Maximizing Guest Reviews: Strategies for High Ratings with Riley Goldman of Beachside Vacation Rentals

11/19/24 • 22 min

In this episode of The Vacation Rental Show: How We Grow, host Lynell Gordon is joined by Riley Goldman, CEO and co-founder of Beachside Vacation Rentals. Together they explore:

Riley’s career journey
Scaling a vacation rental business
The power of networking
Managing guest reviews
Using AI for improved guest experiences
Using market data for realistic income projections
The benefits of DSCR loans for investors

Riley Goldman is the CEO and co-founder (Oct 2021 - Present) of Beachside Vacation Rentals, a locally owned and operated vacation rental management company headquartered in downtown Cocoa Beach, Florida. With a focus on exceptional guest experiences and comprehensive property management, Riley’s leadership has driven significant growth and success for the company.This episode is sponsored by Streamline.Episode Highlights: [01:49] Riley emphasizes the critical importance of networking for property managers seeking growth, arguing that it yields invaluable, albeit often unquantifiable, returns on investment. He suggests that individuals should approach networking with the mindset of providing help rather than seeking immediate benefits. By engaging sincerely and without ulterior motives, such as hoping for referrals, one can cultivate meaningful relationships. Riley shares an example of a 45-minute conversation with a realtor that, despite not leading to an immediate outcome, resulted in a valuable referral shortly afterward. His key takeaway is to network generously and with an open mind, as unexpected connections can lead to significant opportunities.[04:37] Riley discusses his strategic approach to managing guest reviews, highlighting the role of the SuiteOp app in facilitating real-time feedback. By allowing guests to submit reviews upon checkout, the process has become streamlined and efficient, contributing to the acquisition of approximately 300 new Google reviews since May. Additionally, he underscores the impact of social responsibility by partnering with a local environmental organization. For every five-star review, his company donates a dollar to support the health of the Indian River, thereby incentivizing guests to leave positive feedback while fostering community engagement. This dual strategy not only enhances the company’s online reputation but also aligns with Riley's personal commitment to environmental stewardship.[07:07] Riley highlights the transformative use of AI in managing guest reviews and improving operational efficiency. By automating the response to reviews and analyzing feedback for improvement opportunities, his company has significantly reduced response times and enhanced service quality. For instance, AI-generated tasks help the team address guest suggestions, such as increasing kitchenware, before issues can recur. This technology integration allows for real-time monitoring of guest satisfaction and swift action on necessary improvements, showcasing how AI can elevate operational capabilities in property management. Riley credits his business partner for the successful implementation of these technological solutions, illustrating the collaborative nature of their operation.
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Previous guests include: Jim DeVos of Best Beach Getaways, Stacy Wesson of Cascara Vacation Rentals, Michael Friedman of The Simple Life Hospitality, Steve Caron of Inhabit, John An of TechTape, Jessica Gillingham of Abode Worldwide, Justin Ford of Breezeway, Mahwussh Alam of One Perfect Stay, Lisa Stinnett of Inhabit, and many more.
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In this episode of The Vacation Rental Show: How We Grow, host Lynell Gordon is joined by Riley Goldman, CEO and co-founder of Beachside Vacation Rentals. Together they explore:

Riley’s career journey
Scaling a vacation rental business
The power of networking
Managing guest reviews
Using AI for improved guest experiences
Using market data for realistic income projections
The benefits of DSCR loans for investors

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Previous Episode

Differentiating Your Vacation Rental Business in a Competitive Market with Brooke Pfautz of Vintory

In this episode of The Vacation Rental Show: How We Grow, host Lynell Gordon is joined by Brooke Pfautz, the CEO and Founder of Vintory.Together they explore:

Challenges in finding professional property management services
Aligning team members towards common objectives
The importance of inventory acquisition
Predictions regarding the vacation rental industry

