WEBVTT NOTE This file was generated by Descript 00:00:02.320 --> 00:00:03.159 Steve: I'm always inspired. 00:00:03.159 --> 00:00:06.069 When I hear somebody who has put a lot of thought into their 00:00:06.069 --> 00:00:08.243 interpretation of the orange credo. 00:00:08.993 --> 00:00:11.662 It gives insight into how they see the world. 00:00:11.992 --> 00:00:16.132 And it gives us an opportunity to have a common language. 00:00:16.672 --> 00:00:20.962 To have great conversations about how we take care of our 00:00:21.052 --> 00:00:26.002 responsibilities to homeowners, guests, teammates, and even each other. 00:00:27.692 --> 00:00:31.982 This past Friday, Andres from Fort Lauderdale did just that. 00:00:32.912 --> 00:00:36.712 Steve: He went deep into nurturing homeowners . Jeremy. 00:00:36.712 --> 00:00:40.892 And I sat outside a barbecue joint in Nashville and put my phone on 00:00:40.892 --> 00:00:44.082 the window seal and listened to the entirety of his presentation. 00:00:46.072 --> 00:00:48.953 I made it into a podcast so we can share it with new 00:00:48.953 --> 00:00:51.293 teammates and new partners. 00:00:52.523 --> 00:00:53.273 I'm Steve Schwab. 00:00:54.383 --> 00:00:55.403 And this has cost cast. 00:00:57.696 --> 00:01:00.536 It's the KasaCast, created by KasaGo. 00:01:00.536 --> 00:01:06.003 It's time for the show, let's go! 00:01:06.053 --> 00:01:11.418 I will nurture the relationships I have with the owners and renters that I meet. 00:01:12.238 --> 00:01:13.418 And don't meet as well. 00:01:13.418 --> 00:01:17.618 There's a lot of renters that I don't meet, but I speak to myself 00:01:17.618 --> 00:01:21.288 and my partner, Gabby speak to over the phone or via text. 00:01:22.818 --> 00:01:24.618 I will never lose their confidence. 00:01:24.618 --> 00:01:28.338 I understand that trust is the basis for our relationship. 00:01:29.103 --> 00:01:30.703 And I will follow up. 00:01:31.213 --> 00:01:35.523 I will be transparent and communicate warmly and personably. 00:01:36.003 --> 00:01:42.303 And again, I'm going to be focusing on the homeowner side of nurture. 00:01:42.303 --> 00:01:46.543 Obviously, I nurture our guests, our renters on a continuous 00:01:46.543 --> 00:01:49.103 basis, but for time management. 00:01:49.663 --> 00:01:53.053 I'm going to focus on the homeowners what do we do in 00:01:53.053 --> 00:01:55.043 terms of nurturing our homeowners? 00:01:55.043 --> 00:01:59.933 Well, first and foremost, we keep it simple and we do this by 00:01:59.933 --> 00:02:02.683 following what I call the big three. 00:02:02.753 --> 00:02:04.713 We focus on the big three. 00:02:04.723 --> 00:02:05.833 And what are the big three? 00:02:06.173 --> 00:02:06.853 Number one. 00:02:07.503 --> 00:02:08.603 Rates and occupancy. 00:02:09.503 --> 00:02:15.253 Number two, the homes upkeep, which includes housekeeping and maintenance. 00:02:15.723 --> 00:02:21.333 And number three, we are always finessing constant improvement 00:02:21.633 --> 00:02:22.683 through communication. 00:02:23.023 --> 00:02:24.903 What is this constant improvement? 00:02:25.263 --> 00:02:26.983 It's all about the overall look. 00:02:27.408 --> 00:02:31.618 And feel of the property, the furnishings and any renovation work 00:02:31.978 --> 00:02:37.668 that we are overseeing on behalf of the homeowner and communication 00:02:37.668 --> 00:02:40.728 with homeowners is always strategic. 00:02:41.268 --> 00:02:46.338 It is always kind and professional, and it is never apologetic when it 00:02:46.338 --> 00:02:52.648 comes to the need to operate their homes efficiently and productively. 