Latest / Host Planet: Airbnb, Holiday Let, and Vacation Rental Insights / What Real Estate Investors Get Wrong About Short-Term Rentals

Transcript

What Real Estate Investors Get Wrong About Short-Term Rentals · Host Planet: Airbnb, Holiday Let, and Vacation Rental Insights

• 0:00
  When you have a short term rental in a place where people
• 0:03
  go to vacation and they're looking for that hospitality
• 0:07
  experience, they want that getaway, they want that R&R with
• 0:11
  family, friends, whatever, It's a totally different crowd than
• 0:16
  hey, let's just do a short term rental because we can near the
• 0:20
  airport because it's convenient and it was convenient.
• 0:25
  It was a convenient must for us too.
• 0:27
  What's the difference between focusing on profit as opposed to
• 0:31
  hospitality? How do you deliver a great guest
• 0:34
  experience and what are the advantages of vacation rentals?
• 0:37
  Over other forms. Of Property investment, Frank
• 0:41
  Iglesias is the special guest on the Host Planet podcast, and
• 0:44
  he'll be answering all these questions.
• 0:46
  And more. On today's show.
• 0:53
  Frank, thank you for joining us on the Host Planet podcast.
• 0:56
  Let's talk about your journey in vacation rentals, specifically
• 1:00
  your light bulb moment when you went from focusing on profits to
• 1:04
  delivering great hospitality. Tell us that story.
• 1:08
  Yeah, absolutely. First of all, thank you, James,
• 1:10
  for having me on the show. And gosh, the light bulb moment.
• 1:15
  There's probably a few, but the one that always seems to come to
• 1:19
  mind first is the day we had a short term rental in Atlanta.
• 1:26
  We didn't have it very long. We we had just finished a
• 1:29
  renovation roughly 100 ten, $20,000 somewhere around that
• 1:34
  space. So it's a nice house and it was
• 1:38
  near the airport and the lender we had for it was like, hey,
• 1:43
  yeah, I'll hang out on a long term note and do cash flow and
• 1:46
  you can make money on Airbnb and that's good.
• 1:49
  Everybody was good. We rent, so we put it up and we
• 1:53
  got bookings relatively quickly. And what we noticed was the
• 2:00
  neighbors started complaining. Now keep in mind the neighbor,
• 2:03
  I'm not sure if they ever complained while we were doing
• 2:07
  this big remodel on the House. Like I mean, 120 grand, that's a
• 2:12
  lot of obviously there's a lot of banning going on.
• 2:15
  But now all of a sudden I'm hearing from the neighbor a
• 2:18
  bunch and I'm like what is going on?
• 2:22
  And one of our guests was like, well they had a need.
• 2:26
  I don't remember. I think it was like the cable TV
• 2:29
  was like not working on one of the TV's or something.
• 2:32
  And I happened to be in the area because we had other projects
• 2:37
  going on. So I stopped by the house to
• 2:39
  take a look and it was supposed to be, if I recall, 6 guests
• 2:46
  because there was a three bedroom house, which would have
• 2:47
  been normal. I walked in, there's at least 12
• 2:51
  guys there, right? And they're there and they
• 2:54
  weren't exactly all dressed in their Sunday best clothes,
• 2:58
  right? Like some of them barely dressed
• 2:59
  at all. I'm like, thank God I wasn't a
• 3:02
  woman, right? And so, and I'm like, why is
• 3:06
  there so many people here now? I didn't split that out.
• 3:09
  Maybe I should have in retrospect, in my mind, I'm
• 3:11
  thinking, what is going on here? What's going on?
• 3:15
  And I remember just and I did a walk through the house while I
• 3:19
  addressed the issue and I noticed our tile floor in one of
• 3:24
  the bathrooms had a hole in it. Not a cracked tile, not, you
• 3:30
  know, a grout problem like there is a hole straight through the
• 3:34
  tile. Now this tile is like new and it
• 3:38
  takes a lot of work to breakthrough a piece of tile
• 3:43
  clean like that. I did not ask how they did it
• 3:48
  again. In retrospect, maybe I should
• 3:50
  have. But you know, I left the house
• 3:55
  that day and I thought to myself, this is insane, what is
• 3:58
  going on? I got a cranky neighbor.
