This ONE Airbnb Hack Got Me a 300% ROI

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What's up guys, it's James here and in today's video, I'm going to share with you the one hack that got me a 300% ROI on my most recent purchase of an Airbnb property, I'm going to walk you through that in detail. And I highly recommend as well, if you haven't checked it out yet, we've got a brand spanking new free training that's linked in the description down below, it's going to walk you through exactly how to invest successfully into short term rental properties. So if you've been looking at buying an Airbnb, you want to invest into short term rentals, even if you want to grow a portfolio of 510 15 properties on short term rental, you want to actually own these assets, own that real estate and get an incredible return on your investment way better than you could with any other form real estate investing. And I highly recommend you check out the link in the description down below. And check out that free training, it's not going to be around forever, we are limiting it. So just make sure that you check it out register for that free training before it's too late. Now, with that out of the way, let's go ahead and talk about this number one hack that I highly recommend you steal from me apply in your own business because you will get absolutely incredible results. Now, if I can kind of put a big enveloping whole statement around, I would say that really what this kind of hack comes down to it's not so much a hack really is customer guest obsession. And what I mean by that is very, very, very different from what most hosts think of when they think of customer or guests obsession, a lot of hosts get really wrapped up in getting fantastic reviews, you know, making sure that every single review is a five star review. You know, it's funny, I actually had a host reach out to me recently and say, Hey, I noticed that you had a lot of bad reviews. On your listing, I noticed that the overall ratings were not good. How is it that you've been able to succeed and get such a great performance at your listing financially speaking with such bad reviews? I was puzzled by this because I knew for a fact that we had fantastic reviews on our profile. In fact, our average rating was 4.68 stars on that property. And that's kind of what got me puzzled, I started looking maybe there's some review that I just hadn't seen. And I went and sure enough, there we were sitting at 4.68 stars. And we had a whole bunch of five star reviews and a couple of four star reviews and an average out to 4.68 stars. So I thought to myself, well, why the heck is this person saying that we have really bad reviews. And then I messaged him back and I emailed him and said hey, you know, what I realize is that we actually really have great reviews. And I think that you're probably getting confused in the same way that most hosts get confused, where they think that they absolutely have to get all five star reviews or their listing is going to completely crumble. And I think a lot of that stems from a lot of hosts being concerned about super host status. Superhero stats, if you're not familiar Is this a badges that you can get on Airbnb that basically says that you've got this X number of five star reviews, and you've got an average rating of X amount of higher. It's this kind of badge that you get for high performance in the reviews category. And that's great. And we've done studies on this with learn b&b, my other company. And we've studied hundreds and 1000s of different listings and seen that Airbnb superhosts Does does help with performance. But it's not worth it, it's not a big enough boost to be really impactful. And to really, you know, get too stressed out about what I've found is that by being obsessed with delivering more value to guests, giving them more of the things that they want. That's how you really ramp up the performance on your listing, not so much by obsessing over making sure that every single guest is going to have their sometimes unrealistic expectations met. And so what I recommended to this person, we had a little bit of back and forth. And ultimately what I recommend it was, hey, anytime that you get a negative review, or even a four star review or lower, I don't even think of a four star review as a negative review. Oftentimes, those four star reviews are very positive reviews, they're just not exactly perfect. And that's fine. But anything less than five stars is really, really valuable feedback. And that's what I think a lot of hosts miss. A lot of hosts see them as just this horrible thing that needs to be avoided at all costs, when in reality, anything less than a five star review is an incredible opportunity gives you fantastic feedback on what you can improve on your listing to make it even better for the next guest. And the more you improve your listing, the more you can increase your rates because it's more valuable to the people that are booking. And so as an example of this thing that got me such an incredible ROI is I went out right at the get go and I invested into things like a hot tub, a sauna. Those are some big ticket items, but also a bunch of smaller ticket items. It made a really big difference. Like for example, having a projector down in the basement that only cost $400 to set up. We had a nice big wall, we didn't even have to get a pulldown screen. Nothing. Just a $400 projector that I got from someone secondhand and not means that now our basement is a movie theater, I went and spent another $200 on a soundbar so now there's some great audio down there as well. And now there's a little movie theater in the basement. Now that only costs a few $100 But $600 all in but I'm very confident that's what one of the big factors it's allowed us to be able to charge 800 to $1,500 per night consistently throughout the high season and going into low season here we're charging 600 to $800. The night as well. So again, it's keeping us really high nightly rate. It's keeping us booked very consistently from just a small investment that we've made. Other things that we've done is gone, you know, bought a kayak there was a couple $100 People can take into the lake, we bought a ping pong table. That was again, just a couple $100 to give people something to do. We bought cornhole, bocce ball, all kinds of different games to play