00:02:53.258 --> 00:02:57.048 We're taking a big load off the homeowner's hands by managing their 00:02:57.048 --> 00:03:02.338 properties, but there must be, homeowner participation to some degree for a 00:03:02.338 --> 00:03:07.528 long lasting relationship in which the portfolio of homes Especially in terms 00:03:07.528 --> 00:03:12.678 of quality assurance is consistently evolving and never growing stale. 00:03:14.038 --> 00:03:16.638 And so here we are, monthly homeowner meetings. 00:03:16.678 --> 00:03:20.868 And this is how we best nurture our homeowners. 00:03:21.258 --> 00:03:24.458 Keep in mind, we are formally meeting with homeowners. 00:03:24.958 --> 00:03:30.318 On a monthly basis, once per month Gabby and I, we are meeting with homeowners 00:03:30.318 --> 00:03:31.818 and not just face to face meeting. 00:03:31.818 --> 00:03:33.258 Sometimes they're face to face meeting. 00:03:33.258 --> 00:03:35.238 Some homeowners don't live in the area. 00:03:35.238 --> 00:03:37.678 They live in other states many times. 00:03:37.698 --> 00:03:42.948 It takes place in the form of a telephone call and sometimes just because of, 00:03:42.978 --> 00:03:45.018 you know, day to day life happens. 00:03:45.343 --> 00:03:49.493 If we can't get to if we can't get to communicate with the homeowners 00:03:49.673 --> 00:03:54.403 via, face to face conversation or a telephone, then we are sending them 00:03:54.753 --> 00:04:01.043 an email overview of how things are going throughout the last 30 days. 00:04:01.943 --> 00:04:03.223 What are we including? 00:04:03.273 --> 00:04:07.263 Well, basically, the conversations always involve the following. 00:04:07.993 --> 00:04:13.353 We are constantly, constantly, constantly reminding homeowners, especially. 00:04:13.713 --> 00:04:16.433 Newer homeowners that they're running a business. 00:04:16.693 --> 00:04:21.193 Oftentimes, I hear a lot of homeowners say, well, yes it's my property. 00:04:21.193 --> 00:04:22.003 It's my home. 00:04:22.843 --> 00:04:25.233 I spend time there with my family on vacations. 00:04:25.383 --> 00:04:26.903 And that's all very, very important. 00:04:26.993 --> 00:04:27.573 Absolutely. 00:04:27.573 --> 00:04:33.283 Positively, but the home is, in fact, a business and there will be. 00:04:33.483 --> 00:04:36.633 A constant need for things like maintenance. 00:04:37.113 --> 00:04:41.013 There will be a need to update the property from time to time. 00:04:41.353 --> 00:04:43.863 And of course, general improvements here and there. 00:04:44.443 --> 00:04:49.673 We're always highlighting the difference to homeowners in many different ways. 00:04:49.963 --> 00:04:55.233 We're highlighting the difference between being good enough at your home versus 00:04:55.283 --> 00:04:58.423 operating a hospitality based business. 00:04:58.423 --> 00:05:03.093 So, guests want things that are not just functional, but they 00:05:03.093 --> 00:05:05.433 want things that are also nice. 00:05:05.603 --> 00:05:07.943 Functional and nice. 00:05:07.973 --> 00:05:10.463 It's not just good enough for something to work. 00:05:11.283 --> 00:05:12.763 It needs to look good. 00:05:13.233 --> 00:05:20.178 It needs to really blend in and really It needs to be part of the home. 00:05:20.338 --> 00:05:24.738 Uh, the overall look and feel of the property needs to make sense. 00:05:25.158 --> 00:05:27.228 And so it's fantastic. 00:05:27.228 --> 00:05:27.638 Okay. 00:05:27.638 --> 00:05:32.048 You have a big room and a big bed, but that big room that has a big 00:05:32.058 --> 00:05:34.118 bed also needs to be comfortable. 00:05:35.918 --> 00:05:39.638 Many markets are saturated with vacation rentals here in South Florida. 00:05:40.053 --> 00:05:43.713 There's a vacation rental in every direction you go to and 00:05:43.723 --> 00:05:48.243 homeowners, regardless, they always want to earn money. 