• 4:00
  These people are not respecting the property.
• 4:04
  The cranky neighbor was really not cranky.
• 4:06
  They were telling the truth. This was a problem and
• 4:09
  apparently was not just limited to this particular batch of
• 4:13
  guests. And I sat there and we ended up
• 4:17
  getting rid of that house. We only had us in STR for four
• 4:20
  months and then we just sold it, got rid of it.
• 4:22
  I think we sold it at a loss. It was like we were done.
• 4:26
  And I remember thinking to myself, and I don't know if it
• 4:29
  was that exact day or shortly after, but I was like, I've had
• 4:33
  more problems in this short amount of time than I did having
• 4:37
  a lake house for nine years. What's the difference?
• 4:42
  And at the, at the time, it wasn't still nine years.
• 4:44
  It might have been, you know, 5 or 6 at the time.
• 4:47
  But regardless, and as I look back now, I'm like, you know
• 4:51
  what? When you have a short term
• 4:55
  rental in a place where people go to vacation and they're
• 4:59
  looking for that hospitality experience, they want that
• 5:03
  getaway, they want that R&R with family, friends, whatever.
• 5:09
  It's a totally different crowd than hey, let's just do a short
• 5:12
  term rental because we can near the airport because it's
• 5:17
  convenient and it was convenient.
• 5:20
  It was a convenient mess for us too.
• 5:23
  And it just, I realized this is 2 totally different sets of
• 5:28
  clients and I, and to this day, I enjoy serving the people that
• 5:34
  they're going on a getaway and they're looking for that rental
• 5:38
  home to have an experience versus let's go hang out with
• 5:43
  double the occupancy and a bunch of extra X boxes just I guess
• 5:48
  because we can. So how do you go about now
• 5:53
  delivering that great guest experience?
• 5:56
  And, and I guess like when you're thinking of investing in
• 5:58
  a property as well, what are you looking for in terms of the
• 6:01
  location and the actual unit itself?
• 6:04
  So let's start with the second question.
• 6:08
  The second, you know, what am I looking for?
• 6:10
  I'm looking for properties in areas that are touristy, like
• 6:15
  these are places people want to go.
• 6:18
  Maybe it's in the mountains, the beach, you know, I mean, I've
• 6:23
  never bought one in Las Vegas, but I'd be open to Las Vegas,
• 6:27
  right? Just places where people go,
• 6:29
  where the primary mission is vacation, OK.
• 6:34
  They want to relax. They want to go to Disney World.
• 6:36
  They want to go to the beach, They want to go to the mountains
• 6:39
  that they could go. I was thinking of seeing the
• 6:42
  property recently near a place called Monmouth Cave, which is
• 6:46
  kind of in the central US, not a huge touristy, but some tourism.
• 6:50
  I was like, OK, well, if there's some there, maybe that could
• 6:52
  work for a little smaller project places where people,
• 6:56
  that clientele, they're going to generally respect the property.
• 7:03
  Now, when I had a lake house, did I have the occasional people
• 7:06
  that got maybe a little too tipsy with the alcohol?
• 7:10
  I mean yes, but I could count in nine years I could count it on
• 7:14
  one hand. Tis even the tipsy people know
• 7:18
  to pick up after themselves the following morning generally
• 7:21
  speaking. OK, real talk now for all you
• 7:24
  hosts. Out there, you know that moment.
• 7:26
  When you guest messages you again with.
• 7:28
  Hey, what's the Wi-Fi code or you're?
• 7:31
  Staring at 5 different. Calendars.
