Today Mark Lumpkin is here to discuss real estate investing through creating a successful AirBNB. He delves into what it means to be a "super host," by enhancing a property's visibility and appeal. If you have a unique properties that can serve as part of the travel experience, you can find yourself a niche in the industry, and tailor your property for maximum appeal and profitability. Many new investors rush in, lured by promises of high yields but lack a strategic approach. Mark shares the secrets of how to maximize your success. Today we discuss...
- Mark explains his and his wife's travel experiences that led them to prefer short-term rentals over traditional hotels.
- How, inspired by their experiences, they decided to invest in short-term rentals and became Airbnb superhosts.
- How short-term rentals have made previously uneconomical properties profitable by offering daily rentals instead of long-term leases.
- The importance of having unique, high-quality properties to remain competitive and mitigate downturn risks.
- Focusing on mid-range properties, rather than luxury or low-end ones, often yields the best financial results.
- How unique, non-duplicatable properties avoid direct competition with identical listings.
- Market risks such as natural disasters, insurance costs, and operational expenses specific to high-tourism areas.
- The premium pricing strategy on weekends in vacation destinations for maximum yield.
- Catering to unique needs, like wheelchair accessibility or family-friendly amenities, can attract a premium.
- Balancing seasonal properties across markets with varying peak seasons can stabilize cash flow.
- Managing a short-term rental requires a strong on-ground team for cleaning, maintenance, and guest support.
- Listing properties on multiple platforms (Airbnb, VRBO, booking.com, etc.) increases exposure and revenue opportunities.
- Building a brand and direct-booking options, supported by social media, is a growing trend among property owners.
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Today's Guest: Mark Lumpkin
Girl dad, avid traveler, and chef I have been to over 30 countries and over 40 states. I fell in love with STR travel(airbnbs) about 10 years ago as I hated the hotel, hostel model. I love to cook and have my own space when traveling. So STRs was the best way. After years doing business to business sales in industries like Cannabis, real estate and auto I took the dive into the world of STRs. I have helped investors set up over 500 top performing STRs. AT STR Cribs we handle everything from renovations to design. We do whatever is needed to take your property from its condition today to guest ready!
Mark's Online Presence:
Today's Panelists
Phil Weiss | Apprise Wealth Management
Kirk Chisholm | Innovative Advisory Group