00:05:48.543 --> 00:05:51.953 Obviously that's the be all end all of this business. 00:05:52.063 --> 00:05:53.073 We need to make money. 00:05:53.343 --> 00:05:54.513 They need to make money. 00:05:54.988 --> 00:06:00.348 And so 1 of the things that we like to discuss with our homeowners 00:06:00.358 --> 00:06:01.608 is we want to educate them. 00:06:01.878 --> 00:06:05.928 We want them to also not just pay attention to their bottom line. 00:06:05.968 --> 00:06:09.668 And we understand that many homeowners, different personalities, different 00:06:09.668 --> 00:06:11.898 motivations oftentimes will focus. 00:06:12.468 --> 00:06:17.648 Primarily on their bottom line, but, but we also want them to 00:06:17.858 --> 00:06:22.148 again, to some degree, understand the inner workings of the business. 00:06:22.148 --> 00:06:29.138 For example, how a listing their listing can function best the review, the impact 00:06:29.148 --> 00:06:35.688 that guests reviews have on their home page landings, occupancy rates, booking. 00:06:35.958 --> 00:06:36.248 com. 00:06:36.248 --> 00:06:36.758 I know booking. 00:06:36.958 --> 00:06:37.328 com. 00:06:37.608 --> 00:06:43.318 Is an area of controversy for a lot of our property managers here today. 00:06:43.318 --> 00:06:45.748 A lot of people hate booking dot com in south florida. 00:06:45.748 --> 00:06:47.018 We use booking dot com. 00:06:47.188 --> 00:06:53.668 A lot of homeowners have communicated to us their displeasure with booking dot com. 00:06:53.668 --> 00:06:58.918 Maybe through other friends that they have that also have vacation rental dot com. 00:06:59.068 --> 00:07:03.528 Homes that they manage that they self manage maybe or through other vacation 00:07:03.528 --> 00:07:05.448 rental companies and they've had bad. 00:07:05.498 --> 00:07:06.078 Yes. 00:07:06.298 --> 00:07:08.498 You know, just bad overall experiences. 00:07:09.658 --> 00:07:09.948 Booking. 00:07:10.138 --> 00:07:12.848 com can work in different markets. 00:07:13.198 --> 00:07:17.418 And so, for example, in South Florida, we have a lot of international clientele that 00:07:17.588 --> 00:07:19.928 are coming from central and South America. 00:07:20.208 --> 00:07:20.878 We use booking. 00:07:21.118 --> 00:07:25.448 com, and it's been pretty good for us, and so we talk about booking. 00:07:25.658 --> 00:07:25.998 com. 00:07:26.338 --> 00:07:29.378 We talk about the importance of having amenities. 00:07:29.458 --> 00:07:34.298 The difference between having a jacuzzi and not having a jacuzzi, for example. 00:07:34.558 --> 00:07:36.228 We talk about comparable properties. 00:07:36.228 --> 00:07:36.558 Why? 00:07:36.788 --> 00:07:40.218 Often times we hear a homeowner that says, Well, Johnny down the street 00:07:40.228 --> 00:07:42.008 who is renting his own property. 00:07:42.303 --> 00:07:45.973 He's he just rented his home for 600 a night. 00:07:46.263 --> 00:07:49.993 Why is my property only renting for 300 a night? 00:07:50.223 --> 00:07:52.983 There's a lot involved in a question like that. 00:07:53.253 --> 00:07:59.113 And so nurturing the owner, educating the owner and helping him or her. 00:07:59.423 --> 00:08:06.453 Understand the various intricacies of the market and of their home versus other 00:08:06.463 --> 00:08:09.213 comparable homes is extremely important. 00:08:09.943 --> 00:08:14.183 And obviously another big one, at least in our Fort Lauderdale market 00:08:14.663 --> 00:08:16.923 is homes need time to gain traction. 00:08:17.138 --> 00:08:22.288 Like I said, there is a just an incredible amount of vacation rentals. 00:08:22.288 --> 00:08:25.218 It is a heavily saturated market. 00:08:25.588 --> 00:08:27.778 We have great occupancy and we succeed. 