How Does Building a Network Help Your Mid-Term Rental Business

Summary

Building a network has been pivotal for mid-term rental businesses, particularly in maintaining 100% occupancy. Networks allow businesses to leverage connections for inventory and expand their reach nationwide. By positioning themselves as problem-solvers rather than just property owners, businesses can effectively use their networks to benefit both students and partners. Effective network usage not only aids in maintaining relationships but is also instrumental in direct bookings, enhancing branding, and streamlining operations. With tools like email campaigns, businesses can stay on top of clients' needs, even if immediate responses aren't received. Collaboration within the industry is key, with a mutual understanding that the market is vast enough for multiple players to thrive.

Highlights

• Building a network helps in keeping properties fully occupied even at 100% occupancy. 🤝
• Networks serve both students and partners, enhancing collaborations and growth. 🌐
• Email campaigns are critical for ongoing client engagement and touchpoints. 📧
• Direct bookings are bolstered by a strong brand reputation and presence. 🌟
• Collaboration is key, as the industry offers enough opportunities for everyone to succeed. 🚀

Key Takeaways

• Networking is essential for maintaining full occupancy and building long-term client relationships. 🤝
• Having a national network allows for greater flexibility and problem-solving capabilities. 🌐
• Proper use of CRMs and email marketing tools can boost engagement and keep the business on clients' minds. 📧
• Brand reputation is crucial for direct bookings and client trust. 🌟
• Collaborative efforts within the industry can lead to mutual benefits and growth. 🚀

Overview

Networking is at the heart of the mid-term rental business, acting as a catalyst for not just occupancy but also for maintaining meaningful relationships. With an effective network, businesses can better manage inventory and expand their services nationwide. Emphasizing the value of being a problem solver over just a property owner strengthens the trust clients place in the service, ensuring longevity and mutual benefit.

Brand reputation plays a crucial role in direct bookings, with potential clients often swayed by positive reviews and an established online presence. Utilizing tools such as MailChimp for email campaigns can significantly enhance engagement, as these tools provide insights into client behavior, allowing businesses to tailor their marketing strategies effectively. A strong brand helps to reassure clients of the quality and reliability of services provided.

The mid-term rental industry thrives on collaboration, with the understanding that the market's expanse allows for multiple service providers to flourish. As businesses continue to innovate and collaborate, there's a shared recognition that joining forces can lead to greater success for all involved. By participating in industry events and sharing insights, rental businesses can bolster their position and collectively uplift the market.

Chapters

• 00:00 - 00:30: Introduction and Importance of Networking Building a network has been highlighted as a pivotal factor in the success of businesses. In a roundtable format called the '15 minute Hot Seat', individuals discuss the critical role networking plays in various capacities. The main takeaway is that networking facilitates the occupancy rate of entities and supports students in Mastermind programs. The discussion underscores the benefits of having either a digital interface for easier networking or maintaining connections through more traditional means.
• 00:31 - 02:30: Building Connections and Inventory Management The speaker discusses the importance of building connections, particularly highlighting interactions with Gabby and insurance companies. They express challenges faced in managing inventory and capturing attention from insurance companies. Despite some progress, they continue to face obstacles in effective inventory management.
• 02:31 - 04:30: Network Benefits and Pricing Strategies The chapter discusses network benefits and pricing strategies, focusing on two main networks: the 'invested escapes' and 'empt insurance network.' In Georgia, these networks are particularly highlighted as the primary offerings or 'bread and butter.' For clients needing services beyond this region, a nationwide network of home providers and solutions is available, illustrating the company's expansive reach and flexible solutions approach.
• 04:31 - 07:00: Email Campaigns and CRM Usage The chapter focuses on the strategic delivery and phrasing in email campaigns and how effective CRM (Customer Relationship Management) usage can benefit the business. The discussion emphasizes the importance of simplifying solutions to avoid confusion, regardless of property ownership. Networking and partnerships, such as those with students and SL Partners, are highlighted as key components that aid in achieving successful outcomes. Overall, the approach and network have been beneficial for the business.
• 07:01 - 10:00: Reputation and Brand Building The chapter 'Reputation and Brand Building' explores the importance of relationships in building a brand. By helping those in need, a brand can foster a loyal customer base that continues to return. The content goes on to discuss the logistics and pricing of a specific service, the MTR Insurance Network, which costs $297 a month. A coaching component is also mentioned, indicating a comprehensive approach to the service offered. Rachel and another partner are involved in organizing and maintaining the network.
• 10:01 - 12:30: Community Building and Collaboration This chapter explores the importance of community building and collaboration within business networks. It discusses how selectivity in partnerships is key, emphasizing the value of mutual understanding and contribution rather than merely seeking opportunities. Providers are encouraged to collaborate by showcasing properties together, fostering a synergistic environment. The chapter also touches on business models and the autonomy of deciding charges within collaborations.

