🏠The Top AirBnB Investment Picks & News | #007

Red-Hot Properties CO | AZ & News Coming Your Way! 🔥

Author

PropGuy
July 03, 2024

Property Rundown

Today’s Insights

  • Top Investment Properties

  • Knowledge Rundown: 3 Part Series on Maximizing Your Profitability: Strategies for Success - Part 2: Upselling Your Services and Boosting Revenue

  • Hot News: Florida governor vetoes short-term rental bill

  • 5 Short Term Rental Tools to boost your productivity

New Releases

This property has been fully remodeled with numerous upgrades inside and out. The interior features modern enhancements, while the backyard has been transformed into a mini-golf oasis complete with a pool, making it perfect for both relaxation and entertainment. Conveniently located near local attractions and with no HOA, this home offers the ideal blend of comfort and convenience.

🏠Quick Stats:

  • $769,000

  • 4 BR / 2BA

  • 1,881 sq/ft

đź’°Projections:

  • Average Daily Rate: $439

  • Occupancy Rate: 56%

  • Projected Revenue: $89,800/yr

  • Projected Operating Expenses: $32,500/yr

  • Projected Net Operating Income: $57,400/yr

  • Projected Gross Yield: 11.7%

Price Reduction

Discover this enchanting furnished custom-built 2-bed, 1-bath modern cottage nestled in the picturesque St Mary's Glacier area of Idaho Springs. Designed with luxury & comfort in mind, this home offers the perfect blend of modern style & mountain charm. Indoors: Revel in the open concept layout featuring high ceilings, tall doors, & wood plank tile floors throughout, creating an airy and inviting atmosphere. The kitchen is equipped with smart refrigerator, white quartz countertops, stainless steel appliances, microwave, range, & dishwasher. The primary bedroom provides a serene retreat, while the second bedroom features built in loft/bunk beds, ideal for family or guests. Indulge in the spa-like bathroom with marble tiling & state-of-the-art shower. You will enjoy the ambiance of the beautiful stone fireplace, perfect for Colorado’s chilly evenings. Outdoors: Soak up the breathtaking mtn views from the comfort of your hot tub. The patio/deck area is complete with a fire pit & grill, setting the stage for memorable evenings under the stars. •Prime Location: Just 2 miles from St. Mary’s Glacier, this home is a haven for outdoor enthusiasts with close proximity to world-class ski resorts, hot springs. Engage in activities such as hiking, mountain biking, riding ATVs, cross-country skiing, snowshoeing, kayaking, paddleboarding, or fishing in the two stocked local lakes. The vibrant community of Idaho Springs, with its unique shops, restaurants, & attractions like the Indian Hot Springs is just 15 minutes via I70.

🏠Quick Stats:

  • $629,000

  • 2 BR / 1BA

  • 1,088 sq/ft

đź’°Projections:

  • Average Daily Rate: $288

  • Occupancy Rate: 68%

  • Projected Revenue: $71,500/yr

  • Projected Operating Expenses: $24,400/yr

  • Projected Net Operating Income: $47,200/yr

  • Projected Gross Yield: 11.4%

Over 90 Days + Price Reduction

This charming 4-bedroom home includes 2 bathrooms, and the master bedroom comes with a roomy walk-in closet. Located in a wonderful spot in Old Town Scottsdale, this beautiful home comes with the added benefit of no HOA fees. It boasts a controlled remotely heated pool, modern updates, and a generously spacious floor plan. Moreover, there's an RV gate and plenty of parking, adding to its convenience and appeal. The backyard is adorned with pavers, a heated spa , extra storage, making it the perfect home.

🏠Quick Stats:

  • $799,888

  • 4 BR / 2BA

  • 1,836 sq/ft

đź’°Projections:

  • Average Daily Rate: $485

  • Occupancy Rate: 52%

  • Projected Revenue: $91,500/yr

  • Projected Operating Expenses: $22,900/yr

  • Projected Net Operating Income: $68,600/yr

  • Projected Gross Yield: 11.4%

Knowledge Rundown

Maximizing Your Profitability: Strategies for Success

Part 2: Upselling Your Services and Boosting Revenue 

In the first part of this series, we explored the power of dynamic pricing to maximize your short-term rental income. Now, let's delve into the world of upselling, a strategy that allows you to offer additional services and amenities that enhance the guest experience while generating additional revenue streams for your short-term rental business.

What is Upselling?

