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242. Hosting Hotline: Listing Our Neighbor’s Property On Airbnb · Thanks For Visiting

• 0:00
  Sarah: Hello, everyone.
• 0:00
  Welcome back for the great episode.
• 0:01
  My name is Sarah Karakaian.
• 0:03
  Annette: I am Annette grant.
• 0:04
  And together we are--
• 0:05
  Both Annette & Sarah: Thanks for Visiting.
• 0:06
  Sarah: And this is the--
• 0:07
  Both Annette & Sarah: Hosting Hotline.
• 0:08
  Sarah: And today we have Alonna with a parent-child listing question.
• 0:13
  Questions: Hey, Annette and Sarah.
• 0:14
  This is Alonna Diamond from Blue Sky Villa.
• 0:18
  As you know, I'm your biggest fan.
• 0:21
  So we are about to launch our first rental property right near Delray Beach,
• 0:27
  Florida, technically in Boyden Beach.
• 0:30
  And our next door neighbor who has the exact same layout and amenities as we do
• 0:37
  is thinking about Airbnb-ing his property too, and would like me to manage it.
• 0:43
  So I know that I could set up a parent-child listing and
• 0:47
  market it as a six-bedroom.
• 0:50
  Each of our houses have three bedrooms and two bathrooms.
• 0:54
  But I'm wondering what you think about that as a marketing strategy.
• 0:59
  I looked up on my pricing software and it looks like there's only two
• 1:03
  other comps that have six bedrooms.
• 1:06
  One of them is right on the Intercoastal, so it's in a better location.
• 1:11
  But I'm wondering what you think about as marketing the two homes as
• 1:17
  six bedrooms for the larger groups coming in and without many comps.
• 1:22
  How do I price myself for that?
• 1:24
  Thanks.
• 1:25
  Sarah: A solid question.
• 1:27
  Annette: And Alonna joined us at one of our Q&As and I
• 1:31
  wish we had the exact quote.
• 1:33
  Alonna, maybe you can leave a review on our podcast.
• 1:35
  I think you already have though.
• 1:37
  She said she was inhaling our podcast like pizza, or I forget
• 1:41
  how-- she said something like it was nourishing her or she was binging
• 1:45
  it more than she binges pizza.
• 1:46
  Something about pizza.
• 1:48
  And I love pizza.
• 1:49
  And I loved everything that said about that.
• 1:51
  So you can compare us to food in any way, shape, or form.
• 1:55
  This is interesting though.
• 1:56
  It sounds like a great opportunity for you, number one.
• 1:58
  Congrats on that, and let's get into it, Sarah.
• 2:02
  Sarah: First of all, if you are new to the podcast or new to Annette and
• 2:04
  myself or new to parent-child listing, we do have content around that.
• 2:09
  You could look at podcast episode number 232, and we'll also link our
• 2:15
  YouTube video that's different from the podcast episode on this content as well.
• 2:19
  So we're not going to go too far into all the different things that
• 2:21
  would go into making this a success.
• 2:23
  But in theory, all it is is you are taking one listing and you are either breaking
• 2:29
  it down into maybe a smaller listing.
• 2:31
  So if you have a large home, you sell it as a four-bed, two bath, or
• 2:35
  you could sell it as a two-bed, one bath, and then you can do lots of
• 2:38
  different creative things with that.
• 2:40
  And it's okay to do this because you are offering different
• 2:42
  products to potential guests.
• 2:45
  And what you do is you connect the calendars on it.
• 2:48
  So if it books as one, it would automatically block it down
• 2:51
  your calendar as the other one.
• 2:52
  This is interesting because Alonna is taking-- I'm assuming they're attached.
• 2:57
  Are they town homes, do you think, Annette?
• 2:58
  Annette: Yes.
• 2:59
  I'm thinking they're connected.
• 3:01
  ADMARKER
• 3:02
  Sarah: Let's make some assumptions here, since we don't have all the details.
• 3:05
  But what Alonna wants to do, she wants to take two town homes, it
• 3:07
  sounds like, and offer them as one.
• 3:11
  Annette, you brought up a good point of making sure the whole
• 3:14
  lock situation irons out.
• 3:16
  What you could do, Alonna, if you have a software like Point Central
• 3:21
  or I don't use remote lock, but that might work too, where you can
• 3:24
  create the same code for both homes.