• 7:33
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• 7:36
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• 7:40
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• 7:57
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• 8:00
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• 8:41
  Talk to us about your, your wider property journey as well,
• 8:45
  because I know you're, you're investing in like different
• 8:47
  types of, of, of property. So just tell us like how
• 8:51
  vacation rentals compares to, to your other investments that
• 8:56
  you're doing. You know, it's, we don't treat
• 9:01
  it that much differently in the terms of how we buy it.
• 9:05
  Buying a property, OK, does the property of equity yes or no?
• 9:10
  Does it cash flow yes or no? And if it does, if it does cash
• 9:17
  flow, can it cash flow as a long term rental, not just a short
• 9:21
  term as a backup strategy? But we start with equity because
• 9:27
  when equity, I'm sorry, let me rephrase this.
• 9:29
  If cash flow goes away, equity saves you.
• 9:34
  If you have no equity and no cash flow, we have what we
• 9:37
  scientifically call a real serious problem, OK, you got to
• 9:41
  have something there because if you have to sell for some
• 9:44
  reason, you don't have the cash flow and you don't have equity.
• 9:47
  This is this is a bad day. So we're always looking for
• 9:50
  equity first and foremost. If I don't have equity, but I
• 9:53
  doubt strong, then I want very strong cash flow because the
• 9:57
  first year or two of that cash flow is going to do what?
• 10:00
  Build equity because I'm not going to count on the market if
• 10:06
  I don't have to. Especially in the United States
• 10:08
  right now, a lot of markets are in a stable or depreciating
• 10:12
  state far more than they are appreciating right now.
• 10:15
  Now of course, everything's hyper local, but generally
• 10:18
  speaking, that's the dynamic. And so equity position is key.
• 10:25
  Then when I switch over to cash flow, if I can rent it as a long
• 10:30
  term, that's a huge plus. And then I can make it a short
• 10:34
  term and I'm augmenting income. If short term rental is my only
• 10:39
  option to make it profitable, I'm going to take an even harder
• 10:45
  look at the area to make sure that is going to work.
• 10:49
  There are counties in, and I'm based in the Atlanta, GA area.
• 10:53
  There's counties where they're like, no, we don't want them,
• 10:58
  right? Like the numbers could work 100
• 11:01
  times over, right? But there's nothing touristy
• 11:04
  there. It's just a nice place.
• 11:08
  But you know, what I find is if I'm going to go to places that
• 11:12
  are more tourism oriented, I'm going to have less risk on
• 11:17
  having a cash flow problem because the nature of that area
• 11:21
  is to draw people in for this purpose.
• 11:24
  Whereas a lot of people, and right, it's nothing new.
• 11:27
  They're buying Airbnb's in all kinds of places that, you know,
• 11:30
  there's literally nothing special about it.
• 11:33
  And you know, a county can come up any day, any given time and
• 11:38
  say, you know what, we don't want to do that anymore.
• 11:40
  Too many neighbor complaints. That's then you know, that cash
• 11:45
  flow is gone. Oh, by the way, it doesn't work
• 11:48
  as a long term. Oh, and you bought it without
• 11:51
  any equity or very little and then the market dropped and all
• 11:55
  these scenarios have already happened.
• 11:58
  So these are real concerns. So, you know, I, I looked at it
• 12:02
  first, you know, it's, it's the basis cash flow and equity short
• 12:06
  term rental is really just augmenting what should already
• 12:11
  be a good deal in terms of doing your research.
• 12:15
  Then if somebody approaches you and says, hey, Frank, I'm, I'm
• 12:18
  thinking of buying my first short term rental, what would
• 12:21
  your advice to be to them in terms of doing their research?
• 12:25
  What do they have to make sure they get right before they make
• 12:28
  that big commitment? The very first is understand
• 12:33
  you're buying a business and if you've never done this business,
• 12:38
  you're getting into the hospitality business, not the
• 12:40
  real estate business. The real estate is just a subset
• 12:44
  of the hospitality business. Now the real estate business is
• 12:47
  an important part. So if you get that wrong, it's
• 12:50
  going to be very stressful being hospitable and it's hard to be a
• 12:53
  good host if you're stressed. So going back to my last point,
• 12:57
  if you get those numbers right, it's a lot easier to be better
• 13:01
  at being hospital because you're not stressing the fundamentals
• 13:06
  of the real estate. But understand you're getting
• 13:08
  into a business where it's not passive.
