A lot of people ask me about how to get started cohosting on Airbnb.
So, on this week’s episode of Get Paid For Your Pad, I interviewed STR Legend and cohost champ Logan Humphrey!
If you missed the episode last week with Legend Tim Hubbard, check it out here. He gave some great tips on cohosting short term rentals and what it’s like to operate over 60 properties.
I’m excited to share Logan’s tips and tricks when it comes to cohosting on Airbnb, so let’s get started!
Today's Legend: Logan Humphery
Logan Humphrey is the CEO and Founder of Cohobnb, and Founder of STR Alliance in Arkansas. He's got a pretty interesting story when it comes to starting his short term rental business.
It all began in 2015 when he rented out a room in his apartment. Once the listing was up, he booked someone that same night!
After his first guest, Logan realized he could actually make money with Airbnb. So, he started renting the whole apartment out on weekends. He would go camping or stay with friends until he decided to start living full-time in an RV so he could host on Airbnb.
Now, the management model is where Logan crushes it.
How to start cohosting on Airbnb?
It was easy for Logan to find Airbnb hosts that wanted his help. Because he had hosted for 2 years before he started cohosting, he had a good amount of 5-star reviews.
People love reviews – so the more you can get, the better! If you’re starting out and have no reviews, you could try listing a room as Logan did. But if you don't have an extra room to rent out, don't worry.
When Logan started cohosting on Airbnb in 2018 he had about 3 properties. By 2019, he had over 40. Growth can happen pretty fast.
I wanted to know how Logan did it, so I could share all the knowledge and shortcuts with you guys!
Get your systems in place
If Logan were able to go back in time, he says he would focus on developing a business plan with clear expectations.
I'm a big fan of systems, and so are the STR Legends. Systems and policies take longer to set up, but you’ll end up saving a lot of time in the end.
For example, when Logan first started he had no policy in place for taking on new units. He was saying yes to everything and wanted to be cohosting on Airbnb all the time.
Logan dropped over 10 properties because they didn't fit in his new business plan. It might not make sense at first, but it pays off to work with your ideal client.
Now, Cohobnb has a policy in place for everything from discounts to check out.
Determine your brand
Branding is everywhere, except for many Airbnb listings. This is something you can take advantage of.
Not all hosts have caught on to the idea that a brand can help build trust and recognition with customers.
A guest once called Chris a ‘coho', short for cohost, and Cohobnb brand was born.
Chris took his brand and went from 100% Airbnb to a more equal split between channels. Now, Cohobnb is about 50% Airbnb, 20% Vrbo and the rest is direct booking.
Having a brand makes cohosting on Airbnb and beyond a lot easier, guests build trust and seek you out.
Now when people ask Chris what Cohobnb and its logo stand for, he asks what they think it means.
At the end of the day, all that matters is that they are thinking about your brand.
Analyze your data
Take the time to analyze your market, so don’t take on everything. This is the biggest thing Logan suggests for anyone starting out. At first, he took on any property so he could increase his numbers.
Now, Logan understands the importance of using tools like AirDna
to map out a profit. He only accepts units that meet his expectations.
Decide on your minimum profit – and stick to it. Set up revenue share so both parties win!
Laws and cohosting on Airbnb
One of the big things people struggle with when they are first starting is with laws. At first, Logan didn’t look into the local laws.
Real estate and short term rental markets are full of confusing laws. Spend the time to figure them out!
People would ask him if he had a real estate license, and he realized he didn’t even know if he needed one. And neither did the people asking! In some states, you need a real estate license to collect payments, in some you don't.
Logan had a lot of questions when he first started, but he realized becoming a broker meant he could expand. In 2020, Cohobnb became Cohobnb Properties when it transitioned to a brokerage.
As a licensed broker, he can now collect homeowner payments, rents, and lists on more platforms.
Check out your local laws, or ask real estate agents in the area. They are likely to know what the short term rental policies are in your market.
Setting up for success
We've covered some solid tips to help you get started cohosting on Airbnb, but there's a lot more to success.
You have to get your feet dirty and be willing to pivot and adjust, according to Logan. And I agree! You never know what will happen in your business, take COVID for instance.
At times you need to take a step away from the business so you can seek out experts and advice from others.
Joining STR Legends has also helped Logan scale and meet other cohosting experts in the short term rental industry.
Join the Only Community for 7-figure STR Business Owners.
Apply for STR Legends today and see if you qualify!