Johnny Porlares

BLA K ENE Y CO N SU LT A NT S E RVI CE S CO - HOS TI NG 1 01 : T HE B AS I CS CO-HOSTING 101: THE BASICS BUILD A SUC CES S FU L CO- HOSTING BUSINESS ON SHORT TERM RENTAL PLA TF ORMS WITH THI S ULTIM ATE GUID E. PERFECT FOR NEW OR EXPERI ENCED CO - HOSTS. G ET THE T OOLS , TIPS, AND STRATEGI ES Y OU NEED TO THRIVE IN THE V ACA TIO N RENTAL INDUSTRY. TABLE OF CONTENTS 1. WHAT IS CO-HOSTING? 2. GETTING STARTED WITH CO-HOSTING 3. MANAGING GUESTS AND RESERVATIONS 4. OPTIMIZATION 5. MANAGING YOUR CO-HOST BUSINESS 6. MAXIMIZING YOUR SUCCESS AS A CO-HOST BLA K E NE Y CO N S ULT ANT S E R VI CES 1 CO - HOST I NG 1 01 : TH E BAS I CS HEY, I'M AMANDA Here's my story ... I started out by putting my spare bedroom on short term rental platforms, targeting traveling business professionals. The goal was to save money to get my own rental properties. Throughout this time, I noticed I was getting a lot of positive feedback for my hospitality services and for booking consistently on different rental platforms. I wanted to see how I could assist property owners who were having trouble managing their short-term rentals. I created a virtual co-hosting business to make this happen and here I am managing short term rentals across the United States, helping property owners reach their financial goals while providing safe, clean and comfortable stays for traveling professionals. I created this e-book to provide you with tips and strategies on co-hosting! o x o x a d n Ama BLA K E NE Y CO N S ULT ANT S E R VI CES 2 CO - HOST I NG 1 01 : TH E BAS I CS 01 WHAT IS CO-HOSTING? Co-hosting is a service that allows property owners to rent out their homes or apartments to guests, with the help of a professional co-host. Co-hosts are hosts who are hired by property owners to manage their short-term rental and handle all aspects of the rental process from marketing the property to communicating with guests. BLA K E NE Y CO N S ULT ANT S E R VI CES 3 CO - HOST I NG 1 01 : TH E BAS I CS BENEFITS OF CO-HOSTING There are several benefits to cohosting a short term rental. Minimal Financial Risk: As a cohost, you typically don't need to invest a significant amount of capital upfront. Instead, you earn a percentage of the revenue generated from bookings, reducing the financial risk compared to property ownership. Professional Growth: Running a cohosting company allows you to develop valuable business skills such as marketing, negotiation, problem-solving, and team management. These skills can enhance your professional growth and open doors to other opportunities in the hospitality or real estate industry. As a co-host, you will gain valuable experience in managing short-term rentals, communicating with guests, and dealing with any issues that may arise during their stay. This experience will help you to build your skills and knowledge, making you more confident when starting your own co-hosting business. BLA K E NE Y CO N S ULT ANT S E R VI CES Co-hosting with an established host can help you build relationships with guests, other co-hosts, and the broader short term rental community. These connections can be invaluable when starting your own co-hosting business, as they can provide referrals, support, and advice. When starting your own co-hosting business, there is always a risk involved. However, by co-hosting with an established host, you can reduce some of that risk. You can learn from their mistakes and avoid making the same ones yourself. As a co-host, you will receive a percentage of the rental income from the properties you manage. This additional income can help you to build your savings, invest in your business, or simply improve your overall financial situation. 4 CO - HOST I NG 1 01 : TH E BAS I CS HOW CO-HOSTING WORKS? The co-hosting process typically begins with a property owner hiring a professional co-host to manage their short-term rental on a short-term rental platform. The co-host will then take care of all aspects of the rental process, from setting up the listing and marketing the property to communicating with guests, handling check-in and check-out, and managing any issues or concerns that arise during the guest's stay. Co-hosts can offer a range of services depending on the needs of the property owner and the guests. These services may include cleaning and maintenance, property management, guest communication, guest support and more. "Believe in yourself and all that you are. Know that there is something inside you that is greater than any obstacle." - Christian D. Larson BLA K E NE Y CO N S ULT ANT S E R VI CES 5 CO - HOST I NG 1 01 : TH E BAS I CS 02 GETTING STARTED WITH CO-HOSTING Co-hosting on short term rental platforms can be a great way to earn extra income and assist property owners who share their home with travelers from all over the world. If you're interested in co-hosting, there are a few key steps you'll need to follow to get started. BLA K E NE Y CO N S ULT ANT S E R VI CES 6 CO - HOST I NG 1 01 : TH E BAS I CS CHOOSE YOUR LLC Your LLC's name must be unique and not already taken by another business in your state. You can check with your state's business registration office to see if the name you want is available. OBTAIN AN EIN Employer Identification Number (EIN) is a unique nine-digit number that identifies your LLC for tax purposes. You can obtain an EIN from the IRS for free. OBTAIN A DUNS NUMBER Having a DUNS number is an important step for businesses looking to establish their credibility, access