• 13:13
  Even if you have team members doing everything, someone's got
• 13:16
  to manage the team members. So it's not me.
• 13:18
  It's an active business. And the better you are at it,
• 13:21
  the more active it is, right, Because you're going to have
• 13:25
  guests coming in and out, churning and so forth.
• 13:28
  Yeah. Sometimes you get these long
• 13:30
  term guests that are there for a month or two, which is great
• 13:34
  because it's almost like taking a break from the property.
• 13:38
  But you certainly aren't going to build your model around that
• 13:41
  generally speaking. Now maybe in some places you can
• 13:44
  do that. I don't know that maybe, but
• 13:46
  certainly not any place I've bought where I could do that.
• 13:50
  But it's a business first and foremost.
• 13:52
  Understand. Learn some fundamentals about
• 13:56
  business irrespective of real estate.
• 13:58
  Because business is business. Real estate is just a vehicle
• 14:01
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• 15:20
  Details. And in terms of hospitality
• 15:23
  then, and you've touched on this a few times in terms of guest
• 15:26
  experience and making sure that you are a great host, how do you
• 15:31
  prioritize being a great host? How do you deliver that great
• 15:34
  guest experience? So what I've learned is just
• 15:38
  don't do it alone. Don't do it alone.
• 15:42
  My wife assists with it. She's better at hospitality than
• 15:46
  me. We'll just go ahead and get that
• 15:47
  out there. One of my siblings is involved
• 15:51
  in it. She's pretty good at being
• 15:53
  hospitable. And so, you know, that allows
• 15:56
  for not depending on one person for quick response.
• 16:00
  Quick response is a big one once they're committed as yes, we
• 16:08
  live in a world that's so addicted to technology, but I'm
• 16:12
  sorry, phone Trump's everything. It just does 10 times out of 10.
• 16:19
  I, I, I can't think of an issue we've had in all the years
• 16:22
  during short term rental that a problem was not resolved on a
• 16:27
  phone call. But I can tell you plenty of mix
• 16:30
  UPS over electronic messaging that lead to the need for a
• 16:35
  phone call. So I think it's really important
• 16:38
  to understand electronic messaging is, it's great.
• 16:41
  It's a wonderful tool. We would never go back to a
• 16:44
  world without texting and messaging.
• 16:47
  But it's not the be all end all. And sometimes our guests when
• 16:51
  they hear another human, I mean, their stress level literally
• 16:55
  drops immediately when you know, when it's they're a common
• 17:01
  example. And we get this one a handful of
• 17:04
  times a year. It's midnight.
• 17:08
  The drive in took long, the flight was delayed, they're five
• 17:13
  hours late or whatever. They're tired, they're
• 17:16
  exhausted. And for some reason the lock box
• 17:22
  code is not working right. Like that is not the time to
• 17:26
  have that. So to be able to respond
• 17:29
  quickly, I mean, do we want a text message at midnight?
• 17:33
  Nobody does. But the reality is if it comes
• 17:35
  in, you don't respond. And so when it comes in, you
• 17:39
  know, a lot of times it's we'll just go straight to the phone
• 17:44
  because we know they're exhausted.
• 17:46
  They don't want to go back and forth, like let's just have a
• 17:48
  quick call and make sure you do this. 99 times out of 100, they
• 17:53
  just had two numbers mixed up and go, oh, I'm sorry, I'm
• 17:57
  tired. All good.
• 17:58
  No problem. And you just, you save that, you
• 18:02
  know. So if you can anticipate, what
• 18:04
  kind of state might they, I mean, you can't anticipate
• 18:07
  everything, but we all know if someone's arriving super late,
• 18:12
  they're probably tired. You could save a lot by just
• 18:17
  getting on the phone real fast. Get this done quick.