Brooke Pfautz is the CEO and founder of Vintory, a sales and marketing platform focused on helping vacation rental managers grow their inventory. He is also the CEO and founder of Comparent, a website that allows vacation rental managers to find and compare thousands of trusted vacation property managers. This episode is sponsored by Rental Guardian.Episode Highlights: [06:34] Transparency Elevates the Industry - Brooke highlights the importance of transparency as a driving force behind the success of Comparent, his latest venture. He notes that providing homeowners with clear and accessible information about vacation rental management companies elevates the entire industry. By publishing data such as reviews, occupancy rates, and property types, Comparent creates a transparent marketplace that helps property owners make informed decisions. This transparency not only benefits individual businesses but also pushes the entire sector toward higher standards and accountability.[10:32] Common Mistakes - Brooke identifies several common mistakes made by businesses in their early stages, categorizing them into ten distinct buckets. One of the most notable errors he observes is the tendency for businesses to take on the wrong inventory and properties, often signing any available property without proper consideration. This misstep frequently stems from engaging with unsuitable property owners. Another mistake is the failure to collaborate with local competitors. Many companies operated with a sense of animosity towards each other, particularly in highly competitive markets, leading to missed opportunities for partnership. In contrast, Brooke highlights that the most successful companies and leaders recognized the value of building relationships with local competitors. By extending an olive branch and fostering collaboration, these businesses not only learned from each other but also discovered that there is ample market share available for everyone. [19:48] The Importance of Inventory in Growth Strategy - Brooke emphasizes that the most significant lever for driving profitability in a vacation rental business is inventory acquisition. He explains that while revenue management and marketing can provide modest gains, the true multiplier effect comes from adding new properties; he suggests that adding one property is like getting one hundred reservations. Through studies conducted with partners, Brooke reveals that acquiring inventory has an impact four to six times greater than optimizing revenue or bookings. He advises vacation rental professionals to invest wisely in inventory, as the lifetime value of a single property can be substantial, with potential profits over ten years reaching $50,000 for each property added. This strategic focus on inventory growth is critical for anyone looking to expand their business effectively.[25:09] Trends in Booking Behavior - In discussing the evolving landscape of vacation rentals, Brooke Pfautz observes that the booking window is shrinking, noting that historically it seems like the booking window is getting shorter and shorter over time. He highlights a shift in consumer behavior, where flexibility and spontaneity are becoming increasingly important. Traditional patterns, such as the Saturday-to-Saturday rental model, are fading, replaced by shorter stays and more varied reservation patterns. This trend indicates a need for vacation rental operators to adapt their strategies and offerings to meet changing consumer expectations, ensuring they remain competitive in a dynamic market. Understanding and anticipating these shifts in booking behavior will be crucial for businesses aiming to thrive in the future of vacation rentals.If you enjoyed this episode, make sure to:

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Next Episode

Driving Growth Through Clear Practical Advice with Stuart Pack of Bluewater Associates of Emerald Isle, Inc.

In this episode of The Vacation Rental Show: How We Grow, host Lynell Gordon is joined by Stuart Pack, the Chief Executive Officer at Bluewater Associates of Emerald Isle, Inc.. Together they explore:

Stuart’s two decades of industry experience
Enhancing guest experiences
Fostering team collaboration
Effective management strategies
The importance of transparency with homeowners
Setting measurable goals
The power of community support among competitors
The role of AI in the industry

Stuart Pack is the CEO at Bluewater Associates of Emerald Isle, Inc., who aim to be the premier real estate and vacation rental company in the Southern Outer Banks by providing the best service to families who vacation, live, and invest here all while making a positive contribution to their community. The Bluewater Vacation Rentals firm includes the Vacation and Annual Property Management Division along with linens, housekeeping, maintenance, and their pool and spa departments which employ over 100 professionals. Before this, Stuart was Vice President of Rentals at Atlantic Realty of the Outer Banks, and VP / COO at Carolina Retreats. This episode is sponsored by Rental Guardian.Episode Highlights: [02:55] Stuart recommends a guest-centric approach to property managers. After all, as Stuart says, “without the guests we don’t have anything”. This approach includes the booking process, pre-arrival emails, and their stay. Stuart adds that this even extends to post-stay reviews, suggesting that property managers respond to every piece of feedback and learn from them. By listening to guests and prioritizing feedback, companies can build a thriving vacation rental business. Stuart says that, while there can often be a debate between being owner-centric and guest-centric, his advice is to be both![12:28] Budget and KPIs are two of the most important areas for property managers to evaluate. Stuart recommends analyzing the various revenue streams, such as commissions, fees, and the potential for future earnings, in order to identify areas of strength and opportunities for improvement. Likewise, applying this approach to expenses will also highlight inefficiencies and positive takeaways. Stuart suggests bonus opportunities for staff, particular in relation to upselling services such as early check-in, which can generate additional revenue.
[25:27] Stuart emphasizes communication and teamwork when it comes to working with homeowners. He advocates for regular maintenance plans and clear financial statements in order to avoid surprises. Accessibility is important for homeowners, which is why Stuart provides them with his personal cell phone number. As well as demonstrating trust, it also means Stuart can proactively resolve issues. He outlines a number of occasions where this transparency and honesty has improved relations with homeowners.
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