credit and financing, and take advantage of new business opportunities. OPEN A BUSINESS BANK ACCOUNT To keep your personal and business finances separate, you should open a separate bank account for your LLC. This will also make it easier to track your business expenses and income BLA K E NE Y CO N S ULT ANT S E R VI CES 7 CO - HOST I NG 1 01 : TH E BAS I CS GET BUSINESS INSURANCE General liability is good to have, but Professional Liability is great to have as well as you may be held liable for professional mistakes or negligence. Professional liability insurance can provide coverage for claims related to errors, omissions, or other professional mistakes. WHERE TO FIND HOSTS Zillow.com, trulia.com, Facebook, Sublet.com, networking events, open houses etc. UNDERSTANDING SHORT TERM RENTAL PLATFORMS RULES AND REGULATIONS Before you start co-hosting on any short-term rental platform, it's important to understand the platform's rules and regulations. These include guidelines around things like pricing, guest communication, and property safety and security. It's also important to familiarize yourself with local laws and regulations around short-term rentals, as these can vary from place to place. BLA K E NE Y CO N S ULT ANT S E R VI CES 8 CO - HOST I NG 1 01 : TH E BAS I CS PREPARING THE PROPERTY FOR GUESTS One of the most important aspects of co-hosting on short term rental platforms is preparing the property for guests. This involves a range of tasks from cleaning and staging the property to preparing for guest check-in and check-out. WHAT GUESTS EXPECT IN A RENTAL PROPERTY To prepare the property for guests, it's important to understand what travelers expect in a rental property. This might include things like clean and comfortable bedding, basic amenities like towels and toiletries, and clear instructions and information about the property and its surroundings. STAGING THE PROPERTY FOR GUESTS Staging the property can help to enhance the guest experience and make the property more appealing to potential renters. This might involve adding decorative touches like fresh flowers and artwork or providing amenities like a welcome basket with snacks and drinks. BLA K E NE Y CO N S ULT ANT S E R VI CES 9 CO - HOST I NG 1 01 : TH E BAS I CS PREPARING FOR CHECK-IN AND CHECK-OUT Preparing for guest check-in and checkout is another key aspect of co-hosting on short term rental platforms. This might involve setting up a lockbox or keyless entry system for guests to access the property or providing detailed instructions and information about the property and its amenities. When preparing for check-out, it's important to ensure that the property is clean and ready for the next guest. This might involve doing a final walkthrough of the property to ensure that everything is in order, or hiring a cleaning service to tidy up and prepare the property for the next guest. Overall, preparing the property is crucial for co-hosting success. Understand guest expectations, stage the property, and prepare for check-in/out to provide a great experience and maximize rental income. "Your only limit is the amount of action you take." - Tony Robbins BLA K E NE Y CO N S ULT ANT S E R VI CES 10 CO - HOST I NG 1 01 : TH E BAS I CS 03 MANAGING GUESTS AND RESERVATIONS Once you've prepared the property for guests, the next step is managing your guests and reservations. This involves a range of tasks from communicating with guests to accepting and rejecting reservations as well as handling cancellations and refunds. BLA K E NE Y CO N S ULT ANT S E R VI CES 11 CO - HOST I NG 1 01 : TH E BAS I CS Effective guest management is key to providing a high-quality experience for your guests and maximizing your rental income as a co-host. Here are some tips for managing your guests and reservations: Communicate clearly and promptly. Effective communication with guests is essential for a successful co-hosting experience. This might involve responding promptly to guest inquiries and questions, providing clear instructions and information about the property and its amenities, and offering assistance and support throughout the guest's stay. Set clear policies for reservations. When accepting and rejecting reservations, it's important to have clear policies in place to ensure a smooth and efficient booking process. This might include policies for minimum stay requirements, cancellation policies, and pricing guidelines. As a co-host, it's important to have a project management system in place to help you stay organized and keep track of all the tasks and responsibilities that come with managing a property. Here are some reasons why having a project management system is important for co-hosts: BLA K E NE Y CO N S ULT ANT S E R VI CES 12 CO - HOST I NG 1 01 : TH E BAS I CS Organization: With a project management system, you can keep all your information and data in one place, including guest information, cleaning schedules, maintenance requests, and financial records. This can help you stay organized and easily access the information you need when you need it. Scalability: As your co-hosting business grows, a project management system can help you scale your operations by providing a framework for managing multiple properties and cohosts. This can help you expand your business while maintaining high standards of quality and customer service. Be flexible and responsive. As a co-host, it's important to be flexible and responsive to your guests' needs and