Short-term rentals open the door for creativity, and crafting a unique property can become both a profitable venture and an unforgettable experience for guests. On this episode of Zen and the Art of Real Estate Investing, Jonathan interviews Garrett Brown, a short-term rental expert with BiggerPockets. Garrett, known for his expertise in Airbnb, glamping, and short-term rental strategies, writes many of the STR email newsletters for the BiggerPockets community.
Jonathan and Garrett explore what makes short-term rentals stand out, emphasizing the power of personal touches and the patience it takes—often about three years—to build a profitable business model. Garrett shares thoughts on testing your property by having friends stay first, the rising trend of glamping, and the importance of identifying your target guest before starting. They also discuss being upfront about amenities and potential drawbacks, leveraging guest reviews to boost performance, and partnering with local businesses to create tailored guest packages.
You’ll hear more from Garrett Brown about:
- Being transparent about your property’s amenities and drawbacks and constantly improving based on guest feedback can help your property stand out from the pack.
- The 60-30-10 rule means the property should be within 60 minutes of a major city, 30 minutes of a major attraction, and 10 minutes of basic amenities. Garrett uses this rule to buy new properties.
- Partnering with local businesses to offer packages, such as massages or personal chefs, can help you create an unforgettable guest experience while benefiting both you and your local community.
- Affordability and high-impact additions still matter to most guests. Being transparent about what your property does and does not offer is also impactful.
Garrett Brown understands the creativity required to build a successful STR business, and he’s eager to share with others how they can offer similar experiences to their guests.
If you want to learn more about Zen and the Art of Real Estate Investing Podcast, check out https://zenandtheartofrealestateinvesting.com/podcast/213/.