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!

Topics Covered

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

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