preferences. This might involve offering special amenities or services, accommodating requests for early check-in or late check-out, or providing recommendations for local activities and attractions. BLA K E NE Y CO N S ULT ANT S E R VI CES 13 CO - HOST I NG 1 01 : TH E BAS I CS Overall, managing your guests and reservations requires effective communication skills, strong organizational abilities, and a willingness to be flexible and responsive to your guests' needs and preferences. By implementing these strategies, you can provide a highquality experience for your guests and maximize your rental income as a cohost. "Success is not final, failure is not fatal: it is the courage to continue that counts." - Winston Churchill BL A K E NE Y CO NS ULT ANT S E R VI CES 14 CO - HOST I NG 1 01 : TH E BAS I CS 04 OPTIMIZATION When it comes to co-hosting, pricing and marketing are crucial factors that can determine the success of the rental venture. Setting the right price for the rental can attract more guests while optimizing the property's listing and using marketing tools can help you reach a wider audience. BLA K E NE Y CO N S ULT ANT S E R VI CES 15 CO - HOST I NG 1 01 : TH E BAS I CS Setting the right price for your rental: Pricing is a key factor when it comes to renting out your property. You need to set a price that is competitive and reasonable, yet also profitable for you. Here are some tips for setting the right price for your rental: 1. Research the market. Check out other rentals in your area and see what they are charging. This can give you an idea of what price range is reasonable for your property. 2. Consider the expenses of the host. Make sure to factor in all the expenses the will incur, such as utilities, maintenance, and taxes, when setting the rental price. You need to ensure that the rental income covers these expenses and still leaves with a profit. 3. Set a competitive price. Once you have researched the market and calculated the expenses, set a BLA K E NE Y CO N S ULT ANT S E R VI CES price that is competitive and reasonable. If your price is too high, you may struggle to attract guests, while if it's too low, you may not make enough profit. Optimizing the property's listing: The property's online listing is the first impression guests will have of your rental, so it's important to make it as appealing as possible. Here are some tips for optimizing the property's listing: 1. Use high-quality photos: Use high-quality photos that show the property in the best possible light. Make sure to include photos of all the rooms and amenities. 2. Write a detailed description: Write a detailed description of the property, including information about its location, size, and amenities. Make sure to highlight any unique features that set the property apart. 16 CO - HOST I NG 1 01 : TH E BAS I CS 3. Include all relevant information: Include all the relevant information guests need to know, such as check-in and check-out times, parking arrangements, and house rules. 6. Offer promotions and discounts: Offer promotions and discounts to attract guests and encourage them to book your property. This can include offering a discount for longer stays, or a special rate for off-peak seasons. 4. Use social media: Use social media platforms such as Facebook, Instagram, and Twitter, TikTok, etc to promote the rental. Share photos, updates, and information about your property to attract potential guests. 5. List the property on rental websites: List your property on rental websites such as Airbnb, VRBO, and Booking.com etc to reach a wider audience. BLA K E NE Y CO N S ULT ANT S E R VI CES 17 CO - HOST I NG 1 01 : TH E BAS I CS A price optimization software can be a powerful tool for cohosts to help them maximize their revenue and occupancy rates. Here are some reasons why a price optimization software is important for a cohost. ACCURATE PRICING A price optimization software can help you set the right price for the listing based on a variety of factors such as seasonality, demand, and local events. This can help ensure that your listing is priced accurately and competitively, which can attract more bookings and maximize your revenue. REAL-TIME DATA A price optimization software can provide you with real-time data on market trends, competitor pricing, and guest demand. This can help you adjust your prices quickly and effectively in response to changing market conditions, which can help you stay ahead of the competition. TIME-SAVING Manually adjusting prices can be timeconsuming and may not always result in optimal pricing. A price optimization software can automate the process of adjusting prices, which can save you time and allow you to focus on other aspects of your cohosting business. BLA K E NE Y CO N S ULT ANT S E R VI CES 18 CO - HOST I NG 1 01 : TH E BAS I CS IMPROVED OCCUPANCY RATES By setting the right price for your listing, a price optimization software can help you attract more bookings and improve your occupancy rates. This can help you maximize your revenue and reduce the risk of empty periods. INCREASED PROFITABILITY A price optimization software can help you maximize your revenue and profitability by identifying the optimal price points for your listing. This can help you increase your earnings and make your cohosting business more profitable The only limit to our realization of tomorrow will be our doubts of today. - Franklin D. Roosevelt BLA K E NE Y CO N S ULT ANT S E R VI CES 19 CO - HOST I NG 1 01 : TH E BAS I CS 05 MANAGING YOUR COHOST BUSINESS Managing a co-host business can be both rewarding and challenging. While co-hosting allows you to leverage the expertise and resources of a larger property management company, it also requires you to manage guest communication, finances, and relationships with your co-host partners. BLA K E NE Y CO N S ULT ANT S E R VI CES 20 CO - HOST I NG 1 01 : TH E BAS I CS Tracking your finances: Tracking your finances is essential for managing your co-host business. Here are some tips for keeping your finances organized and upto-date: 1. Keep track of expenses: Keep track of all expenses related to your co-host business, such as having a business bank account . This will help you understand your cash flow and ensure that you are making a profit. 