How Does Building a Network Help Your Mid-Term Rental Business Transcription

• 00:00 - 00:30 so you said how has building a network helped your business as the number one question so this is the 15 minute hot uh Hot Seat 50 um uh three questions under 50 minutes or less and we got 10 so okay uh right now it's helped by being able to when we're 100% occupied it's helped a lot of our Mastermind students do honestly so some of it it's been people who have been on a network but having a network whether you have a user interface like yours or having just the
• 00:30 - 01:00 connections it's been everything actually as a matter of fact you were working with Gabby right I was yeah I mean I needed like these people from the insurance companies are like okay well you have inventory here but how about here you know they have my attention so they try to get my and they know I have inventory so I'm wondering if it's doing the same thing for you yes and so yes and yes and no so it's like it's not like I think the challenge that I'm still facing Vivian is being able to
• 01:00 - 01:30 remind them so we have like two uh we have two this doesn't help us right because we have the invested escapes and then we have the empt insurance Network so the way we pitch it is Hey listen this is our like bread and butter here in Georgia but um if you uh need anything outside of this uh we do happen to have a nationwide network of uh home providers and solutions for
• 01:30 - 02:00 so that's how we're pitching it so I think it's all about the delivery because you know it can be confusing uh they don't it doesn't really confuse them if we solve a problem I think they could G less whether we even own the property um but that's how we've been phrasing it so it's helped that we have a network right you have people like you who send you know like my students and SL Partners I don't like the word students Partners deals and then um yeah I think it's in your best interest to to do that it's helped for sure it's helped
• 02:00 - 02:30 on the relationship side because if you help the person that is in need then they'll continue to come back to you so correct how much how much is your um your network the what do you call it the MTR Insurance Network yeah that one is 297 a month um I want to make sure that's right and we also have a coaching component to that too so so whoever is not engaged in like one and when I say we Rachel and I we put the network
• 02:30 - 03:00 together anyone who's not engaged in you know one of our coaching programs which honestly now where we've kind of been selective of who we bring on because we want someone joining now we're saying send me deals where are the deals right that's not the point the point is hey you understand what we're trying to do you're a provider as well by the way here's another interface where we can showcase all properties together and I think you have that with h right like I think you've got a really good model now obviously the what you choose to charge is up to you know uh what one
• 03:00 - 03:30 one of the things that that could help you though is we do like a three-month minimum or something like that which means that you know it's very similar to the model of onlinejobs.ph I don't know if you feel me with that it sticks jumps out to me because it's a website where you hire vas but when and there's like a I think it's like a two or three month minimum but then when you hire VA you don't have to pay the membership but then when you need something you'll come back right so have that cycle because I don't know how yours work if people are like well I'm 100% why am I paying for
• 03:30 - 04:00 this right so yeah I mean we're flexible you know ours is an annual fee because like you can't predict the next flood or fire that's what people need to know yeah I know yeah so you know we it's a one-year membership yeah but we're flexible like if you suddenly get booked for six months we'll push out the next billing it's not a big deal what do what do you charge for annually it's 9.97 9.97 yeah so
• 04:00 - 04:30 this a good good I think it's fair I think I think we need more of those and honestly at at some point like hide it all in together like here are our partners I've had this vision and here I am yapping away when this is your time uh I have this vision of us all having like like by the way our our trusted Partners like hesa blah blah and like Texas and like you know what I mean like I just have this vision of us just you know it's all about collaboration in my mind all right what was question number
• 04:30 - 05:00 all right so how long did you take to get consistent Outreach from the insurance companies and then the last one was how has having a reputation brand helped your business okay let's talk about that how long did it take get consistent Outreach from the insurance companies um that's still a muscle are reflecting so we send email campaigns um and it's funny because as we've kind of started to send more it was kind of like okay maybe less a few less people are responding but this is very important for me for marketing it's stop just because they stop responding does not mean they're not getting it because when
• 05:00 - 05:30 someone replies to a to to an email it's usually like an old one so they're doing like control find and then it's like oh whoa we sent this back in like you know what is it now like December right like I just saw one today from um and I honestly these guys I've still yet to do business with them I don't know if they just inquire and just fade the black I don't have you done business with United corporate housing I have oh okay I feel like [Music] um I feel like anyways um but anyways
