Hire Slow, Fire Fast With Steve Trover
11/10/23 • 49 min
>>> Watch our free Revenue Management training at https://www.getpaidforyourpad.com/cfm-replay
>>> FREE E-Book: 5 Most Common Airbnb Revenue Management Mistakes
In this episode of "Get Paid For Your Pad," I had the privilege of chatting with Steve from BetterTalent. We delved into some crucial topics related to hiring and team building in the short-term rental industry. Here's a concise summary of our enlightening conversation:
Steve began by stressing the importance of hiring the right talent. He emphasized that taking your time to find the perfect fit for your team is crucial, even though it might seem challenging and time-consuming. Rushing into hiring decisions can lead to costly mistakes down the road.
We discussed various roles that are vital for short-term rental hosts, including bookkeepers, virtual assistants, and operations managers. Steve highlighted the benefits of outsourcing roles like guest communications and revenue management to experts or specialized companies, especially in the early stages of your business. One key point Steve raised was the significance of revenue management.
He shared insights into the complexities of managing rental rates in the short-term rental market, emphasizing the need for experienced professionals or outsourcing this task to experts who understand the nuances of the industry.
We touched upon the concept of hiring in-house revenue managers and when it becomes economically viable. Steve recommended considering this step when your business manages a substantial number of properties, typically around a hundred or more.
Steve also shared his insights into the challenges of hiring and retaining top talent in the short-term rental industry. He cautioned against making hasty decisions, such as offering stock options or partnering with the wrong individuals. He suggested that hiring slow and firing fast, when necessary, is a more prudent approach.
For those interested in exploring opportunities in the short-term rental job market, Steve mentioned that BetterTalent offers a valuable weekly newsletter that features job listings from various companies in the industry. It's a great way to stay informed about job opportunities and industry trends.
To learn more about BetterTalent and connect with Steve, visit their website at bettertalent.com. You can also reach out to Steve directly via email at [email protected]. Additionally, he welcomes connections on LinkedIn, where he actively engages with industry professionals and shares valuable insights.
In conclusion, our conversation with Steve shed light on the critical aspects of hiring and team building in the short-term rental industry. Taking your time to find the right talent, outsourcing wisely, and understanding the intricacies of revenue management are all essential elements for success in this dynamic field. Don't forget to check out BetterTalent's newsletter and connect with Steve to stay updated on job opportunities and industry knowledge.
Hosted on Acast. See acast.com/privacy for more information.
>>> Watch our free Revenue Management training at https://www.getpaidforyourpad.com/cfm-replay
>>> FREE E-Book: 5 Most Common Airbnb Revenue Management Mistakes
In this episode of "Get Paid For Your Pad," I had the privilege of chatting with Steve from BetterTalent. We delved into some crucial topics related to hiring and team building in the short-term rental industry. Here's a concise summary of our enlightening conversation:
Steve began by stressing the importance of hiring the right talent. He emphasized that taking your time to find the perfect fit for your team is crucial, even though it might seem challenging and time-consuming. Rushing into hiring decisions can lead to costly mistakes down the road.
We discussed various roles that are vital for short-term rental hosts, including bookkeepers, virtual assistants, and operations managers. Steve highlighted the benefits of outsourcing roles like guest communications and revenue management to experts or specialized companies, especially in the early stages of your business. One key point Steve raised was the significance of revenue management.
He shared insights into the complexities of managing rental rates in the short-term rental market, emphasizing the need for experienced professionals or outsourcing this task to experts who understand the nuances of the industry.
We touched upon the concept of hiring in-house revenue managers and when it becomes economically viable. Steve recommended considering this step when your business manages a substantial number of properties, typically around a hundred or more.
Steve also shared his insights into the challenges of hiring and retaining top talent in the short-term rental industry. He cautioned against making hasty decisions, such as offering stock options or partnering with the wrong individuals. He suggested that hiring slow and firing fast, when necessary, is a more prudent approach.
For those interested in exploring opportunities in the short-term rental job market, Steve mentioned that BetterTalent offers a valuable weekly newsletter that features job listings from various companies in the industry. It's a great way to stay informed about job opportunities and industry trends.
To learn more about BetterTalent and connect with Steve, visit their website at bettertalent.com. You can also reach out to Steve directly via email at [email protected]. Additionally, he welcomes connections on LinkedIn, where he actively engages with industry professionals and shares valuable insights.