Upselling involves offering guests additional services or amenities beyond the basic rental space at an extra cost. This can be anything from pre-stocked groceries to airport transfers or curated experience packages.

Why Upsell Your Short-Term Rental Services?

Upselling offers a win-win situation for both you and your guests:

  • Increased Revenue: Upselling provides an opportunity to generate additional income beyond your base rental rate.

  • Enhanced Guest Experience: By offering convenient or personalized add-ons, you can elevate the guest experience, potentially leading to positive reviews and repeat bookings.

  • Improved Customer Satisfaction: Meeting specific guest needs and exceeding expectations through upselling can lead to higher customer satisfaction.

Upselling Ideas for Your Short-Term Rental:

Here are some creative upselling options you can consider for your short-term rental property:

  • Essential Convenience Items: Cater to guests arriving after grocery stores close by offering a pre-stocked pantry with basic essentials like milk, bread, coffee, or snacks. You can partner with local grocery delivery services for a seamless experience.

  • Airport Transfers: Partner with local transportation companies to offer convenient airport pick-up and drop-off services for an additional fee. This is particularly valuable for guests arriving late or unfamiliar with the area.

  • Welcome Basket of Local Goodies: Create a welcoming atmosphere with a basket filled with local treats or beverages. This can be a thoughtful touch and encourage guests to explore local businesses.

  • Enhanced Comfort and Relaxation: Offer luxurious add-ons like in-room spa treatments, aromatherapy diffusers, or high-quality bath products.

  • Entertainment Options: Provide access to streaming services subscriptions or curated playlists for an additional fee.

  • Early Check-In/Late Check-Out: Allow guests to arrive early or depart later for a fee, catering to those with specific travel needs. This can be particularly valuable for guests on connecting flights.

  • Experience Packages: Partner with local businesses to curate personalized experience packages for your guests. These could include:

    • Guided tours and excursions

    • Tickets to local attractions or events

    • Chef-prepared meals or cooking classes

    • In-home wine tastings or brewery tours

Key Considerations for Successful Upselling:

While upselling offers great potential, here are some important factors to consider:

  • Target Audience: Identify your ideal guest and tailor your upselling options to their interests and needs.

  • Value Proposition: Ensure your upselling options provide clear value to guests and justify the additional cost.

  • Seamless Booking and Payment: Make it easy for guests to book and pay for additional services during the reservation process or upon arrival.

  • Transparency: Clearly communicate the availability and pricing of all upselling options to avoid any confusion.

Conclusion:

Upselling is a powerful strategy for maximizing your short-term rental income while enhancing the guest experience. By offering well-curated add-on services and amenities that cater to your target audience's needs, you can create additional revenue streams for your business and make your rental property stand out from the competition.

In the next part of this series, we'll explore strategies for optimizing operations and minimizing costs associated with your short-term rental property. Stay tuned!

Hot News

Florida Governor Ron DeSantis has vetoed a controversial short-term rental (STR) bill that would have invalidated recent local regulations and decreased local governments’ control over STRs going forward. Local governments, STR management companies, and the Florida Realtors opposed the legislation.

“Beyond creating new bureaucratic red tape that locals must comply with, CS/SB 280 prevents local governments from enforcing existing ordinances or passing any new local measure which would exclusively apply to vacation rentals,” DeSantis wrote in his veto letter. “Going forward, I encourage the Florida Legislature and all key stakeholders to work together, with the understanding that vacation rentals should not be approached as a one-size-fits-all issue.”

Continue Reading → Here

Productivity

5 Short Term Rental Tools to Supercharge Your Productivity

  1. PriceLabs: PriceLabs is a popular dynamic pricing tool that uses data-driven insights to help you set the right price for your short-term rentals. It offers customizable pricing strategies, market data analysis, and real-time pricing adjustments based on demand and competition.

  2. Wheelhouse: Wheelhouse provides dynamic pricing and revenue management solutions. It offers personalized pricing recommendations, market reports, and analytics to help you maximize your rental income. Wheelhouse also allows for easy customization of pricing strategies.

  3. Hospitable: Automation tool designed to streamline communication with guests, manage reviews, and optimize listings across multiple platforms.

  4. AirDNA: AirDNA offers a comprehensive suite of tools for short-term rental operators, including dynamic pricing features. It provides detailed market data, occupancy rates, and competitor analysis to help you optimize your pricing strategy and increase profitability.

  5. Beyond Pricing: Dynamic pricing software that uses market data to optimize rental rates, helping hosts maximize their revenue.