How to Onboard Airbnb Properties So Owners Never Leave (Full System)

**Mike Reilly** (0:00)
Every single person that I've talked to who owns a vacation rental, they just don't trust the vacation rental property managers because it's been mismanaged. This is ultimately a relationship that you're in for three, four, five, six, seven, eight, nine, 10 years with the homeowner, right? So your lifetime value of this customer is going to be extremely high if you get started out correctly and started out on the right foot. There's really six different stages of onboarding. And stage number one is the handoff. Stage number two is gonna be the onsite setup. So the first part of this onsite setup is a full walkthrough of the home using Meta glasses to take notes and call out things that are needed. What is going on everybody? Mike Reilly here. I'm coming at you guys this week with a solo episode. So if you missed last week, the founder of STR Secrets, Mike Shogren and I, recapped the AI Summit that we did at the Freedom Factory about two and a half weeks ago now. And also just share with you guys some of the new things that are coming for the podcast, some of the new things that are coming for Short Term Rental Secrets Mastermind, Mastermind that we've been running since 2019 And a part of that is with the growth of NC Stays, which is my company and the growth of all the other companies for folks in the Mastermind. We want to share tangible, tactical tips and do these trainings and these podcasts with you guys so that you can take this information and raise the level of excellence in your property management or your co-hosting company. And essentially raise the level of excellence across vacation rentals all over the country or even all over the world. I work with some people like Javier who is in Chile.
And the reason that we're doing this is we want to raise the level across the board. Yes, we want to either teach you through the Mastermind or potentially even partner with you and buy your company if maybe you're you want to get a higher multiple on your company or it's something you're like, hey, I want to make an exit. You know, if you give me one or two X multiple on the profit that we have right now, I'd be totally happy with that for you guys to take my company and then grow it and make it a better company in my market. Or you want to go focus on other things. You want to go travel. You want to go spend more time with your family. You want to go back to school. Like whatever it is for you, we want to help you grow your company.
And so the training that I've got for you guys today is very timely for myself. So Mike mentioned that we, my company NC Stays, we acquired seven new properties in the last month. And right now we are onboarding all seven of those. And onboarding can be very difficult. Every house is different. All of my properties are four bedrooms or more that we're onboarding. They're all 4,000 square feet or more. There are so many different things that go along with it. And those seven properties are also four different owners. So it's conversations with four different owners. It's seven different projects that we're managing. And if you get this wrong, if we get the onboarding wrong and we miss something, it's going to be a bad review. We're off on a bad foot. But if we do this right for the owner and also for the guest, it can create the best start and the best experience. And so on this training, what I'm going to walk through over the next 15, 20 minutes, these are going to be shorter podcasts as well. I'm going to walk through our entire checklist with you guys, all the different stages that we have. And I'm going to talk through what we do. And hopefully you can take some of this and implement this inside of your system. You absolutely 100% need a system. I don't care if you're onboarding one property a quarter, one property a year. Most of you guys should be adding one or two or three properties every single month and have that consistently, right? You need to have a process for that. Because if you don't, then your team is going to get burned out, right? Because there's going to just be constant miscommunication. There's going to be duplicated work. Or you're going to be the one that's doing all of it. And you are going to get burned out. So you have to be the quarterback. And you have to create this process and have stages. And you need to delegate to the right people. And I'm going to talk about who are the right people and also who you should delegate to and why. And hopefully, you can take some of these. So you might want to save this podcast. You might want to take some notes. You might want to throw this transcript into your custom GPT or throw it into your cloud. Whatever you guys use, you're going to want to save this one. So also, one other thing on why this matters, as we've gone through some of the conversations with some of these homeowners that are looking to make the change, it is apparent across every single one that we've talked to. It's getting more competitive. There are more co-hosts. There are more property managers out there. But not only the competition, trust is just, I don't know if it's at its all-time low, but a lot of people have gotten burned by bad property managers in the past, at least every single person that I've talked to who owns a vacation rental and has owned it for a year, two years, three years, they just don't trust the vacation rental property managers because it's been mismanaged. Whether the whole Vecasa thing happened, we did take over some Vecasa's, but it's just there's a big lack of trust there. So if you onboard the property the right way and get off on the right foot with the homeowner, this is ultimately a relationship that you're in for three, four, five, six, seven, eight, nine, ten years with the homeowner. So your lifetime value of this customer is going to be extremely high if you get started out correctly and started out on the right foot. So we can't be relying on spreadsheets. We can't be relying on just constant text messages. You need to have a team to run this system. My system is built on our operating system, which is built in Notion. It is something that every single one of our onboarding goes through.