00:08:28.088 --> 00:08:28.508 Why? 00:08:28.708 --> 00:08:32.018 Because right from the get go when we are establishing relationship 00:08:32.018 --> 00:08:35.508 with the homeowners, we're being very transparent with the good, the bad, 00:08:35.508 --> 00:08:37.198 the ugly, and everything in between. 00:08:37.468 --> 00:08:43.228 And we are discussing how a home needs to gain traction through time. 00:08:43.683 --> 00:08:48.283 Five star reviews are critical, obviously, and in order for a home to 00:08:48.503 --> 00:08:53.833 get those five star reviews the home needs to, again, have a certain look. 00:08:54.083 --> 00:08:55.513 It needs to be presentable. 00:08:55.693 --> 00:08:58.613 It needs to have updated furnishings. 00:08:58.823 --> 00:09:02.763 It needs to be in great condition, not just functional, 00:09:03.003 --> 00:09:04.413 but it needs to look nice. 00:09:04.513 --> 00:09:07.533 This kind of thing can vary from market to market. 00:09:07.918 --> 00:09:12.168 But in south florida, um, new and modern is what rules the roost. 00:09:12.948 --> 00:09:18.798 Um, we are constantly discussing changes and improvements with the homeowners from 00:09:18.798 --> 00:09:22.608 both a guest and homeowner perspective. 00:09:22.928 --> 00:09:24.378 Both sides matter. 00:09:24.688 --> 00:09:27.678 I know this is a homeowner's second home. 00:09:27.898 --> 00:09:30.978 Some homeowners, they use their properties quite a bit. 00:09:31.483 --> 00:09:35.943 Maybe, um, for the holidays, they'll, they'll block their property out 00:09:35.943 --> 00:09:39.103 for a week and invite their friends and their family to stay over. 00:09:39.383 --> 00:09:41.713 And so, you know, they have, it's their home. 00:09:41.793 --> 00:09:46.253 They want things to be a certain way, but we're constantly reminding the 00:09:46.263 --> 00:09:51.983 homeowners that again, this is a property that for the most part is a home that 00:09:51.983 --> 00:09:55.183 is going to be, uh, used by our guests. 00:09:55.563 --> 00:09:59.863 And, um, we need to educate the homeowners, remind the homeowners what 00:09:59.953 --> 00:10:03.553 guests are looking for, especially in the South Florida market. 00:10:04.253 --> 00:10:08.573 And in addition to that, there are sometimes easy wins for those 00:10:08.573 --> 00:10:13.063 homeowners that are perhaps hesitant or stubborn to change a certain thing. 00:10:13.673 --> 00:10:17.773 If you're pointing out things like the obvious hazards, tripping hazards, 00:10:17.773 --> 00:10:22.753 loose steps, broken railing, this constant communication can definitely 00:10:22.853 --> 00:10:25.343 help with improving, updating. 00:10:25.683 --> 00:10:28.383 Making things better for our guests. 00:10:29.483 --> 00:10:31.733 We also review our average daily rates. 00:10:31.793 --> 00:10:35.358 Some homeowners, I would think that most of our homeowners in 00:10:35.358 --> 00:10:39.273 our portfolio, they always wanna know how much more they can earn. 00:10:39.273 --> 00:10:43.173 They, during high season, during special events and so on and so forth. 00:10:43.173 --> 00:10:45.033 There are a lot of special events here in South Florida. 00:10:45.213 --> 00:10:47.913 They wanna know what their average daily rates are gonna be. 00:10:47.913 --> 00:10:50.673 They wanna know how much more they're going to make, et cetera, et cetera. 00:10:51.053 --> 00:10:51.983 So we discuss. 00:10:52.318 --> 00:10:56.288 Um, the average daily rates, if we are increasing or decreasing 00:10:56.288 --> 00:10:58.358 rates, we are explaining to them. 00:10:58.428 --> 00:11:01.418 Why during these formal monthly meetings? 00:11:01.578 --> 00:11:06.228 Sometimes we have to explain and repeat this information outside of our 00:11:06.458 --> 00:11:08.688 monthly formal meetings, which is fine. 00:11:08.718 --> 00:11:09.308 It's great. 