In this episode of Hassle-Free RE, Dave Menapace and Will Van Wickler tackle two important topics: managing guest reviews on platforms like Airbnb and VRBO, and finding the perfect time and strategies for buying a short-term rental (STR) property. Whether you're an experienced STR host or new to the business, understanding the nuances of guest reviews and the optimal buying times can significantly impact your success.
They begin by exploring the evolving landscape of reviews, with Dave sharing insights into how they used to be easily removable and what has changed in recent months. The discussion dives into best practices for addressing and mitigating negative reviews, including proactive communication strategies and ways to maintain a five-star guest experience, regardless of the challenges that arise.
In the second half, Dave and Will discuss why Q3 and Q4 are often ideal for buying STR properties, especially in markets like New England. They share insights on key investment markets, finding off-market deals, and why patience is crucial for locking in favorable deals. Dave and Will also stress the importance of investing in education and consulting to maximize property performance and ensure long-term profitability.
Tune in now to gain valuable insights on handling reviews and timing your STR investment for optimal success!
TIMESTAMPS
0:00 - Welcome and introduction from Cape Cod
1:00 - STR performance updates in Cape Cod and South Shore
7:17 - Changing landscape of STR reviews on Airbnb and VRBO
10:35 - Strategies for addressing review challenges and guest expectations
14:56 - Introducing the “Save the Review” process for better guest feedback
19:51 - Proactive communication to resolve guest issues effectively
23:43 - Best times for buying STR properties and market timing
27:54 - Finding off-market deals in New England's key STR markets
31:39 - High-potential investment areas and analyzing property values in MA
38:26 - Benefits of investing in STR education and consulting for success
#GuestReviewManagement #ShortTermRentalTips #PropertyInvestment
