Skills that you develop in a corporate environment - like organization, communication, customer service, problem-solving, and teamwork - are the same skills that are vital for rental property owners to embody. Couple Cait and Joey took a leap of faith when they traded in their traditional jobs for a shot at rental property ownership, and their corporate experience ended up providing them with a valuable foundation. Owners of 10 properties in the Austin, Texas area, Cait and Joey clearly have something working well!
Check out the Q&A below for insight into how they started and have grown their STR business.
Explore each of the Rad Pad properties below or check out their full site here.
Q: How long have you been a short term rental host?
A: I started renting out my waterfront condo in Seattle 8 years ago, and now we have 10 properties that are all located in Austin.
Q: What inspired you to get into STR hosting?
A: Joey and I realized we could leave our corporate jobs, build out a company together, and create a lifestyle that is more flexible and allows us to spend more time with our family.
Q: What are your biggest pain points as an STR owner?
A: As we scale, we are experiencing some growing pains where we need to hire a boots-on-the-ground runner for properties and a virtual assistant to manage guest communications and other administrative tasks.
Q: How have you tried to differentiate your properties from other STRs – how do you make them stand out?
A: 4 of our properties have pools which are highly desired in Austin and guaranteed to increase occupancy rates as well as ADR. The RadPads brand represents quality Airbnbs that are well decorated, fully stocked with amenities, and offer 5-star hospitality to guests. We respond to most messages in less than 10 minutes.
Q: What's your favorite thing about being an STR host?
A: Building out a real estate business that drives cash flow, while increasing equity and home value. It’s a triple-win. We love that we can provide that service to our clients and also how we can build wealth through our owned properties.
Q: What is the #1 most important thing for STR hosts to get right, in your opinion?
A: Hiring, training, and paying cleaners very well. Treat them as part of the team, because they are the backbone of the business.
Q: What are your favorite Minoan brands (particularly the more niche ones, if you have any)?
A: Rejuvenation bath towels (we use them as pool towels). They are incredibly absorbent and soft. They are definitely worth the investment! We also stocked our luxury property with Crate & Barrel towels and dishware.
Q: How has Minoan helped you with your short term rentals?
A: We love the savings Minoan provides to small business owners. It allows us to furnish a property with quality brands, thus increasing our ADR, guest ratings, and repeat business!
Q: What's one thing you know now that you wished you knew when you first started setting up your STRs?
A: Invest in nicer products from the start, the ROI is evident.
Q: Any other tips for your fellow hosts?
A: As you grow beyond a couple properties, it's a game changer to build out systems and processes. It’s the only way to scale well and build a foundation to bring on more properties, clients, and income.
