard decisions we’ve already made, and what’s coming up next.Golden nuggets include how Sarah has leveraged artificial intelligence to create temporary branding for the property, early thoughts on how we might utilize existing structures (or not), and which critically important tasks we’ve already elected to outsource – two jobs you’ll be very surprised to see we’ve offloaded.Even before breaking ground, ideas are flying and challenges have mounted. That’s why it’s great to be supported by a team of like-minded experts – as we are – and why we’ve decided to share each and every step along the way with you, our amazing audience.(00:01:41) #STRShareSunday: @richhollowretreat(00:03:32) Recapping Our New Hocking Hills Cabin Project(00:08:53) Now What? Getting Started with Reporting & Planning(00:15:54) Planning the Plot: Surveying Existing Buildings & Utilities (00:22:12) Important Steps We’ve Already Outsourced & WhyResources:• Click here for full show notes• #STRShareSunday: @richhollowretreat• Video: How to Design Your First Airbnb - Essentials• Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode:Minoan | Visit MinoanExperience.com and tell them TFV sent you!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!IMN | Go to events.imn.org/strsummer and use code: TFV for an exclusive 10% off your new registration.

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.Angela asks:One of my properties has a 60% direct booking rate. I'm trying to figure out the best way to adjust my pricing so that my net earnings on a direct booking is slightly higher than when guests book through a third-party platform.Right now, if I get an Airbnb booking, I pay 3% commission to Airbnb. If I get a direct booking, I pay a 3% commission to Stripe in credit card fees. So I net the same either way, it's only the guest that saves money by booking directly. I know I can add a booking fee for direct bookings that would increase my bottom line, but I think a long list of fees is a turnoff for guests. I'm curious what's worked for you and what percentage do you add, if any, to your direct booking rate so that you're netting more?(00:02:03) How Can I Boost Bottom-Line Revenue via Direct Bookings?(00:03:39) Reframing the Inherent Value of Captured STR Customer Data(00:05:26) Leveraging PriceLabs Dynamic Pricing to Boost Revenue 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:• Click here for full show notes• Check out PriceLabs: Start your 30-day free trial• Angela's properties: lazypinesnm.com• Video: Dynamic Pricing Software for Airbnb & Short Term Rentals• 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!

Welcome back 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 our very own Chief Operating Officer, Colleen Prochaska! Colleen brings over ten years of hospitality experience as a hotel General Manager for Marriott and Hilton brands to Thanks for Visiting. Her passion lies in supporting guests' experiences and mentoring associates throughout her career. Her philosophy entails equipping the team with tools, providing clear communication, and ensuring success for all.She’s here today to walk us through a lightning-fast masterclass on revenue management for short-term rentals – highlighting the mind blowing features and money-making capability of our dynamic pricing partner, PriceLabs, along the way.PriceLabs helps you make more money than you would without it. It's a rare piece of operational software that brings with it an immediate ROI – the holy grail of any business investment, especially when you’re operating on a tight budget or just starting out.Come for the money-making tips, but stay as Sarah and Colleen air out some dirty laundry on a big mistake we made in Q1 of this year. We are, if nothing else, open and honest in our mission to make you more money on your STR journey!(00:01:21) #STRShareSunday: @trimbellecottage(00:03:15) Colleen’s Revenue Management Tips via PriceLabs(00:20:00) Bigger Picture: Monthly & Annual Pricing Adjustments (00:27:05) Practical Example of STR Revenue Management Concepts(00:33:12) We Made This STR Pricing Mistake So You Don’t Have ToResources:• Click here for full show notes• #STRShareSunday: @trimbellecottage• Check out PriceLabs: Start your 30-day free trial• Taking Calculated Risks in the STR Industry with Our Chief Operations Officer #271• Video: Dynamic Pricing Software for Airbnb & Short Term Rentals• Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode:Host Checklist | Grab our Airbnb Essentials Checklist and make stocking your Airbnb a breeze – we've got all your hosting needs covered!Minoan | Visit MinoanExperience.com and tell them TFV sent you!IMN | Go to events.imn.org/strsummer and use code: TFV for an exclusive 10% off your new registration.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.Samantha asks:What's your take on grills at a short-term rental? I always wanted to stay away because I'm terrified someone will burn down our brand new houses. But we recently had an upcoming guest ask if we had a grill, and they were pretty bummed out that we didn't offer that. Then, they asked us if we could provide one for them. Are we missing out on potential clients? Is it worth it? We would love your insight on this. (00:01:48) Intro to Grilling at Vacation Homes (Yes, You Need One)(00:03:10) BTS of Sarah’s Gulf Shores HGTV Experience (00:05:04) Recommendations for an Airbnb Grill Amenity (00:06:02) Safety First! How to Encourage Safe GrillingThanks 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:• Click here for full show notes• Check out Breezeway • HGTV: Sarah and Nick on Beach Flip• Video: How To Create An Airbnb Audit - Inspector Checklist• Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode: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!

