Biggest Lessons from Hosting Thousands of Guests

The more we do something, the better we get. It is the same with everything in life and renting is no exception. We have now hosted thousands of guests between our properties and I thought I would share the lessons I learned along the way.

Don't Be Cute - Stick to the Basics

When we started this venture, I had a lot of grand ideas about how we would do it differently than the competition. My staff and I were going to wear uniforms with ties in the French colors, the classic basket hat, and a picnic basket with local wine, grapes, cheeses, and other goodies. I wanted people to really get a great French welcome and a good start to their vacation.

Sounds good, doesn't it?

Turns out, no one cares. We tried this, and sure, it gave a little funny reaction when we arrived. But if the guests could choose between arriving when it fits them or getting a decided time from us and then maybe having to wait because they could not keep the time and we had other appointments, even if I arrive with a funny shirt, they would still choose to just check in by themselves. This is also supported by the fact that the properties where guests can check in by themselves are the ones with the highest check-in experience score.

The Gift Basket is Great but the Supermarket is Close

We have tried a lot of different baskets for the guests. Not one has given any noticeable difference in the reviews or overall happiness from the guests. There is, in the data, no difference. If the Wi-Fi does not work, the guests are still not happy.

We think that providing necessities is still a good idea and we will continue to do that. But for the rest, with the kind of renting we do to families, couples, etc., they usually arrive with bags from the supermarket already. So if you left a bottle of wine or not in the fridge really does not matter because they brought three of their own.

What is Important?

If you want to rent out on short term to vacationers, make no mistake, it is a lot of work involved in doing it well. It involves personnel for cleaning, washing, inspecting the property, taking money from guests when things break, and even though the property was in perfect condition, the guests leave retaliatory reviews because they are mad they had to pay, so you have to sit with the platforms to get the review removed. Then things happen during the renting: guests lock themselves out, the coffee machine breaks, the neighbor renovates, the tag for the building does not work, guests are not happy for something you cannot control.

But if you are going into this kind of renting, this is the job. It is a lot more intensive for hopefully a higher reward than longer-term renting. It is also in this process that the good hosts separate themselves from the rest. The best players have clearly defined processes for how the customer journey goes and make sure that it is as smooth as possible. Then, when things inevitably happen, they are there directly to solve them.

If I were an owner, I would hire a property management company to handle the renting for me. The more I learn, the more it is an obvious choice for me.

What Can an Owner Do and What is the Difference Between the Best Performing Properties and the Worst?

In real estate, location is everything. A bad apartment will outperform a fantastic one if the bad one sits in a better address. So the first is if you can choose a location that is attractive, even if the purchase is more expensive, you might just make the money back.

Secondly is furnishing. I believe there are two ways to go when it comes to furnishing a place. First, go for a modern and normal standard where the furniture is in good condition and the property has a nice feeling but keep it clean and easy. Second, for the advanced level, lean in on special and choose a theme and stick to it. If you have a relevant theme for your market and you get the theme right, you might be able to outperform the market. People love special and rare. If I were going to buy an apartment as an investment, I would choose a theme. But if this is not you, keep it modern and clean.

These are some of my thoughts from where we are and the experience we have had so far. Hopefully, it is valuable for someone. If you have more questions, reach out to me directly.

Best of luck!

Emil owner @ Monsieur Folke

emil@monsieurfolke.com