00:11:09.598 --> 00:11:14.298 Um, but in any case, we are definitely always available to discuss it. 00:11:14.808 --> 00:11:18.618 We're putting this information again, uh, during our monthly 00:11:18.668 --> 00:11:20.688 homeowner meetings, regardless. 00:11:21.078 --> 00:11:24.408 Um, we're talking about our previous reservations over the last few 00:11:24.408 --> 00:11:26.248 weeks since we last discussed. 00:11:26.458 --> 00:11:29.078 We're talking about guest reviews and any comments. 00:11:29.358 --> 00:11:33.588 Again, this is another opportunity to make any improvements to the property. 00:11:33.848 --> 00:11:37.268 We're talking about occupancy and we're talking about the origin 00:11:37.298 --> 00:11:39.118 of reservations, uh, Airbnb. 00:11:39.933 --> 00:11:41.113 Verbo, booking. 00:11:41.373 --> 00:11:42.833 com, et cetera, et cetera. 00:11:43.223 --> 00:11:46.263 Um, we are reviewing the listing information. 00:11:46.273 --> 00:11:48.093 Do they need a refresher? 00:11:48.363 --> 00:11:50.983 Do we have new lights outside or new chairs? 00:11:50.983 --> 00:11:52.313 Do we need new photos? 00:11:53.483 --> 00:11:57.003 And then some homeowners, as you can imagine, they want all this information. 00:11:57.433 --> 00:12:02.053 Some homeowners, they think they want it, but they don't and they forget about it. 00:12:02.063 --> 00:12:04.243 And then it's all water under the bridge. 00:12:04.853 --> 00:12:08.903 But in any case, we always provide the information. 00:12:09.313 --> 00:12:11.913 It's always important to provide the information. 00:12:12.373 --> 00:12:15.233 The best homeowners are usually the most informed. 00:12:15.493 --> 00:12:18.593 We're always ready to kindly, as I mentioned before, repeat the 00:12:18.593 --> 00:12:22.003 information if necessary, whatever they're asking, whatever topic we 00:12:22.003 --> 00:12:24.393 need to discuss again and again. 00:12:24.583 --> 00:12:26.473 Gabby and I are always ready to do so. 00:12:26.843 --> 00:12:32.153 And over time we learn to shape and mold our communication and how 00:12:32.153 --> 00:12:37.193 we share information accordingly to each specific homeowner, never 00:12:37.203 --> 00:12:39.723 a one size fits all mentality. 00:12:39.723 --> 00:12:42.223 We understand the multiple intelligences. 00:12:42.383 --> 00:12:45.163 We understand that different people learn in different ways. 00:12:45.263 --> 00:12:46.913 Some homeowners are more visual. 00:12:47.173 --> 00:12:48.253 And so on and so forth. 00:12:48.253 --> 00:12:54.363 So we always try to adjust this to the best of our ability so that the homeowners 00:12:54.363 --> 00:12:56.573 can retain the information properly. 00:12:57.113 --> 00:13:01.133 And in the end, we do this, we do these monthly homeowner meetings, 00:13:01.133 --> 00:13:04.023 because we want to obviously nurture. 00:13:04.043 --> 00:13:06.323 We want to establish consistency. 00:13:06.323 --> 00:13:09.013 We want open and active communication. 00:13:09.293 --> 00:13:11.223 We want to eliminate and this is key. 00:13:11.563 --> 00:13:14.103 We want to eliminate as many surprises. 00:13:14.568 --> 00:13:19.618 As possible, so in a nutshell, that is what we do to, , that's 00:13:19.618 --> 00:13:20.688 what we do in Fort Lauderdale. 00:13:21.008 --> 00:13:24.108 That's how we nurture our homeowners. 00:13:24.168 --> 00:13:27.168 It's the CosaCast, we're so luxurious. 00:13:27.178 --> 00:13:30.078 The CosaCast, they all want to be us. 00:13:30.408 --> 00:13:32.838 The CosaCast, just don't call in an Airbnb. 00:13:32.838 --> 00:13:33.895 Okay? 00:13:33.895 --> 00:13:39.978 It's the CosaCast, we've got Orange Credo. 00:13:39.978 --> 00:13:41.028 The CosaCast, our company's NATO.