Today it’s time to get serious – as serious as a catastrophic house fire. With no exaggeration, it is essential that any short-term rental host, or aspiring host, listen into this entire episode.This week’s expert guest is Nicholas Libertin. He and his wife live in the Cleveland area and host a vacation rental in Fort Lauderdale, Florida. His area of expertise, unfortunately, lies in his experience with a second listing – a mountain cabin – which tragically burnt down in January of this year.No one was hurt. But the entire home was lost to the fire.Nick is incredibly gracious and, in an effort to better educate the STR community, came ready and willing to detail his entire experience with this worst-case scenario come true. He walks us through that fateful day, how he was informed, who he called first, and all of the important roles played – from his insurance (proper.insure) and mortgage providers, to Airbnb and AirCover.So, what happens when the worst possible thing you can imagine, as an Airbnb host, interrupts your weekday Zoom meeting?Nick walks us through the painful emotions, the disappointing community fallout, and the difficult decisions that he and his wife were forced into as a result of the fire – providing an invaluable service to all of us in this industry. Be sure to stick around for his well-earned takeaway tips and required homework assignments.(00:01:22) #STRShareSunday: @cancast_seaside(00:02:50) Nicholas Libertin: Getting Started in Vacation Rentals(00:09:27) Intro to Nick’s Blue Ridge Short-Term Rental Project(00:13:17) A Catastrophic House Fire: January 4th, 2024 (00:24:23) What To Do With a Burned Down Airbnb?(00:37:20) AirCover for Hosts: Nick’s First-Hand Experience(00:43:50) Now What? Next Steps at the PropertyResources:• #STRShareSunday: @cancast_seaside• Direct Booking: villaatvictoriapark.lodgify.com• Email: [email protected]• Photos: See the post-fire property• Proper Insurance: proper.insure• Read: Long-Distance Real Estate Investing by David Greene• Video: Damage Claims: Airbnb Hosting Hot Tips!• Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode:Host Checklist | Grab our Airbnb Essentials Checklist and make stocking your Airbnb a breeze – we've got all your hosting needs covered!Minoan | Visit MinoanExperience.com and tell them TFV sent you!Hostfully | Go to https://www.hostfully.com/influencers/thanks-for-visiting/ and use TFV100 to get $100 off your subscription.Quiz | Take our...

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:I already use dynamic pricing strategies in my business right now. I see that Airbnb is making some changes to their fees. The host fee for me is going up from 3% to 15% and the guest is paying nothing. With that in mind, does it still make sense for me to use dynamic pricing tools?(00:01:16) Airbnb Hosting Fees vs. Dynamic Pricing Tools(00:02:26) Make Thorough Bookkeeping a Priority for Your STR Business(00:04:05) Why We Recommend PriceLabs Dynamic Pricing Software 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:• Check out PriceLabs: Start your 30-day free trial• Video: Dynamic Pricing Software for Airbnb & Short Term Rentals• 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!

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:Minoan | 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!Minoan | 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!