Why are you in the short-term rental (STR) business? A lot of us start with a goal to replace our income and eventually quit our 9-to-5. But do you want to create a new job for yourself as a 24/7 Airbnb host? Or do you want to have the freedom to travel and do other things? In that case, it’s crucial that you learn how to work ON instead of IN your STR business.
Julie George is the Airbnb consultant and business mentor behind Million Dollar Host, a platform designed to help STR hosts scale a property management business. Prior to Million Dollar Host, Julie founded Host My Home, an Airbnb property management company out of Cairns, Australia. She grew the business from 0 to 130 properties in three years and earned $8M on Airbnb before selling the portfolio in 2019. Julie is also the author of Million Dollar Host: Julie’s Airbnb Portfolio Earned Over a Million Dollars in Her First Year … Yours Can Too!
On this episode of Get Paid for Your Pad, Julie joins me to share her tips for working ON rather than IN your STR business. She explains the benefit of partnering with others rather than hiring employees and offers advice on how to document your processes in a playbook and then properly train and empower new team members. Listen in for Julie’s insight on developing a game plan for the future of your business and learn how to build a STR company that runs itself!
Click on the video below to watch the interview!
Julie’s background in the STR business
- Grew Host My Home portfolio to 130 units
- Earned $8M on Airbnb before selling in 2019
Julie’s tips for working ON rather than IN your business
- Determine what you’re going into business for
- Recognize strengths and outsource weaknesses
- Empower staff + contractors to do job FOR you
The benefit of partnering vs. hiring employees
- Sense of ownership leads to pride in work
- Self-motivated and invested in success
Julie’s insight on how to train new staff members
- Document processes, communicate through playbook
- Shadow you or trusted team member for week
- Run through induction to see how business works
- Check in regularly with biweekly meetings
Why it’s crucial to document your STR processes
- Forces to consider best way to do things
- Team can step up when you’re away
- Prepared when want to sell business
Julie’s experience with joining STR Legends
- Blown away by inspiring stories, culture of sharing
- Opportunities to partner on deals and projects
Why hosts should think about their values
- Culture more important than strategy
- Defining values attracts ‘right people’
Julie’s advice on finding a community
- No point in being smartest person in room
- Surround self with people who enhance life