Episode 103: 10 Lessons from Being an AirBnB Superhost & Profiting from Short Term Rentals
In this week’s episode of the #MoneyMagic Podcast, Vangile discusses her personal experience of running a short-term rental for a year and outlines the lessons she learned from becoming an AirBnB super host and making money in short term rentals.
She emphasizes the importance of location, interior design, and creating memorable experiences for guests. Vangile also highlights the critical role of having a supportive team, including an assistant and an excellent cleaner who went above and beyond in managing the rental.
She explains the significance of understanding customer service, handling guest complaints, and maintaining high cleanliness standards. Vangile also stresses the need for honesty with landlords and real estate agents when disclosing the intention to run short-term rentals. She shares her insights on financial management, such as budgeting for utilities and supplies, and the challenges of dealing with platforms like Booking.com and Airbnb.
She concludes by discussing her reasons for shutting down her short-term rental, mainly due to time constraints and the desire to focus on her core business, Wealthy Money. She plans to scale her short-term rental business in the future to increase profitability.
This is another insightful episode.
Tune in!
Click play on the video to watch.
During this episode, you will learn about:
00:05: Introduction and Background
00:07: Lesson 1: Importance of Location
00:13: Lesson 2: Decoration and Hiring a Professional
00:22: Lesson 3: Building a Team and Getting Support
00:27: Lesson 4: Customer Service
00:29: Lesson 5: Effective Marketing Strategies
00:35: Lesson 6: Handling Guest Issues
00:41: Lesson 7: Importance of Cleanliness
00:42: Lesson 8: Honesty with Landlords and Real Estate Agents
00:48: Lesson 9: Financial Management
00:53: Lesson 10: Setting the Right Price
00:58: Conclusion and Future Plans
01:04:27: Closing Remarks and Quote
Notable Quotes
"The location really was a huge part of why I think the Airbnb did well."
"Having a great team was critical."
"Understanding the importance of photographs, all that made a huge, huge difference for me."
"The problem isn't getting guest complaints. It's how we handle those complaints that is going to set us apart."
“Cleanliness is a thing that will make or break your Airbnb.”
Additional money trauma resources:
One on One Coaching: https://www.wealthy-money.com/coaching
Money Magic course: https://www.wealthy-money.com/moneymagic
7 Day Tapping into Ancestral Money Wisdom Training: https://wealthy-money.com/training
Let’s connect on Instagram: https://www.instagram.com/vangilemakwakwa/