2. Use accounting software: Consider using accounting software such as QuickBooks or Xero to manage your finances. This will make easier to track income and expenses, generate reports, and file taxes. 3. Create a budget: Create a budget for your co-host business to help you manage your expenses and ensure that you have enough cash flow to cover your costs. Dealing with guest issues and complaints: Dealing with guest issues and complaints is an important part of managing a cohost business. Here are some tips for handling guest issues effectively: 1. Respond promptly: Respond promptly to guest inquiries and complaints. This will help you address the issue quickly and prevent it from escalating. 2. Stay calm and professional: Stay calm and professional when dealing with guest complaints. Avoid getting defensive or emotional, and focus on finding a solution that meets the guest's needs. 3. Offer compensation when appropriate: Offer compensation when appropriate, such as a refund or discount on a future stay, to show that you value the guest's business and are willing to make things right. The only way to do great work is to love what you do." - Steve Jobs BLA KE N E Y CO N S ULT ANT S E R VI CES 21 CO - HOST I NG 1 01 : THE BAS I CS 06 MAXIMIZING YOUR SUCCESS AS A CO-HOST Co-hosting is an excellent way to earn extra income while providing a valuable service to property owners. However, to be successful as a co-host, you need to build a strong reputation, foster good relationships with guests and owners, and stay ahead of the curve in terms of the future of co-hosting. BLA K E NE Y CO N S ULT ANT S E R VI CES 22 CO - HOST I NG 1 01 : TH E BAS I CS Tips for Building Your Reputation on Short Term Rental Platforms Building a strong reputation is essential to succeeding as a co-host on Short Term Rental Platforms. Here are some tips for building a positive reputation: 1. Respond quickly and professionally to inquiries and booking requests. This will show potential guests and property owners that you are reliable and attentive. 2. Keep your property clean and wellmaintained. Guests are more likely to leave positive reviews if they have a pleasant and comfortable stay. 3. Be transparent and honest in your communication with guests and property owners. This will help build trust and establish a good working relationship. 4. Build a strong online presence through social media and online reviews. Encourage satisfied guests to leave reviews. BLA K E NE Y CO N S ULT ANT S E R VI CES 23 CO - HOST I NG 1 01 : TH E BAS I CS Building strong relationships with guests and owners is key to succeeding as a cohost. Here are some tips for building and maintaining good relationships: 1. Communicate regularly with property owners to keep them informed about bookings, guest feedback, and property maintenance. 2. Provide excellent customer service to guests by addressing their needs promptly and professionally. 3. Follow up with guests after their stay to ask for feedback and encourage them to leave reviews. 4. Offer incentives to guests and property owners to encourage repeat business and referrals. BLA K E NE Y CO N S ULT ANT S E R VI CES 24 CO - HOST I NG 1 01 : TH E BAS I CS PREPARING FOR THE FUTURE OF COHOSTING The co-hosting industry is constantly evolving, and it's essential to stay ahead of the curve to succeed as a cohost. Here are some tips for preparing for the future of co-hosting: 1. Stay up-to-date on industry trends and changes to Short term rental policies and regulations. 2. Invest in technology and tools that can help streamline your co-hosting business, such as property management software, smart locks management software, and automated messaging systems. 3. Expand your services to include unique amenities and experiences that can help differentiate your listings from others. 4. Build a network of co-hosts and industry professionals to stay informed and share best practices. In conclusion, co-hosting is a lucrative and rewarding opportunity for anyone looking to enter the shortterm rental market. However, it requires careful planning, preparation, and ongoing management to ensure success. By following the recommendations and tips outlined in this guide, you can establish yourself as a top co-host on short term rental platforms and achieve your business goals. Remember to stay informed, build strong relationships, and continuously improve your listing to maximize your success as a co-host. BLA K E NE Y CO N S ULT ANT S E R VI CES 25 CO - HOST I NG 1 01 : TH E BAS I CS JOIN OUR FACEBOOK GROUP! THANK YOU FOR READING! LET'S STAY CONNECTED! AMANDA BLAKENEY CEO AND FOUNDER OF BLAKENEY CONSULTANT SERVICES WWW.BLAKENEYCONSULTANT.COM @blakeneyconsultant