I had the special honor of speaking with Julie George who we had on episode 30. Julie is the author of the Million Dollar Host and the founder of Host My Home, a short term rental management company that she grew to over 100 properties in 3 years and then sold to Hometime, which is another management company that was looking to expand in the area.
In this episode, Julie talks about how other people can build their short term rental business to be able to sell it to the right buyers. We discuss how to value a short term rental business as well. Julie shares what the process of building your business to sell entails and how to achieve what she calls the “ultimate payday.”
Listen to the episode on Apple Podcasts, Spotify, Overcast, Stitcher, Castbox, or on your favorite podcast platform.
Julie George’s website
https://milliondollarhost.com.au/
Ready to become a host?
https://ShortTermSage.com/airbnb
1. If you’ve only just have one management or one property that you’re leasing and subleasing, you’ve got a salable asset.
2. Make your profit as attractive as possible.
3. You’ve got to be able to train somebody to take over your business.
4. Consult a professional. It’s going to be worth all your investment.
5. If you want your business for sale, make sure you’re not spending excessively and putting all through on your Airbnb expense bills.
6. Make sure you’re really concentrating on getting occupancy levels up and making sure there’s no outstanding disagreement.
7. Profits first and reviews second.
8. Don’t be afraid to get out there. Knock on the doors and tell people what you’re doing.
9. Approach businesses with creative options.
10. If you’re building a business in Airbnb or the short-term rental space, make sure that you achieve your ultimate payday.
11. Valuation of business should be three times the yearly profit.
12. Real estate brokers will pay more for your business and will view it as what we do.
13. If you’re looking to sell your business, you need to look at it for 12 months.
14. You need to have confidence that you’re the expert guy and sell that skill to other people.
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