• 18:20
  We've all had those experiences, haven't we?
• 18:23
  When, yeah, when somebody arrives and they, I've, I've
• 18:25
  definitely had. They can't work the lock box.
• 18:27
  And I remember, thankfully my rentals are just around the
• 18:30
  corner. And, and I went round and he'd
• 18:32
  been there, He had all these family there.
• 18:34
  They're all stood. They can't work out what to do.
• 18:36
  And I just kind of did it and it opened and he's like, he
• 18:39
  couldn't believe how simple it was.
• 18:42
  But yeah, sometimes, sometimes you mentioned tech there as
• 18:46
  well. I'm interested, you know,
• 18:48
  there's so much tech in the short term rental industry now,
• 18:51
  whether it's dynamic pricing platforms, whether it's property
• 18:54
  management software, whether it's monitoring devices for
• 18:58
  monitoring noise, monitoring AI responses, all this kind of
• 19:02
  thing, digital guidebooks. What's the tech that you use and
• 19:06
  what would you advise people to to look at if they were starting
• 19:09
  out in short term rentals? Well, if you're starting now,
• 19:15
  you know, in the USVRBO, Airbnb already give you so much built
• 19:21
  into their platform. So just leveraging everything
• 19:25
  they give you gets you a tremendously long way.
• 19:30
  Yeah, you could do dedicated booking sites, yes, you could do
• 19:34
  all these fancy tools. But before you start spending
• 19:37
  money and extra time on all these other things, leverage
• 19:41
  what you can get for free because they give you a lot.
• 19:45
  And if you just leverage, I mean, that'll get you most of
• 19:47
  the way. We don't really need to do a ton
• 19:49
  above that. The biggest piece of tech we use
• 19:53
  beyond that, obviously you want to have a strong Wi-Fi and we
• 19:58
  have. We don't do like basic Wi-Fi.
• 20:00
  We get a faster connection. The extra few bucks you spend
• 20:05
  just saves a lot because we leverage that the thermostat.
• 20:10
  Would be the next big thing because yes we'll walk in there
• 20:13
  and if I got a house in Florida, which I do you know we have it
• 20:17
  on the door when you leave, set this to 78.
• 20:20
  Don't leave it at 60 because that's why that sticker was born
• 20:25
  and you know you know that makes for a really expensive electric
• 20:29
  bill in southern Florida. So just as you know, that's, and
• 20:33
  you know, it could be in the mountains, it'd be the same
• 20:35
  thing in reverse, right. So, you know, managing having
• 20:40
  that that thermostat be Wi-Fi enabled, have a Nest, a Kobe,
• 20:46
  whatever you want to do that's huge.
• 20:49
  You know, we have a pool heater, it's on Wi-Fi because if we have
• 20:53
  to depend on the pool guy to come turn on the pool heater,
• 20:57
  you know, that's an extra trip charge and and so forth.
• 21:01
  So it's like I just manage that thing from the Wi-Fi and
• 21:04
  everything's good. Any type of tool you could do
• 21:09
  that can either take care of conveniences or manage the
• 21:14
  devices that are there to make sure they're in a good state.
• 21:18
  One that we're considering for example, would be to get a Wi-Fi
• 21:22
  enabled refrigerator. Not because we have any need for
• 21:25
  one because we don't, but maybe here and and maybe you could
• 21:30
  tell me about this. Sometimes people will call about
• 21:34
  the ice maker. Well, the ice makers have
• 21:36
  trouble. So I'm like, you know, do these
• 21:38
  Wi-Fi refrigerators, can they tell me the status of the ice
• 21:40
  maker? If they can, maybe that would be
• 21:43
  helpful. I've never done it, but I can
• 21:45
  see that being a use case. So you know, things like that.
• 21:50
  Definitely in Florida, I would imagine not much call for it in
• 21:53
  the north of England, I must admit.
