Feb 16, 2022
Being able to stretch prices entails a lot of experience and knowledge in the market of vacation rentals. Mitigating the risk when you know the market response well is key in getting ahead of your STR competition.
In this episode of Living off Rentals, we have vacation rental investor and coach, Alanna Schroeder, who was able to merge her expertise in hospitality and real estate. She is the founder of the Distinguished Guest and also offers courses in creating your own vacation rentals. She supports independent hospitality providers with data, advice, and inspiration for their business.
Alanna shares her strategies for setting competitive rates for her rentals. She also gives insightful advice on how to maintain your rentals in good condition with quality facilities and allied third-party providers.
Join us in this savvy discussion on how to set a vacation rental up for success and get the most gains from your market.
Key Takeaways:
[1:48] How Alanna transitioned from hospitality
to real estate and eventually specialized in commercial real
estate
[9:26] On what she learned from commercial real estate and how she got comfortable around it considering working with large institutions
[14:54] Hiring a third-party provider to inspect for safety and provide insurance
[19:15] Alanna shares her goal in life and her family and how to protect it for the future
[21:06] She pitches the modern hospitality guide that gives heavy detail on how to set up your vacation rental with checklists on operations
[26:08] On getting more credibility from institutional investors
[27:49] investors from established institutions make the property more valuable
[32:37] The essence of constantly maintaining the rentals, changing the setup, having good training for your staff, and refurbishing
[35:43] One must anticipate possible challenges and have refined attention to detail
[40:24] The use of Price Labs and having a simple system that monitors seasonal demands
Links:
The Distinguished Guest - https://thedistinguishedguest.com/about/
Living Off Rentals YouTube Channel - https://www.youtube.com/c/LivingOffRentals
Living Off Rentals Facebook Group - www.facebook.com/groups/livingoffrentals
Living Off Rentals Website - www.livingoffrentals.com
Living Off Rentals Instagram - www.instagram.com/livingoffrentals