• 05:30 - 06:00 they reach they did a reply all to something my assistant had sent like I'm trying to pull it up right now like like it was literally I just saw it today you know the thing the brilliant thing about email campaigns if you do them correctly you know who's opening your emails and you know who's opening your attachments I like that what are are you using a special CRM uh we use MailChimp ma right but in mail champ like the clicks I talked to my brother who like who has the number
• 06:00 - 06:30 one Canadian Food Distribution Company in Canada and he was talking to me about how MailChimp campaigns work and he's like clicks don't clicks or the opens don't mean anything anymore yeah it's the engagement once they open and now we've you know put it in a way that they have to click to engage and then when they do I know who's opening them which is an interesting strategy too if I'm on my phone because I have tons of emails and I click and I open
• 06:30 - 07:00 that's what's considered an open like correct opening doesn't I don't have but yeah but if I click it then that's another like touch point right like our hot sheet is an Excel spreadsheet that they can download to their computer yeah and when I when I see that they click the hot sheet it means like okay I'm actually getting engagement yeah I don't know if you're doing the same thing uh we my we use hubot and MailChimp I have stats that get reported
• 07:00 - 07:30 to me but I'm like not Hands-On like I'm not as much as I should be and um but uh I'll lost the team yeah definitely um how long how has having a reputation and brand helped your business um because you got the what is your what is your property management company in Atlanta called again invest escapes yeah yeah so definitely from um
• 07:30 - 08:00 I'll tell you what's helped that's helped for the direct bookings right we've we've multiple times have started a conversation on Airbnb and be like you can look us up we don't have to like write the weird little thing because what we do too and you'll appreciate this and you can do this too you have a Google page for hesia uh it's in the works dude dude dude get you know why because as soon as they type in the name yes your website pops up but then you you're collecting all the reviews
• 08:00 - 08:30 so you're collecting all the reviews for trust because someone might not know like oh look us up like who is this who is this host tell me to look look them up but then when they do they're like oh and our reviews say like we temporary housing so like when we uh I'll just pull this up now so you see it dude don't sleep on that get that like today um because there's a verification process um Vivan that they make you do uh and then one of the things we're starting to do is we we really hunt down
• 08:30 - 09:00 the reviews right um so it'll be like K say temporary housing solutions for families and corporations in Georgia make herself a home away from home and then and we start collecting all these reviews like we're very big on that like you have that'sa from Virginia Reuben and stay abut warming uh he's like I had the opportunity to stay in one of their homes after a tree had fallen through my home so we want them to we kind of like tell them to like hey like make sure you let them know why you were relocating because that those key wordss are going to be key so definitely do it you have a
• 09:00 - 09:30 nice brand you should definitely be on create a Google page it's free yeah it's one of it's like one of as an entrepreneur it's like another thing you have to do oh no I'm gonna bother you about it I want you to send me I know you will I'm not letting thank you I I need you to keep me accountable and I'm gonna send you a link that I sent in my boot camp uh that is very easy to follow let me do that okay um for you to set up but uh girl I can't wait to see you in the flesh yeah I know I'm GNA give you a
• 09:30 - 10:00 big hug yeah me too A lot's changed in hesa since the last time I saw you so I want to hear more I want to and then we should definitely not table that conversation for too long because strength and numbers in this beautiful industry and we need to like we need to like we can all have our own Brands and coexist right that's what me and Rachel do totally yeah and so price you know the pie is big enough for all to have it and I think there's going a there's there's strength because we have uh I think we're we're more powerful than we realize together So and I've had this
• 10:00 - 10:30 conversation with a lot of us and a lot of us are like yeah yeah yeah but I think someone just needs to take action and I feel like feel like that might just be need to be me um I'm G need to Rally the TRU so yeah we we're due for another midterm rental breakfast club though because I know right ever since the last time we were talking about the unfurnished housing have you seen any change no no yeah I haven't I haven't and and I know there's one specific person that keeps requesting and furnished housing
• 10:30 - 11:00 but it's only one person of all the people that I know exactly and good luck right so so yeah cool well I got someone on the other line because this is uh but thank you for joining the MTR midterm rental Hot Seat where we asked three questions or less in 15 minutes or less it's a pleasure to have another Pioneer like you in the space in the hot seat do I not have you on the Pod what a shame let's make it happen I'm G send you a link all right well let's do it let's get you on the Pod all right playing with me okay sounds great love sending a
• 11:00 - 11:30 lot of abundance thanks for making it byebye bye bye