• 3:27
  Annette: And you'll just have to make sure you're extremely clear with the
• 3:32
  guests that it isn't adjoining, like, it's not like an adjoining room at a
• 3:36
  hotel where you could have a pass through.
• 3:38
  It sounds like, I'm sure you don't share any doors with your neighbor,
• 3:42
  um, but maybe you're super close.
• 3:44
  But that is one thing you're just going to have to be really clear on.
• 3:48
  However, I could see this being super desirable for people to be next door.
• 3:53
  Let's say it's two families traveling together, or the same
• 3:57
  family, but it's like the parents and the kids or the in-laws.
• 4:01
  It would just be really nice, I think, for everyone to have their own space.
• 4:04
  I think the key for you is just, you're going to have to be very
• 4:06
  clear in the parent listing that they're not connected at all.
• 4:11
  Sarah: As far as pricing goes, and you not having any competitors,
• 4:15
  that could be a good thing.
• 4:17
  And you are going to have to do some AB testing.
• 4:20
  What you can do is keep your eye on that listing that includes both town homes.
• 4:24
  And whether you're using an OTA or a property management software, you could
• 4:28
  keep your eye on those click rates.
• 4:31
  See how potential guests are viewing this space.
• 4:35
  Are they bouncing off of it very quickly?
• 4:37
  Are you getting inquiries?
• 4:38
  And then you can assess that.
• 4:40
  Maybe the pricing's too high if they're looking and not booking.
• 4:43
  You can also reach out to guests and ask them, hey, you reached out.
• 4:46
  You didn't end up booking with us.
• 4:47
  There's nothing wrong with asking a guest why they chose something
• 4:50
  different and just making sure that you make notes, copious notes.
• 4:53
  It sounds like you have a pricing software, which most of them have a
• 4:56
  place for you to leave notes about different things that you're testing.
• 4:58
  And so you make those notes and understand why you've either
• 5:02
  lowered it or made it higher.
• 5:05
  And you want to be strategic too.
• 5:06
  Annette, you brought up a good point of Alonna maybe even creating
• 5:09
  some competition for herself.
• 5:11
  That may or may not be the case, depending on seasonality, and
• 5:16
  maybe this is just available on the weekends versus during the weekdays.
• 5:19
  It's just the two town homes.
• 5:21
  Maybe she makes the two listings so juicy that people do book the
• 5:26
  whole thing and makes it worth your while to do it that way.
• 5:29
  But any other thoughts on that front, Annette?
• 5:32
  Annette: Yeah.
• 5:32
  Back to the Intercoastal property, if you said that one is more desirable,
• 5:36
  then maybe that is your hedge.
• 5:39
  Sarah: Mm-hmm.
• 5:40
  Annette: That's your bet.
• 5:40
  You had your bets there of like, maybe I can have really competitive pricing.
• 5:45
  It might not be the Intercoastal, but you could service the guests
• 5:48
  that still want to be near the beach and beat them out on the price.
• 5:52
  Sarah: And then I guess I have lots of other for you too, Alonna, of
• 5:54
  your neighbor, what are his goals?
• 5:57
  If you've already figured all that, is it only dependent on you being
• 6:00
  able to list it with your property?
• 6:03
  You want to iron out some of their details there, but we've had great success with
• 6:07
  getting creative with property packaging.
• 6:10
  We'll call it parent-child listing, but clarity and tracking.
• 6:14
  Annette: Alonna, if this is your first one, I would just say
• 6:17
  slow and steady wins the race.
• 6:18
  I would most likely get your listing up and running, get that 30, 60, 90
• 6:23
  days under your belt first before bringing on the next pro-- just
• 6:27
  depending again, how aggressive you are, I don't know how much time you
• 6:30
  have, there's a lot of variables.
• 6:32
  But I want to make sure that you're really taking care of your first property
• 6:36
  and getting it off on a good foot.
• 6:37
  Sarah: If you want us to answer your question here on the show, you
• 6:40
  can head to thanksforvisiting.me.
• 6:42
  In the upper right hand corner is a red button that says, Ask TFV.
• 6:45
  If it's short-term rental, business related in any way, shape, or form,
• 6:49
  and we think the rest of our listeners and viewers will like it, we'll go
• 6:53
  ahead and answer it on the show.
• 6:55
  But with that, I am Sarah Karakaian.
• 6:56
  Annette: I am Annette Grant, and together we are--
• 6:58
  Both Annette & Sarah: Thanks for Visiting.
• 6:59
  Sarah: We'll talk to you next time.