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Short Term Rental Secrets Podcast
Mike & Mike Ep 2 - 5 Mistakes You Don’t Want to Make When Cohosting
Aug 23, 2023
Learn the importance of expanding your business through cohosting, the mistakes made in market selection, the significance of clear expectations and trust accounting, the importance of knowing your numbers, and implementing accounting practices and streamlining operations.
28:16
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Quick takeaways
- Choosing a single market to focus on is important for efficient property management and guest experience in co-hosting.
- Setting clear expectations with property owners, including seasonality and design guidelines, helps prevent disappointments and maximize returns in co-hosting.
Deep dives
Mistake 1: Taking a deal anywhere
When starting a co-hosting business, one common mistake is taking on deals in multiple markets without a clear plan. This leads to spending excessive time and resources managing properties in different locations, which can be inefficient and challenging. To avoid this, it is important to carefully choose a market and focus on building a strong foundation there. By concentrating efforts in one market, it becomes easier to manage properties, work with contractors, and deliver a consistent guest experience.
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