• 21:56
  In terms of getting those five star reviews, then how do you
• 22:01
  ensure that you're getting good reviews all the time?
• 22:05
  Be responsive. That's the number one thing.
• 22:08
  And then if you can solve a knee quickly, solve it.
• 22:12
  Recently we had a guest say, you know what, the pillows were just
• 22:19
  getting a little older. And we have to remember that
• 22:26
  pillows don't last as long for whatever reason.
• 22:28
  A short term rental, then we could use the same pillow in our
• 22:31
  house for five years and somehow we don't have a problem.
• 22:33
  Short term rental, 12 to 24 months, you're done.
• 22:37
  So now that it's not even quite figured out why that is.
• 22:40
  But what I do know is when they call and say, you know, these
• 22:43
  pillows say no problem, Mr. and Missus, whoever you know, I'll
• 22:48
  be out. There'll be boxes on your
• 22:50
  doorstep in the next day or two from Amazon, brand new pillow
• 22:55
  and they're happy. You know, I'd say so to be able
• 22:59
  to solve problems quickly, in particular bedding, it seems to
• 23:03
  me the bedding, if you solve the bedding, everything else seems
• 23:09
  much less concerning, right? Second would probably be make
• 23:14
  sure you have kitchen utensils which they're always there.
• 23:16
  We're always good there. I have, but I have gone to a
• 23:20
  short term rental where it was light and you're like, right, so
• 23:24
  good idea to have a lot of utensils there for the kitchen,
• 23:27
  but the bedding's the big one. Nobody's happy if they can't
• 23:30
  sleep well at night. That's so the mattresses, every
• 23:35
  two or three years we're changing mattress and we're
• 23:38
  changing billets. And if we don't want to spend
• 23:42
  top dollar on a mattress, a mattress pad that's nice and
• 23:46
  plush, those wonders for these bets.
• 23:49
  So, yeah, very much so. Yeah, we are.
• 23:51
  We are selling sleep, aren't we? So, yeah, make sure, make sure
• 23:56
  you've got a decent mattress. And if not, yeah, the mattress
• 23:58
  toppers, they can, they can really help.
• 24:01
  OK then, Frank. So we've got a few questions to
• 24:04
  finish then that we ask everybody.
• 24:06
  What's your favorite brand in the STR industry and why?
• 24:11
  So I have two favorites. One is Amazon because they
• 24:15
  deliver anything my guest needs. It seems quickly, sometimes even
• 24:20
  same day. You know, that's going to vary
• 24:23
  by market, of course. And then if not, then there's
• 24:29
  it's the two local ones. Walmart because every guest
• 24:33
  needs a Walmart for whatever, no matter where I've done short
• 24:36
  term rental. I that's probably the number one
• 24:39
  local question. Where's Walmart?
• 24:41
  They want to go get whatever they need.
• 24:43
  They want to wear it. You know, not as much these
• 24:46
  nowadays. It used to be where's Walmart?
• 24:48
  Now everyone has GPS. So now it's which Walmart should
• 24:51
  I go to? Because there's options.
• 24:55
  And then of course, if worst case scenario, if we have to
• 24:59
  send a contractor over there to fix something, where's Home
• 25:03
  Depot? Where's Lowe's where they can
• 25:05
  get whatever they need if we can't get it delivered there?
• 25:09
  It's just the basics, just those basic brands.
• 25:12
  Those are the things that keep it running.
• 25:14
  Nothing, none of the fancy stuff, the basics.
• 25:17
  Dealing with things quickly. Is is one of the keys, without a
• 25:20
  shadow of a doubt. Is there an individual in the
• 25:23
  short term rentals industry you'd like to give a shout out
• 25:25
  to and why? I have to admit I don't know a
• 25:30
  lot of the names in the short term rental space, so I don't
• 25:33
  know if I have a name per SE. There was a gentleman in the, he
• 25:43
  was talking about the investment space.
