All Forum Posts by: Bailey Kramer

Hey @Kerry Baird! I take 20% of the gross revenue as a Co-Host and do full service management. A co-host can range from just helping with a couple tasks to full service management. There is no license needed for being a Co-Host. A property manager will typically have a license, handles collecting the money, and any lease agreements.  

Everyone handles their payout process with homeowners differently. Below is what works the best for me. 

1) The booking platform deposits the money into the owners bank account after each booking. I like doing it this way, as the homeowner can use those payouts to pay their mortgage and other house related expenses 

2) Then at the end of the month, I  send an owners report breaking down the revenue and expenses (and how much my cut is) 

3) After the homeowner receives the invoice, they will send payment 

@Chase Hoover We use a combination of the channel manager and Hostfully guidebooks to get their email!

The easiest way to get a direct booking is by having repeat guests. 

When they stay at your property, gather their email and phone # and retarget them to come back and book with you directly. You can gather their info through your channel manager if they put in their information into the booking platform or through the guests accessing your guidebook. 

Let Airbnb and VRBO do the heavy lifting on the front end. Then take the guest off platform for their future visits. 

@John Carbone Really great point and never thought about reaching out to people from local gas stations or super markets. 

@Joseph Cacciapaglia Glad 1 and 3 has worked out for you! Totally see where you are coming from with Thumbtack and just has been my personal experience. 

@John Underwood Thanks for sharing. A lot of people don't always know what STR means, so I like to say Airbnb.

1) Referrals - Ask your network first to see if they are working with people they LOVE

2) Thumback.com - Vendors have to pay to be on Thumbtack which increases the quality of people on the platform 

3) Join community FB groups in the city you are hosting. Start with the "search" bar for whatever vendor you are looking for and there will typically be a bunch of comments of people to reach out to.  

The answer is YES. 

It's all about having a rock solid team in place, systems, and processes to run things smoothly: 

Some of my favorite systems are: 

Hospitable - Channel Manager to automate messages, reviews, text to cleaners, syncs calendars

Pricelabs - Dynamic pricing software

Hostfully - Online guidebook

Schlage/Yale lock - Keyless entry lock

Minut/NoiseAware - Noise sensor

Ring Doorbell - Security camera

Nest Thermostat - Monitor temperature

Furnishing/supplies list calculator 

Property onboarding form 

Hi @John Carbone - The homeowner will typically have insurance through Proper Insurance. You can definitely talk to your insurance agent about extra coverage for Co-Hosts. 

In each market I am in, I build local teams for runners, handymen and cleaners. Even if I was next door to the property, it isn't worth my team to do these tasks, nor can I be in multiple places at once! 

My business is strictly referrals and working with investors who continue to purchase more properties.