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 & Why

Resources:

• Click here for full show notes

• #STRShareSunday: @richhollowretreat

• Video: How to Design Your First Airbnb - Essentials

• Airbnb Essentials Checklist: hostchecklist.com

Thanks 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.com

Thanks 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 To

Resources:

• 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.com

Thanks 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.