• 25:45
  I'm trying to remember his name. He was on Instagram a lot and I,
• 25:49
  I apologize, I don't remember his name, but what I really
• 25:52
  liked about him was he was really big on go into the
• 25:57
  property and furnish it well up front.
• 26:02
  That was his big thing. You could have process system on
• 26:05
  some of the things we talked about, but if you furnish it
• 26:08
  well up front, you solve a lot of problems.
• 26:12
  So don't stimp on it. Doesn't have to be top dollar,
• 26:15
  but nice looking furnishings and not just nice, but it makes
• 26:19
  sense for the setting. OK, so if the house is near the
• 26:24
  beach, having that beach vibe, and I know like I've been to
• 26:28
  many beachside condos where there's zero light blue in the
• 26:32
  condo, I'm not going to buy the beach.
• 26:34
  I'm looking for light blue. It's just the thing, right?
• 26:36
  Or turquoise green or something. So it pays if you're, if you're
• 26:42
  not sure of this, somebody to do a great job on to work with a
• 26:46
  designer. So again, I apologize, I don't
• 26:49
  know the names, but I know they're just people on
• 26:51
  Instagram. I just hadn't kept up with the
• 26:53
  names, but there's great content out there.
• 26:57
  Yeah, yeah, yeah. I think that's great advice.
• 26:58
  You know, like you say, you know, kitting it out properly at
• 27:00
  the start and yeah, working with an interior designer if you can
• 27:03
  to, to get your property right, you know, for the location and
• 27:07
  for the guests that you want to attract.
• 27:08
  I think that's really, really good points.
• 27:11
  Final question then, Frank. So your biggest lesson learned
• 27:13
  from your property investment journey?
• 27:18
  Short term, short termer all together.
• 27:21
  Give us a short term 1. OK, my business lesson for the
• 27:25
  short term, I'm going to circle back to where I started.
• 27:31
  It's a much more enjoyable business when you're serving
• 27:35
  people that are going to somewhere for pleasure.
• 27:39
  It's easy to be hospitable when people are going places where
• 27:45
  they expect it when you do short.
• 27:47
  And I've done short term rentals in other cities that were not
• 27:51
  touristy. That expectation doesn't exist
• 27:54
  and it creates a completely different kind of a utilitarian
• 27:58
  experience. It almost feels like a long term
• 28:03
  rental, except now you're having to deal with everything more
• 28:05
  often versus a hospitality experience.
• 28:09
  So, you know, I think that's what I'd circle back to the
• 28:12
  beginning, really know what it is you want from the short term
• 28:16
  rental business and conclude by saying make sure you enjoy
• 28:24
  serving people because really at the end of the day, that's what
• 28:27
  you're doing. Absolutely it is.
• 28:29
  It is hospitality, people. We couldn't stress that enough.
• 28:32
  Frank, it's been a real pleasure.
• 28:33
  Thank you for joining us on the Host Planet podcast.
• 28:37
  Awesome. Thank you.
• 28:38
  I appreciate it. Great to chat to Frank and Glazy
• 28:40
  as there. I hope you found that discussion
• 28:42
  useful. That's just about it for today's
• 28:45
  episode. Remember, this podcast is
• 28:47
  brought to you in collaboration with House Philly, which is
• 28:50
  trusted by short term rental professionals.
• 28:52
  Across the globe. As a House plan at Listener, you
• 28:55
  get 2 exclusive offers $500 off onboarding for House Philly's
• 28:59
  property management software. Just use the code Plan at 530%
• 29:04
  off digital guidebooks for life. Use the code HOUSEPLANET GB to
• 29:09
  grab these deals, click the link in the show notes or head to
• 29:11
  housefully.com. For more free education tips and
• 29:15
  trends from the STR industry, visit Houseplanet dot Club,
• 29:19
  where you can sign up for our newsletter, listen to our
• 29:21
  podcasts, and download a suite of ebooks for hosts and property
• 29:24
  managers. That's it for today's episode.
• 29:26
  Until next time, happy hosting.