out in the backyard, we've got nice barbecue, all these amenities that people really want with our particular type of listing. I'm not saying to go and buy these specific amenities. For every single listing for some listings, it won't make a lot of sense. But for ours in particular, those were things that would add a lot more value to guess. Now, if you think about it, the reviews that you get on Airbnb are just a reflection of how well your listing met the guests expectations, and the expectations were set based on your listing. Now what I've done is I've gone and set that bar really, really, really high, I make this listing look incredible, because it is incredible, you know, I went and really did a fantastic job I did, and added all these different amenities. And that means that because the expectation is set so high, there's a bigger chance that we're going to fall below it and some little way. Now, obviously, again, we have 4.68 star reviews on average. So we're still hitting that level of expectations. And that's always our goal. We're always really delivering to our guests. And anytime that we do under deliver to our guests, which happens from time to time, that's normal, we're going to go and do everything that we possibly can in our power to make it right with that guest. So again, I'm not preaching didn't just not care about the reviews that you get from your guests. But I am saying that, hey, if we set that bar really high, that's what allows us to really maximize the returns that we're getting on this property. And what a lot of hosts end up doing unknowingly is they set the bar too low, because they want to make sure that they can hit it, they want to make sure they get those five star views, because there's only two ways to get five star views every single time. One is to constantly exceed your expectations. And two is to set those expectations lower. And honestly more often than not number one requires number two, because if you set expectations really high, it just becomes very challenging to meet them. There's a lot of things that happen on a property like ours that are outside of our control. Something can happen with the hot tubs and we can happen with the sauna, something can happen with the barbecue. And we could remove those amenities that have a lot of maintenance and a lot of different things that can go wrong with them, there can be user issues with them, and we can just remove them altogether. And that means that it'd be easier for us to meet our guests expectations. But overall, that means that net net, all of our guests overall will get less value from our property. Because you know, 90% of the guests that stay with us have no issues with the hot don't have no issues with a sauna and really, really value those amenities. So if we removed them, then we wouldn't be able to capture as much revenue, we wouldn't be able to charge the Thai nightly rates, and certainly throw the low season we'd have a harder time getting bookings because we have them, we do have to just deal with the fact that there are going to be some additional maintenance needs, there are going to be some additional frustrations that wanted a 10 guests might have. And that's fine, because ultimately we're providing more value overall to the guests that do choose to stay with us. And because we're obsessed with making sure that guests do leave satisfied, we're going and doing whatever we need to to make it right in all these scenarios and making sure we still maintain a really high quality standard. So that's my biggest recommendation is really just focus on ramping up the value that you provide to guests. And you can do this in big ways. Like for example, the hot tub of the sauna that we invested 10s of 1000s of dollars into overall. Or you can do it in smaller ways where you're just investing a few $100 into something that is going to make a really big impact. And ultimately, the first step to that is just understanding your ideal guests understand the type of guests that are booking your property and what is most valuable to them what's most valuable, my guess won't be the same as what's most valuable to your guests. So you have to start there with really understanding what is most valuable to them. Again, if
you want all the different strategies, all the different tools, tips, tricks, everything like this, that has allowed us to be successful short term rental investors and you want to be able to apply that to your investing learn from us and be able to get incredible results investing in short term rental properties and get massive ROI massive cash flow, then I highly recommend you check out the link in the description down below to our free training that we just recently put together it's jam packed with as much value as you can possibly put into it. So I highly recommend that you check that out it's gonna be incredibly valuable to you. You're not gonna want to miss out on that training again, it's not gonna be around forever and it's completely free so just click the link in the description down below to register and grab yourself a spot before it's too late and last thing I'll say is that if you did like this video if you thought this is insightful if you thought was valuable, you're one of those hosts that's been obsessing over five star views and this is some good not much needed clarity for you then give me a quick like button smash that thumbs up button smash that like button it helps me out massively more than you could ever know with this channel. So I know a lot of YouTubers say this I know a lot of people say it's you're probably used to hearing it now. I'm gonna try to break your pattern try to interrupt and actually get you to click that like button again. It really really really does help me out with this channel. So please take a quick second hit that like button and also another pattern interrupt here. Hey, If you're there, if you're watching and you're not subscribed to the channel here, then make sure you click that subscribe button. Make sure that you press it. Make sure you subscribe to the channel because I post two new videos every single week and try to bring as much value as possible. So click that subscribe button make sure you're up to date with the channel as we post new videos that are going to help you to perform better with Airbnb. Until next time, I'll see you in the next video