There are hundreds of decisions you’ll need to make throughout your journey of owning, operating and maintaining your short-term rental property, and each one can impact the success or failure of your investment. When you’re making these important decisions, it’s helpful to hear from others in the hosting community who have gone through these experiences themselves.
We’ve tapped into the Minoan Curator Club, an exclusive group of hosts and designers with years of experience in the industry and tons of tips to show for it. Read on as they offer advice on an array of topics that can help you and your properties succeed!
- Be passionate about the design of your space and you will attract guests looking for the vibe you are putting out there!
- Visit brand showrooms for inspiration. Notice how bedrooms are staged and decor items are placed. This is a helpful tool to guide your design decisions.
- Know your space’s limit: it might be tempting to put all the amenities you can think of in your rental, but take into account all the things that will need attention during a turnover.
- Homes that are design forward and create an experience for their guests are getting rented. Homes that have not invested in the design are not or lack amenities are not.
• By setting clear expectations in your listing, you’ll attract the right guests.
• Have professional photos taken to enhance your listing and increase views!
- Buy nice or buy twice!
- While your furnishing budget is important and you don't want to overdo it for the return you'll be getting, it's also important to realize that if you skimp and cut corners, you likely won't be getting much of a return at all.
- Invest in the right things - you don’t have to spend top dollar on everything, but make sure you spend it on what will make a difference like bedding and couches.
- No two guests are alike. Be prepared to welcome all kinds of people into your spaces!
- Kitchens are what lead travelers to booking STRs over hotels - they should be very well stocked.
- Find subtle ways to show guests you care - This can be done by setting out the right number of towels based on their booking, setting out a highchair for a family with a baby.
- We like to remember that people have taken time off work, have saved their money and made lots of adjustments to take their vacation. If we can make them feel like that effort was worth it, we’ve done our job.
- Don't make your guests strip their beds after their stay!
- How you communicate with guests is your first and last impression, so make it count and use it as a chance to make their stay extra special.
- If a guest inquires about an amenity you don’t have, use it as an opportunity to share about a great amenity you do have.
- Utilize software that allows for automated messaging and streamlines communication to guests. This will save your mental and emotional capacity, along with your time, which is a key component to anyone’s success.
- Data should determine all your choices if you want to run a profitable, professional STR business, starting with selecting which units you'll invest in and where, all the way to determining what sizes of beds you should have and what type of cookware you should put in your STR.
- Your turnover team is your make or break. Support them, encourage them, and reward them regularly.
- This is such a supportive community. Go in without an ego and learn from others.
- Find yourself a mentor to help guide you.
- Surround yourself with people who will encourage you and give you honest feedback. From masterminds to attending industry conferences, your hosting groups will make you better!
There are so many things to learn when starting your short term rental business that it is easy to feel lost. We hope these tips from our Curator Club members give you some guidance and inspiration in your journey.
One final tip - don’t forget you can access a free Minoan membership and save money on all your rental essentials, from sofas to snacks to soaps..
Not yet a Minoan member? Sign up now, it’s free!