In conclusion, our conversation with Steve shed light on the critical aspects of hiring and team building in the short-term rental industry. Taking your time to find the right talent, outsourcing wisely, and understanding the intricacies of revenue management are all essential elements for success in this dynamic field. Don't forget to check out BetterTalent's newsletter and connect with Steve to stay updated on job opportunities and industry knowledge.
Hosted on Acast. See acast.com/privacy for more information.
Previous Episode
Takeaways and learning lessons from VRMA Orlando
>>> Watch our free Revenue Management training at https://www.getpaidforyourpad.com/cfm-replay
>>> FREE E-Book: 5 Most Common Airbnb Revenue Management Mistakes
In today's episode of Get Paid for Your Pad, we had a fantastic conversation with Moira Sedgwick and David Curtis about their experiences and key takeaways from the VRMA conference. Moira runs A Chalet Collective and can be found on Instagram at @achalet.collective, specializing in hosting and designing vacation rental properties. Meanwhile, David Curtis operates We Host Canada, which you can discover on Instagram at @w.e.host and their website, wehostcanada.ca. They offer short-term rental management and property maintenance services.
Throughout the episode, Moira and David shared valuable insights from the VRMA conference. We discussed the significance of providing an exceptional guest experience, the growing impact of AI tools on the industry, and the emergence of travel insurance options for hosts. Additionally, we delved into the challenges posed by hotel lobbyists in some markets and the need for advocacy within the vacation rental community.
The episode emphasized the importance of being well-prepared for conferences like VRMA, managing your energy effectively, and making intentional connections with other industry professionals. We also touched upon the value of participating in panel discussions and how it can boost your credibility as an industry expert, ultimately benefiting your business.
For those interested in learning more about Moira and David's businesses, you can visit their respective websites and social media profiles. Don't forget to follow Get Paid for Your Pad for more insightful discussions and expert insights in the vacation rental and property management industry.
Stay tuned for our next episode!
Hosted on Acast. See acast.com/privacy for more information.
Next Episode
Cashflow based financing for Airbnb hosts
>>> Watch our free Revenue Management training at https://www.getpaidforyourpad.com/cfm-replay
>>> FREE E-Book: 5 Most Common Airbnb Revenue Management Mistakes
In this episode of "Get Paid for Your Pad," I had the pleasure of welcoming back Derrick Barker, a returning guest and one of the founders of Nectar. Derrick, who boasts a diverse background in finance, football, and entrepreneurship, shared his journey from starting his first business at Harvard to becoming a real estate mogul with over $450 million in assets. He detailed his experience at Goldman Sachs as a bond trader and how he, alongside his wife and business partner Brittany, successfully managed a portfolio of 125 short-term rentals and over 4,500 apartment units.
The focus of our discussion was Nectar, a company Derrick co-founded that provides working capital loans to professional real estate owners and operators. He explained how Nectar works with existing mortgages to offer flexible loans for various purposes, emphasizing their non-traditional approach of lending against net cash flow rather than the traditional mortgage model.
Derrick shared insights into the current economic landscape, particularly the impact of rising interest rates on real estate and asset values. He explained the intricacies of how higher interest rates lead to decreased asset prices and discussed historical economic patterns, including recessions and the Federal Reserve's role in them. Derrick opined that the recent halt in rate hikes by the Fed doesn't necessarily signal an immediate economic upturn and that a typical recession might follow within about ten months of such actions.
We delved into the challenges and opportunities in the current lending climate, with Derrick highlighting Nectar's role in providing liquidity to real estate owners in this environment. He also touched on the potential for buying opportunities during economic downturns, encouraging listeners to be prepared with liquidity to capitalize on such situations.
Towards the end of our conversation, Derrick outlined the process for obtaining a loan from Nectar, emphasizing their focus on evaluating the actual cash flows and financial health of potential borrowers. He concluded by offering VIP treatment to listeners of "Get Paid for Your Pad" who reach out to Nectar for their lending needs, ensuring a speedy and favorable loan process.
Overall, this episode provided valuable insights into the world of real estate financing and the broader economic landscape, offering listeners practical advice on navigating these challenging times.
Before we wrap up today's episode, remember to connect with us on Instagram @getpaidforyourpad for exclusive content and behind-the-scenes moments, and don't forget to hit that 'Subscribe' button on our YouTube channel. We appreciate your support.. Stay tuned, and keep being awesome!
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